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How to Survive the Lockdown as a Small Business Owner

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lily
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This time is probably the hardest for all businesses but I prefer to see this time as an opportunity. In this video, I would like to share ways you can survive in this crisis and things you can do with your business to come out of it even stronger and even better.

(1) DIVERSIFY. You cannot have just one business. You have to have several companies. You need to think about your personal safety net, about your family. What would have happened if I only had my study abroad company right now? Nowadays, I have an online business, YouTube channels, I do a lot of partnerships with companies. I would really advise you to have multiple businesses at the same time.

(2) PAY YOURSELF WELL. A lot of people would tell you to reinvest money back in your business and I agree. However, after a year of starting a company, I would suggest actually taking money out of your business because what's going to happen if crisis happens. Then, your business will be stuck with zero revenue and you'll be stuck with zero savings. Pay yourself a salary.

(3) GO ONLINE. If you're online, you need to have an office space and pay for it. If you're a small business, you cannot afford it in times like this. Another benefit of being online is that you can have contractors vs. employees.

(3) DON'T ALLOW people to pay you later. Always ask for payment upfront. When hard times struck, the last thing people would want is pay their debts back.

(4). REPURPOSE YOUR TEAM. Your people are amazing and you can start working on a new product together.

(5). GET RID of products that don't generate profit.

(6). BE A LEADER. You have to be strong for your team, you have to have a vision, you have to have a strategy.

Time codes:
1:51 Build several businesses
3:12 Why you need a good salary
4:17 How you can go online with your offline business
5:25 Business model with postponed payments won't work
6:18 do THIS with your finances RIGHT NOW
7:21 how to be a true leader in hard times

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