Generating extra cash during COVID-19
In these uncertain times, one thing is certain: many businesses and individuals are a bit strapped for cash. With most of the world’s population in lockdown and following self-isolation measures to prevent the spread of COVID-19, unemployment has risen dramatically in the United States.
Whilst some are able to transition to working from home, many cannot do so due to the nature of their work.
This means: it’s time to think of alternative ways to generate income.
DIVERSIFY YOUR REVENUE STREAMS AND WEATHER THE STORM
Diversify your revenue streams
Data from the WorldBank shows that almost 80% of the US population is employed in the service industry. Relying heavily on human-to-human contact and freedom of movement, it has unfortunately been one of the sectors hardest hit by the coronavirus pandemic. As a result, many are feeling the financial strain, with bills to pay and no idea when strict lockdown measures will be relaxed.
Those with diverse passive revenue streams are better able to ‘weather the storm’ of crises such as COVID-19, by relying on other sources of income when one dries up.
In many cases those extra revenue streams stem from e-business and online business activities. E-business is already transforming the world economy, to the extent that economists are dubbing it the Fourth Industrial Revolution. And it is evident why: statistics show that e-commerce (a subset of e-business) is growing by a staggering 23% each year. E-business does not rely on personal human interaction; you can manage your business from your computer in the safety of your home. As a result, e-business is comparatively stable and unaffected by the crisis that is ravaging other industries.
Start your own e-business
Starting your own e-business does not need to be complicated! With the help of platforms such as Etsy or Ebay you can start your own online business in a matter of minutes. Etsy specializes in selling hand-crafted items, so if you have a passion for crafting, Etsy is the platform for you.
If you have worked in a certain profession for some time and have acquired useful tips and tricks you would like to share with others in your field, consider setting up your own website and hosting webinars. Webinars are a great way to monetize this knowledge whilst also helping others.
Alternatively, if your experience has left you with a treasure trove of great Best Practices that are simply going to waste, Eloquens.com can help you to transform them into a profitable revenue stream.
No need to create your own website, just get straight down to business…
So, how exactly can Eloquens.com help? Become an Eloquens.com author!
Everyone has their own way of doing things; a specific method they follow to organise their tasks or an Excel template they can’t live without. So now what if we tell you that others are interested in buying these Best Practices? And that all you need to do is upload them to our site?
Eloquens.com enables you to monetize models, methods and excel sheets that you didn’t even realise could be profitable. Simply create an author account, decide what to upload, make sure the content is as accessible as possible and set a price.
Not only can this earn you a bit of cash on the side (some authors already make more than 1,000 USD every month), but it can also grow your online presence. This is a pivotal tool in business and knowing how to use it to your advantage is a massive bonus, especially in the COVID-19 context!
Check out some Author profiles for inspiration:
Our Affiliate Program:
If you are already an Eloquens.com author or you run your own blog, consider getting on board with our affiliate program. Thanks to our affiliate program you can earn 20% commission on net net sales made on Best Practices that are linked to your website. It takes 2 minutes to set up and can be incredibly profitable.
The advantages of affiliate programs are numerous: additional revenue streams, increased credibility and increased value of the content on your site.
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