Introduction to New Business Blues
The COVID-19 pandemic has added to the normal challenges most new businesses face. Regardless of size, location, or funding, small businesses the world over face extra stress and uncertainty as the pandemic continues. It’s a tough time for everyone, but trust us when we say there is light at the end of the tunnel.
When you first start a business, you will often find that there is a ton of stuff that you need to take care of. And you won’t always know where to start. Nor will you always expect this before you get into the business. Sometimes, you think that it’s as simple as doing your work and getting paid for it. But that doesn’t always happen.
There’s so much that goes into running a business, and most of it is behind the scenes. There’s a lot of management and administration, and financials to sort out – and you don’t always see what’s going on before you get into business for yourself. So, this can lead you to feel a bit stressed out and overwhelmed. However, it’s important that you don’t let this happen, and that you are able to manage everything you need to do instead.
Below, we’ve compiled a list of the biggest challenges posed by the pandemic and how they can be
1. Financial Strife and Closing Doors
Many small businesses have had to close their doors due to the global health crisis. For some, doing so was the only way they could comply with social distancing requirements, while others lost so many customers they were unable to carry on.
During these tough economic times, getting creative is the key to staying afloat. Turning to unique strategies such as equipment finance, partnering with other businesses, and offering discounts and special deals can help you ride out the storm and make the most of a tough situation.
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2. Learning to Do Things Digitally
With the rise of the pandemic, we’ve seen a large number of businesses turn to virtual measures to stay afloat. Even companies that have never conducted business online before were quick to adapt once the stay-at-home orders were in place. For many, this is now the only way to do business and the rise of online shopping will likely continue long after the pandemic has passed.
If you’re struggling with using online tools and virtual portals, don’t be afraid to ask for help. Technology is there to make your life easier, so embrace the evolution – it might be the only thing keeping your business from going under.
3. Taking Care of the Household While Trying to Run a Business
This is one of the biggest concerns most business owners face during normal times, and with the pandemic, it’s only gotten more problematic. Because of quarantines and stay-at-home orders, many business owners are taking care of children and elderly family members in addition to running a business. Many fear they will bring the coronavirus home to their loved ones. All the added household stress can lead to a lack of focus at work. With such a fine line between business and home life, it’s important to remember to take time out for
fun and relaxation – both at home and at work. Mental health days and any small effort to enjoy life and let go will make the pandemic more tolerable.
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4. Supporting Employees Who are Struggling Financially
Even among businesses able to stay open, many were forced to reduce their workforce to meet social distancing guidelines or to cut expenses because of lost business. This left employees who depend on these jobs wondering how to make ends meet. Because everyone is suffering financially and emotionally during these trying times, it’s more important than ever to support your local businesses. By buying locally – whether online or in-person – you help those businesses keep their doors open and their employees on the payroll.
5. Being Optimistic
With no end to the pandemic in sight, it’s tough to remain optimistic, but being positive is a must. There will be an end to all this madness. In one way or another, the threat of the pandemic will pass, and there is hope for a better economic future for everyone.
This global health crisis has added drastically to the challenges new and small businesses face every day. Though the challenges may seem insurmountable, with a little luck and a lot of positivity, your business will survive.