Coronavirus has affected just about everything about our lives, including the way we buy, sell and deal with our finances. While some businesses are having to close, others are failing where customer demand has changed- and others are soaring and doing better than ever. These uncertain times have actually opened up opportunities for those looking to make money in a new way- here are some ideas for going about it.
Start an Online Business
The changing way in which we are living and working as a result of COVID-19 has created new opportunities for businesses to spring up. On top of this, since many businesses have been forced to close during the coronavirus outbreak to limit the spread of the virus, lots of entrepreneurs have had to rethink what they’re offering and look for new customers and directions in business. Whether you’re an existing business owner looking to carve a new path while your current venture is on hold or you want to set up something from scratch, it’s a smart time to get involved. Be sure to consider who your customers will be, how you will promote your business and how you will deliver your goods and services. Since many people are still required to stay at home and social distancing measures may be in place for some time, outsourcing work to companies who have managed to adapt to these measures is a good idea, and you can also hire remote workers if you need additional manpower.
While the economy has taken a huge hit (and deep recession is likely to be on the way), turbulent times can actually be great for investors. With so many different markets, commodities and strategies, the stock market is an incredibly exciting place to invest, there are also fantastic opportunities to make money in cryptocurrency like Bitcoin, forex, equities and indices too. If you already dabble in financial trading, now could be a good time to make yourself some extra cash if you know what you’re doing (or work with a broker who does).
Investing in Property
There are plenty of opportunities for investors to make money at the moment with property, which will likely continue to be the case for many months. While homebuyers and sellers will be less active right now meaning less properties are being sold or sought after, there are still those who want or need to sell right now so keep a lookout for deals that can suit both you and the seller. If you’re happy to sit on your investment for a while in return for paying a much lower price, you have the potential to make more money later on.
Will you be seeking new opportunities to make money during the coronavirus pandemic?