The coronavirus pandemic has had a disastrous impact on small businesses. Some have had to lay off employees, close their brick-and-mortar stores, and survive without financial assistance. Although the country is starting to lift shelter-in-place restrictions, many nonessential businesses still have to remain closed, and consumers remain hesitant to return to their normal shopping habits. Fortunately, there are several things you can do to help your business survive during this difficult time.
Access Financial Assistance
Seek out financial help if your business is struggling without your regular cash flow.
● Learn about all the federal and state financial assistance programs available to small business owners.
● Apply for special grant programs funded by private corporations like ZenBusiness.
● Launch a crowdfunding campaign to receive financial support from your community.
● Negotiate with your landlord for some flexibility around your rent payments.
● Contact your money lenders and ask for temporary payment deferrals.
Explore New Ideas
If you’ve been forced to close your business storefront, find new ways to market your products or services to customers.
● Take advantage of the temporary shutdown to take risks, innovate, and try new things.
● If you haven’t already, set up an e-commerce store where your customers can shop and order your products online.
● Reach new customers by improving your presence on social media sites like Instagram.
● Consider selling wholesale products to retailers and e-commerce businesses.
Make Store Improvements
If your retail location is closed to the public, take advantage of this downtime to make some in-store upgrades!
● Refresh your store with new paint. Choose a color scheme that fits the mood and atmosphere of your business.
● Replace worn-out flooring with some inexpensive, durable carpeting.
● Design an enticing window display that will grab attention and attract foot traffic.
● Rearrange your interior to encourage comfortable browsing throughout your store.
If your business is facing a coronavirus downturn, try not to panic. Countless small business owners are going through the same thing right now. After seeking financial assistance and securing your income, take advantage of the shutdown to make improvements to your business so you can come back stronger than ever!