How to Save your Retail Business During an Economic Collapse

During this unprecedented US Economic Collapse, non-essential small businesses are hurting the most.  

If you are a retail business owner and have given up on your business then you should not have been in business.
- Now is not the time to give up but to be creative and think of various ways how to keep the business afloat during challenging times. 

6 Ways Small Business Retailers can Save their Retail Store during an Economic Collapse 

1. Hustle - /ˈhəsəl/ - hus·tle 
 - Obtain a forceful action

To have the courage, confidence, self-belief, and self-determination to go out there and work it out until you find the opportunities. 

2. Create - /krēˈāt/  - cre·ate
- Build an item, and or idea. Bring something into existence. 
 - Generate - Produce - Design - Develop - Originate - Mold 

Think outside of the box you created for yourself. 
Now is the time to create something your customers have been requesting and asking for that you never had the time too. Now, all we have is time. 

3. Relationships - /rəˈlāSH(ə)nˌSHip/ - re·la·tion·ship
  - The way in which two or more concepts, objects, or people are connected, or the state of being connected.

You should already be in connection and communication with your customers prior to this economic crisis.  If you weren't now is the time. There are many ways to keep the connection with your customers. 
  • Social Media
    • The internet can be a curse or a blessing. Now it is a blessing. There are many free platforms available that will help in building new consumer relationships and deeper relationships with existing customers. 
    • Great opportunity to create virtual visual merchandising plans. 
  • Email Marketing Campaigns
    • Whether that is keeping your customers informed of reopening dates, inventory status and etc.
  • Virtual shows and meetings 
    • Inviting your tops clients to a virtual trade show using Microsoft Teams, Facebook Live or Youtube Live, or private group meetings showing your latest collection. 

4. Branding
 - It is intangible, is what you want your customers to feel when they think about your business; an experience. 
A name, term, design, symbol or any other feature that identifies one seller's good or service as distinct from those of other sellers

Create a distinction between your Brand identity and Brand image. 
  • Ask yourself = Who, What, Why.
  • Communication, Logo, Behavior, Mission, Vision, Culture, Design
Keep it fresh, modern, and up to date. If you are a DIY enthusiast and technology savvy use Youtube and Google to help update your brand. You may have furloughed your Graphic Designer at this time to keep overhead costs low. To help use apps Upwork and Fiverr to hire freelance Graphic Designers to assist in ensuring your Branding is professional and executed in a way that will help convey your message. 

5. Reinvent - /ˌrēinˈvent/ - re·in·vent
to change something in a basic way so that it works differently

If your company is more than 10 years old, CONGRATULATIONS! Please use this time to redo your business plan to reflect the modern times and allocate for a crisis and or natural disaster. The internet has changed the world in a very dramatic way. If your business was created prior to the internet please it is time for a change.  

If your business is less than 10 years old being creative is more important now than ever before. Do not be afraid of change be afraid of not changing.  

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