As country after country across the world announces a national crisis from the coronavirus the events industry has been hit hard. Social distancing and people losing their incomes mean the industry as a whole has taken a nosedive. In this blog post, today we look at what you can do right now to stay afloat and what you need to do to get ready to relaunch your business stronger once we come out the other side.
When adversity strikes in your balloon business you have 2 choices. You can either allow the stress to cripple you which means in effect you do nothing! OR you can accept its happening and look to see what you can do with what time and resources you do have and give yourself the best chance of coming through it quickly and stronger than before.
Here are 10 tips to make sure your balloon business stays afloat for now and are ready to relaunch with a bang as the virus passes locally!
- So number one and the most important thing is to keep safe! Look after yourself, your staff and your loved ones. Make sure you are adopting practices that reduce the risk of getting ill or making others ill. Follow the government guidance and do not put yourself or others at risk.
- Talk with customers affected by cancelled events – Decide on your policy for people having to cancel balloon orders and reschedule and firm up your postponed appointments so you have them in the diary and guaranteed income for when this storm passes.
- For those of you who are in countries not badly affected by the virus yet which are not in full lockdown look at the opportunities around contactless balloon deliveries and collections for everyday events. Make sure you operate in a safe way to prevent the infection from spreading but there may be a way you can still take balloon orders for everyday events such as birthdays, anniversaries etc. Look at local florists, if they are still out delivering is there a way you can continue to get some income for your balloon business before full lockdown. Be sure to evaluate if it is safe to do so I absolutely do not recommend you take unnecessary risks, both to yourself and the public at large.
- Sort out your emergency finance strategy. In a very uncertain world right now you need to get to grips with how you are going to continue paying the bills. Look locally to see what grants, low-interest loans, tax credits and social benefits are available to you and your family to keep you afloat whilst we weather the storm.
- Work on your business strategy for the future. Right now the future may look bleak and scary but we will come out the other side and entrepreneurs are built to overcome adversity. Adopt a positive mindset that this is a short term glitch in your business and use this time to develop a strategy that will see you relaunch stronger than ever when the storm passes. Watch out for further blog posts to help you do this over the coming weeks!
- Look at your marketing strategy – First of all – don’t stop posting on social media. You need to stay top of mind with your customers. Otherwise, the social media algorithms will think you are no longer of interest and remove you from your customers’ timelines. You need to remain there so that when you relaunch they are the first to know about it. Take time to reflect on your marketing strategy for the future. Often businesses market to everyone when what you should actually be doing is marketing to the customers you want whilst still selling to everyone! Take this time to consider who do you want more of in your business? Who are your POWER customers? Are you marketing in the right place where they are hanging out? Are you delivering the right messages to them? Who could you network with to get in front of more of them? Take this time to really get to grips with your marketing so you can relaunch with a bang once the virus passes.
- Look at your balloon portfolio right now. Where are the gaps? People buy what they see! Take this time to create air-filled and high-profit balloon designs for the types of events and orders you want to do. Build your balloon portfolio ready for your relaunch. When we come out the other side of lockdown people will want to celebrate and socialise big time so make sure you are ready to help them do this!
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- Learn new balloon skills – When you used to do balloons as a hobby you were able to be constantly learning new skills and following your creative path. Running a balloon business often means you spend the majority of your time making a lot of the same designs with little time to learn new skills. Use this time to learn the skills you have been meaning to do for a while. YouTube is full of amazing tutorials for free and there are some great paid tutorials online also.
- Review how you can make your balloon business recession-proof for the future. Whether its the virus this time, or a future economic downturn, a freak act of nature or any other event when the stability of your country is effective the hard truth is your balloon business is likely to take a hit. The events industry is a luxury commodity. During times of uncertainty, people need shelter, food, medical aid and love! Balloons and event decor will not feature high in peoples lists of priorities. Look at what you can do during the good times to secure a financial buffer for your balloon business should this happen again. Consider your business insurance and make sure you choose one that will truly support you during difficult times. Look at your terms and conditions and make sure they are totally fit for purpose. Consider what legal advice your business requires so that the next time you are hit by adversity outside your control you are much better prepared for it.
- Don’t let go of the dream! Keep a strong and positive mindset! You decided to start your own balloon business for a reason… That hasn’t changed. You are an entrepreneur which makes you stronger, braver and more resilient than most. It also means you are capable of seeing the opportunity in even the darkest of times. Understand that this is a temporary moment in time and whilst you may have to make hard decisions now soon you will be back on track and the wiser for having lived and run a business through these difficult times. Keep active in the balloon groups and forums your balloon family around the world are there to support you and keep you mentally strong!
I hope you found these tips useful! Stay strong, stay safe and until next time Stay amazing!
Hi there! It’s so great to have you here! Having grown my own balloons and venue decor business I really want to help you grow a profitable and successful business too! I can’t wait to see where your journey takes us!
Until next time… Stay Amazing!