There’s no doubt that the coronavirus has had a seismic impact on the typical methodology of working across the globe, with the concept of remote working likely to be with us for considerably longer.
There’s certainly demand for this in regions such as South Africa, with one study revealing that more than 53% of natives would prefer to remain in jobs that at least allowed for occasional remote working on a long-term basis.
What’s more, 44% of respondents in SA said that they’d like to embrace full-time remove working, compared to a global average of just 24%.
Given the strained economic climate, this may offer the ideal opportunity for individuals to engage in profitable side hustles when working from home. Here are some of the best ideas to get you started!
- Monetising Your Space and Material Possessions
This is a relatively simple concept, and one that helps you to seek out value in the rooms, space and items that may be idle in your home.
More specifically, you can sell unwanted items through online marketplaces such as Amazon or eBay, with the former even enabling you to target a vast, global audience in exchange for a small sales commission.
In terms of space, you could also consider renting out a spare room in your property, particularly if you’re single and don’t have young children living in your home.
- Consider Forex Trading
Next up is a relatively passive source of income, and one that can deliver incredibly high yields over time. You may even be able to access a welcome bonus when opening your forex trading account, equipping you with additional capital to help open positions.
There are various advantages to trading forex, with this part of a highly liquid and leveraged market that enables you to trade derivative assets.
As a result, you can buy, sell or speculate on currency price movements to profit even in a depreciating marketplace, while leverage of up to 100:1 in some instances also enables you to open positions that are far larger than your initial deposit.
However, just note that it’s also possible to lose more than you can afford through leveraged positions, so we’d recommend entering the market from a position of knowledge and utilising a demo account where possible.
- Teach, Tutor or Start a Blog
If you have a particular skill or passion that has the capacity to be monetised, there are a number of vehicles through which you achieve this aim.
For example, you could commit to tutoring or teaching individuals online, providing remote educational assistance in exchange for a competitive hourly fee. There’s a particular demand to learn English in certain regions of SA, so this may be something that you can leverage to your advantage.
If your knowledge base exists in a relatively non-academic topic such as travel or hidden getaways in South Africa, you may be better served by starting a blog online. This can be monetised through various ways, whether you choose to sell valuable advertising space to relevant partners or create paid guest post opportunities that provide a steady stream of income.
On a similar note, you could also leverage YouTube to create video tutorials, whether these are instructional in their nature or categorised as visual product reviews.