How Your Industry Can Generate Revenue Amidst COVID-19 Shutdowns
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How Your Industry Can Generate Revenue Amidst COVID-19 Shutdowns
April 21, 2020
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How Your Industry Can Generate Revenue Amidst COVID-19 Shutdowns

The COVID-19 crisis has caused economic stress for businesses across many industries. Understandably, it can be stressful to have your business’s revenue reduced (or in some cases, completely halted).

If your business has been affected by COVID-19, it’s crucial that you brainstorm ways that you can continue generating revenue until conditions improve. In this post, we’ll provide some ideas on how you can make sales in the meantime, highlighting industries that have been especially affected by COVID-19 safety measures.

How Can Your Business Earn Revenue During COVID-19?

Restaurants

Unfortunately, the restaurant industry has been hit hard during this trying time. Many restaurants have been forced to close their doors until further notice, only being able to offer takeout or delivery services. Others can’t afford to operate in this way and have closed until restrictions are lifted by their state.

If your restaurant is currently providing takeout and delivery services, we encourage you to continue offering them if operationally possible. If you can afford it, consider giving patrons a discount so that they’re more likely to place an order.

In addition, you could give away small “freebies” to keep customers coming back during this time. For instance, if your establishment offers a specialty dessert, provide it as a small treat when patrons place a delivery order.

Another way to generate income during this time is to offer discounted gift cards. Patrons will be looking forward to visiting your restaurant once it is safe to do so and having a gift card will give them something to be excited about. Plus, you’ll have some additional income to help you stay afloat during this time.

Retail Stores

Like the restaurant industry, many brick-and-mortar retail stores have been forced to close their locations to lessen the spread of COVID-19. To ensure your business can still generate income, we suggest selling items on your website until locations can be reopened.

If you don’t have an ecommerce store already, post items on your website or social platforms so that customers see what’s available. You can ship items or provide curb-side pickup if possible.

As previously mentioned in the restaurant section, your retail store can try selling discounted gift cards to patrons. This is a great way to make sales during this challenging time while also staying top-of-mind to your customers when they’re able to visit your store again.

Medical Practices

If your medical practice isn’t a general care practice, walk-in clinic, or emergency room, your office may be temporarily shut down. If this is the case, you can still serve your patients by offering virtual consultations and services. Although this isn’t ideal, you won’t have to completely pause your services and can still generate some income.

If your practice sells products (for example, a dermatologist may sell topical solutions or an ophthalmologist could offer glasses and contact lenses), continue to provide them to your patients. Coordinate shipping or curb-side pick-ups so that patients aren’t without necessary medical care, and your office staff isn’t too over-burdened when you’re able to open your doors.

Event Services

Because of recommended social distancing, events such as weddings, funerals, concerts, and conferences have been canceled over the next few months. If your business is in the event services industry, it can be challenging to know how to proceed.

So, if your business can’t host or service events in the coming weeks or months, start working with clients on rescheduling events for a later date. In addition, you can earn new clientele by offering virtual tours and phone consultations. Although this isn’t ideal, these changes will help your business remain profitable, and you can continue to support your clients.

Conclusion

During these challenging times, it’s important to find new ways to keep your business afloat. By implementing new measures to generate revenue, you can ensure your business’s future.

Have any other suggestions for business owners in these industries? Share them in the comment section below.

Fora Financial

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

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Fora Financial is a working capital provider to small business owners nationwide. In addition, the Fora Financial team provides educational information to the small business community through their blog, which covers topics such as business financing, marketing, technology, and much more. If you’d like to see a topic covered on the Fora Financial blog, or want to submit a guest post, please email us at [email protected].