Guest post by Sarah Bull from Economymom.com
How to Get Back On Your Feet When You’re a Woman Hit Hard By The Recession
The COVID-19 recession has seen the worst economy since the Great Depression. The world as we’ve known it has drastically changed and shows no sign of going back. Women have been disproportionately affected by economic hardship and will have to find new and creative ways to work from home.
Two factors contribute to the disproportionate effect the COVID-19 recession has had on women: the restriction on service jobs like hospitality and retail (that can’t be performed from home) and the closure of schools and daycare centers (forcing many women to stay home). Not only have more women been laid off than men, but many have been forced to stay home to take care of children who are unable to go to school.
In this article, we discuss how women can pivot professionally and make money while working from home.
There was a time in the recent past when a “remote workspace” was a radical or progressive idea. Now, businesses are developing strategies to enable their workforce to work remotely long-term. Depending on your skills, you can choose from more industries than ever when looking to make money from home. Some of these opportunities include:
- Virtual Assistant
- Travel Agent
- Social Media Manager
- Data Entry
- Customer Service
- Beauty Consultant
Turning a Hobby Into a Business
While change makes us uncomfortable, being pushed out of our comfort zone offers a great opportunity for growth. Because of this, many individuals have turned their passions into profit.
If you’re ready to start your new business, make sure you understand the logistics of getting it off the ground. Getting this done from the get-go will help you avoid potential issues down the road. Begin the process by knowing and registering your business classification.
You can then look into registering your business as a New York LLC. Research the guidelines of your state of residence, as each state and region has slightly different statutes. Some benefits of an LLC are:
- Personal assets are protected in case of bankruptcy
- Tax-deductible purchases
- Less paperwork and greater flexibility
- More freedom to modify the business
With these essentials taken care of, you’ll be prepared for success.
Cultural Exchange Programs
A culturally enriching experience could be a rewarding choice for your money-making ambitions. If you’d like to interact with people from around the world, you can consider becoming an area representative. In this position, you can coordinate and organize connections between high school exchange students and local families to work out placements in the community and create a once-in-a-lifetime experience for all. You can also choose to participate by volunteering to host an exchange student in your home.
Marketing Your Business
While taking care of the logistics of a new business, you must consistently think about how you will market your product or service. Marketing is a crucial part of every successful business because it helps you reach potential customers. This is vital to selling your product or service and making your business profitable.
You will need to conduct market research, profile your target market, identify your niche, develop your business brand, and set your goals and budget. All these tasks may seem overwhelming at first, but if you tackle them one at a time, you will know what you can do yourself and when you’ll need to hire help.
As you will see, a business is a great opportunity for personal growth and to empower other creative and like-minded women.
As the last year has taught us, times are changing. We’re facing a new normal that’s here to stay and it’s time to adapt. With these resources, you hope you feel equipped to tackle your finances more creatively and make money from home.
Visit International Student Exchange (ISE) to see how you can get involved in the program.