5 Side Income Ideas for SA Entrepreneurs Affected by COVID-19
The COVID-19 pandemic has been tough on entrepreneurs. While giant corporations flourished, especially in the tech space, small businesses took the brunt of the impact. This economic crisis has been felt all over the world, including South Africa.
Many are still struggling to get back on their feet and resume business operations. So, if you’re one of those struggling entrepreneurs, here’s a list of side hustles to boost your income.
Freelancing comes with a lot of flexibility compared to being employed by a company. You can choose your clients, pick projects that interest you, and work wherever and whenever you want. The gig economy in South Africa is actually witnessing a gradual but steady growth. Freelancing is particularly popular among women because of the flexibility it gives them. Many of them are pursuing paying jobs from corporate or private sector clients, both in the digital and print space. If you have any specialised skills, such as graphic design or writing, you can offer your services to various clients within the country or overseas. SAFREA, NoSweat, and SA Creative Network are some of the most popular job portals for freelancers based in the country — they are also good places to start looking for gigs.
2. Teaching or Tutoring
Because of social distancing measures imposed in various countries, online learning has become the norm. This can be a good opportunity to offer your services as an online teacher or tutor on any subject that you’re knowledgeable in. Tutoring students in English, for example, can help you save up some rand. But don’t feel limited to teaching school-aged students. Adults, too, are always expanding their knowledge in various fields. You can lead a workshop in virtually any expertise, whether it’s cooking, meditation, or leadership.
3. Trading Currencies
Reduced incomes and self-isolation protocols have turned many people into online traders. One highly traded asset —and one that is easy to learn due to the many training courses available online— is foreign exchange or currencies. FXCM points out that the forex market is the largest of all financial markets, which makes it easy to find buyers and sellers at any time of the day. Trading forex can be done online by opening an account at a reliable trading platform. The starting capital needed is not particularly high, and even those with financial limitations can execute trades and turn a profit. That said, there are risks involved with trading. The good thing, however, is that most trading platforms allow experimental trades to let beginners practice before making a real trade.
4. Online selling
Ecommerce or online selling also surged during the pandemic. While physical stores remained closed, consumers bought many of their goods from digital stores. However, The Media Online reports that the demand is growing much faster than the supply. Consumers are experiencing slow delivery times as retailers struggle to keep up. It’s a golden opportunity for entrepreneurs looking for their next great venture, even if it starts out as a side hustle at first. For example, you can sell food online — but make sure you have the necessary licences from the Department of Environmental Health first!
5. Delivery services
The surge in online orders means there is also a high demand for courier services. According to Garry Marshall of the South African Express Parcel Association, the courier industry quickly picked up business after lockdown measures eased. Side-lining as a delivery person for any of the established services in SA, or even opening up your own small business, could prove to be very profitable alongside the ecommerce boom.
These times are undeniably tough most especially for self-employed individuals. So to help you get back on your feet, look into earning from these side jobs — they might even turn into a full-time venture if they really take off.