Have any of you applied for disaster assistance? I applied last week awaiting response. What are your experiences? How are you handling the economics of the crises?
I am fortunate (I guess depends how you look at it) that being I just launched my own business a few months ago I don’t have a ton of overhead, employees I had to lay off. However, my wholesale side of my business has been wiped out. I own a small coffee roasting company, just me and my wife run things. We have pivoted our strategy for the foreseeable future to focus on direct consumer sales. Being I built this with the intentions of being primarily a B2B business it’s going to be a little tough, but so far we are getting through and it gives me hope with how much the local community continues to show their support.
Hospitality is going to be hit extra hard, I think the sad reality is many businesses that have closed their doors will never reopen them. One of our bigger collaborators (a pretty well established brewery) has laid off everyone top to bottom, and just halted production. My restaurant and cafe friends are all unsure how long they will be able to weather the storm, they can’t take in debt and have no cash flow. It’s really just the beginning but I don’t know what the future has in store for us. It is going to be ugly.
I haven’t found any sort of grant program yet, I have heard the loans are a joke ( may be interest free For a period, but full payment is due in lump sum at end of term?) that’s not going to help at all. What are you finding available?
As a residential custom cabinetmaker, like beatrix, I have no employees (wife helps with taxes and ordering) and low overhead with shop on property. I have my current work load which will carry me for a month or two, so because I am busy now, I have not looked into things. But, in a few months, if people's disposal income has diminished, my craft/service will be knocked off the list of things-to-do. To avoid being political, I will just say I hope to be self sufficient and not look to others for financial assistance. But if the crap really hits the fan, I may have to reconsider or find a new line of work.
I own a small (2 employees other than myself and wife) property & casualty insurance agency. I insure a lot of small businesses especially contractors. All my beauty salon, barber shop and restaurant clients have been closed for a while now but I still speak with them regularly. Needless to say they are scared not of the covid per se but of the economics. Most have laid off their staff. The contractors have slowed dramatically as their clients have either told them not to come in or have cancelled their work orders.
In my case the insurance companies are allowing the clients to stretch out their payments beyond their normal payment schedules. Unfortunately some of my clients simply won't make it and will be out of business and therefore cancel their policies. I should be OK through April and May but as the cancellations and premium reductions continue I will be effected. By June and July we will see the premium refunds being issued due to the cancellations etc. We are all working from home and answering calls. Mainly just doing our best to reassure our clients. New business is at a stand still.
I applied for disaster assistance under the assumption that I will be impacted later down the road. If not needed I will simply pay it back in full.
Some of contractor clients are, like you, custom cabinet maker/installers. As I indicated their clients are not having them come in to install so the cabinets are sitting in the shop. Hopefully you will be able to maintain your workflow.
I hope we all get through this without major catastrophe. My wife makes a decent income working corporate sales selling to the government. (That's a whole other s***show). So I am not too worried right now. I guess applying and paying back if possible is a good strategy. Who really knows where we will be 3 months from now? Thanks.
I know this is not the official virus thread, but I think all of us business owners (people in general?) will view the world a bit differently as we slog through this. We as business owners, may diversify our work/interests, in order to protect ourselves from future disasters. We may also try to enhance our businesses. There are many business opportunities that will open up due to this. I am thinking more people may work from home; home office space/desks/organization will increase. Cleanliness of homes; how much filtration is there in your HVAC system? How easy is it to clean the surfaces of your home? How comfortable are you in your home for extended periods of time? If kids at home become a more regular thing, will some go back to more hands-on activities from years ago (art, music, legos/building) instead of electronics based? What will home based child care need?
I don't mean to derail the thread, but I guess with an uncertain future, and a bit too much extra time, my mind wanders a bit. Small business owners in general think a bit differently than those who work for big organizations. We also try to support other small business, buy local, etc. We will get through this, but I can't imagine things going back to "normal".
I may have to do the same (applying for disaster assistance) as
going to be tough forecasting my potential revenues/profit with such a shaky economy for the foreseeable future. Just going to keep plugging along and make the best of the situation. I certainly feel for both of you guys. Small Business is going to be devastated as this is going to effect the supply chain of every type of business in every industry. Hope we can all weather through this.
I share your sense of optimism, us entrepreneurs are always seeking ways to target new markets and new opportunities. This situation, for better or worse, is certainly going to make many new opportunities, like some you have mentioned. While many cafes and restaurants will be closing their doors for good, new ones will come in eventually, and their will be a huge repo market in equipment which means low prices and upgrades for me.
We’ve been catering to a lot people for working from home and if that market truly does expand, then I will be ready to target them. Right now I have viewed this more so as an opportunity to truly get creative, while I opened with the intentions of being primarily a B2B, I make more profit on retail sales anyway. So while my volume has taken a hit, I am making more profit on what I am selling, I will find a way to balance things out, and if retail takes off then it may be even better in the long run for me.
I think key to getting through is really leaning on your local networks, and local communities, continue to provide them with an excellent service and as long as they value it, you may be surprised the amount of support you get shown. I know that has been key for us.
Just survive the wave of this. There will be a lot of pent up demand. Many economists think this could be a V-shaped recession. Those people with cabinets waiting to be put in. People who put off purchases. Think of all the people cooped up who will just love to go out to meals and movies. Yes, some will be hit, money may be tighter after this. But there will be a bounce back for a lot of business. Just stay afloat to get there.
Post 9/11, new opportunities existed, think about security, hardware, software, the list goes on. This has some similarities in that sense.
But I am curious what the personal/mental effect will be? How the various generations will respond to all of this. Will people grow closer together (at least for a little while) like after 9/11? Keep their young adult kids from moving to distant cities? Will they spend their money differently knowing they may need to keep a little more in savings? What people do with disposable income is huge. Will the expensive car, clothing, or shoes, mean the same? Will they not purchase as much from China and seek more local sources? (That is a big one for me.) We shall see.
Woodworking is 30% sanding. Kind of boring to some, therapy for others. Been sanding for the last three hours, thought provoking questions is obviously where I go. Stay strong guys.
PA Auggie -- where are you located? My home construction is on-hold in Lake Wallenpaupack so curious if you are around that area and then maybe we can email each other if you are
PA Auggie -- where are you located? My home construction is on-hold in Lake Wallenpaupack so curious if you are around that area and then maybe we can email each other if you are
I am way south, in York, Pa. (The area that is commonly, and accurately, called Pennsyltucky. Long story how I ended up there...) I live only 14 miles from the Maryland border. We have a rental house in Hemlock, so I get up there to check it out once in a while, but it's about a 3 hr drive up 81. What kind of work do you do? New homes, renovations?
PA Auggie -- where are you located? My home construction is on-hold in Lake Wallenpaupack so curious if you are around that area and then maybe we can email each other if you are
I am way south, in York, Pa. (The area that is commonly, and accurately, called Pennsyltucky. Long story how I ended up there...) I live only 14 miles from the Maryland border. We have a rental house in Hemlock, so I get up there to check it out once in a while, but it's about a 3 hr drive up 81. What kind of work do you do? New homes, renovations?
I am building a vacation home for the summers. I have a contractor on the project. We are waiting for foundation to install once the ban lifts. It was supposed to be installed March 23. So one day at a time
Hospitality is going to be hit extra hard, I think the sad reality is many businesses that have closed their doors will never reopen them. One of our bigger collaborators (a pretty well established brewery) has laid off everyone top to bottom, and just halted production. My restaurant and cafe friends are all unsure how long they will be able to weather the storm, they can’t take in debt and have no cash flow. It’s really just the beginning but I don’t know what the future has in store for us. It is going to be ugly.
I haven’t found any sort of grant program yet, I have heard the loans are a joke ( may be interest free For a period, but full payment is due in lump sum at end of term?) that’s not going to help at all. What are you finding available?
In my case the insurance companies are allowing the clients to stretch out their payments beyond their normal payment schedules. Unfortunately some of my clients simply won't make it and will be out of business and therefore cancel their policies. I should be OK through April and May but as the cancellations and premium reductions continue I will be effected. By June and July we will see the premium refunds being issued due to the cancellations etc. We are all working from home and answering calls. Mainly just doing our best to reassure our clients. New business is at a stand still.
I applied for disaster assistance under the assumption that I will be impacted later down the road. If not needed I will simply pay it back in full.
I know this is not the official virus thread, but I think all of us business owners (people in general?) will view the world a bit differently as we slog through this. We as business owners, may diversify our work/interests, in order to protect ourselves from future disasters. We may also try to enhance our businesses. There are many business opportunities that will open up due to this. I am thinking more people may work from home; home office space/desks/organization will increase. Cleanliness of homes; how much filtration is there in your HVAC system? How easy is it to clean the surfaces of your home? How comfortable are you in your home for extended periods of time? If kids at home become a more regular thing, will some go back to more hands-on activities from years ago (art, music, legos/building) instead of electronics based? What will home based child care need?
I don't mean to derail the thread, but I guess with an uncertain future, and a bit too much extra time, my mind wanders a bit. Small business owners in general think a bit differently than those who work for big organizations. We also try to support other small business, buy local, etc. We will get through this, but I can't imagine things going back to "normal".
We’ve been catering to a lot people for working from home and if that market truly does expand, then I will be ready to target them. Right now I have viewed this more so as an opportunity to truly get creative, while I opened with the intentions of being primarily a B2B, I make more profit on retail sales anyway. So while my volume has taken a hit, I am making more profit on what I am selling, I will find a way to balance things out, and if retail takes off then it may be even better in the long run for me.
I think key to getting through is really leaning on your local networks, and local communities, continue to provide them with an excellent service and as long as they value it, you may be surprised the amount of support you get shown. I know that has been key for us.
But I am curious what the personal/mental effect will be? How the various generations will respond to all of this. Will people grow closer together (at least for a little while) like after 9/11? Keep their young adult kids from moving to distant cities? Will they spend their money differently knowing they may need to keep a little more in savings? What people do with disposable income is huge. Will the expensive car, clothing, or shoes, mean the same? Will they not purchase as much from China and seek more local sources? (That is a big one for me.) We shall see.
Woodworking is 30% sanding. Kind of boring to some, therapy for others. Been sanding for the last three hours, thought provoking questions is obviously where I go. Stay strong guys.
I am way south, in York, Pa. (The area that is commonly, and accurately, called Pennsyltucky. Long story how I ended up there...) I live only 14 miles from the Maryland border. We have a rental house in Hemlock, so I get up there to check it out once in a while, but it's about a 3 hr drive up 81. What kind of work do you do? New homes, renovations?
Quote:
PA Auggie -- where are you located? My home construction is on-hold in Lake Wallenpaupack so curious if you are around that area and then maybe we can email each other if you are
I am way south, in York, Pa. (The area that is commonly, and accurately, called Pennsyltucky. Long story how I ended up there...) I live only 14 miles from the Maryland border. We have a rental house in Hemlock, so I get up there to check it out once in a while, but it's about a 3 hr drive up 81. What kind of work do you do? New homes, renovations?
I am building a vacation home for the summers. I have a contractor on the project. We are waiting for foundation to install once the ban lifts. It was supposed to be installed March 23. So one day at a time