COVID-19 has been devastating to the United States from a health perspective, but its impact on small businesses has been equally catastrophic. According to Business Insider, not only is there the likelihood of continuing job losses for small businesses but also a “startup depression,” wherein new companies hold off entering the market due to the pandemic.
Even though the situation appears bleak for business owners, some are making lemonade from the pile of lemons laid at their feet. When market conditions shifted drastically in March, a few small business owners pivoted quickly and are experiencing new levels of success.
Photo Booths to Gift Boxes
How do you respond to a global pandemic if your business is setting up and running photo booths? Obviously, cramming people into a small space is no longer viable or recommended. One Washington-based company, called SnapBar, quickly pivoted to a concept called “Keep Your City Smiling,” which assembles city-specific direct-to-consumer gift boxes. The new business has been incredibly successful.
Commercial Flights to Cargo Flights
The coronavirus pandemic has thrown a wrench in many long-range vacation plans for 2020, which has also impacted the airline industry. In the first quarter, as many as 90% of commercial airline flights were canceled. But instead of transporting happy vacationers, airlines like United, American, Virgin Atlantic, and Lufthansa have switched to cargo-only flights to transport things like healthcare provisions and food where it’s needed most.
Restaurants Selling Fresh Groceries
Even a simple trip to the grocery store has become a cumbersome chore. Restaurants, which have faced their own set of challenges, are looking for ways to increase profits and serve a need in their community. Some chains, like Subway, Panera, and California Pizza Kitchen, have begun selling fresh produce and grocery items, like eggs and bread, to customers with their regular takeout orders.
Gyms Offering Online Workouts
Few people are willing to head to the gym and share equipment during a global health crisis, so fitness centers and gyms have gotten creative. Planet Fitness, 24 Hour Fitness, and Orange Theory have all set up live-streaming exercise classes for members and are releasing at-home workout routines.
Businesses Expanding Digital Ordering
Even when businesses began to reopen, many consumers have continued to shy away from in-person and close interaction. Some retailers like Best Buy, DSW, Dick’s Sporting Goods, and Michaels have expanded digital ordering, and all now offer curbside pickup. Even service providers, like attorneys and accountants, are offering their services virtually so that consumers and businesses can get what they need and continue to feel safe.
The Coronavirus pandemic has created plenty of obstacles for small businesses, but there may also be some opportunities in the mix if you know where to look. At Nolan Accounting Center, we focus on building relationships with small business owners that foster success. Our Accountants and CPAs in Southeast Wisconsin provide accounting, bookkeeping, payroll, and tax preparation services to clients, and we remain open for business.
Contact us to learn more about how our services can help your business during these challenging times.