By Sarah Bull
Recessions impact people from all corners of society, but they rarely hit everyone equally. This holds true for the current recession as well. Because the pandemic shutdowns targeted women-led industries such as education, leisure, and hospitality, women are feeling the effects of the economic downturn more than other groups.
Fortunately, today’s unemployed have access to unique money-making opportunities via the internet. Whether it’s freelancing, starting an eCommerce business, or joining the gig economy, there are plenty of ways to generate income online during the recession.
Become a Freelancer
One great way to earn money online is to work as a freelancer. Believe it or not, many freelancers actually thrive during recessions! According to Forbes, troubling economic times often prompt employers to lay off their full-time employees and replace them with freelancers who don’t require heavy benefits packages. Freelancers also enjoy the benefit of working several projects at the same time, so losing one or two contracts in a recession does not threaten their entire income stream. On top of all this, working from home as a freelancer is a fantastic way to save money on expenses such as childcare!
Ready to start freelancing? First, you will have to choose your niche. Think about how you can put your existing skills to work to make your clients’ lives easier or help small businesses boost their profits. If you’re a good writer, consider copywriting. If you enjoy digital marketing, try freelancing as a Google AdWords expert. Whatever you want to do, you can find online resources to develop a fulfilling freelance career! For example, job boards are great for finding work opportunities for freelancers of any kind, from web developers to Google Ads experts.
Launch a Business
Another way to earn money online is to start your own business! Thanks to the internet, launching a business is easy on any budget. As ShoutMeLoud explains, there are a number of business models that require little to no investment, including blogging, podcasting, drop shipping, affiliate marketing, and online book publishing.
You don’t even need much of a budget to successfully market your new business! Start by establishing your brand on social media and drawing consumers in with high-value content. Publish a great blog, produce engaging videos, and hook your customers with compelling messages that reflect the values of your business.
Whatever you decide to do, make sure you have the right cybersecurity plan in place to help protect your business data and personal information when running a business on the web. Small businesses are often targeted by attackers due to their vulnerability. Be proactive about security now so you can secure your business for the future!
Solve Recession-Related Problems
You may also want to build your business around the recession by providing people with the things they need the most right now. Luxury products may be slow to sell while everyone is cutting non-essential spending. Instead, try to find a way to help people save money on everyday purchases, stay connected with their friends and loved ones, or relieve stress in their daily lives. Think about the specific problems you’re dealing with right now and try to come up with a solution that could help others in your situation!
Join the Gig Economy
If you’re just looking for a temporary money-making opportunity, consider finding work in the gig economy. Joining the gig economy is an excellent alternative to full-time employment if you need flexible hours to balance childcare. There are numerous money-making opportunities for women looking for gig work, including pet sitting, dog walking, driving for a ride-sharing service, delivering food, and working online as a virtual assistant. Try a few and see what you like best!
Whether you’ve lost your job to the recession or you need a way to pay the bills while you stay home with your kids, there are several opportunities that can help women survive — and even thrive — during this economically uncertain time. Try freelance work, launch the business you’ve always been dreaming of, or jump into a quick side gig. You might just come out of this pandemic and recession with a great new career!