How to make money from your hobby guide
1. Forex Trading
Forex trading is a convenient and highly profitable means of generating income from the convenience of your own home. All you need is a stable internet connection and a sound knowledge of how to execute the best trading strategies on the Forex market.
Most online brokers provide a wealth of training courses which you can take during the free time of lockdown to hone your trading skills.
Both the amount of capital input and the risks of Forex trading are relatively low, and the market allows for flexible trading hours, making it even more suitable as a means of generating a side income post-Corona.
2. Stock Trading
Similar to Forex and CFD trading, stock trading is a potentially lucrative investment opportunity on which you can capitalize as an easy and convenient side hustle.
The stock market has an average annual return of 10%, but the key to making money in stocks is remaining in the market for a longer period of time. This will allow you to gather dividends down the line as companies begin to report profits.
Start stock trading during lockdown and reap the returns as the markets begin to open up going forward say Erik Marais from MakariosFX a professional stock and forex trader.
Copywriting is already a massive industry in the world today, and many freelance copywriters make a living producing content for a myriad of different industries, from promotional marketing articles to web content and transcriptions.
All you need is a decent internet connection and a good grasp of language in order to differentiate yourself in the copywriting industry.
If you’re fluent in a second language, translating presents a less competitive and equally as lucrative opportunity, with many translators highly sought after in the global economy.
4. Transform your hobby into a money maker
For many of us, a side passion enriches our lives, but what if these hobbies could also serve to enrich our purses post-Corona?
As many people are now suddenly given more free time during lockdown to pursue the hobbies once relegated to those brief periods after hours or on weekends, they might find that they are developing a skill which could become a profitable side-hustle once the markets reopen.
That woodworking skill you fondly honed in your garage over weekends might become the basis of a new furniture company.
Those hours you spent on your photography hobby might result in a great stockpile which you could sell on to companies in need of new perspectives for their future marketing campaigns.
Take the time during lockdown to do adequate market research and identify the potential demand, budget to start small-scale production, and get the word out on the many affordable online marketing platforms to establish the basis of the best job you ever had.
5. E-commerce Website
E-commerce websites have become a part of most people’s daily lives, resulting in a vast online market for shopping nearly everything from clothing to hardware to food.
While it might seem that the e-commerce industry is already inundated with platforms for buying and selling goods, market analysts predict that even more of our post-Corona activity will be moved online, with working from home becoming the new norm.
As such, many local businesses will shift their focus more intensely to selling online, providing a great basis for identifying local retail needs, starting small, and creating an e-commerce platform that could generate a healthy income post-Corona.
6. Become an affiliate marketer
Affiliate marketing is one of the oldest and cheapest means by which companies can sell their products, and has become very popular as a way of generating an easy side income.
Affiliate marketers need to connect the product to the potential customer, and earn a commission on sales. Many online companies offer affiliate programmes which allow you to promote their products, whether through Instagram or any other social media platform.
While it is quite a competitive industry, if you take the time to promote yourself as an affiliate marketer, essentially aligning yourself with brands you like, you’ll be able to make money writing about your favourite shoes on your blog, or promoting your preferred skincare product on Instagram.
While the economic contraction during the pandemic has made times hard for consultants, many analysts predict that the economy will rebound quite swiftly, creating a spike in demand for consultants post-Corona.
With digitization becoming the most important trend in sales, many consultants will find work from home, remotely serving clients through video conferences and virtual collaboration.
This creates new and exciting opportunities to garner a steady side-income in an easy and cost-effective manner, with the only need being a good internet connection and a lucrative network, which can be built during lockdown in preparation for the markets reopening.
Some financial industries exploded over the Covid 19 lockdown; thus the clear winner was the forex industry. If you are interested in learning more about forex trading – click here