How To Generate Other Sources Of Revenue During COVID-19

December 12, 2020

Nobody turns their noses up at a little extra cash, especially in the time of Covid.

But how do you get your hands on some extra money without leaving the house, engaging with a bunch of other people, and possibly harming those around you?

With our world increasingly connected via technology, generating other sources of revenue during the time of Covid is simple. It’ll still require some hard work and time spent hustling but the process can be as simple as you want it to be.

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Working hard or hardly working

Tons of people work multiple jobs whether part-time or full-time and for many Covid-19 brought a new wave of issues as they were summarily sent home without the added income of multiple jobs. Luckily, through technology and connectivity, there are lots of ways to generate more revenue, even from home, in the time of Covid.

Start social

There are currently millions of viewers on streaming sites like Twitch and YouTube in dozens of niches. Everyone has a passion and sharing yours with the world can be a great way to make some extra cash. Places like Twitch and YouTube will pay you for streaming if you get to a certain number of viewers. You can also get sponsors who would help you generate more cash and more viewers.

Streaming can be a hard niche to crack into if you don’t have a base, to begin with. But if you have an entertaining outlook, a unique take or product to show, and you’re willing to continue working toward your goal, you can build followers and start bringing in revenue.

Along with streaming sites, you can also monetize your page on Instagram or TikTok. Instagram has any number of areas that are always looking for rising talent and to engage and work with their followers. Once you build your profile on either site or start getting likes and shares, the companies will begin to pay.

The overhead costs for making videos, Instagram posts, or streaming can be extremely low. But they take time, passion, and a dash of talent to make into a revenue stream. Building your brand on social media takes effort and while it seems effortless when compared to working a 9-5 job, this is a source of revenue that might take you a while to see come to fruition.

Online games

With more time on your hands due to the lockdown, maybe you’ve found yourself lost in the world of online games and frankly, you’ve gotten really good. 

This can be another low overhead revenue stream. For many online gamers, you can jump into tournaments from your home gaming set-up and compete for cash. The catch here is: there’s a high chance that you won’t win. So your start-up costs will be low but the chances of earning much are slim.

You can also jump into other types of online games like online slots, betting on soccer in SA, or other types of pay to play games. These have a much higher start-up cost but you do have a chance to win and win big as you play.

Within the realm of online games, you can also generate a consistent stream of revenue by signing up to test new games. Find a site that is reputable and has a history of paying their employees for the work done. Then you can spend your time testing the games that are soon to come out on the market and get paid for it too. They won’t always be as great as Angry Birds but if you’re passionate about games, it’s a great source of revenue that you can do from home.

Flip and sell

The old-to-new trend is here to stay! Searching through online thrift pages, in-person discount stores, and garage sales can turn up some great finds that can be flipped and resold.

If you’re crafty and you have a passion to see things brought back to life, this is a great way to make some extra dough. Start-up costs can grow if you don’t watch what you’re buying for supplies but if you buy your pieces at a low cost and utilize what you’ve got in your inventory, you can turn out pieces quickly and sell them for a profit

Furniture is one of the best ways to utilize the flip and sell method but you can also do a little savvy shopping and make cash. There are tons of luxury items that are sold in thrift stores, garage sales, and online that can be resold for cash. Niche items like depression glass can be found at estate sales for pennies and be resold on eBay.

This requires a lot more time than other sources of revenue and volume is what counts when it comes to flip and sell sources of revenue. Hunting for a great deal can be a lot of fun and can even be done from home if you watch online sales and auctions!

Takeaway

Creating new sources of revenue in the time of Covid is a great way to supplement or replace your current income. Matching your new source of revenue with your hobbies and passion helps you earn and keeps you entertained.

Monetizing your social media account or streaming account can be a great way to get creative and earn cash. While it seems simple, investing in your social media account takes lots of time and may only bring out a small amount of revenue.

Online games can be a pay to play option or a tournament style. The pay to play games have a higher rate of return but the overhead cost can be steep. Tournament style online games have a low opening cost but the odds of winning can be much lower.

Flip and sell sources of revenue give you the option to be creative and thrifty. You can find any number of creative options for furniture, clothes, or knick-knacks that sell well and help you earn.

Your passion or hobby can be turned into your next revenue stream in no time. Within the time of Covid, it’s good to have an additional revenue stream that you can work at and monetize as much as possible. Choose something you’re passionate about and make it work for you!


Kunle Ologunro

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