The path between client denial and layoffs during a crisis is always a quick one. Our corporate clients and contacts have brushed off questions about a possible economic effect from the Corona Virus outbreak for weeks now. As the Covid-19 pandemic overturns the global economy, the shock waves are felt far outside the worst-hit industries: tourism, hospitality, and restaurants. White-collar staff – including tech, marketing, and professional employees – may face layoffs, pay cuts, and furloughs as their employers dramatically curtail or fully suspend operations. So, it’s time to think about back up or second income options.
1. Making the most of your expertise
If you have years of experience in your profession, you can start giving guest lectures at universities, or provide teaching services or courses online to help students prepare for competitive exams relevant to your profession. Again, it may take you some time to crack a deal with the colleges or search for students, but once you’ve set your foot, you’ll earn more than ever! Good deal for a second income idea, right? Click here for some free online courses for your improvement.
2. Start a side hustle
Are you keen on writing? Why not start freelancing projects and see how things go as a second income plan? Are you a great painter, or are you capable of making beautiful candles, handmade jewelry, chocolates, or something similar? Spend some spare time of your days and start selling them online. Only find out what you’re good at, find out how you can monetize it, and launch the project you love. Maybe you’re good at making candles, baking good cakes, or making craftsy things. Use ShopUp to run your business smoothly.
3. Real Estate
Investing in real estate will yield pretty good returns, depending on the market environment and your financial condition. You can rent your property at all times, start your PG (Paying Guest) accommodation. You better sign up for Airbnb for renting your property at a good rate. Or you can simply sell your land to a developer in exchange for ready apartments on the same. It’s a good practice in our context. Or if you have enough savings to build it on your own, do that. Selling ready apartments will result in a good profit. Even renting them can be a very good second income plan.
4. Online Surveys
Once this pandemic is over, there will be thousands of surveys. Why not use this as a second income opportunity? Open a survey business as a second income plan. Do some courses on this. Scientists are paying you for actually taking surveys so they can collect data all over the world. You just give input and they’re paying you for it. Actually, if you want some fast cash, then the survey sites are working pretty well. There’re multiple survey options available. For example- GetApp. Here, you can review software and get paid for that as well.
5. Vehicles pool
The start of a pool of vehicles is good not just for your wallet but also for the environment. When you’re driving a car alone to your office, you can also start a carpool service where you can pick up drivers on the same route as yours. Register at a vehicle pool service. For example- Uber. The good news: There’s nothing you need to invest! You already have the vehicle. If you have a driver, that’s even better. He can go for rides when you don’t need the car. It won’t sit idle. This is a good second income plan.
These’re my short listed second income ideas for Bangladeshi context. Let me know if you have something to add. Looking for similar articles or more ideas? Visit here and contact me.
