The spread of the coronavirus, followed by the Movement Control Order (MCO) and the looming recession are all pointing towards one sore reality. Unemployment and pay cuts are on the rise in Malaysia as many companies resort to cost-saving measures.
The hotel and tourism industry have been severely impacted and the Malaysian Association of Hotels (MAH) predicts that a whopping 15% of hotels in Malaysia will be closing down due to the economic impact of COVID-19. Unfortunately, this translates to a large number of Malaysians being unemployed in the near future.
Worse, the unemployment rate of Malaysians hit a 30-year high at 5% in April. With hiring freeze for time being and companies going on survival mode for the next few months, the situation is quite bleak for young Malaysians who are out of work.
However, on the bright side, there are numerous ways Malaysians can earn side income or start a new income source while waiting for things to get back to normal. Here are three online side income ideas for young Malaysians.
Step Into Influencer Marketing
Influencers are booming on social media platforms. Influencers are people who endorse and promote products and services to their follower base and get paid per post, leads or impressions.
Usually, we can see celebrities promoting a product to their fans. With the booming influencer marketing, lay people like you and me with a high following have started to delve into the world of influencer marketing. Top brands such as Lazada and Shopee are on the lookout for social media influencers to increase their sales.
Interestingly, you do not have to be a famous celebrity or someone with a million followers or a blue tick to start influencer marketing. All you need is social media and a burst of creativity. With platforms such as ACCESSTRADE MY that provides training and knowledge to upskill yourself as an influencer, it can become a very profitable side income.
Freelancing Your Skills
While freelancing has been on the radar for a long time, it is during recent times that the gig economy took to speed with millennials preferring a more casual and laid back way of living. It is indeed true that all you need is a laptop and your skills to start earning money from any part of the world.
Some of the skills that can earn you side income are:
- Content writing
- Graphic design
- Web development
- Search Engine Optimisation
- AutoCad drafting
- Data analytics
- Voice over for videos
- Online teaching
The options are limitless and you can work anywhere and set your own working time. While there are a lot of freelancing gigs in Malaysia, securing those from clients based in the US or UK will be highly rewarding due to the high currency conversion rate.
Start by doing adequate research, sharpening your skills and building a rock-solid portfolio.
Get On The Online Business Bandwagon
Many brick-and-mortar businesses have been forced to bring their businesses online during MCO. Apart from these stores, many individuals have also started their own business page on social media platforms to monetise their hobbies or passion.
For instance, niche food deliveries such as healthy food, baked goods, and nasi lemak have been popping up over the past three months. Other online businesses include handmade crafts, paintings, and photography.
While it may take you some time to start raking in impressive amounts of money, it is undeniably a good start and may deliver a good return if you put your heart and soul into it. Monetising your hobby will definitely keep you and your bank account happy.
What Are You Waiting For?
These three side income ideas do not require a lot of money upfront or are not exceptionally difficult. All you need is social media and the determination to earn money online. With help from leading platforms such as ACCESSTRADE MY, you do not have to worry about being unemployed for time being.
Where there’s a will, there’s a way.