In a recently released report, experts from the Federal Reserve said that they anticipate unemployment rates to drop to 5% in 2021. After a tumultuous year for the economy, this certainly comes as exciting news. Despite more Americans returning to work, there are still many individuals who remain out of work, as well as those who have experienced a significant dip in their wages. This has left millions looking for ways to increase their cash flow until things begin to normalize. So we’ve got some ideas to help you increase your income in 2021.
Whether you’re a stay-at-home mom, a Covidpreneur, or someone seeking full-time employment, Essential Millennial shares tips that anyone can use to boost their income.
Assess your skills and interests for maximum return
When looking for work that is outside of your specific skill set, it’s easy to exclude quality opportunities. If you’ve done one thing for a long time, it can be challenging to see yourself doing anything else. However, many interim work opportunities require the use of your skills, experiences, and interests in a different capacity.
For example, you may have previously worked in a position that required you to be extremely organized and detail-oriented. Those core skills aren’t limited to your last job. In fact, a quick search of various gigs, neighbourhood jobs, and contract work will reveal numerous positions that require those abilities.
Get started with your search by taking an inventory of your skills and interests. What are you good at? What do you enjoy doing? What jobs/tasks would be fun and fulfilling? Answering these questions will keep you from limiting yourself. This process can also help you find roles where you will make the most income for your efforts.
Don’t limit yourself to job boards
Many jobs are never posted. This is true for full and part-time work. If you limit yourself to searching top online job boards, you’re missing out on the majority of positions.
Find relevant opportunities by networking with others. As Covid-19 continues to limit gatherings, most networking opportunities are still online. Start by searching for networking opportunities that are relevant to the work you want to be doing. You can also join neighbourhood group boards to see if anyone is in need of the work you do.
Additionally, don’t be afraid to embrace the gig economy. If your skills and interests line up with one (or more) gig services in your area (e.g., personal grocery shopping, food delivery), signing up could help you bring home substantial weekly pay.
Start a low-cost business
Thanks to the internet, it’s incredibly easy for almost anyone to open a low-cost business in 2021 and increase your income.
Whether you want to work as a photographer, a dog groomer, or as an online store owner, you can open a business for next to nothing. No matter your industry, there are several initial investments that you’ll want to make. This includes launching a website, creating a logo, and forming an LLC. Taking steps like these will help your business succeed over the long-term. For example, whether you’re a freelancer or Covidpreneur, forming an LLC will provide tax benefits, reduce your liability, and reduce paperwork.
When you know where to look, these initial investments can be done at a lower cost. For example, rather than paying lawyer fees, you can form an LLC on your own or through a formation service. Since each state has unique regulations, be sure to check any legal requirements before diving in.
Ensure that each opportunity makes sense financially. To do this, consider how much you’ll ultimately owe in taxes (if taxes are not automatically deducted), and how much money/time you will be spending on each opportunity. If you find that you won’t make much, you may want to consider alternatives.
As you create a plan to increase your income in 2021, know that it may take time to find the opportunities that best fit you. Use of these strategies will help you find paid positions that will not only maximize your time and skills, but that will be most interesting and rewarding.
This article was written by an Essential Millennial guest contributor, Tina Martin from Ideaspired. You can find more of her work at ideaspired.com. If you’d also like to get published on the Essential Millennial, contact us via email, our contact form or through our social media accounts.