We’re in the midst of history and seemingly every small business is having the same worries…
“How will we survive?”
Let me tell you, the most critical thing you can do right now, as a small business owner, ids to get incredibly clear on what your options are.
The term “pivot” is all the rage on social media, but it’s true – smart business owners are rethinking old business models to deal with the fact that some offices may not reopen for weeks or even months.
So let’s talk about that…
The first thing to realize is that there are billions of dollars in stimulus money to go around, but it could be a challenge for some smalls to actually get it.
If, for example, you’re a sole proprietor, chances are, much of the first round of funding was gone by the time it rolled out to you and the PPP proved to be difficult to navigate if you had offshore employees and did not file a Form 940 or 941.
Yes, some businesses got a lot of money and a lot of businesses got very little. We can’t control that, but we can control where you go from here.
To start with, ask yourself if there are markets – such as online learning, membership-style sites, or even more traditional learning methods like books and ebooks – that you could pivot your business model towards. A great example we saw two weeks ago was a hair and makeup salon that had begun to do “virtual classes” online for their clients to teach them how to do certain styles of makeup. This worked to do two things – A.) it gave the client the chance to learn how to do it and B.) it validated the skills of the stylists.
When the doors reopen, those same clients – who now realize how hard it is to do it themselves – are going to beat the doors down. In the meantime, though, it is providing income for the salon owner and her team.
THAT’S what I’m challenging you to do in these crazy times – think creatively!
We’re already seeing this – how many Zoom calls have you made? How has the lack of a commute impacted your efficiency every day?
There’s another reason I’m so excited for these changes we’re seeing now, too, and it’s subtle – fortunes are going to be made by the businesses that embrace this time.
…And I want you to be one of the ones that make it!
Whether you’re starting a new venture or pivoting for an old one, know that me and my team are behind you and encouraging you to go for it!
Full steam ahead!