How Coronavirus Impacts Home-Based Businesses

Written By Charlotte Insurance on April 8, 2020. It has 0 comments.

a mother running her home based business with her daughter in her lap amidst the covid-19 pandemic

Shelves are empty. Stores and businesses have shut down. Many more people are working from home than ever before. Coronavirus has touched every facet of life. As someone who owns a home-based business, you may be feeling the strain in different ways. If any of this feels familiar, you’re definitely not alone.

Shelter-in-Place and Stay-at-Home Orders Keep You Inside

If your home-based business included craft markets, vendor shows, or meeting clients in coffee shops, you’re already feeling the impact of COVID-19. Your in-person sales are down to almost nothing, and any plans you had for spring and summer income, as well as goods, are out the window.

It’s worth looking into the grant and loan programs available through the CARES Act. Find more information here.

Online Sales Fluctuating

For some business owners, online sales are booming — making it difficult to keep up with demand, a good problem to have. For other home-based businesses, online sales have dropped as your customers spend their money elsewhere. If business is up, take advantage of it while you can. And if it’s not, consider your financial options available through the federal government and/or your bank.

For anyone whose business is usually in-person only, now may be the time to open an Etsy shop, set up a website, and take things online. You may not see booming business right away (unless you sell reusable face masks!) but you’ll set yourself up for future success even after this crisis passes.

Kids at Home Take Up Work Time

We all love our children, and we’re glad they’re home where they can be safe. But let’s be honest — between their Zoom classes and need for multiple snacks a day, you’re probably not spending as much time on your business as usual. It means slowing down completely or pushing your work to the nights and weekends.

If the best way to get some work done is to hand your child a tablet or smartphone and let them play a game, we won’t judge. Working on your business is more challenging, but it may also be what keeps your mind off the news, too. Do what you need to do as a parent and a business owner.

Protecting Your Business is More Important Than Ever

Insurance for home-based businesses is more affordable than you may realize. Even as you wait to see what happens with coronavirus, other emergencies can still impact your business — home fires, storm damage, theft, and more. Protect your investment and yourself with a business insurance policy.

Basic home-based insurance policies include multiple forms of coverage:

  • Liability in case of injury, damage, and other forms of harm caused by your product or service
  • Business property coverage
  • Loss of business income
  • And more

While a new business insurance policy will be unlikely to help with the impact of COVID-19, it can help keep your home-based business afloat in many other instances. Contact Charlotte Insurance today to learn how we can help you protect your business.

Leave a Reply

Your email address will not be published.