How to adapt your small business to COVID-19 conditions
The conditions of COVID-19 are continuing to impact people from all parts of Canada, especially in areas of the country where a second wave of the virus has led to the tightening of restrictions for many businesses. Small businesses have been particularly affected, with some 50% of businesses reporting a significant impact on revenues since earlier this year. However, amidst all the difficulties that Canadians have faced in the last few months, there have been inspiring stories of small business owners who have adapted their models and rebuilt in these difficult times.
Rebuilding your small business
Judy1 has been the proud owner of a retail bike store and repair shop in Mississauga, Ontario, for the last 12 years. Before COVID-19 hit, she was an empty nester who planned to sell her current home and move closer to the bike trails she and her husband loved. However, the loss of income Judy experienced as a result of the Canadian government’s response to COVID-19 gave her pause. With a reduced income, would she still qualify for a mortgage on a new property?
As a tech-savvy entrepreneur, Judy built a website for her business, which allowed clients to book outdoor bike repairs with curbside drop-offs. She also incorporated an e-commerce site to sell bikes online. As many people have been favouring biking over public transit since the beginning of COVID-19, this change in Judy’s business model allowed her to minimize some of the revenue loss associated with the restrictions on Ontario’s retail businesses.
Judy and her husband decided to meet with a mortgage broker to see if they could still proceed with their plans to move. Their broker took the time to obtain important details, such as their repayment history, their combined household assets, and Judy’s plans to keep her business going as COVID-19 restrictions continue to cause economic disruption.
With the help of their broker, Judy was able to get a new mortgage with Home Trust and obtain an Equityline Visa2 to provide a financial tool with the flexibility to invest in her business and continue to adapt and grow. She looks forward to helping more clients discover a love for cycling.
Small business finance success stories
As you can see, small business owners can succeed with adjustments to their business models, even through the effects of COVID-19. Reading the success stories of those who have been able to move forward can be inspirational to others who are wondering what their next move could be. That’s why we want to hear YOUR story!
Are you a small business owner who has successfully adapted your business or your financial plans to thrive in these challenging times? Please share your story with @hometrustco on your preferred social media platform.
1. Name has been changed.
2. This credit card product is not available in Quebec.
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