There are dangers in re-opening your business too early after COVID. It’s important to remember that when a business is closed, nearly all expenses are on pause. Rent is likely forgiven for some months, employees are not there. The electricity and water are not on, and there is no need to purchase supplies for the business.
Re-opening a company too early would mean that the rent would begin again, along with employee expenses, utilities, supplies, and in addition to that sanitation and PPE as well. Yet it may still be too early for people to feel comfortable to go out into high density areas and you will likely be running well under capacity.
Although we aren’t experts in this kind of economy, we are concerned that some companies are not quite ready to open. Operating with full expenses, including new expenses, and a reduced customer flow may result in some companies being in serious trouble. Waiting a few weeks longer may be better in the long run.
Erik J. Olson is an award-winning digital marketer & entrepreneur. The Founder & CEO of Array Digital, he is also the host of the Journey to $100 Million Flash Briefing and daily podcast, and the organizer of the Marketers Anonymous monthly meetups.
Kevin Daisey is an award-winning digital marketer & entrepreneur. He started his first company when he was just 23, and is the Founder & CMO of Array Digital. Kevin is also the co-host of the Journey to $100 Million Flash Briefing and daily podcast, and the co-organizer of the Marketers Anonymous monthly meetups.
For more information on the show, and to check out past episodes, go to journeyto100million.com!