Adapting Your Home Business to the New Economy

Home Business Magazine|Summer2020

Adapting Your Home Business to the New Economy
Five Home Business Owners Share How It Is Possible
Gerri Detweiler

It would seem natural for home-based businesses to have an edge these days. While other businesses scramble to work from home, they are already there. But that does not mean the work is still there. Just like other entrepreneurs, many are finding themselves having to change their businesses just as rapidly.

Here, five home business owners share how they are adapting to this new and uncertain economy.

Leverage What (and Who) You Know

Chris Chan is the founder and CEO of 3C Strategies, LLC based in Washington DC. Founded in 2017, 80% of the firm’s work is event planning, which ground to a halt in March 2020. Chan has worked to rapidly shift his business. He is doing more graphic design work as well as virtual events production. He has also tapped his network to get consulting work around the Paycheck Protection Program (PPP). He has also applied for COVID-relief funds for his business.

Chan encourages other business owners to be strategic as they seek out new avenues of income. “Working smart is a priority now,” he says. “Don’t burn yourself or your bank account out by chasing phantom leads. Work on engaging your prior clients or ones that nearly pulled the trigger in the past. They are better opportunities for new business than just flooding google ads or social media advertising out to a broad audience.”

Lesson: Build your network and do not be afraid to leverage it.

Be Willing to Stretch

Stephanie Nikirk was living her dream, teaching yoga full-time for a year (StephanieNikirkYoga. com), when coronavirus hit. She had been dividing her time between teaching at a boutique fitness center, a country club, the Sarasota FL County school system, and the Sheriff ’s Department, along with community classes and a few private clients in their homes and hers.

She was surprised at how quickly things changed — and by how quickly she was able to shift her business. “With the flip of a switch, I was no longer teaching in-person yoga sessions, private or group. I had to adapt quickly and move to teaching via Zoom and FaceTime,” she says.

The transition to teaching online yoga from her home went better than expected. The fitness center, Sheriff ’s Department, and her community yoga classes continued online. She picked up new private clients. One couple said that thanks to techniques she taught them, they were sleeping better than they had in decades. Some group class clients said they felt more comfortable taking class from home, and others shared that they prefer the convenience of not having to drive to class.

Nikirk did not expect such positive results, but they are likely to permanently transform her business. “I’m curious what the future will bring,” she muses. “Maybe a hybrid?”

Lesson: Be open to new approaches for delivering your products and services.

Market Your Business

articleRead

You can read up to 3 premium stories before you subscribe to Magzter GOLD

Log in, if you are already a subscriber

GoldLogo

Get unlimited access to thousands of curated premium stories and 5,000+ magazines

READ THE ENTIRE ISSUE

Summer2020