In the midst of COVID-19, the doors of your company may be closed, but that doesn’t mean your customers can’t help you anymore. Small businesses around the country have been seeking resourceful ways to communicate with their consumers and generate revenue through social distancing and economic instability.
If you are thinking about starting your own business, you can get started right away, even if it takes some work to get it up and running. Passive income, such as the idea of renting out a property, could eventually earn you money in your sleep. Not all options are suitable for everyone, but you should try to find creative ways to earn extra income based on the resources and skills available to you.
Here are some of the best ideas and strategies for passive income that can boost your income. It may seem counterintuitive to start your own business now, given all the hurdles small businesses face today, but if you are thinking of starting your own business and decide not to do the work yourself, this is the right time for you to decide whether or not you are doing it for yourself.
Online Selling
Now is the best time to make it a possibility if you don’t have an online store set up. Develop an online store where your customers can do the same shopping they would do in person, then box up for delivery of those items. To better support your clients during this period, you can opt to charge a delivery fee or waive it.
Offer Free Home Delivery
If you can, try to drop off orders from your nearby customers yourself. If you sell large products such as furniture or outdoor plants, this is especially impactful, but home delivery could apply to just about any company. For yourself and your clients, make sure to take safety precautions.
Sell Gift Cards and Future Services
Many of your customers are looking for ways to support local companies as they meet together this time around. When the crisis passes, your clients want to see your doors reopen, so provide them with ways to do exactly that. Allow them to buy gift cards or purchase specific services for the future. Consider providing them with a deal that in the process they can’t resist. The longer social distance wears on the more willing individuals are to return to normal and the more plans they will make for the future.
Host Local Online Events
With so many individuals wanting to help local companies, it can be a fantastic way to tap into each other’s networks to partner up with fellow companies in your group. Some of the biggest conferences have also been partly or fully interactive. Moving activities such as this online would decrease costs and carbon footprints and make engagement open to a broader audience.
Improve Your Website’s SEO
The days are gone when people visit stores and buy things without prior product/service research. Now, people first check online. That said when prospective clients search online, your website should rank at the top of the search results. Publishing blog posts frequently increases the search engine optimization (SEO) of your website because blogging will keep your website new and relevant and visitors will remain on your website for longer.
Starting a YouTube Channel
YouTube can also be used to launch your own channel as a reviewer, vlogger, beyond the company. You can start monetizing your channel as soon as you get a decent viewer base. Besides a reviewer and vlogger, people sitting idle at home can create videos, gardening and cultivating, dancing and other arts, fun and entertaining, designing, cooking are some fields where videos can be made.
Sell Virtual Classes and Courses
It might not be happening right now to meet in person, so why not switch your in-person services online? For example, record a week’s worth of classes and sell the digital downloads online if you are a yoga or fitness studio. For restaurants, have a step-by-step cooking instruction video filmed by your chef and sell it on your website or even your Facebook page.
Initiate Online Consultations
If you are a professional who gives consultations, such as a therapist, career counselor, or legal aid, start finding an online client base. Set up a fee, find clients, and use your existing profession to make money from your home. It’s not as difficult to monetize your abilities online as you think it is. Just make sure that whatever you choose to start and bring in local customers for your guided service, you have an organized approach.
Freelance
Freelancing is a great choice if you are a blogger, coder, artist, or one with any skills that you can pass online. Just update your social media profiles with what you sell, particularly LinkedIn, and look out for customers. Set your rates on your own terms and earn cash.
Posting on Social Media
Posting on social media is a simple and easy way to market your business and continue to generate revenue. If you have a large social media following, you can make money by promoting your products. One Thing Marketing during COVID-19, create a plan for how you can invest in your business, reach customers, and continue to generate leads.
To get started, it is helpful to build a list of passive income strategies that make sense for your business. If you are worried about earning a residual monthly income, building wealth through passive income is a strategy that you might like, as long as you are sure you have saved enough to meet your retirement goals.
The transition to remote work and virtual experiences will result in unforeseen efficiencies that help you maximize proactive customer outreach and generate a whole new sales and customer experience, both in time and resources. Your business strategy, sales experience, and consumer relationships will emerge from the pandemic better than ever with thoughtful improvements, preparation, and some creativity.
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Originally published at upstack.co on Jun 16, 2021, by Sheetal Munjal.
