2020 has been tough on small businesses, as the coronavirus pandemic hit. What took these small entrepreneurs years to build is gone in just a snap of a finger.
Researchers surveyed 5,800 small businesses in the midst of the pandemic. They found that businesses with an average of $10,000 in expenses only has 2 weeks worth of cash saved up. 47 percent of entrepreneurs believe that they can still go back to business by December if the crisis extends up to four months.
Moreover, small businesses employ 48 percent of American workers. If small businesses permanently closed, a massive number of Americans are going to be unemployed. The researches project 32.7 million employees losing their job for a four-month-long crisis and 35.1 million for a six-month-long crisis.
Since people have been laid off their jobs and losing their primary sources of income, making ends meet has been difficult. There’s the thought of explaining your situation to your trusted letting agent next month. Plus, it’s not like an economic crisis will wipe out anyone’s balance on their loans. The world might have stopped for a while but bills will keep on coming.
New Businesses amid the Pandemic
Despite the economic crisis and the peril posed by the coronavirus, there are a few brave souls that gambled. These are young entrepreneurs who opened their new small businesses in the midst of the crisis.
Henry Molina and Margaret Stanton opened Good and Nice, a food business that centers on Chinese food and natural wine. Before opening, the conducted a lot of experiments and taste tests. They placed special attention on two things: food staying in the containing for 30 minutes of delivery and that they wouldn’t be able to taste their food while cooking because of face masks. For them, trial and error were crucial in the process.
Henry and Margaret are not alone in opening new businesses as the economy faces a crisis. Online selling from start-up shops has been at full speed during the pandemic, as people can no longer go out and visit physical stores.
Starting a Business in the Comfort of Your Home
Having a home-based business eliminates several factors that would cause headaches in the long run. For example, if you were to occupy a commercial space, you will have to think of rent, renovation, beautification, etc. If you stay home, none of that will apply. Besides, social distancing regulations encourage everyone to stay at home.
One area of the house that allows you to get messy is the backyard. Sometimes, the backyard is a place that homeowners don’t pay much attention to. By turning it into a business area, you’re maximizing the space of your home. Here are backyard business ventures you can try out while staying at home:
Burgers sell—a lot—but you will have to compete with fast-food chains, gourmet restaurants, and other small businesses. When opening a burger business, you will need a lot of research. In your research, discover what will make your burger stand out and how you can market or advertise your business. Try out different meats, buns, and kinds of burgers to become a game-changer.
Grow and Sell Plants
Plants are well-loved now. It’s a hobby that has been amplified by isolation and the hefty increase in the number of hours people spend in their homes. Pictures on Pinterest and Instagram have made them look so pretty and decorative for the home. For your business venture, consider taking advantage of this trend. If you doubt this option, know that millennial plant parents are ready to spend hundreds of dollars to purchase a new plant.
Get Artsy, Crafty, and Messy
During the quarantine, some people have picked up new hobbies due to the amount of free time they had. Others learned how to play an instrument, got into arts and crafts, and started DIY-ing almost anything they can think of. If you’re one of these people, you can consider selling items our of your new hobby. For example, you can get creative with candles. Place them in a cute or obscure ceramic or sculpt them in unique designs.
It’s Definitely Possible
Opening a new business during the coronavirus pandemic is plausible with a little innovation, creativity, and the help of technology. While the pandemic is still ongoing, you can utilize delivery services and social media advertising. Most of all, safety matters. While handling your products, make sure that you wear the appropriate protective equipment. When interacting with customers or delivery personnel, maintaining distance and avoiding contact are necessary.
If you have been looking for a sign to start a business during the coronavirus pandemic, this is it. Start that business; there might be space in the backyard.