So many businesses, especially brick-and-mortar, operate and generate revenue if their doors are open – a model that presents major challenges when unforeseen circumstances require a business to shut its doors.
Traditionally, if customers cannot come in, there is no revenue – something we are unfortunately seeing right now as many businesses have closed their doors to prevent the spread of the Coronavirus.
This situation could also happen to businesses at other times due to extreme weather, staff shortages, fire, flood, etc.
Being a successful business owner and an entrepreneur means being dedicated, skilled, and flexible.
Closing your doors doesn’t necessarily mean turning off your revenue streams – here are some creative ways to generate income and stay afloat during these times:
Presale
Encourage your customers to purchase in advance by promoting new offerings, running a presale event for your products or services, or a discount deal on existing products.
For example, encourage customers to prepay for their next appointment by giving them a free product when they schedule a service in advance.
Sell Online
If your business primarily sells services, now is the time to see how you can offer the same value online.
Offer your services through virtual experiences using one-on-one video conferencing tools or group livestream services.
If you sell products, move your store online. To attract more customers, waive delivery fees whenever possible. The online marketplace is actually thriving, so see how you can take advantage of the new trend. And, many apparel and home products can now be quarantine-themed, so consider tweaking your products or services to cater to the current needs.
If you need help adding an eCommerce shop to your brick-and-mortar business, we’re ready to make that happen for you.
Teach/Instruct Online
One of the easiest ways to make money online is to become a tutor/instructor, and it seems the Coronavirus Pandemic has pushed public education into the digital era. Just like teachers are quickly attempting to adapt to an online learning environment, now is the perfect time to provide virtual instruction and workshops to your existing and new audience.
Also, if you have a solid online community and fan base, invite them to donate “tips” for any online demos you host on Facebook Live, etc.
Sell Gift Cards
Many small businesses that have been forced to close their doors have asked customers to buy gift cards so they can cover their immediate losses, now is the time to offer your customers a simple way to purchase gift cards on your website.
To drive more sales, add a deal to your offer as you see fit. You can also promote gift cards as perfect birthday, graduation, and anniversary gifts.
Offer Curbside Pickup
Allow customers to call in or place online orders, and offer curbside delivery so they don’t need to leave the safety of their vehicles.
Ask for their vehicle information (color, model and plate number) at the time of order, and what time they will arrive.
Offer Local Delivery
If your business doesn’t typically offer delivery, now would be the time to do it.
Of course, the more you can deliver with staff you already have (or if possible, use help of friends and family, especially DL-carrying teenage and college kids), the more money you can save; but if you don’t have the resources for it, join a food delivery service like Grubhub or Uber Eats, and Roadie, UPS, Deliv, and other small business delivery services if you sell other products.
Think Outside The Box
Some restaurants are also offering preparation kits for their most popular meals, such as jarred sauces and packaged noodles, as well as marinades, dips, etc.
And since immediate demand for labor has shifted from the hospitality industry to grocery, delivery, and fulfillment jobs, consider how your business might shift into a perfect temporary gig; what are the ways you could utilize your time, energy, experience, expertise, and hopefully your current business (or parts of it) to keep generating income.
Being resourceful is a great virtue that pays off especially at times like this.
Online Fundraising
Your fans, followers, and community might be looking for a way to support your business during this time – give them this option by hosting a live online fundraiser event.
Authentically share your difficult circumstances, especially if you are forced to close your doors. Be clear, specific, and genuine describing what you are raising money for.
See if there’s anything you could give away for free to show your good faith and increase the likelihood of people donating for your cause.
Maintain and Build Your Fan Base
This, too, shall pass, so do your best to engage your customers and clients while we are going through the pandemic and quarantine, so that they stay dedicated to your product or service and/or joyfully come back when your doors open again.
Ask yourself: how can I compete and differentiate myself?
Take time now to review and determine if your website is well-built, mobile friendly, and filled with good content. Are you reaching large audiences with your social media, articles, blogs, newsletters and infographics? Are you recognized by Google as a valid and credible business?
The way of a business owner is not always an easy one, especially of late, but we can place our efforts in leveraging some of these ways to make money during these Covid-19 times, maintain a solution-seeking mindset, and overall stay grounded and positive.
We want everyone to be safe and well!
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