Currently, statistics show the US unemployment rate to be about 11% or 17.8 million unemployed persons (Bureau of Labor Statistics, June 2020) While there is still some debate about whether these accurately portray the true US employment rate, no one can argue the difficulty find employment during a pandemic. It is time to consider income streams.
Chances are you are already familiar with the modern concept of side hustles. Broadly speaking a side hustle is anything you do to earn income that is not your day job. Popular hustles include:
- driving for Uber or Lyft.
- renting your home or spare room on Airbnb.
- selling items on Craigslist or eBay.
- delivering goods working with Instacart and Postmates.
Initially, these jobs were considered to be pay-padding as they added just a few dollars to an adequate paycheck. However, with the current pandemic, it becomes necessary to diversify your income stream while building and branding your own business. Since no 9-5 traditional employment can truly provide wealth or even job security, entrepreneurship can at least provide a sense of financial independence.
If you’re gifted with knowledge and experience, there are several opportunities that can initially be developed as a side hustle and then into a full business. The following are popular side hustles that I suggest:
- social media manager
- self published writer
- tutor
- e-Course developer
- freelance graphic designer
- photographer
No matter what your current situation is during this pandemic, it’s worth exploring a few ways to diversify your income stream. Remember to work smarter, not harder.
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