This blog post will not only show you the ways to survive the upcoming recession due to corona but also take you one step further to how you can choose the best career option after the ongoing pandemic.
But before we get into discovering that, have you ever been through a pandemic or a recession before and found it hard to surf the board economically?
Regardless of your answer, we know for a fact that a coronavirus-induced recession is around the corner, and according to the International Monetary Fund (IMF), this one is going to be much worse than the 2008-09 global recession. Now there could be two questions that naturally occur in your mind; “am I going to get affected by the recession?” and if the answer to that is yes, then “what can I do to not get affected by the recession?”
This article will give you answers to those questions and make you better; you will get to know how you can make money in the recession by choosing the best career for yourself.
Let’s get started!
1. Learn a New Skill
Choosing the best career starts with learning new skills that have a high demand during the ongoing coronavirus pandemic and also after it gets over.
Suppose you want to survive the recession and safeguard yourself from losing your job or from staying unemployed for a long time after graduation. In that case, you need to learn the skills that will remain in-demand even throughout the recession.
People lose jobs because the company finds it hard to pay the employee for something that is not bringing in enough returns on investment. The company finds that the skills possessed by the employee are not required anymore in the current times. The only way you can make yourself recession-proof is by upskilling with new skills that are being in high demand by the changing markets. For example, if you are a field marketer and your salary has been cut due to lockdown and no work, you can upskill yourself with the digital marketing skills to apply for new jobs or sell some digital products that don’t require shipping.
Customer behavior is changing, and they are spending their time at their homes, on social media platforms.
You can leverage their attention on those places to market your products or someone else’s products by becoming an affiliate. You can start teaching the skills that you already possess, and that is being demanded by creating micro-video courses and selling them online.
There are several other skills too that will continue to stay in demand across the globe, that you can use to earn enough money, working from home.
2. Research About Recession-Proof Businesses
Gather data around businesses that have got effect by recession and businesses that have not. Then see how you can serve those companies that are recession-proof.
A simple and most important factor of making money after corona by choosing the best career, and you must be having the skill to do some work that is high in demand and paid for it.
Use all the tools that deliver data and analytics to search, which businesses are getting profit and serving their customers and which companies have shut down due to recession.n Then learn skills that profitable companies need the most.
Companies like Amazon Prime, Netflix, MedPlus, FMCG companies that manufacture and deliver necessary goods, etc. are some of the examples. Start targeting people and companies in those industries to be in a safer environment.
3. A Bonus Tip: Start Saving Money
Have you heard this famous saying before – “a penny saved, is a penny earned?”
It goes true, especially during the times of a global financial crisis. You must save as much money as you can, which also translates to ‘earning that money.’
In a recession, prices of almost everything goes up due to multiple economic and non-economic factors. But the salary you get by rendering your services to a company never increases because even the companies want to save money and get ready to bear the costs for post-recession activities. This is precisely why even you should save your money by avoiding buying things that you do not really need.
The saved money will ensure that you continue living your normal lifestyle and survive even in the worst-case scenario of losing your job and taking time to find a new one.
Choosing a perfect career to go after Corona is not too hard. These three simple ways are enough for you to make a safe choice with your job and get through any kind of recession or a financial-crises. Learn a new skill that is relevant to recession-proof industries, start applying to jobs or gigs in those industries. Save money during the recession by not spending on non-essential or luxurious items. And you are now entirely ready to make enough bucks after corona!