How to earn money during a lockdown period?

. 5 min read
How to earn money during a lockdown period?

Tips to keep filling your pockets during a lockdown

The lockdown is probably one of the most taxing and overwhelming phases we have ever faced. Everyone has a constant fear of infection but is also in a desperate need to walk out and get some relief; the lockdown has indeed placed us between the devil and the deep sea. Though initial stages of the lockdown seemed like the much needed holidays, over the months, being stuck at home has caused immense mental and financial distress to many.

When the lockdown was announced, one assumed that it would be a shutdown of around a month. However, one month has extended to almost ten months. Many of us have been unable to report to work due to the same. While most firms have switched to the online mode, quite a significant proportion of people have been affected due to layoffs or pay cuts. Under the complete lockdown issued in the beginning, less than a quarter of India's $2.8 trillion economic movements was functional. There was a steep drop in India's industrial production, as well as the service sector.

At this juncture, several people have picked up entrepreneurial activities to generate income. Here are some of the best ways you can earn money during the lockdown:

1. Work in industries that have boosted due to the situation

The first step towards starting and operating any business is to research the market climate. While COVID-19 has severely impacted the economy, specific streams of business have flourished under the pandemic. The cleaning business is one such industry that has been boosted significantly. You could start a small cleaning business with minimal capital requirements- all you have to do is purchase cleaning supplies and hire a few workers. Similarly, you can also explore the health sector by starting a pharmaceuticals or medical appliances business. Virtual healthcare is estimated to reach a market of around $3.44 billion by 2027.

2. Freelancing

Freelancing has been one of the most popular ways to earn online for quite some time. There are multiple websites which upon registration display information around you skillsets to people looking for freelancers. If your skill set matches the requirement, all you'd have to do is complete the task within the mentioned deadline. Alternatively, you can create an account and browse through listings to choose which job would suit you the best.

3. Participate in Surveys and Research

Participating in surveys and research is one of the easiest ways of earning money. A large number of firms and research institutions frequently send out surveys to understand patterns of human consumption. These surveys are hosted on multiple websites like YouGov India and Prize Rebel. By creating an account in one of these websites, you can regularly take up these surveys and earn points. After an accumulation of a stipulated number of points, they will be converted into money and deposited into your bank or PayPal account. However, make sure to find authentic websites as there are many cases of scams. Also remember to check the mode of receiving money, as some sites provide gift cards and coupons instead of cash.

4. Be a Virtual Assistant

Virtual Assistantship is one of the most reliable ways to earn money in the lockdown. If you're an effective communicator, have near organisational skills and have strong computer and digital skills, you could explore being a virtual assistant to someone. However, applying for a virtual assistantship requires significant effort. To get a decent salary and comfortable workspace, you will have to present yourself well with a good CV. If you are considering this option, it would be in your best interest to explore some online courses that add to your skillset.

5. Start a Website and explore Affiliate Marketing

One of the most efficient ways to make money is to start your website. If you are someone with a flair for creativity, you could put together content and design to create a website of your own. After this, you can sign up for having advertisements posted on your website, where each click will get you a particular amount. However, this mode of earning money depends entirely on your ability to generate traffic.

Once you create your website, you can also explore affiliate marketing. Affiliate marketing involves allowing other companies to insert their websites in your webpage and vice versa. This symbiotic relationship could be very fruitful if you can get into a partnership with an established or relevant firm.  

6. Tutor someone online

Online tutoring is probably the biggest boon seen over the lockdown. With students of schools and colleges away from educational institutions for months together, learning has taken a resounding hit across the globe. However, parents are looking towards online options to ensure that their children do not lose touch with their education. You could work as an online educator by working with an existing firm, or you could start taking online classes on your own and expand it further. You could charge fees depending on your expertise in the subject, and the age of the student you are teaching.

7. Offer Translation Services

If you are sufficiently comfortable with any two languages, you could choose to offer your services at translation agencies. There is a heavy flow of content, especially online during the lockdown. Several governmental, as well as private agencies, are looking to reach out or expand to all regions across the country. According to a study, more than 750 languages are spoken by less than 4% of India's population. With this range of diversity, translation services offer a highly lucrative stream of employment opportunities.

8. Become a Blogger

With a large shift to online education and digital working spaces, there is a continuous need for more content on the internet. According to a recent study, there are more than 500 million blogs that exist in 2020 as compared to 2019. Blogging has always been one of the most pursued options for digital income generation as well as a platform for self-expression. The benefits of creating a blog are quite similar to that of creating a website. Similarly, the success of your blog and your scope of earning depends on the traffic that you generate.

9. Clean and Sell

Finally, the lockdown is a great time to declutter your home and pull out all the things that you never use. While the fast-paced routine of life pre-COVID 19 would have left you with barely enough time to organise your closet, working from home gives you ample time to make an inventory of all the items in your home. If you have items in good condition that can be resold, you could explore this as an option to earn money. Thrifting has become a trendy option among people today, especially on social media. The eco-friendly nature of thrifting has encouraged a large number of young people to purchase used clothes, shoes and furniture.

These are just a few methods you could explore to earn money. Remember that no form of income generation can guarantee you high profits on the first day itself. Try your hand at a few of these and choose what's best for your skillset and interests!

Also read:

1) How small businesses are coping during Covid-19?
2) Dos & Don'ts For Managing Finances During Pandemic.
3) Are The Online Work-From-Home Jobs Genuine?
4) Business Ideas: 8 businesses you can start from home easily