Opened business as virus arrived in US

[KarefulKactus15]

So yeah.
Opened a service business - first day open was March 9th.

Pretty bad timing.  Luckily it was a very lean and efficient startup so there aren't really any big bills.

Hopefully in 4 months or so this pandemic will blow over.  -

[Uturn]

That is some bad luck timing.  What kind of service?

[KarefulKactus15]

Beauty / salon

I think it'll be fine in the long run.  Another guy here in town opened up a BBQ place about a week after me- his timing is worse. 

One day of business including grand opening and the next day all food mandatory take out only.   It's dead in there.

[KarefulKactus15]

Well - now's theres  a state mandate to stop all salon services. (Not that there were a ton with what's going on)

But this will cut off the last few customers that were paying the bills.

Not sure how long this will last.

I'm surprised there's not more chatter in this sub about affecting people's brick and mortar business.

[utaca]

I'm surprised there's not more chatter in this sub about affecting people's brick and mortar business.

I'd think it's likely because there's a large number of professionals (engineers, lawyers, etc.) whose jobs are slightly less vulnerable than brick and mortar businesses.

Best of luck to you!

[Lamancha]

I've got a brick and mortar business and I'm getting hammered by this.  It's a travel based service business to boot so......Yeah.  Thankfully this forum taught me to keep a very large emergency fund for when situations like this happen. That being said, if covid-19 would have happened a week after I bought the business I would have been in trouble.

Do you qualify for any of the SBA loans coming out?  I think most require that you were in business on Feb 15, 2020.

[KarefulKactus15]

Ive read several applications - It looks like it wont qualify for multiple reasons.  We have no 2019 tax filing or 2020 quarterly payments. Additionally no funds have been removed from the business for payroll or withdrawal.

I guess I'm just grateful it was a lean startup. The business emergency fund wasnt very big yet, so Ill be carrying it from personal fund if this carries past May. 


Its funny how things happen unexpectedly. My girlfriend had a 3 step fall back plan for opening the business in a low risk manner including primary employment, business income and secondary employment so she wasnt overly dependent on any 1 income.   All 3 ceased by state order.   - Cant plan for stuff like that.

Luckily Im still employed with 2 or so years of funds available without selling any stock.  This too shall pass...

[expatartist]

Oh no, what terrible timing. Is there a way the space can be used in some way to build your virtual brand while you wait this out? Ie building a buzz for the services like giving tutorials from the salon? To build up a fan base until you can open.

So much of life is online at the moment. My open studios for work have gone virtual, a friend gave a virtual open house to rent her flat since they didn't want visitors in their home, etc.

Best of luck.

[KarefulKactus15]

I actually like that idea

[FIbutnoRE]

Awful timing. Hope you are able to chase the dream when it's all over. I started an "airbnb for salons" (to rent out extra booth space) the week before the virus (backbar.io). As a software company, we were able to pivot but I got to know a lot of salon owners while trying to build the business and its heart breaking how many are in really awful financial situations. It's hard to imagine what else barbers and stylists can do in this quarantine but I'm hopeful they'll be able to acquire some new skills and grit through it.

[KarefulKactus15]

Interesting concept. It seems similar to shearshare.  Don't forget those massage/ skin spaces!

I have some excess capacity I'd like to utilize at some point.  Might have to check in later and see how the customer base ramp up is going.