In this changing dynamic after COVID-19, income has declined significantly or vanished for many people. Many monthly income earners have lost their jobs and many have settled for significant pay cuts. Those who ran businesses have no income as the business is closed.
Due to this, people have started searching for alternative business ideas that can help them to earn more and save more.
Here are some alternative business ideas during COVID-19 from home –
Option 1: Forex Market –
Currency trading is now an attractive business due to the economic uncertainty around the globe. Here are some of the reasons why the forex market can be profitable for you –
You can use currencies to diversify your portfolio. Currencies move relative to each other i.e when one currency falls, another will rise. So if you think USD will drop in the future, you can purchase a currency that you think will rise.
#2. Global Economic Hedge
With changing economic situations you can allocate your risk across the currencies of several countries which can be profitable for you.
#3. Capital Appreciation
Currencies have a huge potential for capital appreciation. If the value of your currency rises against the dollar, you will make profits.
#4. Hedge Against Political Risk
As per your tactical assessment and forex tips you can invest in various currencies. They react to various factors such as a change in leadership, epidemic, political wars, new tariffs, monetary changes, etc.
Option 2: Comex Market
Investing in commodities has several advantages and can be a good business during this pandemic. Here’s why –
#1. Growth Prospects
The price of commodities goes up due to an increase in demand. Depending on demand/supply and market conditions, the Comex market can reward you with higher returns.
Commodity markets have in the past performed well during inflation. This is one of the major reasons why the Comex market has been relatively stable during this pandemic. So just follow Comex tips and invest wisely in this market.
#3. Hedge against Future Uncertainties
The prices of commodities are affected by demand and supply i.e. they do not move according to the stock market. Also, goods can’t go bankrupt like companies. So having a portion of your investment in the Comex market can help you to hedge against sharp declines in the stock market.
#4. Low Entry Barriers
One major factor that has made Comex market accessibility easier is low entry barriers. Capital requirement is also not huge.
Option 3: KLSE Stock Market
Investing in stock is yet another way to park your hard-earned money for growth. Here’s how it can be good business for you –
#1. Future Rise in Price
Due to COVID-19, markets have crashed and stocks are selling at a low price. This is the correct time to invest in this market for the long term. The prices are anticipated to rise in the future.
#2. Follow Stock Tips to Gain More
You don’t have to be a genius to start this business. Simply follow some stock tips to grow your money faster.
#3. Stock Market Doesn’t Cost Much –
You can start with some minimum investment that is definitely less than starting other businesses from scratch.
All these business ideas can be profitable during COVID-19 especially while you are stuck at home.