Written By: Tameka Bazile @tamekabazile.co
Photo Credit: @brandaohh on Instagram
There’s no stopping entrepreneurs and business owners from telling you about “multiple streams of income” on a regular basis. Yet, no amount of money or income could’ve prepared any of us for the crash of consumerism and, quite possibly, our economy as a result of COVID-19.
Multiple sources of income are incredibly freeing when you look at it through the lens of a bustling consumer market but when consumerism comes to a screeching halt, how do you prepare for the financial stress that’s about to come down on you?
Millennials, on average, make about $36,000 per year and have a net worth of about $8000. Coronavirus has already contributed to thousands of layoffs across the tri-state area with the income of thousands more being halted due to the closing of brick and mortar stores and restaurants. So how do you protect your coin and set yourself up for an upward curve at the end of all of this?
KNOW WHAT TO EXPECT AND WHAT WILL REMAIN UNEXPECTED
Predictions for the length of this social distancing range from another 3-weeks to 3-months. Can your family handle 3-months of bills? Start by reaching out to your debtors, bill collectors and all related companies are discuss their options during this time. Most loan companies are offering delayed payments or no interest to support the economy and their customers. Take advantage of these opportunities.
ACCOUNT FOR TAXES
One of the funniest (while simultaneously being not funny) jokes of our beloved society is the cost of having to file our own mandatory taxes. As a result of Coronavirus, the tax deadline has been pushed back to July 15th. Hopefully, this delay allows you some space within your budget to ride out your needs during this time.
DON’T FALL AWAY FROM YOUR MARKET
If you are an entrepreneur or a business owner or even if you’ve been sitting on an idea for a while, now is the time to really connect with your ideal client and drive your business. If you’re an already established business owner, it may also mean pivoting in your marketing efforts.
The closing of physical businesses gives business owners a new opportunity to market using newer forms of communication. Influencer marketing and a targeted social media presence can help to keep eyes on your business, contributing to more sustainability for your business in the long run and even a boom in revenue once this is all over. Streaming services and social media will see an unprecedented spike in user engagement within the next few weeks. How will you take advantage of the new eyes on your business?
Coronavirus is unlike anything our predecessors have seen, leaving us empty-handed when it comes to guidance on managing the financial repercussions of social distancing and quarantine. Riding this and coming out fairly unscathed requires a fiscal strategy that works whether we are down and out for 3-weeks or 3-months.
How are you managing your budget in the midst of social distancing?