Small business owners and entrepreneurs have struggled to hold on to their businesses throughout the COVID-19 lockdown. Many shops have closed, and people have gone out of business. But it is the resilient and those most adaptable to change who has managed best. Here is how entrepreneurs are thriving during the COVID-19 lockdown.
Grants and Funding
If your business is eligible for grants, then you are part of the lucky few. Many have been excluded from the lockdowns if they did not start their business three or more years ago. It has been a struggle for those that were beginning to stay afloat. But many have, as we will see later. You can check if you are eligible for a grant on the government website.
Re Assess
Take time off and reinvent your business. Many small business owners have used the lockdowns to refit their business. It is literally like many pubs and restaurants have done, or digitally, creating a whole new brand identity for themselves.
Many restaurants have made changes to their menu, started offering delivery/collection services. Others have spent the time changing their space internally to suit the world in its new shape. They are building extensive pub gardens to go outside in the fresh air and changing indoor seating to be socially distant.
Digitally, businesses have been altering the whole concept of themselves. The way they run online, their website, their image, and branding. Many small businesses have gone from being offline to being entirely online. This is a way that entrepreneurs have seen a gap in the market and gone for it.
Re-Brand
Businesses have thrived by rebranding themselves in a post-COVID-19 fashion. Many have adopted lots of new rules and regulations to keep customers feeling secure when using their company. Businesses have posted images of masks and informatics of the importance of these rules in these difficult times.
Many businesses have opted for a new logo so that they can keep up with the market. They are incorporating more secure and safe feeling elements. Logo Creator is a great free-to-use logo maker if you are looking at doing the same.
Speak Out
Tell your customers about the struggles in a positive way. Let them know how hard it is, and let them know when you get small wins. They will want to help if you are a good business.
Keep going with it and stay active on your social media even if you feel like it isn’t getting anywhere. Otherwise, your page will fall, and people will see it less. Ensuring that you keep your friends and followers is very important so that your business can not just survive but thrive.
Change Tactic
If the lockdown has forced your business to close, figure out a new way to make money and keep your business afloat. The lockdowns will end, and you will feel great if you have still got your business ready and waiting. In the meantime, think about what digital work you can do to ensure you earn enough money to cover what you need.
Loans
Many entrepreneurs and small businesses have taken the loans that the government offered. This is a tricky one, as if your business folds, you might have a hefty loan to pay back and no way of doing it. It is a calculated risk. Figure out what money you need and only go for it if you have the statistics to back up your choice.
Remember, this year has been challenging for everyone, so if you are only surviving and not thriving, that is still excellent news!
