3 Ways to Keep Your Business Afloat During COVID
There is no doubt that we are experiencing unprecedented times. Each and every life across the globe has been impacted in one way or another due to COVID. For many, this means staying at home, quarantining with loved ones, and doing all you can to stay safe and healthy. But for businesses, staying healthy is a much more difficult assignment. Businesses succeed with demand and foot traffic, everything that we as individuals are being told not to take part in.
So how does a business stay healthy, or afloat, during a crisis that permits them from being open in the traditional sense of the word? Keep reading to see the top 3 ways to stay afloat during COVID.
1. Small Business Loans
As the nation began to trend towards a coast to coast lockdown, the federal government recognized small businesses would not survive closing for months on end without financial aid of some sort. Although small business loans have always been available for qualifying entrepreneurs, the risky nature of a loan (read: Interest rates and early cash debits) kept many from partaking in these traditional loans. Knowing this congress enacted The Coronavirus Aid, Relief, and Economic Security (CARES) Act. This over $2 trillion economic relief package includes The Paycheck Protection Program to provide small businesses with the resources they need to maintain their payroll, hire back employees who may have been laid off, and cover applicable overhead. For more information on how to apply for PPP through the CARES act head to https://home.treasury.gov/
2. Business Model Adaptation
Although the world, at the moment, is changed in ways we never could have imagined, people are still trying to live their normal lives. Birthdays are still being celebrated, movie nights at home are still taking place, and many of the things people already enjoyed doing at home are now taking regularly. Knowing that potential customers have adapted their habits is an indication that businesses should also adapt. For restaurants and folks in foodservice, this means setting up for delivery and optimizing your takeout business. For retailers this could be investing in social media campaigns and allocating time to add inventory or new sales to your eCommerce store. There are many ways to both stay connected with your customers and also serve their needs. Sales will go to those who are agile enough to move with the needs of the customers and environments of the markets.
3. Selling Parking
For those near busy areas, essential businesses, and landmark attractions, the demand for parking has likely increased due to the fact that these are the only businesses open. Selling parking is a solution to not only capitalize off this demand, but also help supplement your revenue during and after quarantine. So how can selling parking be done in a low risk (cost effective) manner? The solution is AirGarage.
AirGarage was originally started to help Churches and nonprofits monetize high valued parking lot real estate, such as those next to a busy college campus, and allow the institution to focus on running their normal operations, not the lot. AirGarage uses a user-friendly parking payment system to do this. After installing signage, at no cost to the business, AirGarage allows the business to sell their parking spaces per hour to the general public and reserve spaces when they have inbound customers (think a church needing their lot only on Sunday). By doing this, the business maximizes its real estate footprint and creates additional revenue without additional work. Furthermore, because the AirGarage parking management system is all text-to-pay, there are no cash transactions, no physical touchpoints, and no risk of breaking social distancing guidelines which will inevitably be the standard for business operations for the remainder of 2020. If you think you’re ready to start selling your parking spaces and maximizing your revenue head to airgara.ge today for a free demo.
There are a few different ways to stay afloat as a business right now. Being agile and PPP applications are time consuming, although worth it. But what any business near a high demand area can do today is get set up to monetize their parking. As a no-cost value add there is virtually no risk and only upside to doing so, for during quarantine and for the many years to follow.