The pandemic has meant big changes for many people. And with career and personal plans cancelled, there has been a lot of uncertainty about the future.
For anyone thinking about starting a business on the side, now might be the perfect time to do it. Although there are some risks, particularly financial ones, there are many advantages to taking this route, especially if you’re stuck at home with extra time to spare.
Things are unclear right now. But pursuing something you’re passionate about still has a lot of benefits, including:
- Job losses are higher, so traditional employment is riskier than usual.
- Growing a business takes time - starting now gives you time for growth.
- Having a second income stream can provide more financial stability.
- If you’re not at work, you have more free time to pursue your interests.
- If your side hustle is online, you will have more potential customers right now.
What are the best businesses to start?
If you’re thinking about launching a side hustle business right now, the next step is to choose the right one. There are plenty of options, and some work better than others in a pandemic.
Here are some of the best ones:
1. Monetize a blog
Blogging can be very lucrative, and particularly now, people are spending more time online. There are numerous ways to monetize a blog, whether it’s an existing or brand new one.
If you’re starting a blog from scratch, you can do this using a platform like WordPress, which has features to make the setup process much quicker.
Start by picking a topic you’re interested in to blog about. Then, set up your blog and start planning your content. Make sure you add images to make it visually appealing, as well as a logo to make it recognizable. You can create this using a tool like LogoCreator.
Whether you’re working on your blog as a part-time hobby or as a full-time job, after you’ve built an audience, you can monetize it using ads, affiliate links, or offering other services or products.
2. Start a YouTube channel
Another popular side hustle is YouTube. Although it can take time to build an audience, if you pick a topic you’re interested in or have a lot of knowledge about, you can monetize it well. In fact, for some people, it can even become a full-time gig.
Some of the most successful types of content include vlogging, tutorials, and educational information. But, there are a few limits, so you’re free to try another video type.
Just like blogging, you can monetize a YouTube channel with ads, promoting your own (or other people’s) products or services, affiliate marketing, and more.
3. Become a transcriber
Audio transcription is a highly in-demand skill right now. Even with the pandemic, there’s still lots of work available, and you can build a successful side hustle as a transcriber.
Transcribing involves listening to audio or watching videos, then putting the content into text form. You can find clients by looking at freelancer websites or by setting up your own website and finding clients via social media marketing or in relevant online groups.
4. Create online courses
Because people are spending more time at home, the demand for online courses has never been higher. You can put your knowledge into an online course and sell it using a platform like Udemy.
Alternatively, you might want to set up your own website to sell your courses. This approach takes a bit longer, as you have to find customers.
But, if successful, you can avoid paying a commission and keep 100% of the profits. Plus, you can use your customer base to sell other services or products.