The month of March marked the beginning of a lockdown that would disrupt our daily lives and make every day feel like Monday. However, small businesses flourished during such a time of distress. Quarantine saw the rise of small business owners but what is their future after the quarantine? A boon or a loss? The lockdown has also affected many lives. It has left many to fend for themselves against something they have no power over. The lockdown left half of society crippled. While the other half of society seems to be thriving with such minimal activity. Over the months spent in lockdown, society has learned things they were too busy to learn before. Individuals have learned and honed skills over the few months; generated new hobbies that incur productivity and healthy living. This process of learning has allowed new and small businesses to flourish.
The initial weeks of the lockdown saw the depletion of life across the globe and things gradually slowed down. Unemployed, stranded, confused, and scared people were everywhere. Helplessness became part of the new normal. And with the pandemic spreading at an unprecedented speed, many lives were lost and still counting. With all this negativity and confusion happening around the world, people still learned how to cope and survive. People made use of their time alone and came up with ideas to self-sustain. Furthermore, quarantine forced many major shops to close their doors. But small businesses found ways to reach their customers and expand their sale projects.
What are small businesses?
Small businesses are privately owned corporations, partnerships, or sole proprietorships. They have fewer employees and less annual revenue than a regular-sized business or corporation. Small businesses vary a great deal in terms of size, revenues, and regulatory authorization, both within a country and from country to country.
Many small businesses are sole proprietor operations consisting solely of the owner. Small businesses can also have a small number of additional employees. Small businesses can be started at a low cost and on a part-time basis. You can continue your regular job and still provide for your family. Small businesses are also well suited for internet marketing. It gives small businesses the ability to market with smaller budgets. Adapting to change is crucial in business and particularly small business. They can respond to changing marketplace demand more quickly. Likewise, during this quarantine, small businesses adapted well to the changes that took place when the pandemic hit. Small business proprietors tend to be in closer personal contact with their customers and clients than large corporations. This gave small businesses the upper hand when it came to customer satisfaction and service.
Another advantage that small businesses have is independence. They do not have to answer or report to anyone. This gives them the freedom to make their own decision without the constraints imposed by economic and other environmental factors. Owning a small business has its own merits and demerits. There is always the possibility of going bankrupt due to poor planning. But there is also the chance to make something and profit off of it.
If you’re interested in opening a small business, here is a link to some ideas you can pick from. And an additional link to show you how to start your own small business.
Small businesses in Quarantine
With the pandemic in place, many shop doors were forced to close their doors. But small businesses found a way to overcome such a time. It is to be noted that a lot of small businesses suffered huge losses with the lockdown imposed. With sales dropping every day it is not unlikely to have people filing for bankruptcy. What was different for businesses during quarantine is the shift from face to face interaction to online connections. Small businesses shifted to the online scenario, where options are unlimited and easily accessible to millions of people worldwide. What small businesses offered their clientele is sterilization and disinfection for every purchase and delivery. While dine-in restaurants found ways to deliver their food to keep the business running. These options in a way opened and expanded the business scenario.
With the already existing small businesses, many more emerged during the lockdown. Some, as an effort to try something new, while some were running for the sole purpose of earning for their needs. With almost nothing to do during the lockdown, life gradually shifted online. This gave the public more time to spend on the internet. With more time spent on the internet, discovering new small businesses became uncommon. And with the discovery of such small businesses, comes the need to buy and see if the products are as advertised.
By taking things online, small businesses saw the potential of furthering and expanding their clientele reach. While some businesses prospered, some crumpled under the pressure that came along with the lockdown.
Future of small businesses
Small businesses face the stress of living through a global pandemic. While also grappling with the ever-changing health and safety standards. Furthermore, they manage hostile customers and also spent money on their physical stores to be Covid-compliant. This, however, reduces its revenue drastically. In this way, small business owners are losing more money, than their actual earning. Small businesses have become vulnerable targets of the lockdown. With no other source of income and outsource, small business owners are slowly but gradually losing out. The lockdown has managed to bring out some of the best and some of the worst in people. That being said, we’ve seen the rise of racist attacks, hate crimes, and many more questionable occurrences. All such happenings, directly and indirectly, affect small business owners.
While some businesses have managed to flourish during the quarantine. Some businesses burned out, unable to sustain themselves. It is uncertain whether small businesses will continue to prosper and expand. With growing tensions and health concerns, small businesses are taking a toll. It has become a risky field and with new concerns rising every day, living costs continue to rise. What we can do to help is by buying from such small business owners. This gives them the budget to carry on with their business as well as continue to sustain their lives.
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