Are you in a panic over making money during the Coronavirus? Here are some ideas found from different online sources to think about regarding finances.
Making Money Or Using It Wisely Helps You Right Now
Let’s talk about debt right now. According to financial experts in an article on Medium, trying to pay off debt during financial hard times is ill-advised. For example, President Trump recently ordered the Department of Education to charge 0% for school loans. You would think now is a good time to make extra payments toward principal. However, financial experts advise against it.
Though it seems counter-intuitive to hold off on making extra “principal-only” payments, remember that cash is king. Nobody knows how long we will be living life the way we are living it. If you have extra cash right now, you may NEED that cash for food or basic living costs. Instead, money making experts advise you to pay the minimum to stay current and either invest any extra cash or use it to stay afloat right now.
Do Supply and Demand Market Research
To start making money right now requires a level head and doing market research. If you don’t understand how to do market research, just read some online articles about how other people are making money right now. Generating income in new ways might require you to get out of your comfort zone.
Current Market Demand Businesses
Due to social distancing and sometimes fatal results of ignoring the most serious effects of contracting Coronavirus, satisfying people’s health and safety needs is in high demand. Using this knowledge, how can you adapt your business to serve the health and safety market audience? Being creative is what can open opportunities up for you right now for making money.
Social distancing has created a boom in contactless delivery of goods. That means if you are interested in making money right now, consider being a personal shopper and/or a delivery person for groceries and prepared food. The demand for personal shopping and delivery services is more than it has EVER been in the history of the world due to the Coronavirus.
If you have a car with economical maintenance costs, you can provide personal shopping and delivery services. The elderly who live by themselves and do not have people to help them NEED you. Their lives may depend on your providing service to them in your local area. People are grateful to those who provide personal services right now. Many personal services businesses are reporting getting lots of tips for their services.
Whatever you decide to do during this pandemic environment which may forever change the way we live, promoting your personal services business will do well when you talk about the benefits you provide to your customer. Also, to avoid losses, minimize downside disadvantages of using a personal shopping and delivery service. In other words, talk about how you are respecting and supporting your customer’s health and safety with your personal shopping and delivery services rather than agreeing that social distancing is a necessary but costly inconvenience for your customers. Align with the theme “we are all in this together” and you can start making money right away.
How can you promote your new business? Go digital. Make sure your website and advertisements are cell phone friendly. Your customers use their cell phones a high percentage of the time. Be where they are looking and this will help you win new customers quickly!