The current economic instability has left many with reduced incomes and has even led to individuals losing their jobs. The effects of this phenomenon have also had severe repercussions for entrepreneurs, most of which find it now more difficult than ever to make money. However, there are still several methods that an individual can use to start earning in less than one week. These revolve around markets and industries that were unaffected by the Covid-19 pandemic. Most of these methods can be used by regular individuals; however, they are much more profitable if businesses are built around them. It is also worth mentioning that they do not require entrepreneurs to invest a lot of time in them and can also be used as a source of passive income.
- Invest in Stocks
One of the easiest ways to earn a passive income is by investing money in stocks. This can be done by going to a broker or through an online platform. For most intents and purposes, online investment platforms are more useful because they feature intuitive user interfaces and great tutorials. Online platforms also give individuals the option to mirror the investment decisions made by other users. In other words, beginners who do not have any experience when it comes to investing in stocks can find a user that has a good track record and follow his investments.
- Invest in a Local Business
Investing in a local business is a good way to make money while also helping the community. The best course of action here is to first find a business that is still in its starting phase and to offer to invest money. Local stores are usually great options because some owners will agree to give you a share of the profit, depending on how much money you offer them.
- Sell or Rent Out Assets
If you have any digital or physical assets left from previous jobs, it may be possible to sell or rent them out. This includes digital assets such as WordPress templates, banners, logos that can be reused, domains, websites, and others. When it comes to the latter two, renting is the best option as it will ensure that you have a stable source of income that you do not have to actively work for.
- Offer Personal Loans
There are several platforms that allow users to offer personal loans, such as P2P lending platforms. These make the connection between lenders and borrowers; however, they do not play in active role in the loan agreement. P2P platforms ensure that all parties involved follow the terms that they have agreed to.
Another great option is to join a local credit union. The income earned from these may be lower, but you will also help the community by lending money through them.
- Offer Property for Rent
If you have a piece of land, a building or anything in between, it may be a good idea to put it up for rent. It is a common practice to offer unused properties for rent, and then use the money earned to purchase a new one. This would allow individuals to start a real estate business with very few financial resources.
All 5 of these methods are great for anyone who is looking to increase his monthly income, but they are also great starting points for small-businesses. Keep in mind that all of them require that you have access to the funds required to make investments. They may not be appropriate for individuals who are going to tough times, financially, but these strategies are the best ways for entrepreneurs to make money as fast as possible.