The Texas Veterans Commission’s Entrepreneur Program offers the following tips and resources to small businesses to face the challenges brought about by the COVID-19 pandemic and resulting business downturn.
Brainstorm creative ideas. Phone a friend, Zoom a business mentor, call a family conference. Do not underestimate ideas of young children and teens whose tech savvy ideas may be just the right out-of-the box idea that moves your business forward.
Review business finances and cash flow. What expenses can be cut, suspended, or eliminated altogether. Can automating a process help?
Market on! Do people know that you are still around? Can you create goodwill in your community? Review and revamp your marketing strategy.
Reflect. Complete a SWOT (Strength, Weakness, Opportunity, Threat) analysis of your business. Are there Strengths and Opportunities that can help overcome Weaknesses and Threats to your business?
Expand a product line or service. Is there something you can make or do to fulfill a current need in the marketplace?
Pivot. In business, pivoting is a tool that can be used to identify areas of growth.
Seek out different loan or grant opportunities. Some communities have their own programs, including the following:
LiftFund – https://www.liftfund.com/covid-19-loan/
PeopleFund – https://peoplefund.org/covid-19-disaster-relief-funding-programs/
US Chamber of Commerce Foundation –
Artists in Greater Austin – https://www.austincreativealliance.org/emergency
Professional Beauty Assoc. – https://www.probeauty.org/covid-relief-fund-application
MULTI-STATE PROGRAMS
- Facebook Small Business Grants Program
- James Beard Foundation Food and Beverage Industry Scholarships and Grants
- Kiva US Small Business Loans
- Opportunity Fund COVID-19 Small Business Relief Fund
- Restaurant Workers Community Foundation COVID-19 Relief Fund
- The Main Street Initiative by Mainvest
- Small Business Administration Disaster Loan Assistance
- Verizon and LISC Small Business Recovery Fund
Want to connect with a TVC Veteran Business Consultant to discuss your business? Submit your information online and one will get in touch. Click on Entrepreneur.