It’s now the in-thing to make money while working at home. It is no longer news that in many countries, employees in non-essential industries have the option to work from home. (Essential workers in food, logistics and healthcare may not have the option.) Some people have also lost their jobs while others have willingly resigned. Many highly skilled individuals are now tinkering with ideas for new businesses – enterprises they can run from home.

In this blog post, I provide a few suggestions for a new generation of entrepreneurs who want to make money at home.

Digitize your business fast

If you haven’t already done so, set up a video strategy session with your team to think through digitizing your business. Brainstorm aspects of your offerings that can be delivered online. Services are more easily digitized than products. So, what part of your business can become a service? Don’t assume the effects of the COVID-19 pandemic will just go away. What about the long-term impact on the economy and the global recession that followed? Design your product for current realities and future outcomes.

Set up the tools you need to implement customer service online. Zoom to interface with clients via video, Wave for online invoicing, Hello Sign or DocuSign for digital contracts, Paystack or PayPal for payments collections. If you have a physical product, a logistics vendor is also essential. You may however focus on selling in your immediate neighborhood to keep costs low.

Meet new needs

Now that more professionals are working from home, what can you help them do? What do they need? Can you provide it?

You can also help clients to move their own businesses online and then, charge for the service.

Use freelance contracts to make money at home

Now’s the time to set up a stellar profile on freelance work sites like Upwork and Outsized. Also professionalize your LinkedIn. 

Customer service functions are so backlogged, that companies are looking for remote help to resolve service issues. Tech talent is also in high demand.

Start putting samples of your work online and state you are available for contracts.

Learn new skills

Remember that course you’ve been meaning to take? Now’s your chance. Register for online courses and set aside 2 hours each day for virtual learning.

You may not monetize the skills learned immediately, but you’ll be ready to charge a premium later.

Stockpile for the future

If you run a business where you produce in a controlled or secure site, consider stockpiling inputs for the future.

This may save you from sudden price increases and global supply chain interruptions.

Invest excess cash

If you can, set aside savings gained from working at home, including reduced transportation costs. Some people also work more hours at home (or juggle multiple contract); using the time saved from commuting.

So, working at home may result in a bump in income. Invest that extra cash through investments. I have a coaching class that can help.

Diversify your investments

The global economy is going through phases of turmoil and currencies of countries have lost significant value. So now is a good time to learn about diversifying your investments in alternative currencies.

If you have a stock or venture funding portfolio, it’s also a good time to have holdings in essential businesses which do well in crises. My investment coaching can give you investment options.

Conclusion

I do hope these point help you, as you grow a business post-pandemic. Finally, don’t forget to enjoy the work you do at home and to pace yourself! 

Thanks for reading!

For more, please learn about my Investment Coaching.