Have you had to shut down your small business for the past few months because of the COVID-19 pandemic? If your business fell under the “non-essential” category, you may be wondering how to recoup your lost income and identify professional opportunities in the midst of this crisis. To help you out, we’ve rounded up a thoughtful collection of informative resources to help you apply for financial support, switch up your approach to sales, and even invest in personal development to make the most of this slow season.
Find Financial Support
You’ve been able to ride out slow months in the past, but you never anticipated facing several months with so few customers. These resources will help you secure loans and financial assistance for your business to help you survive.
- Before you apply for a loan through the Paycheck Protection Program, find out how you can ensure your loan will be forgiven.
- Learn how the Employee Retention Tax Credit can help you keep your employees on payroll even if your profits are minimal.
- Looking for additional information on grants, loans, and other programs? This guide is packed with advice on finding financial help.
Developing New Business Strategies
With circumstances changing rapidly, you need to be prepared to tweak your business and marketing strategy accordingly. The following tips will help you optimize your approach.
- Potential customers are probably spending a lot of time online right now, so lean into social media marketing as much as you can.
- Think about how you can monetize your professional expertise by creating and selling an online course that students can complete at home.
- Wondering how your repeat customers are doing? Struggling with the shift to remote work? Look for tips that will help you find solutions to these common problems.
Ad – Continue Reading Below
| Fund Your Startup or Established Small Business | |
|
Get up to $50,000 in Microloans or Grants (Starting at 8% Interest) Get Microloans & Grants |
Get up to $250,000 in Business Credit Lines (Starting at 0% Interest) Get Business Funding |
Alternative Selling Methods
It can be tough to come up with new sales systems in such a short period of time. But when you notice your sales increasing after several slow months, you’ll know that it was the right move!
- Curbside delivery isn’t just for restaurants! Work with your employees to implement a delivery system that won’t compromise social distancing.
- If you’re venturing into the world of e-commerce for the first time, evaluate the best sales platforms for your business.
- Once you’ve chosen the perfect platform, focus on designing a sleek, engaging website that will attract new customers.
Focus on Personal Development
How can you use all of this extra free time to your advantage? Consider spending a couple of hours each day on personal development efforts.
- Find out how other small business owners compete with bigger corporations.
- Want to learn a new skill to help your business? Enroll in a free online class.
- If you have the funds to spare, consider working with a business coach to get insight on what your next steps should be.
Running a small business is always hard work, but if you feel that this pandemic is the biggest challenge you’ve ever faced as an entrepreneur, you’re definitely not alone. With these resources on hand for reference, you’ll be able to improve your business model and strengthen your company against future disruptions.