- You can start a side hustle without spending your stimulus check.
- Business Insider spoke with three entrepreneurs on how they created their side gigs without spending much money, and their advice on starting a business during the coronavirus pandemic.
- Bola Sokunbi, a former consultant and founder of Clever Girl Finance, recommended that you save your $1,200 stimulus check for emergencies and tap into free resources online as a start.
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You don't need to spend your stimulus check in order to grow a successful side hustle.
Side gigs have become more popular amid the coronavirus outbreak. According to a recent survey at Harvard Business School Online,2020欧洲杯夺冠热门 about 54% of people are considering starting a side gig. While people are working remotely or quarantined at home, they're also brainstorming business ideas and passion projects.
Nevertheless, most businesses need money to get off the ground, and you might be short on funds. As millions of Americans are expecting $1,200 payments as part of the $2 trillion relief package from the US government in the coming weeks, you might wonder if spending your stimulus check on a business could be a good investment.
Business Insider spoke with three entrepreneurs on how to start a side gig during the coronavirus pandemic. Of the three experts, two of them are personal-finance coaches, and one started her $2 million business during the recession in 2007.
All three experts advised against spending your stimulus check and gave tips on how to start a side hustle without spending any money.
Save your stimulus check
2020欧洲杯夺冠热门How you choose to spend your stimulus check is entirely up to you, but if there's a time when you should be more mindful of your spending, it's now.
Cindy Zuniga, a full-time lawyer and personal-finance coach on the side, told Business Insider that she's advising her clients to save their stimulus checks for emergencies. Zuniga's side gig started when she paid off $215,000 of student loans in four years. Being raised by two immigrant parents in a low-income community in the Bronx, New York, she explained she didn't have prior knowledge on how to invest, save, or budget. The lawyer self-educated on the principles of money management and documented her debt-free journey on social media.
Zuniga started an in 2018. Now, she has over 36,000 followers and a waitlist on her personal-finance coaching company, . She said she grew her business on social media without spending any money.
Business Insider recently spoke with , founder of finance coaching website , who agreed with Zuniga's advice.
"Your top priority right now should be to have an emergency fund," she said. "You need a safety net that's dedicated for food, medicine costs, and any necessary expenses that might come down the line, in case something goes wrong."
Sokunbi is a former tech consultant who started her finance blog right after college. She'd write posts on money-saving and budgeting tips, which she'd then share with her friends. Nevertheless, her hobby soon turned into a six-figure blog that helps women become better with their financial habits.
"Now more than ever, you need to be more cautious and mindful of your spending," she said. "But you've also got to remember that there are many places to start a business without spending anything. There are a lot of free resources out there. And now is also a great time to map out ideas and do some planning."
Why now is the best time to start a side hustle
2020欧洲杯夺冠热门If you look at difficult situations that our country has gone through, you will find that the biggest waves of successful businesses boomed during difficult times.
In fact, more than 21 successful startups — like Uber and WhatsApp — were founded during the last recession, Business Insider previously reported. Major brands like the Walt Disney Company, General Motors, and Converse are also household names that bounced back after bankruptcy.
"In this new climate, everyone is preparing for the new normal," Sokunbi said. "And when the pandemic ends, there are going to be a lot of adjustments. The wheel keeps moving, and there's a lot of opportunity there."
2020欧洲杯夺冠热门You can offer services in virtual conferencing, remote home-schooling to support working parents, or a telehealth platform during the pandemic, Sokunbi suggested. Whether you're working remotely or you've been furloughed or laid off, it doesn't hurt to explore some money-making ideas.
How you can grow a business online for free
Stacey Martino, a former tax accountant at Deloitte and founder of a $2 million relationship-coaching business, told Business Insider2020欧洲杯夺冠热门 that she started her side hustle in the middle of the last financial crisis in 2007.
2020欧洲杯夺冠热门"I really think now is the best time to start a business," she said. "You don't need any money to start a business. Facebook is free. Social media is free. But you do need a way to support yourself while you're starting a business — especially if you're pursuing it full-time."
Most of us have social media accounts, but not many people realize they can profit from it, she added. In fact, the entrepreneur explained that you don't need a grand plan or a savings account to get started on an idea.
If you want to launch a service business, start creating content on social media platforms. If you're a good writer, create a free blogging account. You can interact with potential customers via Facebook Live, Instagram Live, or Zoom. You can tap into your professional network. You can also access the infinite resources available online.
Nevertheless, Martino stressed that a keen understanding of internet marketing is important, especially now. It's hard to get your business noticed online, and you can boost your chances by first pinpointing the kinds2020欧洲杯夺冠热门 of customers you want to attract, figuring out where they congregate online, and place ads on those pages.
Using people's free time to your advantage
In many ways, the pandemic also created more business opportunities for existing side hustles. The key is to learn how to pivot, Martino added.
"The biggest thing we used to compete with in internet marketing was busy-ness," Martino told Business Insider. "Before, people won't make it to a webinar because they have their kids' soccer game to get to or other life priorities. It's always busy-ness. That schedule has been cleared. Now is the time where I can go live everyday because people are less busy."
More people being online also means more opportunities. And you'd also benefit if you figure out a way to support people through this pandemic. For example, Martino found that more people are in need of marital and relationship advice while they are quarantined together or navigating long-distance. She has since wrote blogs and hosted webinars about these topics.
Finance coaches Sokunbi and Zuniga are also helping their clients through the economic downturn. For example, Sokunbi made all the courses on Clever Girl Finance free to accommodate for the need.
"Right now, our goal is just to help people and show empathy," Sokunbi said. "Taking a step back on your business doesn't mean you're not moving forward. I started my business as a means to help people, and I'm going to keep doing that."