First, the coronavirus outbreak is a humanitarian crisis. People have lost their jobs and many, their lives. If the inequality wasn’t glaring before, it is now. Millions of Americans have been left without work during the greatest pandemic of modern history. With this economic insecurity also comes the realization for entrepreneurs that there is no real stability in a world gripped by the coronavirus.
What you need to do is to talk with your mortgage loan officer. You have to figure out a way to pay your business loans even amid this pandemic. Letting the dues pile up will only cost your business massively in the future. Your lender could be offering new terms for businesses hit by the pandemic. Get to know about these offers from your loan officer.
Next, you need to find a way to earn more during this pandemic. Are your products not profitable during this time? Since people are staying more at home now, you should find products that they would need at home. Service-oriented businesses are one of the hardest hits sectors today. Since people are being advised to practice social distancing measures, these service businesses have been bearing the grunt of this measure. Spas, salons, and fitness centers have closed down because many of them aren’t allowed to operate since March.
What do people need most today? It’s health insurance, face masks, face shields, sanitizers, alcohol, cleaning materials, and the like. People are finding ways—even something as simple as sanitizing their hands every few minutes or so—to fight against the coronavirus. If you have a physical store, you can start selling these items to augment your profitability. These items might sell faster than your own products for now. You need to solve a problem, and there’s plenty of it today. Offering ways to protect themselves from the virus is one way of diversifying your business’ range.
Humanity is dependent on the fact that there will be a new normal in the future. That means that businesses such as yours can go back on its feet and operate again. While you are not closing your doors, you can offer discounts on your products and services. Make sure that these advanced purchases will benefit the consumers. If you run bed and breakfast, for example, you can make these gift certificates or gift cards last until next year. If you’re in the travel agency business, offer discount coupons for people who will book with your agency for next year’s possible trips.
Hold Events Online
While the service sector remains to be the most severely hit by the pandemic, that does not mean you can’t make your business profitable. If you’re a yoga instructor, hold online classes for yoga and meditation. Now more than ever, people need to learn how to relax. That could be a new service you can offer together with the other packages you already have in your lineup. The same goes for gym instructors. You can still train your clients on the many ways they can take care of their bodies during these trying times.
The economy is hanging by a thread, and it’s not going to get better anytime soon. You have to be as creative as possible in finding ways to keep your business afloat. Your creativity and resilience will be your business’ protection against this health, economic, and humanitarian crisis.