Since the COVID-19 pandemic, we have seen a constant up and down in the state of the economy. Even three years later, the world struggles to return to normalcy. Many organizations have downsized, resulting in mass layoffs, while many small businesses have been forced to close shop permanently.

As a result, there is an increasingly high unemployment rate nationwide.

The biggest challenge faced by business owners was sustainability. They had significant issues running their business while ensuring their employees were paid on time. Some employers managed to pull through, while others had to close their doors and look for other ways to keep themselves afloat.

This further worsens their financial condition and makes it harder for them to deal with the crippling pressures. If your business goes bust, you can still stay afloat for some time.

How? Read on to learn more.

Apply for a Tax Refund

The government has a responsibility to ensure the well-being of its people. In doing so, it often introduces tax refund schemes aimed at reducing the financial pressures of struggling people.

You’re entitled to tax returns for paying your employees as an employer. How? If you were affected by the economic crunch and struggled to pay wages (even during COVID-19), you’re entitled to the F941 refund, a payroll tax credit.

Of course, there are several terms and conditions for you to be eligible, some of which might be confusing. The IRS website provides a convenient platform for conducting the Filing and Status Check for Form 941 Refund, allowing taxpayers like yourself to stay informed about tax reimbursement.

If you fulfill the criteria for the F941, the refund can help you make some extra cash which will help you sustain longer.

Make a Budget

One of the most important money management tools is budgeting. By being mindful of your spending and monitoring your expenses, your money can last much longer than you think. Calculate how much money you have and create a budget for yourself.

Add only the essential costs and cut back on any extras such as shopping, going to the movies, etc. Take into account your utilities, rent, insurance, and grocery expenses. With budgeting, you will know exactly how many weeks you can survive and what other costs you can cut back on.

By following it strictly, you can give yourself more breathing space to find a job or an alternative source of income.

Avoid Using Credit Cards

Credit cards are a fantastic financial tool, but only when you have a steady source of income coming in every month. Without that, they are just a way to rack up debt without realizing it.

We suggest you avoid using your credit card unless it’s a medical emergency. Remember that your credit card limit is not your money; but a loan you are taking from the bank.

Hence, if you skip making timely payments, the bank will levy heavy interest and charges, further adding to your financial stress. Instead, dip into your emergency fund if the need arises.

Find Alternative Sources of Income

You can only go so far with your current savings. If you can’t find the finances to restart your business, it’s important to find an alternative source of income to sustain yourself until you do.

There is no criterion for what you should choose to do. If you’re good with children, you can offer babysitting services. On the other hand, if you have an extra room in your home, you can rent it out to make some extra cash.

If you have your own car, you can apply to Uber or start a ride-sharing service for commuters. Anything you feel comfortable doing that brings in the money can be an alternative source of income.

Sell Unnecessary Items

Selling unused and unnecessary items is a great way to make money and get some use out of the junk around your house and the office.

Start by looking through your wardrobe for those dresses/suits you know you won’t wear again. Similarly, sift through your cupboards for appliances you don’t regularly use or books you don’t see yourself reading again. Take a picture of all these items and make listings on Craigslist.

Not only will this help you make some much-needed cash, but it will also help you clear your home of unwanted items. Follow the same rules for your office – the furniture lying around in the office is now useless, and unless you have the financial strength to open its doors again, selling the furniture, computers, and printers can help keep you afloat. Whatever you invested in your office will finally pay you back.

If you find it difficult to sell office equipment, renting your office is another way of earning a monthly income. Most new businesses find it harder to buy office space, so renting one is one of the best ways to make money without selling office equipment.

Try Freelancing

Freelancing is a great way to make money. So much so that many people have left their 9-5 jobs and instead taken up freelancing as a full-time career. While you don’t necessarily have to switch to freelancing as a career, you can use it to make some money until you find the right job or save enough to start your office and hire people.

There are many opportunities in freelancing, from writing and transcribing to graphics and presentation designing. Depending on your forte, make your profile on a freelancing platform and start looking for work.

At the very least, you will be able to cover your rent or utilities from the money you make freelancing.

Consider Starting a Side Hustle

In the current economic landscape, having more than one source of income is necessary. As an employer, you know this fact better than anyone.

In fact, many financial experts say that this is the only way to grow wealth. Since you aren’t in a position to hire anyone but have ample time on your hands, why not look into starting a side hustle?

While projects that require a substantial financial investment may not be feasible, you can look into building your profile and sharing your ideas with people. Start by working on a business plan and building your network. Use social media to share your ideas and get people talking.

Final Words

Losing your business can be a very challenging experience, especially if you worked years for it. But you have to move on and look for alternative sources of income to keep yourself afloat.

Apart from tax returns and benefits from the government for employers, there are various ways of making money with the skills you possess.

At the same time, you must learn to manage your finances and avoid impulsive buying. You must also learn to save more and explore other investment areas through ideas that haven’t been explored yet.

We hope you learned something from this article; if we missed anything, please tell us in the comments below.