Pandemic Causing Your Business Problems? These Tips Can Help
Things have been tough for business owners lately. If you’re a woman who owns a small business, you don’t need anyone to point this out, right? What you do need, however, are some practical and proven tips that you can actually put into action to help keep yourself in business. Either way, this guide from Stellar Virtual Assistant Services has you covered.
Looking to Trim Costs? Form an LLC
If you’re a sole proprietor or solopreneur, one of the simplest steps you can take to bolster your business is to set up an LLC. An LLC, aka limited liability company, protects your personal assets from liability, but this entity can also entitle you to money-saving tax incentives.
You could ask an attorney to help set up your LLC but this can cost a pretty penny. Instead, look into formation services that will allow you to research your state’s LLC rules, and then fill out and file the necessary paperwork online. Saving your business money, time and stress.
Also Try to Focus on The Big Picture
Establishing an LLC is a big step that can produce big savings for your small business. It’s this sort of “big picture” item that entrepreneurs should prioritize when they are trying to maximize their budgets during a crisis. Too often, business owners start by reducing smaller costs.
This includes things like office supplies, technology, and supportive staff. Unfortunately, trimming these expenses can end up costing your business even more in the long run. If, say, you decide not to hire consultants or staff to help with strategic projects, like social media, you could actually end up spending more trying to tackle these tasks on your own.
So before you cut items or people out of your budget, think carefully about how doing so will impact your long-term goals. You may find that keeping certain expenses, like fees paid to a social media consultant from Stellar Virtual Assistant Services, is a smarter move for survival.
Boost Brand Recognition With Social Media
The last section touched on getting help with social media, and this has never been more important than during the COVID-19 pandemic. Social media marketing was already key B.C.(before COVID), but consumer use has skyrocketed with more people staying home.
If you’re not taking advantage of this surge and using the right type of social media accounts, you could be missing out on a huge opportunity to help your small business during the pandemic. Instagram is a must-have for entrepreneurs, but you need to decide whether a personal, creator, or business account is best. Each has its own perks and drawbacks.
You can also leverage your social media accounts to connect with other female founders who may also be struggling right now. Having that extra layer of social support has helped other female small business owners stay afloat and thrive, and it can do the same for you.
Reach Out For Extra Financial Support
There’s no question that the economic impacts of the pandemic have wreaked the most havoc on working women and women in business. Women make up 55% of those who lost their jobs and sources of income over the past year. This is on top of having more responsibility at home.
It can be tough to juggle those responsibilities, recover from any losses, and still maintain a stable income with your small business. This is to say that if you feel overwhelmed and need help, know that there are resources available to you. You can speak with creditors about deferring payments or you can apply for one of the many economic relief programs.
Running a small business may be hard right now, but you don’t have to figure things out on your own. You can use guides and resources like this one to keep a hold of your business and continue working toward your goals. Also, use this time to expand your support system, increase the popularity of your business, and get financial help if needed.
Photo Credit: Rawpixel