The pandemic highlighted the importance of multiple sources of income. The health crisis caused a lot of businesses to close due to low revenue. And if people have a single source of income, they will struggle to keep up with expenses, including rent, food, and utilities.
And as the economy starts to recover, people should start looking for business opportunities that allow them to earn even though they continue to keep their jobs.
These opportunities require an initial investment, but they offer considerable returns in the future. Here are some options available to entrepreneurs planning to start a business in the middle of a pandemic to help them earn some extra income.
5 business opportunities that will help you earn extra income during the pandemice
Medical supplies and technology
Aside from multiple income sources, the pandemic also highlighted the importance of staying healthy. Due to this, investing in medical supplies is a good option for entrepreneurs looking to find an investment opportunity.
Using the dropshipping retail method in the business allows them to start without keeping an inventory of the products they are selling.
In addition to selling medical supplies, entrepreneurs also have the option of investing in medical technology. But this requires them to actively work on the business since they have to remain updated with the latest developments in technology.
As people age, they require better healthcare provided by the latest developments in technology. The US Census Bureau is forecasting that the number of Americans over 65 will outnumber the younger generation in 2034. With this, people will depend on the services offered by businesses using medical technology, which makes it an ideal long-term investment for anyone with extra funds.
The recent surge in demand for housing shows that the industry continues to be a good investment option. When the pandemic started, the US Federal Reserve reduced interest rates to spur the economy. This caused housing demand to increase, which increased home prices. People who had multiple homes were able to cash in on the increased demand in the market.
So, flipping real estate is a good way to make money for people who have extra funds. This investment opportunity does not require them to focus on the business since technology can facilitate the entire process. Technology helps entrepreneurs look for properties, buy properties, and sell them.
The entry of technology into the real estate industry made it easier to buy properties. Real estate apps available in the market allow people to check out properties. Aside from buying properties, these mobile applications also facilitate the resale of properties once their values go up.
Using these apps also allows property sellers to save on paying high commission fees since they connect sellers directly to the buyers.
Digital marketing services
When the pandemic started, many businesses went online after their customers started shopping using the internet. The entry of many businesses on the internet increased competition and increased the demand for digital marketing services.
Due to this, entrepreneurs should consider starting a digital marketing agency. Since the work is performed using a computer, it allows them to work anywhere. This makes this business opportunity ideal for people who travel because of their job.
To help them with the tasks required for the business, they should hire independent contractors who have digital marketing skills and experience. It also allows people to keep their current job while starting their digital marketing agency.
So, aside from creating a business, starting a digital marketing agency allows entrepreneurs to add jobs to the market.
Entrepreneurs working part-time should consider offering logistics services to small retail businesses. With more businesses offering delivery options for their customers, the demand for logistics services has increased.
But the market of small businesses is too small for them to afford the services of major logistics companies. With this, entrepreneurs should focus on this niche in the market. Focusing on this niche allows them to stay within a specific area in the country.
It also allows entrepreneurs to keep their day jobs while offering a logistics solution to small businesses in a certain state.
Virtual events for remote workers
The event industry bore the brunt of the pandemic when it started over a year ago. Events were canceled due to the restrictions implemented by the authorities. Even as event organizers found other jobs, they still have the opportunity to practice their profession by offering their services to companies that have remote workers.
Organizing virtual events to promote camaraderie among these employees allows them to earn while waiting for their industry to recover. Since these events are virtual, they do not need to worry about preparing the venue, making their jobs easier.
Having multiple income sources is essential these days since the situation remains uncertain until the pandemic is over.