The Covid-19 pandemic has put millions of Americans out of work and many small retailers and restaurants out of business. At the same time, it has been a hotbed of innovation and new business creation. U.S. business formations rose by nearly 42% in 2020, according to U.S. Census data. There’s opportunity aplenty for small businesses selling things people are still buying under pandemic restrictions, from food and home entertainment to office supplies — as well as products and services needed by companies operating remotely.
As many Americans have discovered, you don’t have to quit your day job to start a business. Now is the perfect time to start a side hustle — a business you can run outside of the hours you work your full-time job. With many workers commuting less, it’s easier than it has been in years to create a side income.
Starting a side business is one of the smartest financial moves you can make right now. With the economy shaky, no one can have too much income diversity. Even people in seemingly secure public sector jobs have been hit with furloughs and layoffs since Covid-19 struck. That’s one reason 56% of Americans said they’d be more secure working for themselves than in a traditional job in 2020, up from 32% in 2011, according to the State of Independence Report by MBO Partners, a provider of back-office services to independent workers. For the groups hit hardest by job loss during the pandemic — women, people of color and older workers —…
