How to Create New Income Streams in the Era of COVID-19

We know things are stressful, and most of us are facing similar questions. In periods of unpredictability and instability, how can you keep your business secure? What can you do now to fare the storm? Is there any way to expand income streams in the age of the coronavirus?
Gilad Uziely

The COVID-19 pandemic has upended all of our lives, both personally and professionally. For many freelancers, consistently stable work has been put on indefinite pause or completely ceased to exist. 


We know things are stressful, and most of us are facing similar questions. In periods of unpredictability and instability, how can you keep your business secure? What can you do now to fare the storm? Is there any way to expand income streams in the age of the coronavirus? 


Fortunately, the answer is yes! Although it may not feel like it now, the world is still turning. With a little ingenuity and motivation, you can increase your marketability and offerings by steering more of your business online. 


Here are 7 tips for going digital and expanding your income streams.

1. Increase your searchability

There are numerous low-budget ways for you to expand your income streams online. Start by making sure your LinkedIn profile is up-to-date, descriptive, and provides links to your past work. If you have a website, it could be time to give it a refresh. Additionally, make sure it’s optimized for SEO. Make it easy for potential clients to find you. Using more descriptions and words your clients might use to find you across your online properties will make you more searchable. 

2. Invest in long-term, one-time effort opportunities

The world of online professional education is exploding! You can take your experience in coding, photography, content writing, drawing or whatever it is you do and create an online course. 


Creating a great course that will appeal to lots of people is the trick, so do your research. What do you see is missing in existing online courses? What unique angle could you bring? What skills will you showcase? The next thing you’ll need to consider is how you will market it.


Creating an online tutorial or course is a one-time effort that can have a long-term payoff. Here are some great sites to check out: Lynda.com, Udemy, Udacity, Codecademy, Bloc, and Domestika

3. Expand your capabilities

Taking an online course yourself is a great way to expand your skills and become more marketable to future clients. Look for courses that award you with a certification — this can be a great addition to your CV and LinkedIn profile.

4. Put your business online

For programmers, writers, social media wizards, or other digital businesses, work will stay online. But for those of us whose business has typically depended on in-person interactions, now is the time to launch that digital transformation! 


If you normally give therapy, instruct a fitness class, tutor students, teach art, provide nutritional advice, etc, it’s time to bring these businesses online. In some cases, you’ll need to redesign or revamp your curriculum to meet the demands of the online world. For others, you can simply conduct business via the phone or video conferencing. However you move forward, you’ll need to reflect your new offerings in your outreach, and consider how to adjust your payment, if at all. 

5. Be strategic in your outreach

During this period of economic uncertainty, a lot of us will need to supplement remote work with a readily-available part-time opportunity. Large companies like Amazon, which are experiencing large workforce shortages due to COVID-19, are currently hiring new employees. If you’re strapped for extra work near-term, aim for companies that are seeking more support. 

6. Join online communities

Now is the time for sharing and getting support with other professionals! By joining online communities created specifically for freelancers, you can share and learn tips, expand your network, get referrals or even support another freelancer with a paid role. Check out our Facebook group Business Advice for Freelancers!


If you haven’t already, it’s also wise to join online groups that are specific to your professional niche. Potential clients could be searching there for freelancers. 

7. Do your taxes

If there was ever a time you could spend a little more effort on taxes, this is it! By sitting down and allocating time to get your taxes done, you can avoid missing a single deduction, increase your refund or pay less. Just note, this year the deadline was extended from April 15th  to July 15th!


Growth is within reach

Periods of unpredictability and instability inevitably produce stress. There is a lot we can’t control right now, which makes being proactive about what we can control even more important. When it comes to your business, taking a creative approach to the digital world can open up new opportunities and income streams, and help you weather this storm with confidence.


If you ever need business advice, always feel free to reach out to us! Email questions to lance@justlance.co. We’re here to help you navigate through this complicated time. 

Most important - KEEP YOUR HANDS CLEAN!