The disease that caused health and economic crisis is continuing to disrupt lives. In the United States, the coronavirus spread has pushed hospitals to capacity and almost on the verge of collapsing. The virus forced the country to shut down in the form of lockdown, which then led to the global slow down.
With over 30 million small businesses, 44% of the US economy depends on small business. The country felt a great shock on its economic backbone as the small businesses suffered the most during the pandemic.
A large chunk of small businesses had shut down and might not be able to reopen even after the pandemic. Some business face closures during the statewide lockdowns but have resumed functioning in more pandemic –friendly ways now.
And with disruption in the functioning of small businesses, not only customers but the employees also faced its after-effects. Small business in the country provides employment to over 59 million people.
The survival rate of small business is usually low in the United States, Even in the pre-coronavirus days, 20% of small business collapsed in the first year of the business. Moreover, 48% of small businesses fail due to not having a demand for their product in the market. These stats were from the previous year.
However, in 2020 even the large business faced an unusual decrease in their revenue. So it’s only fair to expect small business not to keep up with the coronavirus disasters.
Nevertheless, the world has started to re-open. People have understood the way to carry their future life in the coronavirus days and even after that. Similarly, businesses have also found appropriate channels and modes to continue their functioning.
Therefore, it is time for small business owners to get back on their feet and work their way towards prosperity and success. While it is not that easy for small businesses to heal quickly as they have limited resources and time, but it is not impossible either.
By now what others are following and what more is going to make it to the market, small businesses can try making their way to the light.
To help them out we have listed down some trends that are being followed by small businesses to survive in the current and post-pandemic days:
Live Streaming E-commerce
Yes, live streaming can be used for eCommerce as well. Live streaming eCommerce is huge in China. The Amazon equivalent of China, Alibaba, are using live streaming eCommerce on their platform Taobao to generate more than $15 billion in sales in the previous year.
Similarly, as a small business holder, you can benefit from this new and limited-used technique.
By live streaming your e-commerce market you can grow even bigger by investing limited resources into this technique.
However, before starting with this new technique, you should study a lot about it on your end so that your first attempt does not fail.
In the 90s, few companies were funded to provide a virtual world to the people where they can meet and hangout by showing their avatars.
Unfortunately, these startups never took off.
However, now people know much more about this phenomenon. With the wide use of social media and access to high speed internet, people are now more open to seeking virtual personalities.
All you need to do is work on your virtual presence, and you might bring some innovation to the table that can benefit your small business.
For instance, virtual experts, coaches, and even therapists are benefiting from the concept of a virtual company, so can you.
However, what you need to make sure of is that you have high-speed internet access. Internet service that is strong and reliable and does not start acting up as soon as you are in communication with your business partners and customers, virtually.
If you want to be fully secure, then it is better to subscribe to high-speed internet service from Cox Internet. The service has reliable and affordable Cox Internet Packages for customers all across the United States. Through this service, you can make sure your internet backup is strong to experiment with virtual companionship for your business.
People have started adjusting to the pandemic induced changes. We will not claim that it was easy, but people have realized that there is no other way to continue with work, education, and living but to adjust to the new normal.
As a business, you too need to go through self-empowerment programs. Not only as a business owner, but you should help your employees in accepting the new mode of working and changes in the business module by helping them learn the art of self-empowerment.
Start with acknowledging the change around you, and then work on adjusting to these changes to help your small business survive in the pandemic.
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