In April of this year, the U.S. economy lost 20.5 million jobs. These staggering job loss figures have resulted in the American unemployment rate jumping to 14.7 percent—the most rapid decline since The Great Depression. Additionally, these numbers may not represent all who have lost employment.
Many are facing the fear of not being able to pay bills or ensure their financial security. Fortunately, even amid these unstable times, there are ways to make an income still even if you have been laid off or furloughed.
Today, many professionals are creating online businesses to bring in additional income. Wondering what your options are? Below are some ideas you can pursue to start a small business online if you are dealing with a job loss.
Start a Freelancing Business
The gig economy is growing, and freelancers are at the heart of this emerging way to make money. By 2027, it is estimated that almost 87 million Americans will be freelancers. You can get a jump on the masses and start making money online using your skill sets. Whether you can write, code, design logos, or enter data, there is money to be made by capitalizing on your skills. Online freelance marketplaces like Upwork, Fiverr, Guru, and Toptal make jumping into freelancing straightforward. So, create a portfolio, sharpen your resume, and create a profile to get started.
Give Reselling or Wholesaling a Try
Both tactics can be lucrative. Reselling is merely selling a smaller number of purchased items while wholesaling requires you to buy items in bulk to sell. You can start small and begin selling things you no longer use in your house and then focus on acquiring goods at a discount to sell at a profit on platforms like Amazon or eBay. Wholesaling does require a business license, while you may or may not be required to get a reseller’s permit depending on your tax situation and where you are selling items. So, be sure to check out the business designation requirements in your state.
Start Writing and Selling Ebooks
Is there a topic that you either know a lot about or are interested in researching? If so, you can make some decent money writing ebooks. Amazon and other online bookstores make it easy for you to design and sell your book online. You can use platforms like Upwork or Fiverr to find editors and book cover designers at an affordable price. Regarding marketing, many self-publishers use platforms like Twitter, Reddit, and Instagram to promote their work. Ultimately, writing ebooks is a flexible and passive way to generate income online.
Help Companies with Facebook Ads and SEO
Especially now, companies are looking for more ways to engage customers online and encourage them to buy. Facebook ads have become a popular way for companies to generate leads. On the other hand, companies are also heavily investing in SEO to increase their webpage rankings. Both are hallmarks of digital marketing strategies and are in high demand as many small businesses are still trying to figure out how to make these tactics work for them. If you know how to generate leads and revenue with these practices, you stand to make a decent income from companies who need this support.
Invest in Dropshipping
Unlike reselling or wholesaling, dropshipping allows you to sell products without having to handle the inventory yourself. You can create an e-commerce store and then sell other people’s products as well as your own. From there, another company will handle manufacturing and shipping. A significant upside to this business idea is that it can require a lower startup cost and has a smaller barrier to entry than wholesale. While quality control can be an issue, dropshipping can be successful if you work with trustworthy vendors.
This Step Could Be an Introduction to a New Chapter
It is never easy to deal with job loss. However, you may end up finding an opportunity that suits you better than your previous employment. An online small business allows you to be flexible in how you make money and can help you gain financial independence by enabling you to pursue ideas that can generate passive income. Again, this is a challenging time, but methods like the ones above can put you on the path to become a successful business owner and ensure your financial security.
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