The past year has been harsh for business owners around the world. But if big corporations found ways to adjust, small companies suffered immensely – and continue to do so. Many of them have even ceased to exist. The US, for instance, saw a staggering 3.3 million decrease in the number of active business owners from February to April last year.
If full-time entrepreneurs lose their companies, then how is it possible for a small student business to survive the pandemic and overcome its effects? Well, there are some ways, and we’re going to share them with you in the article below. Read on and make notes.
1. Don’t Panic
Our brain operates in such a way that our first response to any perceived danger is stress. Luckily, we humans have mechanisms to control this first impulse known as the “fight or flight” reaction.
So, if your company keeps losing in revenue for months on end and you suddenly realize it’s all going to hell, don’t panic. It’s easier said than done, but if you really make the effort, chances are that you’ll be able to calm down, see the whole picture as it is, and analyze. From this calm state of mind, you’ll then be able to look for adequate ways out of the crisis.
If the solution doesn’t come easy, just keep working. Maintain your daily routine, eat healthily, do your exercises, get enough sleep and continue working on your business problems as if it’s just another normal working day.
2. Reconsider Priorities
Juggling studies and entrepreneurship is always difficult. But during the recession, the mission becomes almost impossible. And the first step towards dealing with the situation successfully is realizing that it’s not you who’s failing – it’s just that these times are really hard.
Therefore, you need to reconsider your priorities. For instance, if you have a student loan that you repay with the income you get from your business, or if your enterprise is something you value a lot and have big plans for, academia might need to step out of the limelight for a while.
Of course, it doesn’t mean you can abandon studies completely as this is a sure way to fail out. But you probably already know there are essay writing service reviews that provide professional help with academic papers and homework. They don’t cost much but can save you plenty of time that you can use to the benefit of your business.
You may also need to cut down your entertainment time and find other ways to devote more hours to your work and studies.
3. Build an Online Presence
Before the pandemic, all big brands were already present online. Many of the small companies were there, too – but not all of them. But since the lockdowns started, everyone realized that online presence is a must.
Surely, building it is not equally easy for every company, as some rely on the offline space more than others. But the recent months have shown that everything is possible – and now we have Zoom dance and music classes, Zoom team-building services, and even the most offline-oriented businesses have found ways to implement technology into their routines.
If you’ve never got to deal with working online, here’s what you have to do first:
- Set up your company’s accounts on all major social media platforms – Facebook, Instagram, Twitter, or whatever works best in your niche;
- Start building your personal brand on social media;
- Engage in online industry events – conferences, business meetings, etc.;
- Get exposure in online media – tell about your enterprise to journalists looking for entrepreneurs to feature in their articles, podcasts, YouTube channels, or elsewhere.
4. Learn New Skills
During the pandemic, 22% of small business owners – almost a quarter of 416 companies with 500 or fewer employees – have asked their staff to learn new skills to support changes in the business, Society for Human Resource Management Covid-19 research reported.
That’s perfectly natural, as new challenges require new knowledge. But what if you alone are your own boss and employee? Coming back to building an online presence – can you, as a student, afford a team of experts to help you do it? Probably not. But it still has to be done, so the solution is obvious: do it yourself.
But how? If you’re not a marketing specialist and have no previous experience working in SMM, it’s going to be hard. Fortunately, there are plenty of online courses and other resources – like books and articles – that can get you started. Many experts also give online consultations, and though they are often pricey, sometimes taking them is the best decision.
5. Get Financial Support
Oftentimes, the only way to save a business is to get financial support. Once again, it’s easier said than done, but if you want your business to survive, you have to make sure you’ve tried everything you could.
In fact, there are multiple ways where you can get money to support your business – apart from investing your own finances meant for other purposes.
Some of them are:
- asking for an interest-free loan from your relatives with more stable incomes;
- taking a bank loan (not recommended, but sometimes inevitable);
- applying for financial support from the government;
- finding legal ways to reduce taxes;
- starting a crowdfunding campaign online.
There can also be other ways to keep your business going, but you have to make sure it’s all really worth it. If you feel that it isn’t – just get back to your studies!
Most businesses are still under huge pressure due to the economic recession caused by the pandemic. What’s even worse, restrictions are not yet lifted completely in many countries, so offline-oriented companies still have difficulties operating.
Student entrepreneurs experience even more stress than other small business owners. However, the situation isn’t hopeless: students learn fast and are usually very creative. So, your student business can still survive this pandemic. Use our advice to learn how to help it!