Tracy Thomas | November 18, 2022
Something to learn from the Covid-19 pandemic is the need for a diversified source of income. Reports from Statistics Canada showed that employment was down 858,000 in January 2020 and fell by 313,000 in January 2021.
Here are some great ways to make additional income in 2022:
Freelancing
Freelancing is a great way to make additional income for people who have the skill and can provide on-demand services. It offers many benefits, the most agreeable of which is having complete control over your time and schedule. It is also a great way to diversify your income because it is flexible.
Chelsea Chira, an Edmonton freelance artist with over 50,000 followers on Instagram, started her own design company during the pandemic. Through her company, she freelances for different people, such as authors and music artists.
“I always wanted to be my own boss… During the pandemic I decided I was really going to push for my social media following because I know that is where I will be getting most of my business from…,” states Chira.
Freelancing is done independently or through platforms like Fiverr, Upwork, and Etsy. These platforms are great for freelancers who lack an audience or marketing budget. For a percentage of the freelancer’s fee, they get access to a pool of individuals or professionals who seek specialised services.
E-commerce
Many logistics are involved in selling physical products. However, modern technology has made eCommerce very easy. Many websites, such as Shopify, make building a site, listing products, receiving payments, and fulfilling orders easy. Some websites even provide data to help users decide what products are easy to sell.
According to Angelica Sistosso, an Edmonton-based entrepreneur who sells luxury tea online, starting an eCommerce business requires substantial research.
“…it took me a year [of research] … There’s a lot of factors that I need[ed] to consider, like my time, the delivery itself, like how long it will take for the product to be delivered here in Edmonton or Alberta, and the budget as well…,” adds Sistosso.
E-commerce can also take the form of print-on-demand. It is an order fulfilment method where the seller is the middleman between the manufacturer and buyer, but they never physically hold the product. The item displayed is only created after the customer places the order.
Print-on-demand businesses have risks like being unable to verify product quality. However, it is increasingly popular because it reduces logistical hassles such as warehouse storage and delivery services.
Some platforms that provide print-on-demand services include Amazon and Etsy.
Long-Term Investments
Long-term investments continue to be one of the best ways to diversify income. One of the most popular forms of investment is through real estate. Such investments include buying a property to resell it at a higher price. It could also be purchasing a property for use for rental purposes.
Another popular form of investment is through the stock market. The stock market is great for monies not intended for use over a long period. Stocks offer investors the opportunity to grow their money over the long haul. Investing in the stock market can be done independently or through banks and other financial institutions.
Investments can be complicated. Therefore, speaking with financial advisors before investing is essential to ensure you meet all legal requirements and have the information about building an investment portfolio.