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There’s no doubt that the coronavirus has had a profound impact on the global economy, with areas across Europe facing second waves and new lockdowns, as the number of coronavirus related deaths reaches 1.24 million worldwide, as of November 6th.
When referencing the incredible socio-economic impact of coronavirus, people often refer to the potential for long-term reform and the so-called “new normal”. A key element of this revolves around the desire to increase the prevalence of working from home.
With the job market remaining unstable as the year heads into the winter months, many people are seeking out profitable side hustles as a way to earn extra income, whist staying at home. Here are some ideas to keep in mind:
Let’s start with forex trading, which is a vast global entity and one that sees an estimated $6.6 trillion traded every single day.
Make no mistake; this represents one of the most lucrative side hustles imaginable in 2020, while it also creates a passive stream of income that’s ideal for those of you that also retain a viable day job.
Forex trading has also become increasingly accessible in the modern age, thanks to the advent of online platforms and simulated demo accounts. These resources are also packed with real-time news features and comprehensive analytical tools, along with the type of technical indicators that can drive genuinely informed decision making.
The key here is to start small and scale in line with your experience and profitability, as this helps you to minimise risk and avoid the type of excess losses that can arise as a result of inflated leverage.
Consider Freelance Writing
There are several freelance and remote working markets that continue to benefit from high demand in the modern age, with copywriting offering a relevant case in point.
Make no mistake; if you have established writing skills and are looking to create an additional stream of reliable income in the current climate, freelancing provides a genuinely viable option.
The key here is to identify a clear niche in which you have experience and expertise, before using professional forums and social media sites such as LinkedIn to market yourself and build a client base.
There are also a vast array of specialist freelancing sites such as Upwork through which you can compete for work and market your unique skill set, and this provides an ideal entry point into an increasingly competitive marketplace.
Teach English Online
In some cases, you may only have a few hours a week to spare and commit to a lucrative side hustle. In this respect, you may want to consider teaching English (or a similarly in-demand core subject) online, depending on your precise skill set and individual circumstances.
To qualify for this type of role, you’ll need to have a Bachelor’s Degree as a minimum requirement, while online platforms such as QKids require to have a four-year degree and the ability to commit to at least six hours of work each week.
The good news is that you won’t have to plan your own lessons when using this platform, which creates a more manageable workload that can be easily managed in line with your existing day job.
Remuneration levels will vary depending on your working schedule, experience and the precise platform that you use, but you can at least compare the market to find the best possible package and opportunity.