If you thought that your luxury business would be safe in the pandemic, you’re probably wrong. The truth is, everyone has been affected by the current situation, no matter what industry their business falls into, and whether it’s small or large.
Everyone has been affected in different ways, which means that the struggles you’re experiencing with the business right now might not be the same as someone else’s. If you’re wondering what to do to salvage your business through this, let’s talk about it. Here are four tips for saving your luxury business.
1. Consider Automating Your Leads
One of the most important things to do right now is to make sure that when your business is up and running again, you can attract new customers at a much faster rate. If we go into recession, you’ll need to put twice as much time and effort into finding new customers, but realistically you’re not going to be able to double your schedule.
This is where lead automation comes in. It’s a great way to generate more leads at a much faster rate, and the best part is that a lot of the boring stuff is taken care of so that you can focus on the interacting side of things.
2. Set Up Customer Contracts Now
While you might think that you need to wait until this has all blown over to start selling your luxury business again, there’s actually no reason why you can’t start right now. If you’re able to, consider putting new customers on contracts right now.
If this is too difficult, at least try to have those networking conversations with existing clients and potential customers right now. It’s also worth addressing the coronavirus with them directly so that they can keep up to date with when your business will be open again.
3. Cushion Your Funding
There’s a good chance right now that your luxury business has bills piling up that you need to pay – not to mention additional overheads, like rent. If this is the case, then you’ll need to make sure that you can still service these overheads, even while it’s not making any money.
If you want your luxury business to survive these times and come out the other side relatively okay, you’ll need to cushion your funding and prop it up a bit. Consider a short-term loan option, like a personal or title loan. Just look up ‘how to get a title loan’ online for your local lending choices.
4. Offer Discounts Now
While you will undoubtedly have to start your business again with discounts, it’s also worth creating discounts now that can interest clients for the time being. While you might not make any real sales from them, this will help them look forward to what is to come and keep them hanging around.
If you own a luxury business right now, things might be looking a bit precarious. However, if you’ve got the right tools and resources, you should be able to weather the storm and bring it through all the way to the other side.
Wealthy entrepreneur
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