How the Pandemic Affected Women Financially – And What You Can Do to Recover Lost Income
Women lost an astonishing 5.4 million jobs during the pandemic, approximately 1 million more than men. One reason for the disparity was the nature of the work lost during COVID-19.
Some of the hardest-hit industries included food services and hospitality, sectors that typically have a significant number of low-wage jobs like housekeeping and serving. When the first shelter-in-place orders were announced in March 2020, there were widespread closures of sit-down restaurants, hotels, and similar venues. Since 64 percent of workers in low-wage jobs are women, women suffered substantial job losses.
Over a single year, there was $800 billion in lost income globally for women. While the pandemic isn’t as severe as it was initially, the impact of COVID-19 is still being felt. As a result, many women continue to seek opportunities to recover lost income.
If you’re curious about online money-making opportunities that could help you regain your financial footing, here are some options to consider.
Explore Freelancing Options
One of the simplest ways to earn income online is by working as a freelancer. Many freelance positions require little more than a computer, an internet connection, and the right software. You can send deliverables through email, messenger, or collaboration software and communicate with clients entirely online.
Plus, freelancing gives you unprecedented control. You can control your hours, set your rates, and focus on the skills you enjoy using most.
If you aren’t sure what kinds of opportunities may fit your skillset, exploring sites like Upwork and Fiverr can be a great idea. You can learn more about different work categories, review job openings, and otherwise see what kinds of projects might be right for you.
Look for a Remote Job
If you’re looking for a steady source of income, finding a remote position could be a better bet. Many companies are hiring remote-only workers, including part-time and full-time opportunities in numerous fields.
Along with traditional job sites, you can find remote positions through specialty job boards. Options like FlexJobs and We Work Remotely focus on the remote work niche, making it easier to see what’s available.
Form Your Own Business
One great option for enhancing your income is launching your own business. By forming an LLC, you can reduce your liability, get tax advantages, deal with less paperwork, and maintain flexibility. Just understand that the rules regarding business formation do vary by state, so check laws in your area before you register your LLC. Instead of paying for an attorney to complete the process, you can save by using a formation service like ZenBusiness.
You’ll also want to develop a strong marketing strategy for your company. Through savvy marketing, you can dramatically bolster your company’s potential, allowing you to earn more in less time.
If you’re worried that you don’t have the right skill set to launch a business, sharpening your skills by heading back to school could be a wise move. With an online business degree, you can sharpen your business acumen while balancing work and life. Plus, you can select the program that meets your needs best, including focusing on business management, leadership, or marketing.
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Written by: Sarah Bull with economymom.com