In many ways, the international travel market has lost much of its luster since the outbreak of the coronavirus.
This is particularly true in regions such as Southeast Asia, while the United Nations World Tourism Organization (UNWTO) is forecasting that global tourist arrival numbers will fall by as much as 80% by the end of the year.
In this post, we’ll look at the different ways through which you can make money while traveling, depending on your experience and existing skill sets.
1. Offer Digital Freelancing Services
According to the Office for National Statistics (ONS), the number of people freelancing in the UK increased from 3.3 million in 2001 to a whopping 4.8 million in 2017.
The explosion of the freelance labor market has coincided with the digital revolution, with individuals now able to offer services such as copy writing, website design, and SEO as individual entities.
To achieve this successfully and scale your efforts over time, you should ideally start to build your foundations and client base while still in 9-5 employments.
This affords you the best possible chance of success, while combining both income streams for a brief period of time also creates a safety net throughout the difficult first year.
2. Trade Forex
When you’re traveling, you may find yourself consumed by the idea of exploring new lands and immersing yourself in foreign cultures.
With this in mind, you may prefer to seek out a passive income stream, the type of which can be generated by Forex trading.
This effectively requires you to trade different currency pairings, usually by opening leveraged positions and speculating on how a particular asset will perform within a predetermined time-frame.
To begin with, you’ll need to start with no more than one or two currency pairings, before scaling your portfolio organically in line with your experience and earnings.
3. Establish an ECommerce Business Through Amazon FBA
The eCommerce sector has grown exponentially throughout the Covid-19 outbreak in the UK, building on an expansion of 6.7% in 2019.
However, eCommerce represents a competitive space, so you may want to improve your chances of success by creating a lean business model and launching your venture through Amazon FBA.
The term FBA means fulfilled by Amazon, which means that you simply have to target a market and choose what you want to sell before allowing the brand to fulfill your orders.
This model is certainly growing in popularity, as it makes it easy to build your business without having to worry about the cost implications or logistics of warehousing, packing materials and couriers.
4. Try Busking
For those of you who are less organized, you may want to consider trying busking as a way of generating income while traveling.
Of course, you’ll need to have some form of musical ability to perform successfully as a busker, but there’s no doubt that this represents a cost-effective pastime that can generate incremental amounts of income every day.
Just remember to check out the legalities of busking in the particular country that you intend to visit, while managing your expectations in terms of the amount of money that you’re likely to earn through this endeavor.