• Skip to main content
  • Skip to header right navigation
  • Skip to site footer
Taste Topics

Taste Topics

Food, Travel & Entrepreneurship

  • Travels
  • Recipes
  • Entrepreneur
  • Shop
  • Contact
You are here: Home / Entrepreneur / How to generate extra income stream?
June 30, 2020

How to generate extra income stream?

How to generate extra income stream? 1

How to generate supplemental income?

We are now living in unprecedented circumstances where COVID-19 has forced most companies to reassess their business models putting millions of jobs in jeopardy.

As mass layoffs and desperate bailouts make headlines everywhere, we must take action to control our own destiny.

How to generate extra income stream? 4

In the best scenario, you will resume your full-time job when markets open up but still face uncertainty.  In the worst case, you have been laid off and will be applying for a new job among many others in the same predicament. It’s a smart move to consider a side hustle to supplement income or become an entrepreneur.

Is Pandemic a good time to start a new business?

You may think that this is not a good timing due to the economic downturn. You may be concerned about a lack of capital to start a new business or activity…

Well, did you know that many success stories and top companies have been created in the aftermath of market crashes or economic crisis? For example, Airbnb was born as a result of the 2008 housing and financial crash, to offer more flexible housing / hotel alternatives.

Also, it may be easier than you think to start a new activity or side hustle without high funding.

How to generate extra income stream? 1

2020 Small Business Trends

According to the Forbes Business Council, by the end of 2020, the following small business trends have been identified:

– the rise of online retailers

Now is the most opportune time to build an online retail business, and in future posts, I shall share tips on how to build an online retail store.

– the growth of Gig work opportunities

To save on payroll and HR expenses, many companies are now outsourcing. Small businesses especially cannot afford to hire permanent employees and are looking for free-lancers.

If you have a special skill set, you may find work as a free-lancer or consultant.

– the increase of personal branding

As the gig economy is now popular and remote work is becoming the new norm, the online playing field will be more open. If you have a good concept, or products that you would like to sell, know that more and more entrepreneurs are now going to social media to personally brand themselves.

How to generate extra income stream? 3

Next steps for your new business / service

If you believe that your business idea is ready for the next step, ask yourself:

  • If you have a day job, does your contract prevent you from doing a side business? Do you have flexible hours so you can realistically devote time to develop your side hustle? Be realistic about your schedule and work scope.
  • What are your strengths and unique skills? How can you monetize them? Try to think outside the box. As a free-lancer, you could give lessons, offer tutoring, do products photography, copywriting, social media marketing, business consultancy, accounting etc. Or you may have ideas of products to sell.
  • Who is your target customer? Research your niche and target customers. It’s very important for you to have a clear idea of who is your typical customer so you can understand his/her needs. For example, study your relatives, friends and colleagues, what problems are they facing, what challenges do they need to overcome? Envision what solutions could you bring to them? During Covid-19, people are facing new pain points, if you can find a way to address people’s pain and needs, you have found your niche.
  • So does your project/idea offer a solution to your target customers’ problems, fulfill their needs?
  • Will your side business bring your joy? While this supplemental income stream is important, you should pick an idea or a business concept that you are passionate about or that will bring you joy and satisfaction. An ideal scenario would be to turn your hobby into your side hustle.
  • What is your business plan? Once you have finetuned your new project, you should write down your business plan. It can be a rough plan at first, you can always come back to it to fill out the gaps as your thoughts get more focused. But putting thoughts on paper helps you better analyze, organize and plan.
  • How to market your personal brand? Now you have to inform your target customers about your new business and services. The best way is to create your own website or blog, featuring your online portfolio. It doesn’t have to be a fancy site, nowadays there are many low cost options to build a website within hours. Make sure to highlight your experience and skills, explain how you can help your customers. You need to provide enough information and testimonials to convince them to contact you. When building your website, focus on good SEO practices (more about this in another post). As mentioned above, you should build your personal brand through communication via social media (Instagram, TikTok, Linkedin, Facebook, Twitter). Effective communications are key now due to remote engagement, so take advantage of every platform to communicate, be creative in your marketing to engage your customers. Use any connections, industry network to put the word out there about your new business / services. Join any associations / social groups related to your field to be aware of the latest trends and anticipate what needs to be done to be ahead of the game.

How to generate extra income stream? 2

Be realistic about how much time and efforts you can put into your new project. Find your niche. Be disciplined, make a plan and a check list of what actions need to be taken. Have a sense of urgency. As an entrepreneur, you cannot afford to be complacent. Don’t let fear of failure stop you.

Remember, it’s smart to start a side hustle to generate supplemental income, and now is the best time to become an online entrepreneur. Due to Covid-19, many companies are offering incentives and discounts. For example, if you wish to sell products, Shopify is offering a free 90-day trial. HubSpot has suspended marketing email limits and reduced the paid ad. The cost of launching a new business is now less expensive than usual.

Check-in again soon for my next post, I can’t wait to share more tips with you… We are in the same storm!

Yoga2Life Free Coaching Class

Don’t forget that there are many resources from the U.S. Chamber of Commerce, here are some links:

For more resources from the U.S. Chamber of Commerce:

  • Where is your local Chamber of Commerce
  • All of our coronavirus content in one place.
  • Reopening Guide and Resources
  • Main Street Lending Program Guide
  • Social Media Toolkit for Reopening
  • Paycheck Protection Loan Guide
  • Economic Injury Disaster Loan Guide
  • Guide to PPP Loan Forgiveness
  • Employee Retention Tax Credit Guide
  • Coronavirus Response Toolkit for Businesses
  • Customizable flyer for businesses to communicate with customers
  • The U.S. Chamber of Commerce Foundation’s list of small business resources for coronavirus assistance
  • CARES Act Guide for Independent Contractors and 1099 Workers

We hope you love the products we recommend. Just so you know we may collect a compensation from the affiliate links on this page if you decide to shop from them, at no extra cost to you. Thank you for your support.

Category: Entrepreneur, Supplemental Income
FacebookTweetPin

About Caroline

I left the corporate world to fulfill my entrepreneurial dream and started my own business while raising a family, but my path has been bumpy, filled with obstacles and challenges. I grew stronger and more appreciative of what has been achieved. I wish to share my food and travel passions, and at the same time help others in their entrepreneurial paths.

Previous Post:New Orleans Food Tour 63Whitney Plantation Museum, NEW ORLEANS
Next Post:4th of July Easy Recipes and IdeasJULY 4 EASY RECIPES AND TIPS

Reader Interactions

Trackbacks

  1. Start a side business with low budget - Taste Topics says:
    July 17, 2020 at 5:02 am

    […] mentioned in my post “How to generate extra income stream”, the best scenario would be to turn your hobby into a side business. It’s important for the […]

    Reply
  2. Tips for Small Business - Taste Topics says:
    September 24, 2020 at 5:46 pm

    […] are ways for your small business to generate more business and gain wider exposure. Read my post on how to generate extra income stream,  there are many free resources offered by the U.S. Chamber of […]

    Reply
  3. High-paid Freelance jobs - Taste Topics says:
    September 27, 2020 at 6:52 am

    […] Check out my post on how to generate extra income stream. […]

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recipe Rating




This site uses Akismet to reduce spam. Learn how your comment data is processed.

Sidebar



  • Email
  • Facebook
  • Instagram
  • LinkedIn
  • Twitter

Taste Topics Lifestyle

Welcome to my blog for great Food, Travel and Entrepreneur tips! I’m happy to connect with you and bring some positive energy during these challenging times… Maybe I could entice you to try one of my recipes to cook dinner, inspire you to travel from your armchair or in person, tempt you to embark on a new experience, or maybe I could help you unlock your full Entrepreneur potential by sharing with you insights for a better perspective on life and career…

Food, Travel and Entrepreneur Tips

Learn how to enjoy great food, improve cooking, travel and entrepreneurship. You are powerful and unique. Be inspired to cook a new dish for dinner, travel outside your comfort zone, enjoy a new experience, unlock your true potential as Entrepreneur.
Food for thought:
“Life is uncertain, Eat dessert first”
Ernestive Ulmer

Download my favorite Fruits Desserts & Pies  ebook.

Food, Travel, Lifestyle and Entrepreneur tips


“Join me for Food, Travel, Lifestyle or Entrepreneur motivation.”
Caroline

More About Me

Inspiration

“Every day is another chance to get stronger, to eat better, to live healthier, and to be the best version of you.”

Be A Better You

Flipboard  

  • Blog
  • About Us
  • Contact Us

Copyright © 2025 · Taste Topics · All Rights Reserved · Powered by Bizbudding

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok