Topic: Need of the hour : Use the Crisis (Read 893 times)

This crisis may not be a reason to figure out a way to take advantage of the situation. However it is certainly something we have realized that we need to change the way we think about finance and economics.

Remote working was starters, people realized they could work from home, do freelance work or find regular paying salary jobs that doesn't require you to go to office (or even be in another nation) and since companies needed workers like that it became a big more famous. That is just the job and career part, when it comes to investing your money, people realized fiat is not the way to go because fiat could change so drastically and future of fiat depends on some weird world leaders nobody trusts. So, now everyone is after decentralized passive income that could make a base income for you in case another thing like pandemic happens.

I really like the thinking and optimistic approach mentioned in the OP but there are some problems which when you start you will face.

- You will need to find a way to promote your new business or whatever you are planning to do.
- You need to ensure that while you are earning you are also ensuring that either the business has growth potential otherwise you will just get caught in a small business without any potential.
- If you had a job and lost it, try to find a new one and in your spare time do these food stalls or whatever but do not get in the comfort zone because once you start earning with your own business you might settle within it.

So do these things to earn money in hard times but make sure you are not getting caught with these once the pandemic ends.

That is right but the truth is that, you need a huge amount of capital to start a new business and taking loans to start a new business then creates extra pressure on your which also brings a new risk, if somehow you are not able to succeed with your new business then you start digging a bigger hole because you need to take more loans to pay that loan or try something else. It becomes a really frustrating cycle and I have seen people taking loans to lift their existing business and it did not go very well.

I believe service is the best option in such times because you don't need capital and you are just selling your skills to earn money like freelancing is a good example or you can try to contact local shops and work for them, etc.

We all have some money and utilizing that amount in the best possible manner is the right way to survive because if you have some money and you fear you might lose it if you risk investing it into a something new then you must also spare a thought that if you do not try something new you will eventually empty all your balance either ways so why not take a small risk and if it pays, you can overcome the current problems.

I will not suggest big plans like opening a showroom instead opening a small food corner using the land you own or maybe outside of your home. You can also start a cloud kitchen and sell food that ways as it requires almost no money.

Starting a business like that is for people who have the money to start such business. Life for everyone is very different and some people have to be working everyday to eat.

But, this is still a good business idea that you have, and there are still so many other works that one can do, you can look for companies that are working remotely and with open positions and can apply to start working for those companies from your house. This will be good especially if you’re the type that’s afraid to leave your house to move around at this time, you can just stay home and be safe and not worry about going out and contacting the virus.

This reminds me on the day that the pandemic crisis has started in the Philippines. I didn’t have a job back then and got no idea on what to do to survive the pandemic. One day, I was lucky to get hired by a crypto company on a minimum wage and until now I am still grateful and thankful for them. I am trying to save as much as I can, but I was using funds for essential needs during the lockdown like buying a bike, reformatting and upgrading my computer, setting up my room studio, etc.

Until I got another idea, where I wanna do live or pre-recorded interviews on my Facebook page and Youtube channel. At first, the interviews are free of charge because I was still building up my brand. Until one day, I got some unexpected compensations coming from various companies who wanted to be interviewed on my page or channel, which give me extra funds to save as well, etc. And on top of that, I am joining various bounty programs, airdrops and contests no matter how small or big the amount is. 

As the old man said, “There are two sides of the coin in every situation”. Instead of sitting there worrying or thinking negatively about the pandemic, I am taking action by looking on the brighter side of this situation. Until now, I am still grateful and blessed that I am surviving the lockdowns, curfews and travel restrictions. I know it sucks to wear masks and shield outside of our homes, and even suck staying at home for most of the time, and not able to travel around the world. But this is temporary and we will get this through once an effective vaccine is in place.

Many people complain in a pandemic situation like now, and expect help from the government. Such a person will not survive,
we have to think creatively in situations like now. There are many things we can do to survive and make money in a pandemic situation.
One of them is starting small businesses, think about what items people need in a pandemic situation, that can be an idea for your business.
I think selling healthy foods that can increase your body's immunity can be a good idea for your business.

In my country, online business and food deliverry services flourished better than ever. Last year a lot of people have been mocking these businesses for being so "out of touch" to the outside world. Goes to show how things that don't make sense today would be logical tomorrow. Nonetheless, we also see a big increase in the amount of peoplr investing in crypto. So while other business and employment firms die off, others flourish on their ashes.

Not the best idea but rather the only way to generate income if you're not capable of getting back to work. But that won't be as easy as it may sound. There will be a competition in a sense that many people are doing so. So you need to come up with an idea that will make you stand out among the competitors ; it could be service, promotions, or anything which will help you to be more recognized. It is not a bad thing, in the first place you did not start a business to just lose money. And it is a requirement to be competitive when it comes to business.

Here is something we need to understand. Life is all about changes and we human easily adapt to changes and way of life. Life can be unfair at times and I am a living example.
Let's use BITCOIN as life example to human and the pandemic effects.
So, the Asians part of the the country saw the virus and pull out of the market before everyone does, this made bitcoin to fell badly and over sold, some altcoins went to almost zero in some exchanges but how do you see bitcoin today, its bounce back with full force. Same goes with us human. I don't expect the next wave of pandemic will really have big effect. Most countries has seen worst and are already taking safety measures.
About way forward?
I'm looking forward how to complete my undergraduate degree.

I think selling products on online commerce is a good way. Freelancing, making essays and assignments is what I have done in the past and these are skills that make you independent really because you aren't anyone's employee and be fired. You get paid what you work for. This time indeed is a great opportunity to make money and learn skills.

Forex trading is not the same as crypto trading. Maybe you need to learn more details about forex trading, so you know how to enter the market. I don't know much about forex trading, and I don't want to enter forex trading because I think that will need bigger funds than crypto trading. Maybe you can try to trade crypto trading someday. Besides that, you need to spend longer in forex trading to watch the price moves.

If you are in for some extra income while the pandemic crisis lasts and you have some time to spare on extra activities have a look at the following link: make money with a side gig and learn how long it will take to see the extra income. I believe most of you possibly know the majority of these activities 
https://www.nerdwallet.com/blog/finance/how-to-make-money-at-home-and-online/

If you think you can lose it is best to stop trading for now this will reduce the risk you need to learn more about trade forex trading is very risky for beginners it is better to trade manually he started with a small amount of capital without harming himself during this crisis. Learn about trades by researching different places in the market and try to understand the charts of trading this will make it much easier to trade and overcome the crisis.

Doing an online business from home is probably the best idea during the corona pandemic. If we can income from home while staying save from the virus and protect our families would be awesome. I thought myself about doing something in the food area but in my country its very competitive at the moment. Due to the new lockdown all the restaurants and bars are closed. The only way for them to get any income right now is either by the government, which is usually not enough, if by doing delivery services of food. It's very hard for a new player to get into that business.

I lost $ 500 at home while translating to learn forex trading. And I think it will continue. crazy, right: v

Small businesses have been hit hardest during the coronavirus pandemic.  Public catering is exactly the type of business that is closed in the first place when there are complications in the fight against this virus.  If the coronavirus interfered with our usual occupation, then it would be better to do more cryptocurrency.

I think being a freelance writer or freelance designer is a good idea. all it takes is a computer and skills. Some of my friends who are no longer working due to the pandemic have become freelance writers and are making money from home. we can follow the steps of becoming a freelancer so that we still have an income even though we have to be at home

Exactly. Capital is the main problem for business starters, because no matter how you really wanted to put up a business and no matter how skillful you are, if you have no capital, then its just useless. However, there are lending companies that offers a cash loan for business capital if we are really interested. Maybe then, we could try to lend a minimum amount and do our best to make the business grow and be more profitable so we could surely pay the loans monthly amortizations in due time.
As for the competition problem, its no surprise at all. I think online selling is the best in this strange time and be more creative in marketing strategy in your social media platform so you will get more buyers and earn more. Starting up a business basically needs more courage because its a risky move, especially if the capital is just borrowed from a Lending company, its a total risk that you need to have a lot of courage and hardwork to be successful in whatever business you are planning to start with.

Whenever I log on to Twitter I do see people in my locality that are selling baked goods as well, and some are selling shortcakes and other things like that, and chicken and the rest of them. When you make an order they put in their package and deliver it to you.

It’s a good business, although I still think that the business is a tough one to do today because the competition is high and it will be worse for you if you’re someone that is still new to social media or you don’t have much followers. It’s always better for people who have a good number of followers that are active.