The Joy of Owning a Small Business

There is a level of satisfaction in running a small business that only small business owners can understand. It is hard work but fulfilling. From interacting with customers to placing orders – there is something real and tangible about it. You feel a sense of pride running your own business. 

How Did COVID-19 Impact Small Businesses?

Although 2020 has been difficult for most business owners. New businesses in 2019 were the ones that were hit the worse. There wasn’t even a chance to make up for the amounts they invested in starting their business yet. Businesses that have been operating saw a decline in sales that they would’ve never imagined. A survey was conducted with 5,800 small businesses in April 2020 found that 43% of these businesses were forced to temporarily close due to government restrictions, and lack of funds. 

The holiday seasons are typically the busiest times for business owners. With a COVID-induced economic slump just behind us, this might be the last shot for many businesses to break-even or even make some profit within the last quarter. 

Preparing Your Small Business for the Holidays

Things will be complicated this year, considering now that businesses have to follow numerous safety restrictions and city guidelines. Here is a list of what you should consider before operating your business during the holiday season.

  1. Following safety norms and protocols

This is something that is not only for the best interest of public health but it is also good for your business. Because of the current state, people are discouraged to go out, and make purchases. Adjusting to safety norms and following protocols will not only keep your employees and customers safe, but it will also be one of the steps to encouraging your customers to make that purchase. It’ll also prevent any potential outbreak that can occur in your brick and mortar store. 

  1. Get your safety equipment

It’s a common fact that during the holidays, people tend to shop more. This year, physical businesses will have to bear the brunt of buying equipment like face shields, infrared thermometers, and registers. This might all seem like an unnecessary expense but it is actually an investment. Protect your employees, protect your store, and protect your valued customers. This way, you’ll have people who can actually work for you, your business can remain open, and customers can make that purchase.

  1. Go online

This is a good opportunity to look into developing and launching an e-commerce business plan. With an online store, you can mitigate the downside to having a physical store. You might want to focus more on online sales and run holiday-themed ad campaigns on major marketing platforms instead. 

  1. Staffing

Many businesses rely on seasonal staff to prepare for the war-zone-like rush during the holidays. You might want to do the same. Earlier this year we saw many establishments operating on half or quarter of the staff. Training and procedures should be put into place to ensure your employees know how to protect themselves and others. Ensuring the safety of your employees should be your prime responsibility. Be prepared to conduct daily temperature checks and to invest in safety equipment.

What Can We Expect This Season?

There will be fewer family gatherings and fewer people heading out this year, so expect lower sales. Many businesses will also be operating under serious restrictions that will limit the number of customers. 

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