Watch your money closely

Not only is this a time filled with panic, fear and uncertainty, it is also a time when people are looking very closely at their money and they definitely should.

These are very uncertain times, not only do we not know how long the lockdown definitely might be, but also, everyone’s jobs are at risk. Business owners are trying their best to support staff during this time, but have you thought about what would happen if we get closed off /locked down or isolated for three months or more.

Our country has never been in a situation like this before and it is crucial that you take care of your future. Look at your money, know the numbers and what you can and cannot do. Take a close look at your bank statement and see what deductions you have. Analyze this closely.

Do you need all the subscriptions you currently are subscribed to? Do you borrow money with extreme interest rates? Do you shop for stuff you don’t need? Do you spend money on your credit cards and pay back 3 or 4 times the value of the bought items?

Could you be saving money in small areas you didn’t even know about before? Each saving counts. Every R50 adds up together that you could be saving going forward. You have been given time now to re-look your life and dig deeper into the smaller parts where you could be making life-changing changes to better your life going forward.

One area you should be saving money on now is your transport, petrol or any form of transportation you use to take to get to work. Maybe this is one area you can re-look  or think of a way to travel differently.

Have you thought about working from home? Starting your own business and being able to not possibly lose your job if anything like this should ever happen again? I think many people will be placed in this position by force now if small businesses do end up closing their doors permanently.

Let’s look at a few businesses and some possible ideas of how they could either try to generate money coming in now, during this lockdown, but also continue this method of income, even when business is back to normal.

If you are in the service industry, like salons, hair, meditation… you could look at selling your physical products now online, make videos on how to do things at home and charge a small amount for these educational videos. You can have one on one calls with your customers for meditation or coaching and charge for the session upfront. You could teach and coach people how to start their own business from the industry you are in. Do at home videos for moms and kids to do at home and build your community this way.

A product-based business that sells items on the shelf, can go online, but also do training on their products, do courses or educational sessions with groups via zoom or another video platform. The more people know about your brand, the better.

I believe if you have a product-based business, even things you bake, make, paint or design, you should still focus on selling your items via email, video and calls and place the orders for now, and deliver as soon as lockdown is called off. Think to the future, don’t wait for the lockdown to be taken down first to start selling again. After the lockdown you should have orders pending and ready to go already.

Just remember, not everyone is short in cash now. Not everyone is losing their jobs and not everyone is panicking about the future. You need to take care of your business and your future, so sit down and start thinking creatively. YES, you will need to do things for the first time, showing up more on email, video’s and calls, because now your customer has nothing else but time to hear you out.

Dig deep now, hustle while you have the time and make sure you consume positive content to keep your mind focused and ready to improve.

Keep safe.

Nicolene

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