4 minute read
Shifting to a Home-Based Business in the Time of COVID-19
Shifting to a Home-Based
Business in the Time of COVID-19
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by Susan Scotts
Right now there are so many unknowns for our future and so much fear, uncertainty and doubt in the world. Many people have been furloughed, laid off or let go by their employers. According to The Wall Street Journal (WSJ), “The coronavirus pandemic will cause a severe economic contraction, 14.4 million job losses and a spike in the unemployment rate this spring.”
In a WSJ survey of business and academic economists, it is predicted that the unemployment rate will hit 13 percent in June this year and still be at ten percent in December. To give you an example, the jobless rate in March was 4.4 percent. The world, and employment, as we know it has shifted. SHIFT HAPPENS. But we have to remember that it is not what happens to us, but how we react to it, that is truly important.
Perhaps you have always wanted to work for yourself or would like to learn how to become more self-sufficient. By leveraging a proven system of doing business, also known as a franchise, you can! There are many low-investment, excellent opportunities that will allow you to leverage your talents and background which are either homebased or virtual. These businesses will allow you the flexibility to be there for your children and your family, to take time to travel, and to do what you want when you want to.
This allows you to be in control, so that if a next government ordered seclusion comes, you can still have the opportunity to create income for yourself.
Why not use this quarantine time wisely to learn about new opportunities and perhaps spark the change we need in key areas of our lives? Now is a perfect chance to re-evaluate our priorities and re-think what is really important to us going forward.
There’s never been a better time to learn what home-based or virtual businesses might be a good
match for you. There are also options for essential businesses that can really help your community. The Small Business Administration (SBA) has just approved forgiveness for the first six months of any new SBA loan. Not only can you possibly use the government›s money to fund the business at the lowest rates ever and pay yourself a salary, but the SBA is offering to forgive the first six months in payments in some cases.These incentives are for a limited time only, so why not investigate all the options available to you as you consider your current options. Gather the facts and information versus living in fear and waiting to see what happens. Last I looked, hope is not a good business strategy! And as one of my clients best put it, “There’s never been a better time to get into business than now.”
I’m hoping the country can return to normal for everyone’s sake soon, whatever the “new” normal is going to be. Are you going to allow things to happen to you, or are you going to be proactive and in control by creating your own future? As Alan Larkin so wisely put it, “Planning is bringing the future into the present so that you can do something about it now.”
Susan Scotts is a multiple award winning career transition coach with The Entrepreneur’s Source® and possesses three decades of experience in helping empower individuals to become entrepreneurs through franchise business ownership. For a complimentary consultation, she can be reached at 561-859-9110 or SScotts@EsourceCoach.com.
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