The Best Ways To Spend Your Stimulus Check! Top 3 Businesses To Start During Pandemic (2020)
Are you wondering what’s the best way to spend your stimulus check? Is it attainable to start a business during a pandemic? Can you have an income stream while quarantined? Or as a small business owner, can you take advantage of the stimulus check package?
The answer to these questions is a BIG YES.
Staying at home and quarantined appeared to be the new normal. It is obvious that these days don’t seem to be getting any better. The number of people positive with coronavirus all over the world is just rapidly increasing.
As stated by the Washington Post, as of this writing there are 96, 000 people who have died from the virus in the US alone. The outbreak has caused a toll on all of us. Even businesses, big or small were forced to cease operations.
Today, being wise on our financial decisions is a must. It’s not advisable to spend lavishly on the things that are not considered a necessity. This pandemic has proven that a lot of things can change in a short span of time.
It is evident that there are inevitable situations that can get out of hand. It has affected the lives of many financially. We’ll never know what else can escalate quickly that can change our lives in an instant.
Having an outlet that generates passive income is the best option. Is that truly possible given the fact that people are on a tight budget and making the most of their relief checks?
It may seem impossible how one can start their own business at this point in time. There are tons of income streams you can choose from. Building your own business doesn’t have to cost too much.
I’ll walk you through on how you can start today! And for those who have an existing small business, I’ll discuss how you can save your thriving business during this crisis.
The Best Ways To Spend Your Stimulus Check
If you are one of those who have qualified for a stimulus check and would like to maximize it, you came to the right place!
Making the best use of our resources is a priority, given that today’s crisis is going out of control. None of us can possibly predict when it’s all going to end.
It was late March when President Donald Trump signed to release the $.2.2 Trillion relief bill. The Coronavirus Aid, Relief, and Economic Security (CARES) Act had been a blessing to many especially to those who have lost their jobs.
US residents were given the full amount of $1200 accordingly. Eligible people are given less or more depending on their Adjusted Gross Income (AGI). Those who are considered a dependent child with ages 16 years old and below in the family received $500. The stimulus payment was based on the information of their 2018 or 2019 tax return.
There were a total of 38 million Americans that sought unemployment benefits.
The first relief check was given to qualified US residents on the 24th of April. The second was on the 8th of May. While the last one was distributed on the 22nd of May.
We are not sure of the duration that we’ll have to stay quarantined. There’s also no assurance of how long the government can keep giving out these stimulus checks. It’s just right that we aim to stay wise on how we can utilize it.
Not because we’re stuck in our homes, we are already limited to opportunities to generate profits. The best way to use the stimulus check is to create an income stream.
Prioritizing is a must. Take care of your immediate needs first before jumping into building a business. Strategize and allocate your funds accordingly. Make sure to pay for your rent, mortgages, and other monthly bills. Calculate how much you’ll be spending on food and what you can keep for emergency funds.
One option you can do for the excess money you have is to invest it carefully. It is advised to put money into companies that are benefiting in this pandemic. For instance, you can invest in businesses that offer online classes and video games and even in grocery stores.
But you can choose to run a business at a low cost!
Top 3 Businesses To Start During The Pandemic
Starting an online business is not entirely free. There are unavoidable costs to keep your business running.
Usually, most people are anxious to take their chances in online income streams. Now that we’re stuck at home and nobody knows until when… This is the best time to make the most of the stimulus check.
Having an outlet for a passive income is not only best during a crisis. This is something you can keep doing even when the pandemic has come to its end!
Let me walk you through the best ways to spend your stimulus check and start your own business.
1. Affiliate Marketing
In terms of making money online the sky’s the limit. Did you know that an average affiliate marketer can earn from $5,000 to $100,000 a year? The experts in this industry are generating millions!
Affiliate marketing is all about connecting. It’s a great way to reap passive income. This is completely cost-effective. It is absolutely one of the best ways to spend your stimulus check.
I bet someone had asked you to recommend a store you’ve bought your shoes from. Did you get paid for doing so? Nope. With affiliate marketing, you can earn from writing reviews and recommending products!
Start with choosing a niche and researching for relevant products to review. It is a must to craft compelling content. The selling point relies on how well you can demonstrate the value of each product you recommend.
Hiring an expert to create a website is not entirely necessary. There are platforms such as Wix that will assist you to do it easily. It even has plenty of free templates to choose from. It has a drag-and-drop feature that lets you customize it effortlessly.
How much does it cost to create a website? Wix is entirely free. But to get your site live you must purchase and set up a domain that comes with a price. This costs $10-15 annually. It depends on the platform you’ll buy it from.
You can get it directly from Wix by upgrading to any of their premium plans! The best option for starting entrepreneurs and freelancers is the Combo Plan that costs $17 a month.
Here’s a checklist of what you need to get started with Affiliate Marketing
- A website with a reliable hosting provider. Cost: $10-$30 a month depending on the registrar.
- Stock Images. Check out Unsplash and Burst.Shopify for free stock photos.
- Web Analytics Tool. Sign up at Google Console and Google Analytics. These are absolutely free. These tools to track and measure your traffic. It will help you find out who your audience is and which content is gaining traction.
- Affiliate Programs. Refer to: 4 Best Affiliate Programs For Beginners.
- Basic SEO Knowledge. Learn SEO at seopressor.com or check out neilpatel.com!
It is evident that you don’t have to spend too much to have an income stream. The other expenses you might need for affiliate marketing is promoting your website through advertisements. You cannot solely rely on organic traffic.
This is basically a performance-based business. How well you create reviews and do SEO can make or break your success. Make sure to include the affiliate links of the products to your content. Profits are earned once a user has bought the product directly from your affiliate link. You can earn as much as 10-75% worth of commissions. It depends on the affiliate program you have signed up to.
Planning ahead is always crucial! You don’t need prior experience to get started. Always be open to learning and you’ll eventually become an expert at affiliate marketing.
If you’re looking for an opportunity to break into the industry of e-commerce, this is your best chance.
Dropshipping is known as an e-commerce business model that allows you to build a business without holding inventory. This allows you to connect to suppliers around the world and sell their merchandise from your chosen platform.
Although you may never handle any of the products you are selling or worry about the troubles of shipping the items, there’s a downside to it. Keep in mind that you’ll have no control in the quality of products, the packaging, and the delivery time.
Starting your own dropshipping business also has a startup cost. For instance, Shopify may offer a 14-day trial, but eventually, you’ll have to upgrade to a monthly plan that costs $29 a month. If you’re serious in building a dropshipping empire, you might want to purchase your own domain. This can be bought directly at Shopify that starts at $11 yearly.
You can also check out Oberlo. It is absolutely free but has a 500 product cap. In case you’re planning to increase the number of the products you’re selling you might want to upgrade. Take it to the next level by purchasing the Basic Package worth $29.90 a month.
Checklist to Start Your Dropshipping Business
- Settle with a platform and a niche. Plans can range from $29-$79 a month.
- Find Suppliers. Look for domestic and overseas suppliers and pick the one that suits you.
- Buy an item from the supplier. This will allow you to check the quality, packaging of their products, and estimate the delivery time.
- Create a Pricing and Marketing Strategy
- Buy a domain name or start your own website. Cost: $11-$40.
You can also start selling valuable items from your home and sell them on eBay. Learn about how to get your start at eBay Dropshipping 101!
A dropshipping business also needs to have SEO included in the marketing plan. It may require a lot of time and effort but it’s worth it. The right keywords and optimization can help buyers find your dropshipping business easily.
3. Online Consultation
What are you skilled and passionate about? Are you willing to share your knowledge and expertise?
Now that people are finding it difficult to go outside to enroll and schedule actual classes and consultations, it’s just right to start an online consultancy business.
I have started my own consultation platform as one of my multiple income streams. What drove me into doing so, is my willingness to help others achieve the success I attained from my eBay dropshipping business.
Maybe you can start offering online music classes or fitness consultancy sessions? Make sure that you are skilled or have prior experience in what you’ll offer.
People are looking for outlets to make the most of this lockdown. The quarantine period has encouraged individuals to pursue learning and honing new skills.
Checklist For Your Online Consultancy Business
- Online Platform. Building a website is a must. Doing it yourself will only cost you $30 or so.
- A dedicated home office. Set up a spare room that you can use as an office to hold your consultations!
- High-quality camera. It doesn’t have to be a DSLR! Choose a webcam like Logitech C922 that allows you to stream and record HD Videos. You can buy this at Walmart for only $88.98.
- Video Recording Software. If you’re planning to provide pre-recorded classes, you might want to use platforms like OBS Studio. This is a free streaming and recording program.
- Promote Your Business. As always, you’d have to invest in advertisements. This is for boosting your brand awareness and relevancy. Strategize your marketing plan and allocate a budget for paid promotions.
The best way to spend your stimulus check is to build an online business during this lockdown!
Once you are generating sales, make sure to use your profits wisely!
The Paycheck Protection Program for Small Businesses
Is your small business affected by the coronavirus outbreak? Do you want to keep your employees on their payroll?
Under the CARES Act, the Paycheck Protection Program (PPP) was created to assist small businesses and avoid laying off employees!
The US Small Business Administration designed this loan to provide help for small businesses to keep their workers on the payroll during the COVID-19 crisis. This can be used to pay rent, mortgages, and utilities.
You can loan up to $10 million, however, the sum every business gets depends on its finance costs. You need to calculate your payroll for the last 12 months to see how much you can get.. The sum you fit the bill for depends on your monthly payroll.
Let’s say your monthly average payroll is $30,000 then multiply it to 2.5. You will qualify for the $75,000 PPP Loan.
What’s good about this loan is that on the off chance that you utilize the cash for payroll, lease, contract commitments, utilities, and other fixed-obligation commitments in the initial two months after the loan, there’s a huge chance of having the debt completely forgiven.
Business entities that have less than 500 employees, had been operating before Feb 15 of 2020, and are economically affected by the pandemic are qualified for the PPP.
Not because you are eligible, you’ll hastily apply for the loan. Think about the future. How can this loan affect you today, tomorrow and the following days? Before making a decision, communicate with everyone involved in your business. Be as transparent as possible. Inform your employees of the current situation or any problems at hand. Do this with your customers as well.
Consult other entrepreneurs for their insight to have an informed decision. It is important to determine if the PPP works for your business. This is the best way to spend your stimulus check and get your business running again!
For more information on qualification and application for PPP, you may go to sba.gov!
Staying at home provided the golden opportunity to start an online business. It gave us more time with our families along with a great chance of generating income even while we sleep. Hopefully, you have found the best way to spend your stimulus checks through the businesses I have discussed.
Starting a side hustle during this quarantine is a need. With the right amount of commitment and perseverance, your business will eventually prosper.
It may not be a piece of cake to establish your own income stream but the hard work will be worth it. I didn’t have it easy either. Learn about my journey to success at Hustle and Motivate Podcast on iTunes!
For more tips and tricks for entrepreneurs, subscribe to Hustle, and Motivate Youtube Channel! Stay updated with the business trends and hacks!
If you’re keen on starting an eBay Dropshipping Business, do not hesitate to schedule a consultation with me right here at HustleandMotivate.com
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