Thousands of people are in a financial pickle due to COVID-19 job loss. Stimulus checks and unemployment benefits are helpful, but those who are between jobs are looking for ways to make consistent, lasting income. During this challenging time, those who are looking for work may find that they can earn money by using their existing skills. The gig economy is prospering, and it’s just a matter of finding your niche and putting your skills to work as a way to make ends meet. To learn more, read these tips courtesy of L’Homme Noir.

Identifying Your Marketable Skills While Staying Afloat

Getting by when you are unemployed can be stressful and difficult. It may be worthwhile to reduce unnecessary spending temporarily by cutting back to a lower cell phone plan, getting rid of cable, and cutting back on take-out and other non-essentials. The Penny Hoarder offers brilliant tips on budgeting during coronavirus and ways to stretch funds and reduce monthly bills, including embracing frugality and developing a barebones budget plan.

In looking at ways to make money with your skills, consider the things you enjoy, as well as traditional work-related abilities. Often, people compartmentalize their skills as either work-related or being connected to hobbies and interests. Consider expanding your perception of marketable skills to include hobbies as these enable you to fuse your passions with potential cash flow — clearly a win-win.

Brainstorm money-making ideas and let the ideas flow without judgment, writing them down as you go. After you have completed your list, highlight the ones that seem most feasible, and envision ways you could use these skills for profit. For example, if you listed being organized as a skill, you may be able to use that talent to help business owners who need your strategies to improve their workflow or filing process.

People can make money through the provision of goods or services. Do you enjoy baking or preparing meals? Perhaps starting a food prep business is within your reach. Using your skills as a pet groomer or starting a side hustle as a music instructor may bring you a steady income that could turn into a profitable business.

Starting Your Own Business

Self-employment is the epitome of the American dream, so if you are considering starting your own business, congratulations! As you think about your plan for the business, consider the way you will form it. This crucial step of the process will determine your personal liability, how you will pay taxes, and other important details. Many business owners choose to set themselves up as an S corporation because it establishes credibility and they can save on corporate taxes. ZenBusiness details how to start an S corp.

You can dive into this process independently, or you can hire an affordable online service for business formation. Business formation services make easy work of the many forms and documents needed and provide all the necessary paperwork your state requires. Hiring professionals in the field of business formation saves time, money, and aggravation — they do the footwork and provide you with all the documents you need.

Financial struggles can send stress levels through the roof. If you are between jobs due to the coronavirus, there are ways you can earn money to make ends meet until you find a full-time job. You may even discover your true passion and develop a small business through your skills and talents. Keep the faith — this challenging time will pass. You can find peace and prosperity, and perhaps this journey will lead you to a lifelong dream of owning your own business.

Contributed by Lisa Walker of neighborhoodsprout.org