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Entrepreneur tips & resources for business downturn

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:

LiftFundhttps://www.liftfund.com/covid-19-loan/

PeopleFundhttps://peoplefund.org/covid-19-disaster-relief-funding-programs/

AssistHer Emergency Relief Grant

https://twu.edu/center-women-entrepreneurs/assisther-emergency-relief-grant/

US Chamber of Commerce Foundation

https://www.uschamberfoundation.org/article/financial-assistance-small-business#pennsylvania–wisconsin

Artists in Greater Austinhttps://www.austincreativealliance.org/emergency

Professional Beauty Assoc.https://www.probeauty.org/covid-relief-fund-application

MULTI-STATE PROGRAMS

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.

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