Recession Proof Business #1 — Supporting Small Business
Last updated on March 18, 2020
Here’s a coffee shop story with the Coronavirus...
A friend of ours runs a coffee shop.
The world is told to stay indoors.
How do you pay your rent, your employees, and sustain through this challenging time?
I don’t know.
This is all unprecedented, and we’re going through struggles with everyone else.
But we have been through challenging times before. Both in business and me personally.
And I wanted to share some ideas that can be helpful for other small businesses.
Here are a few ideas for businesses in this current time.
I gave this to my friend at the coffee shop, but the ideas can work for any business.
- Email landlord asking for rent concessions until things stabilized
- Budget a 40% revenue reduction and the costs necessary to be able to stay profitable or breakeven
- Take salary cuts across the board
- Reduce any software providers to one-time payments. AppSumo is great for this.
- Transition your email provider to one-time payment. SendFox is great for this.
- Look at your accounts and see if you can downgrade to more basic plans
- Pause or suspend accounts for the interim until you need them again
- Reduce any advertising that’s not 30 days ROI
- Pre-sell gift cards to existing customers
- Deliver coffee or products to your customers instead of them coming to you
- Use Shopify and start selling your coffee beans and other products online
- Create a daily hangout where your customers can have coffee virtually with other patrons
- Start making other food or drinks you can deliver to your patrons
- Create activities to sell that people can do at home
- Create software that people can use to stay connected while they are quarantined
- Provide free resources of DIY / make yourself products (with ads) so people can protect themselves.
- Transition or provide cars so all current employees can be drivers for Amazon Prime Now, Instacart, DoorDash, GrubHub, etc
- Look for things to buy or sell on eBay, craigslist, Amazon or Facebook marketplace based on your existing inventory
- Provide coffee to the hospitals
- Reach out to the fire department for where they need help
- Encourage your patrons to stay at home
- Reach out to coffee farmers and other partners to see where you can help
- Provide whatever stipends you can do your employees
- Create spreadsheet and figure out who needs what and start helping organize it
Again, I don’t have all the answers, but think we can come together to help each other out during these times.