Well… where do I even begin?
This year has been quite the experience. There have been ups and there have been downs. As a business owner, this year has been the most challenging year I’ve ever experienced. Closing my business, reinventing my business, educating myself on social injustice as a leader in the community, navigate running a business while balancing safety for people’s well being, reopen my business, close my business again, reinvent the business again. I want you to first understand that is where I am coming from as I write this, as a business owner. I know there are people out there who have suffered this year greater than I have. This is not a post I wanted to write to incite pity, but I want to educate people on what business owners are going through.
Our perspectives are shaped by our experiences, so I write this from my experiences and I recognize they are different than anyone else’s. I don’t know the ins and outs of other people’s businesses, but I can confidently say that if you own a small business – you are screwed.
We all have been watching businesses close, especially in Seattle. But I want people to really understand that if a business is still open, that doesn’t mean they are ‘winning’ by any means. The businesses that somehow survive this year and get to keep their doors open will suffer for probably 2 more years. Keep that in mind 2 years from now when we laugh at pictures of ourselves in masks.
I won’t get into the fact that there has been zero funding from our local government since this shutdown started. I won’t get into the fact that businesses are being forced to close, but are being forced to still pay all their bills. I won’t get into the fact that science proves that exercise strengthens your immune system as well as lowers your risk for disease AND reduces anxiety and depression, yet it’s deemed unessential. I WON’T GET INTO ALL OF THAT. What I do want to get into is how to survive as a business in the given circumstances.
As a business owner that has been navigating COVID, I wanted to share what has worked for me so hopefully it can help you. If you don’t own a business, I hope this is eye opening for you in what people in your community are going through as you spend your money for the holidays!
5 tips to make sure you do….like yesterday.
1. Apply for a PPP loan
I was hesitant to do this at first because I didn’t want to borrow any money that I didn’t absolutely have to (at this time I thought we would be shut down for 1 month and then everything would be back to normal…HA) and to be honest, loans scare the shit out of me. However, I will say that I am so glad that I did, the doors to city cycle would be closed if I didn’t. The loan is forgivable if you use it for the items they deem necessary in their contract. Make sure you read the contract! If you didn’t apply the first round, make sure you jump on it if they roll out another round.
2. Reach out to all of your people for discounts
Email your landlord, email your insurance company, email your website software, email everyone you pay money to on a monthly basis and ask them if they can offer any kind of discount. You might be really surprised who is willing to help you, but you don’t know until you ask!
3. Join your neighborhood business association
My neighborhood business association has been such a great resource during the pandemic. They have provided so many resources, group talks, and insight into what loans or programs are available from the state (none from WA in 9 months, FYI). Some private companies have rolled out grants and I have been notified from the association. Make sure you are a part of yours!
4. Ask your community for help.
Don’t be afraid to tell people that you are struggling. Don’t be afraid to ask for help. Tell people that you need them to buy your packages, tell them you need them to buy your product right now – be blunt! Reach out to other business owners and ask what they are doing and what is working for them. I am a part of a group of fitness studios owners and we get together once a month (via zoom) and talk about what has been working for us and what hasn’t. It is such a great resource! It’s also nice just to talk to someone who understands exactly what you are going through. Reach out to people, we are in this together!
5. Get creative
This one is my least favorite, but it’s necessary. When the pandemic first started everyone wanted to rent out our bikes to take home. I held out on this for so long. The bikes are really the only solid asset that I own so I was scared to let people take them home and possibly break or damage them. I would be devaluing the best asset I had if I needed to sell the business down the road. Once I realized that we were in this for the long haul and not just one month like I originally thought, I had to give in. I had a real conversation with myself. Either you get creative, you change your outlook, you let go of control or you will fail – period. You have to recreate your business or you will fail.
Lastly, I think it’s important to note that we all need to proceed with compassion and patience. Business owners are dealing with paying their bills with little to no income all the while navigating how to keep their employees and customers safe, it’s really tough. Trust me when I say there are very few businesses making money right now (if you are, please message me and tell me how). If a business is open, it’s because they are in survival mode. Be patient with them!
