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Virtual Business Talk: Advice for new business owners

April 21, 2020 11:48 AM | Administrative Manager (Administrator)

In one of our recent Virtual Business Talks, NRWA Past President Mary Jo King, provided some great advice for new business owners during these unpredictable times. Click here for more information on our weekly Virtual Meetings. Here is some of the information she shared:

What would you advise a new business owner, or one who is seeing a dramatic drop in business, to do?

a. Don’t give up! People will get their feet underneath them again and business will return. It always does. Our industry can thrive in recession, too.

b. Offer a resume update or LinkedIn profile service to previous clients.

c. Apply for unemployment or other government assistance as eligible.*

d. Reduce your overhead. It doesn’t have to be permanent, but cut all services you don’t absolutely need. Renegotiate debt and contract terms.

e. Increase your sales average with add-on products or services (LinkedIn SEO, mock phone interview, tip sheets).

f. Raise your visibility by freshening website content, blogging, posting helpful information on LinkedIn/social media, and updating your Google My Business (GMB) page.

g. Use the time to upskill by preparing for your NCRW or taking other NRWA training.

h. Build your local network by volunteering your copywriting skills to your favorite nonprofits, who are adjusting a lot of their messaging right now.

i. Prepare for more disruption in the fall. Ask your insurance agent about business interruption insurance.

j. Consider using retirement savings to get by for now if you have the intestinal fortitude for it. I did, back in 2010 and I’ve never been sorry.

* In addition, the Treasury Department is deferring tax payments without interest or penalties for certain individuals and businesses negatively impacted. Those who are self-employed get paid sick leave in the form of a tax credit.

Across America, various cities are offering financial aid to specifically help small businesses. Cities like New York will offer no-interest loans to small businesses with fewer than 100 employees that show a reduction in sales since the coronavirus outbreak. Certain cities are also providing grants of up to $6,000 for businesses with fewer than five employees. Freelancers can access this information and see if they qualify through their city’s Small Business Administration office.

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