Keep Your Small Business Alive During COVID-19
To say that COVID-19 turned our worlds upside down is an understatement. Schools are closed, shelves are empty, and small businesses are struggling. These are trying times for everyone. While many industries are taking a hit, it’s safe to say small businesses are being greatly impacted by COVID-19, also known as coronavirus.
If you’re an entrepreneur, freelancer, or small business owner, ensuring you take the necessary steps and precautions to survive this shift is essential. Below are five ways to keep your small business alive during the coronavirus.
Take advantage of financial resources
If you’re one of the millions of small businesses that took a huge financial hit because of COVID-19, their financial resources you can take advantage of. The U.S. Small Business Administration (SBA) supports small businesses by providing funding opportunities to launch and grow a business.
Applying for Disaster Loan Assistance is easy and hassle-free on their website. If these trying times have you in need of financial assistance, they’re a great resource to explore.
Offer virtual services
With most Americans currently living in quarantine, we’re all looking for things to keep us busy at home. While this has created a lot of uncertainty with many businesses, it can also create opportunities for others. Use this time to brainstorm ways you can offer virtual services.
Whether you’re a fitness instructor without a gym, a stylist without a mall, or a teacher without a school, it’s time to get creative. Think of ways you can offer your talents in today’s digital world. These are great opportunities for expansion in growth during these tough times.
Change your model
Change isn’t always easy, but sometimes, it’s essential for survival. If your business is one of the millions that’s feeling the negative effects of this crisis, it might be time to change your business model. While these changes don’t have to be permanent, they can help keep your business afloat during this unprecedented time.
Rethink your marketing strategy
Attracting and keeping customers is essential to the success of your business, so it’s no surprise that marketing is instrumental in ensuring your business survives the effects of COVID-19. Unfortunately, your old marketing plan might not be as effective as it was last year. With all the changes happening around the world, it’s important to rethink your marketing strategy.
Take this time at home to think about the best ways to serve your community and attract new members. Remember that there’s no one-size-fits-all approach to marketing and every industry is different. Do some research and do what’s best for you and your business during this time.
Continue offering value
It can be tempting to take time off during these unprecedented times, however, now more than ever, your community needs you. Whether you’re a marketing professional, talented organizer, or motivational speaker, your audience is looking to you to continue offering value.
Keep in mind that while most people are at home, they’re looking for tools and resources to boost their business, lifestyle, or home. Continue offering value in your area of expertise. Not only will you keep up the momentum, but you’ll continue building trust among your tribe.