One global recession in a single generation drives major changes in the economy and business landscape. Imagine dealing with two.
Millennials (born between 1981 to 1996) are more affected by the 2009 recession and COVID-19 pandemic since their financial footing is much worse than their predecessors.
The International Monetary Fund (IMF) deems that the economic toll due to the lockdown is much worse than the Great Depression.
With these setbacks, many have sought different methods to earn extra cash by grabbing new opportunities that were opened up by new technological innovations.
Here are some ways that millennials are earning extra income during the pandemic and global economic slowdown:
1. Trade Cryptocurrency
Cryptocurrency is a volatile market, yet this does not dampen the younger generation’s enthusiasm for it.
For instance, Bitcoin’s price continues to grow, amounting to $10,885.47 at the time of writing. After its success, altcoins such as Ethereum and Litecoin emerged where its prices are considerably lower.
If you want to start, you can find several blogs that will guide beginners to trade cryptocurrency. If you don’t have the time, there are beginner-friendly copy-trading apps that will help you find the best trades or conveniently allow you to copy an expert trader’s positions.
You can take advantage and earn more profits from the current boom in cryptocurrency by becoming a trader.
2. Become a Niche Freelancer
There are many freelancing jobs such as writing blogs, doing data entry tasks, creating videos, or setting up a website.
However, if you have certain rare and valuable skills, you’ll be surprised by the number of companies who are willing to give you a higher pay for your services.
Some of these niche freelancing jobs are:
- Freelance Forex signals expert
- Computer Programming focusing on Python
- Doodle video maker
- Video sales designer
- Scriptwriting
- Writing product descriptions
- IT security consultant
There is relatively less competition when you have niche skills. This means that you’ll have more clients and income in your arsenal.
3. Become an Affiliate Marketer
Affiliate marketing means promoting other companies’ products. You earn through commissions when someone makes a purchase using your affiliate link.
This can be done through your own website, blogs, email marketing, or social media.
So, if you want to start your affiliate marketing journey, you need to first pick out your niche. Choose something that you are comfortable talking about so you’ll have a lot of ideas for your content.
Then set up the social media platform where you want to do most of the promotions. YouTube and Instagram are always the top picks.
Once you have built a follower base, you can choose which affiliate program to join. Some examples are VigLink, AdPump, and Amazon.
Affiliate marketing has a high-income potential if you do it well. You have to do your part to create content your audience will love, build traffic, and promote the products.
4. Print-on-Demand Service
If you’re a graphic artist and would love to design shirts, books, or other white-label products, then consider selling your works via print-on-demand services.
Print-on-demand service means you are working with a supplier to customize your products and sell them per demand.
What makes it great is that you don’t have to worry about inventory maintenance and logistics since the supplier will be the one to handle the printing and shipping.
You can start right away as long as you have a stable internet connection, a computer that can handle graphic designing, and a drawing tablet.
Here are some of the print-on-demand service platforms:
If you don’t have the technical skill necessary to create digital art, yet you have these wonderful designs in your head, then you can hire a graphic artist through Fiverr or Upwork.
Find someone willing to work with your budget and design in mind. Then, once the work is done, you can upload the design to your chosen platform.
5. Mobile Commerce Shop
If you have a business idea but you don’t want the hassle that comes with the traditional retail business model, then you should try out a mobile commerce shop.
Generally speaking, mCommerce shops are easy to use and are even easier to access since all customers need is a smartphone.
During this pandemic, more people are resorting to making their purchases online, whether it’s for their groceries, clothes, food, and anything else they might need.
Even after this pandemic, mCommerce will continue to grow because it is more convenient for people.
There are platforms such as ShopyGen, X-Cart, Snipcart, Yo! Kart, and J2Store that you can use so you don’t have to start from scratch.
Once you’ve set up your mCommerce business, don’t forget to promote it on your social media channels.
It’s also best if you create a business page so you can engage with your customers and build relationships.
Be Creative when Looking for Ways to Earn More Money
The back-to-back economic crises have dire consequences on Millennials’ financial security. Fortunately, we are in an age where advancements in internet technology opened up a lot of opportunities to earn extra money.
And if done right, you have the potential to earn more than a regular 9 to 5 job.
I hope you found the above useful. Let me know if you try any of these out!