My Q1 2020 Income Report (Staying Profitable Through COVID-19)
My team and I wanted to do something to give back, so we're offering FIVE $100 grants to small business owners who need an economic boost right now. Apply here by April 13th (Easter): www.ellenyin.com/grant
I know a lot of you are worried right now. These are uncertain times, especially for small business owners, and I want to be sensitive to that. However, I believe this is actually a time to see your business thrive rather than shutting down, hiding, and focusing on the lack. Keep listening for my insights on how to profit through COVID-19, not from it, the best resources to protect your business financially right now, and an end of Q1 update on my business + reflection on the last three years of growth.
More Resources From This Episode:
1. The Economic Injury Disaster Loan
2. Payroll Protection Program
3. Kelli Loo CPA's Blog on the PPP SBA Loan
4. Kelli Loo CPA's Blog on CARES Act & SBA Loans
5. Gravy Solutions Blog
6. Hashtag Hacks $27 Mini-Course
Favorite Takeaways From This Episode
- It’s OKAY to profit through the pandemic, it’s not ok to profit FROM it.
- You should NOT feel bad about continuing to grow your business during this time.
- It’s important to not look at this time as business owners as a time to hide, but a time to show up MORE.
- We all benefit when more money is exchanged, and it’s counter productive to hide.
- You have a choice: you can continue to focus on the lack, or you can look for the opportunity.
- It’s not your responsibility to decide for people what they can or cannot afford & use that as an excuse for not showing up.
- Focus on what YOU can control.
- Don’t let external circumstances stop you from showing up in your business.
- Two programs you should be aware of:
- The Economic Injury Grant
- The Payroll Protection Program
- Your mindset during this time is HUGE.
- How quickly can you pivot to the online space if you’re not already online?
- How else can you meet a need in the market right now?
- Can you create an offer that’s lower in price?
- Be mindful when it comes to your profit margins.
- It’s always worth it to think about long-term vision & what you want to do day to day.
What Did You Think?
What is your biggest takeaway from this episode? Leave a comment below.
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Are we not email friends yet? Make sure you download my income report at ellenyin.com for my "6 figures in 6 months" case study for a transparent look at how I made $102,721.44 in a 6 month time span in 2020!
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