Right now, many small business owners are facing uncertainty. The UK is being hit pretty hard by the novel coronavirus which causes the disease known as COVID19, and with schools closing down and social isolation techniques recommended whether you’re showing symptoms or not, many small business owners are losing out on income through no fault of their own. Whether it’s because you’ve had to quarantine yourself or your customers are avoiding being in public, your business might be taking a battering – unless you’re selling toilet roll – in which case, you’re fine, no need to read on.
If the coronavirus is damaging your business, here are some options to consider.
Take Advantage of Everything Available
The Government has already announced grants of up to £10k for small businesses affected by the pandemic and new measures to help the general public, including business owners, are being discussed daily. There’s no shame in asking for help if you need it; take advantage of everything that you can get, whether that’s applying for a small business grant or asking for three months’ relief from your mortgage so you’ve got one less thing to worry about. And don’t forget that the self-employed can apply for Universal Credit if needed. If you’re in need of a quick injection of cash, you can also try LoanPig, your direct bad credit lender for a short-term loan.
People are spending more time at home than ever before as social distancing becomes the norm – and as a result, we’re all going to be spending a lot more time on our phones and laptops. Quite a lot of people have been lucky enough to be able to work from home and earn their regular salary, so there shouldn’t be too much of a shortage of people spending money online, especially if they’re stuck at home bored. Now is the time to get your business’s online presence as big as you can. If you normally sell products in a store, move them to an eCommerce website or get an eBay or Amazon account. Or, consider how you can modify your service to make it online-suitable. For example, if you’re a personal trainer, consider providing online courses that your clients can buy instead of their usual sessions to help them stay fit at home.
Turn That New Idea into a Reality
What if you run a business that’s impossible to move online? This might be a good time to think about turning any other business ideas that you’ve had into a reality. If you’ve been thinking about a business idea but haven’t had the time to do it, take advantage of all the extra time you’ve got on your hands right now. There are tons of business ideas that you can start online and many that are likely to do well over the coming weeks and months – toilet roll delivery service, anyone?
Running a business in the middle of a pandemic was never going to be easy. But don’t panic! There are options available to help you, and adjustments that you can make to adapt to the rapidly changing situation to keep your business afloat.
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