How the current crisis could benefit the small business owner who was already struggling

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jason
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How the current crisis could benefit the small business owner who was already struggling

Post by jason » Sun Apr 12, 2020 2:30 pm

I have worked with many small business owners and many times the hardest thing for them to find is a way out.

They understand business is never likely to "turn around" the way they once envisioned their business fitting in to their community.

"Well if I can just get X many sales, we'll be living like kings on a small uninhabited beach in three years!"

Things rarely go as a small business owner expects, and even when it does, they sometimes need a change once they burn out.

What is happening right now is unprecedented. There is a very small window for small business owners to close down (never to re-open) and qualify for unemployment-on-steroids which is typically the biggest downfall of closing a sole proprietorship- they don't qualify for unemployment.

For those of you that have young family members, or anyone, that have been throwing good money after bad into their struggling business, you may be doing them a favor by suggesting that this is a chance to move on to something else and draw unemployment in the meantime. There are (were?) good paying jobs out there these days.

Of course I don't want to encourage good businesses to close, but if they were already struggling, things aren't getting any easier any time soon and in my opinion the window for self employed people to claim unemployment will not be open for long. Probably as soon as the current stay at home orders are lifted.

This is a good time to file and IF they qualify, not re-opening can be the best move for many small business owners. It's pretty easy for most of us to think of a few that would be better off moving on if they only had another source of income until they found another avenue.

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