The number of small businesses that have been impacted by coronavirus is staggering.  There are a host of programs being administered through the SBA and some private sources that offer some relief in the form of loans and grants.  However, not all businesses will be able to secure funding through these programs. Well beyond financial funding, a change in thinking is required.

It’s not just businesses that have been impacted either.  It’s also individuals.  We are witnessing record levels of unemployment beyond anything this country has ever seen. The truth is, we don’t know how many of those jobs will be there when the country starts settling into the new normal.

In the face of this, it’s easy to panic and feel defeated.  You are not alone.  Unfortunately, when you’re in a state of panic, you tend to go into survival mode. This often causes you to be less creative and less able to think of alternatives and identify opportunities.  The good news is, there is outside help available.

At Smirnova Business Consulting, we want to help.  We’re here to offer affordable brainstorming calls.  These aren’t traditional consulting calls.  Rather, we want to help existing businesses and individuals consider additional revenue streams.  This will not only help you get through these financially rough times but, also prepare you to be more secure in the future.  If we’ve learned anything through this pandemic, it’s that none of us can predict the future state of the economy and things can change rapidly.

Here are a few suggestions to get you started:

Offering Expertise Online– Do you have a skill that other people need or would want to learn? All you need is a website and a business page on one or more social media sites.  You can do this for just about anything.  Are you an expert data analyst?  Do you have an eye for selecting the right makeup and can advise others how to apply it?  Can you troubleshoot IT issues?  Regardless what advice you can offer to others, you can be up and running with a business like this in days, for very little money.

Rentals– Do you own a building?  If you are using it, can you downsize to free up some of the space?  If so, you can begin offering your space as a business rentals or co-working space.  If you own a residential property, you can consider options like Airbnb.  This idea will require you to wait out your state’s closure but, can be a good idea to help you recoup lost revenue quicker.

Language Translator/Teacher– Multilingual people often take their skills for granted.  You can offer translation services via sites that Upwork or other freelance type sites.  There are also a number of platforms that recruit people to teach various languages to people around the world via video applications.

Online Store– Have you always dreamed of having your own boutique and happen to be a little tech savvy?  Or maybe you already have a retail business that just hasn’t transitioned to online sales yet.  Non-retail businesses may also want to look into selling their own branded merchandise or expanding via online retail.

Self-Publishing– If you enjoy writing and have always thought about publishing something, now is the time!  So many people are home, attached to their screens, and constantly looking for new content.   Thanks to the digital age, self-publishing is fairly straightforward and inexpensive and can be done within weeks of finishing your content.

These are just a few ideas to help you move from a state of despair to thinking about what you can do, now!  Despite what happens and how things might be different, life is going to go on. Whether you end up better or worse for it is ultimately up to you.

Further, this is about more than solving an immediate problem or creating a temporary bridge to get you through.  We want our clients to think even bigger than that.  One of the best ways to insulate yourself from any type of business or financial interruption is having multiple revenue streams.

The bottom line, is you want to keep things simple, find something you enjoy doing, that is well within your budget to start.  The last thing you want is for this to become another major stressor in an already stressful time.  In many cases, these ideas can bring in some revenue now, but can continue to be grown over time at your own speed.  They can be carried on in addition to your core business or in your spare time after returning to a regular job.

If none of these ideas appeal to you, or you’re not sure how to get started, contact us!  In this challenging time, our main objective is helping individuals and existing business owners explore options to provide for themselves and be able to fund their businesses now and well into the future.  We look forward to hearing from you.