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How is America’s Small Business Community is Doing Since the Coronavirus Crisis

The financial crunch from the coronavirus pandemic has hit all across America, and small businesses have felt the impact. The restrictions have had millions of people taking refuge from the outbreak by staying home and avoiding shopping trips that are not necessary.

An analyst predicted that businesses and their distribution from coronavirus could lead to about a 1,500 or more permanent retail stores that would be closed in the year 2020. The Economic Policy Institute predicts that this disease outbreak could wipe out more than 3 million jobs from the economy of the U.S. before this summer.

These concerns have already started for small businesses all around the country. A recent Goldman Sachs survey of more than a 1,500 small business managers learned that more than 50 percent of them don’t think even after the pandemic they would resume their operations, because of the present conditions they suffered in the hands of the outbreak.

Different states in the U.S. have already told businesses that didn’t sell products that were essential to temporarily close. Even in states where the case is different, some small businesses have already closed shops totally or reduced their business hours dramatically as a result of fear from the pandemic.

The Case of a Small Scale Business Woman in North Carolina

One of these small business owners stated she never could have imagined being closed for weeks. She owned a jewelry boutique store in North Carolina.

This particular business woman closed the doors to her store on March 16, 2020, after a very busy previous day. She was concerned that people around were not taking the threat of the disease seriously enough. Her shop normally sees about 15 to 20 people on a normal day, but that previous day was slower than usual; she still had about 25 customers throughout the day.

She felt like it was her duty as a citizen to serve as part of the solution, not be part of the problem. It was her choice to close her shop instead of being part of those ignoring the instructions from the government and the recommendations of social distancing. North Carolina has not organized everyone on the close of non-essential businesses, but it has ordered bars and restaurants to only offer delivery services or takeout.

Presently for retailers across the country, they continue to remain closed and will be closed for many more months. The owner of the jewelry store has no idea when she can open shop again. It feels like it could take months before some form of normalcy could continue. 

With the cash flow from business cut off abruptly, she is left to think about how she’ll cover the rent for her store, which is about $3,800 monthly. She stated her landlord let her defer the expense for about two months with potential for her position to be re-evaluated down the road.

Times are hard, and we can only hope the coronavirus pandemic will be over soon.

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Starting an eLearning Business? Here’s What You Need to Know

Starting a business can be an arduous task, but when it is done well, it is worth all of the hard work and effort. Just a few decades ago, businesses had to be purely physical, with employees and a physical space to be considered valid; however, with the invention of the internet, things have changed very quickly.

The most successful businesses today cater to an online service or have a huge database online. This is because having a business on the internet gives you more opportunities than you would normally have if you were to remain in your local environment.

Services like stores where traditional buying is done tend to be the ones that work best on the internet. For example, fashion stores have a huge audience online. Another service that works well online is eLearning, or electronic learning. It is a situation where people acquire a more formalized education online. If you’re interested in an eLearning business but not sure of how or where to start, check out these five tips.

5 Tips to Start an eLearning Business

  1. Pick a Field – If your eLearning Business is completely brand new, you might want to start off with just one field. It can be easy to give in to the temptation of offering education in many fields, but you shouldn’t. You have to take into consideration the amount of work it’ll take and whether you’ll be able to sustain that level of production. Start small and eventually branch out.
  1. Specialization – This is where you pick a niche of your own. You have a better chance of success if you pick an aspect you’re exceptional in and capitalize on that. Having a niche will build you a more loyal group of customers who will turn invite other people to patronize your eLearning business.
  1. Meet a Need – In each field, there are areas where the need is greater, areas where the supply is not sufficient for the demands. Do your research by asking interested friends and people in that field what they struggle with. Read the comments concerning your field on social media and very soon certain problems begin to show up quite often. Pick one of these problems and solve it.
  1. Extensive Product Research – Compare the designs of already established eLearning businesses and see what they have in common. This does not mean that you should copy them, but if you study their interface, production, and the portrayal of their classes, you’ll understand why they are so successful. You should also take into consideration what the customers want. Read the low ratings of these platforms and work on avoiding their mistakes. This will help you create a product that people will want to purchase.
  1. Create your Website Platform  – The next thing to do is create a platform that best suits your eLearning business. You can opt to do this yourself or pay a professional.

These are the five steps to successfully starting an eLearning business. Once this is done, you invest in strategic advertising. If you have any questions or extra tips, share them in the comment section below. Thanks for reading.