7 Solutions to Survive the Next Few Months as a Small Business: Fighting to Keep the Doors Open
I’m sitting in my home office, racking my brain. I oscillate back and forth between “we got this, we WILL all get through this together,” to… “holy cow how will we ever survive this, life is about to get much harder.”
I’m constantly picking up my phone, refreshing Twitter, the news and Instagram… reading about the worsening situation, as well as the never ending hilarious memes, humanity’s way of dealing with hardship.
Living in a country that is six hours ahead of the US, each morning I wake up to a plethora of news I missed the night before—more positive Covid-19 cases, the stock market dropping, cities shutting down.
As an online creative business owner, I know I’m just one of hundreds of thousands of people having these thoughts, trying to figure out how to navigate the next few months, not only in their businesses, but every part of their life.
I was in the middle of being really excited about launching my whole new package offering and trying to onboard new clients—something that feels like has now come to a grinding halt. How can I sell my services when my exact target market has suddenly had to switch into survival mode?
In real terms, my challenges are a drop in the bucket compared to many other businesses. Some of you have employees that you’re not sure how you’ll pay for the next few months, or worse, may have to let go. Some of you have a business directly related to events, tourism and entertainment, and the well has completely dried up. Some of you are the sole earners for your household, and aren’t sure how you are going to pay the bills with limited work. And some of you are already coming to grips with the fact that you may have to shut down if things don’t improve soon.
There are so many unknowns. So many questions. So much confusion on how to navigate things, particularly in our businesses.
It’s not just affecting one country, it’s affecting businesses globally, from the mom and pop shop on the corner, to entire corporations and supply chains.
No one would disagree that this is a pivotal point in our world that will go down in history. It’s something we’ve never seen in recent times. But in order to get through it, we must have hope and we must find the bright spots. I believe it is a time for Christ followers to step up and lead by example through love and service. I also believe it is a time for entrepreneurs to rise up and get more creative than we’ve ever been!
Limited resources, strict boundaries and a change in routine historically bring about new solutions and inventive ideas.
By now, you’ve probably seen the meme going around mentioning how during the Great Plague of London in the 1600’s, Isaac Newton discovered the law of gravity after being forced to study and work from home. (no pressure, right?!)
I’m not saying we each need to discover a scientific law that dictates how the universe operates, but I am saying that despite many things slowing down, needs still need to be met. For many of us, our daily routines have suddenly completely changed. Our needs have changed. Our ways of doing things have changed.
Even though this way of life won’t be forever, the disturbance this virus will leave in its wake will be with us for awhile; not to mention the economy certainly won’t recover overnight.
Mental health needs are more glaringly obvious than ever. We need more creative ways to educate our children (or learn from the homeschoolers!). We need tips on how to stay motivated to exercise at home. We need more options of getting groceries, especially to the elderly or vulnerable. We need business plans that are more sustainable when tragedy hits. We need mass education on management of personal and business finances.
And I LOVE the creative solutions that are already popping up around the globe. Apps that are giving away their services for free. Schools, universities and educational programs giving away online learning programs and games for free. And thank God for inventions like Facetime, Uber Eats, Amazon and grocery delivery. In real terms, technology has made dealing with a global pandemic much more doable than in centuries or decades past.
So why have I been racking my brain? Because I’m in the middle of this dichotomy between how can I serve my client base and audience with care and understanding by giving discounted or possibly free services in their time of need, and how do I still make a living and sell services without coming across as sleazy in a time of deep difficulty.
Not only that, but will people even buy the services I offer in this time of economic challenge, and how can I adapt to what the specific needs are right now?
It may mean changing my entire business model and product or service offering for awhile. It may mean digging deep and figuring out what skills I have to offer that are needed right now. And it definitely means getting creative in my business as well as communicating with deep understanding.
As business owners we need to read our audience and their needs, and tread carefully with how we market at this moment in time. However, if our goal is to serve our clients with compassion and understanding, I don’t think we need to feel guilt or shame for continuing to market and sell our products or services.
Supporting small businesses right now is a practice that will get us through this temporary downturn and social isolation. While I love my Amazon and Apple and Google, small businesses make up a huge part of the bedrock of our society.
But as small business owners, what does that look like right now? While I don’t have the answer to that question, here are a few creative ideas.
Trade your services or products with another small business owner.
While it doesn’t always work out exactly or profitably, when it does work, I am a huge fan of trade. I know it won’t pay the bills, but it may be a way to keep things moving. When cash flow is limited, trading a service you offer or a product you sell with another fellow business owner, it’s a win/win situation. Right now, cash flow is tight for many business owners, yet you still have needs to get through this season. Find someone who can meet those needs, and see if you have something you can offer that will benefit them. The worst they can say is no.
Offer a modified version of your service at a discounted price.
This is something I’ve been thinking through extensively. While the package offering I just launched may be more unattainable for some of my audience right now, I’ve decided to break it up into small pieces, at slightly discounted rates, to give my clients quick wins they may need right now. Is it my long term goal? No. But let’s also remember this is just for a season. It’s a way I’ve found I can serve my audience and understand where they’re at for right now. To see my “Quick Wins Sales Page”, check it out HERE.
Offer a payment plan.
Consider offering a 3-month payment plan on your services to help your audience get through the next few months. I realize this may not work for everyone, especially those who sell physical products, but for online services, it could be an option. For clients or customers who need what you offer, but are afraid to invest all at once due to the uncertainty of the market right now, a payment plan may be helpful. I would advise however, making sure a contract is in place, and you both agree to the terms and conditions.
Go from in person sales to online sales: get your products online.
This may feel like a given, but for those of you who have been considering ecommerce, now is the time! If you have a product that people may need right now, get it online asap and start selling via your website. Selling through word of mouth or face to face is now officially a thing of the past, at least for right now. Additionally, if you sell at markets and small boutiques, those have most likely shut down. Even when they do reopen, sales may be slow to pick up. Do you sell in person services like photography? Maybe you can create stock image packages or create an image subscription service. Brainstorm and get creative on how you can use your skills to sell online. I know ecommerce may sound like a scary term, but thanks to technology it’s actually not too difficult. If you need a guide to help you set up a quick ecommerce site, I’m here for you! Check out my “Quick Wins Sales Page” or get in touch on my CONTACT PAGE.
Build trust with your potential client base and get to know them better.
For many small business owners in specific industries, especially the creative industry, our client and customer base is thinning out for the next few months. Projects are being cancelled. Events are being cancelled. Marketing campaigns are being cancelled. Most likely less money will be spent on unnecessary things. While it won’t affect all of us to the same degree, why not use this time to really connect with your target audience? Be transparent and vulnerable with them. Ask what their needs are. Create free content that will benefit them. Build your email list. While they may not buy from you now, building genuine trust with them may lead them to be a customer down the road.
Get caught up on the business admin to do list.
Yes, we all have it. That list in the back of your mind of admin type projects you need to do for your business, but that keeps getting put on the backburner (taxes anyone?). They may not be fun tasks, but ticking them off your list sure is a great feeling. For those of us who have a little more time on our hands, why not make use of it, and position yourself for success when the market does pick back up and work starts to roll back in.
Invent new products or service offerings.
Lastly, my now entrepreneurial brain never stops buzzing (a recent trend in my life in the last couple of years). Truth be told, sometimes it makes me feel guilty. In fact, I asked my husband last night, “Is it horrible that in a time of crisis, I’m trying to come up with new ways I can meet needs with new business ideas?” Of course his answer was “absolutely not!”. While capitalism now seems to be a dirty word in some circles (and yes it must be kept in check), the free exchange of goods and services is what keeps our economy going. Reality is, government bailouts and checks only get you so far. My intent is not to profit off of others’ pain and hoard resources. My goal is to find ways that truly meet the needs of and serve others, while also supporting my family and being generous. It’s times like these that some of the greatest entrepreneurial ideas and systems will be born, and that excites me. Let’s identify the new needs around us and birth those ideas together!
While these are just a few ideas, I hope they have at least inspired hope. Balancing the reality and very real pain of life right now for many, while still seeing hope, opportunity and silver lining, is not an easy thing to hold in both hands at the same time.
Pain and beauty. Setback and opportunity. Discouragement and hope. They are parallel pieces on one train track that keeps the train moving steadily forward.
Embrace them both. We will get through this… together.
Can I serve you in some way? What are your current needs as a business owner right now? Need to bounce some ideas around or to vent frustration? Feel free to drop me a line at michelle@perspectivestudio.co. I would love to hear from you!