Build a Business at Home in the Pandemic
Data shows that home improvement activities by homeowners rose during the pandemic. People said they had more time to notice things that need repair or improvement. They also said they had more time to do such projects.
For other people, though, the pandemic brought uncertainty. Many lost their jobs as companies cut down on the number of their personnel. Some still have jobs but worry that they will be the next to go.
If you are now jobless or fearing for your job, you can change your financial situation by building a small business. You can build one at home, not for repair or aesthetic enhancement, but as a source of income.
Build to Earn from Home
You can build a structure called an accessory dwelling unit (ADU) connected to your home or beside it. Since your goal is to earn from this, you can apply for a loan for its construction.
You can rent out the ADU. You can also choose to move into the ADU and rent out your main house instead.
The second option will give you a higher income because you will be renting out a larger space. You can do this if you are a young couple with no children, if you are empty nesters, or if you live alone.
Minimalism is a philosophy and lifestyle that many are embracing these days. Downsizing will help you identify what you need to have. You can get rid of things you no longer need. You can even earn from this by selling some of your belongings.
If you opt to rent out your main house, make it presentable. You can give it a fresh coat to paint.
Make sure that you and your tenants have privacy by having a separate entrance for the ADU. This will also help ensure social distancing.
Whether you choose to rent out your main house or the ADU, it will not be difficult to find tenants.
Even before the pandemic, there were always people leaving the big expensive cities to move to more affordable areas. They usually do this after graduating from university or when they are starting a family. They look for a place to rent if they are not yet ready to buy a house.
During the pandemic, this trend is continuing. There are also people leaving areas with a high incidence of Covid-19 to look for safer spaces.
For your safety, you can ask for a medical clearance from would-be tenants.
Use It for Business
Renting out space is one of the easiest ways to earn from your home. It is not the only way, though. If you think you can earn more from another type of home-based business, you can use the ADU for it instead.
If you are a highly paid professional who wants to leave your office to shift to being a consultant, you can use the ADU as your new office. It will be more respectable than working from your living room or dining room. Instead of paying rent for an office somewhere, use the money for your loan payments. You will have the convenience of working right beside your home.
If you want to be an entrepreneur, find the right kind of business you want to get into. Consider your interests, skills, and strengths, as well as your weaknesses. Use the ADU as the base of your business.
Online retail is one of the biggest moneymakers during the pandemic. Physical stores are closing as consumers avoid going out to shop. Most people prefer to shopping online. Retail can cover almost any kind of product.
You can make the products yourself and sell them online. Can you cook and bottle or can a special recipe? Can you sew face masks? Can you design and sew clothes for people and pets? Can you knit or crochet hats, mittens, scarves, or shawls? Can you mix essential oils into massage oils and other self-pampering products? Can you create organic skincare or hair care products? Can you make furniture? Can you make toys? The list is endless.
On Your Own
The pandemic created what many now refer to as the new normal. People continue to find ways to face the challenges of the times.
You will not be the only one starting a small business in the pandemic. Records of the U.S. Census Bureau show that monthly new business applications spiked in the middle of 2020 and are still on the rise in 2021.
You will be on your own, but you will be on home ground. You will be in control. Like all the other startup owners, you will be at the forefront of the new economy. Be brave and proud.
Meta title: Earn from Your Home During Covid-19
Meta desc: If you lost your job or if you fear for your job, you can start building and earning from a home-based business amid the pandemic.