The COVID-19 pandemic has brought many businesses all over the world to a staggering halt. It spares no industry, and the fact that your small business is your only source of income glares at you.
The reality is, if it’s not the pandemic, then another mishap will strike you sooner or later. Nothing’s for sure in the business world, and betting all you have in one livelihood is a risky move.
Warren Buffet shared this nugget of wisdom before when he advised people not to depend on a single income. This doesn’t automatically mean you should create another start-up. There are many other sources you can rely on, minus all the hair-pulling you already do as a business owner.
Rent It Out
It could be a warehouse, an apartment, a room, or even a parking space. Earning passive income through property investment isn’t only for real estate tycoons. Whatever space you have, you can convert it to a source of passive income.
If you don’t have an existing property to rent out but do have the money to spend, consider buying one as an investment. Make sure to identify your target market and select one in a good location. Places like South West London balance nature with city life, making them ideal for families looking to migrate to the capital.
Once you finish renovation and confirm the details with estate agents, the rest is easy. Leasing your property usually requires minimal work and coordination when you start well.
Still, handling a property might be daunting for some. In which case, a more hands-on enterprise might be the right fit.
Tap Another Business
“Affiliate marketing” sounds intimidating, but you’ve encountered it online several times already. Think of your business website, or if you happen to be a savvy lifestyle guru as well, your personal YouTube channel. These platforms can run blogs or other marketing schemes to bring visitors to websites that sell products and services. You can be part of this marketing system, but this time as an affiliate earning commissions.
Consumers refer to other consumers for unbiased reviews of products, and there’s never a shortage of outlets to do this. Building your online rapport as well as connecting to brands can take time, though. A bit shy about broadcasting your opinions? Maybe it’s best to go back to basics.
Sell It Well
The advent of social media, payment apps, and shipping alternatives makes selling easier than ever. You can profit from a passion project you’ve committed to for years or rekindle your love for baking. Some have even given up the idea of garage sales and posted second-hand items online as “pre-loved.”
It’s all about being creative and resourceful in what you sell and how you sell it. Using your social media accounts is a quick way to attract attention to your products. You can also go to websites designed for selling within your area to make generating sales faster and more efficient.
Surviving bad times in business requires wit and perseverance. If venturing into property investment, affiliate marketing, or online selling is what it takes to boost your savings, then do it. There’s no shame in hard work, and small business owners know that well. It is, after all, better to hustle now than to regret later.