While we’ve all felt the impact of the COVD-19 pandemic, no one has felt it worse than people who’ve been laid off or had to close their businesses. The Canadian government has stepped up to provide a variety of resources such as the CERB – but thas not necessarily enough to replace the income you were making before. A few businesses that have been able to remain open have seen an uptick in income – like places that make outdoor play toys like swingsets and pools!
Here are a few ideas on how you can protect your income no matter what the circumstances:
- Retool your business
- Change how your business works
- Have a side hustle
1. Retool your business
One of the biggest changes some companies have made during this pandemic is to retool their business. Automakers are now making ventilator parts. Alcohol distillers are now making hand sanitizer. While it’s certainly not easy to just change what you make or how you make it, it can pay off. Think about how you operate your business now and if there are ways you could expand or change it in the future to give you more income streams.
2. Change how your business works
Places that provide take out or delivery have been doing very well. They’re considered an essential service and have been allowed to stay open. A lot of restaurants that have never considered offering pick up or delivery are now doing so in an effort to stay afloat. My husband and I ordered a nice steak dinner from a place up the road. Steak isn’t the best takeout dinner 🙂 but it was nice to have something a little more upscale than what we usually buy.
3. Have a side hustle
The days of having a job for life are now long gone. More and more people are turning to side hustles – everything from freelance writing to driving for SkipTheDishes. Take a look at the skills you have an figure out if they could be used in a side hustle. Are you crafty? Then Etsy is your new best friend. Like to drive? Plenty of options out there for delivering packages, people, or food!
The Takeaway
Flexibility is the name of the game. The more options you have for “income streams” the better off you’ll be. In my lifetime, I’ve been a technical writer, then a business analyst – and now I’m a freelance writer. All of these have something in common – the ability to analyze and then communicate information. So I’ve been able to carry over my skillset which is great.
What skills or experience do you have that you think you could turn into a side hustle? Or is there a way you could change your current business to be more flexible?
