Whilst the impact of the vaccine programme is beginning to show, the fallout of lockdowns is still being felt by businesses. With 2021 marked as a year filled with wage subsidies, layoffs and restructures, it will take a while for businesses to build up confidence again to hire permanent employees.
In fact, even though many sectors of the economy are expected to bounce back from the most recent lockdown, businesses are still struggling to retain jobs, with many in the retail and hospitality industries shutting their doors permanently. The economy is badly hurt and it might take us a decade or more to get it back on its feet again.
It is clear companies aren’t going to be rushing to hire new talent permanently although universities and vocational institutions continue to produce for the market that doesn’t seem to exist. All these graduates will be competing for the few job opportunities available.
Could a side-hustle be the answer, at least in the short-term? The small and medium enterprises sector is among the hardest hit sectors by the pandemic, leaving many people unemployed and unable to meet certain requirements for temporary benefits such as the wage subsidy scheme.
With many forced to seek temporary employment outside of their chosen side-businesses, there’s a good chance many will be ready and willing to take on temporary contracts with firms if it means they can bounce back into the sectors they were working within before Covid-19 arrived.
But what business should you consider in this covid-19 pandemic? There are a plethora of prospects one can choose from. Freelancing, a car wash, a laundry service, financial consultancy, deli shop, nail and makeup business, a barbershop are among few profitable business opportunities you can explore.