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The coronavirus-induced financial shutdown has left millions of people without jobs in the US. And business owners struggle to stay open and unsure of how to move forward. Because of this, money-savvy merchants on ABC’s “Shark Tank” shared a number of tips during Friday’s episode, along with learning how to save, deal with rent, and stay productive in the home all this time.
“For our ‘Shark Tank’ fans, for our entrepreneurs, for small business owners, for all helpers, the whole world is facing something we’ve never seen in our lives,” the Sharks declared throughout the episode.
“If you are a small business owner or are just trying to help your family,” said Shark Robert Herjavec, “we are here with some advice.”
Here are some ideas from sharks.
1. Try to change the rent if you want
The US financial system. USA He lost a file of 20.5 million jobs in April, leaving many unsure of how to pay the bills, along with hiring. In truth, nearly a third of the nation’s residential tenants did not pay rent during the first week of April, The Wall Street Journal reported.
“The second you suppose you won’t be able to pay this month’s rent, you must name the landlord instantly,” said Shark Barbara Corcoran.
“Be reasonable,” he said. “Offer something, but ask [your landlord’s] It helps to allow you to pay part of your cost for a later time to catch up. “
Some have pushed hiring strikes, calling on federal authorities to order the rent freeze and provide assistance. In many states, a brief moratorium on evictions was established to protect tenants amid the pandemic, CNBC reported.
2. Don’t be ashamed of taking out a mortgage for your company
According to a small business survey conducted on April 21 by CNBC and SurveyMonkey on April 27, 13% of small business owners stated that they could survive less than a month in a prolonged interval of closure. 31% stated that their company would end “a few months or less”.
And amidst this uncertainty, Mark Cuban’s beneficial small homeowners seek mortgage options, trusting their scenario.
“There are so many places I could go to get loans and grants,” he said during the episode. “Go to your state government’s website. Go to your city’s government website.
“Don’t be ashamed,” he said.
Cuban told CNBC ahead of time that small business homeowners should apply to several banks to increase your chances of getting a coronavirus reduction mortgage. “It is a possibility to avoid wasting your business and even pushing it to something bigger and higher than it was before,” he said.
3. Be transparent with your team at work.
It is no secret that a wave of layoffs, licenses, and pay cuts went into effect as a result of the coronavirus blockade.
In such a situation, being open with your employees is extremely important, said Shark Herjavec.
“On dangerous occasions like this, you must be brutally clear and honest with your workforce,” he said. “There are likely to be some layoffs, you may need to cut safe prices.
“Your team needs to know what is going on.”
4. Remember that you will not be able to time the market
As markets plummet amid the pandemic, it is pure concern about retirement savings.
But you must not forget that the ups and downs of the inventory market cannot be predicted, he said.
“If you are concerned about your investments, remember this: We are entering this global pandemic with the best economy we have had in decades. These will be very volatile markets,” he said.
“But there is one thing we have learned from this type of volatility in the past: You cannot time the market.”
Rather than specializing in the short term, consultants advocate making a five-year money plan, regardless of future uncertainty, and a sizeable emergency fund.
5. Use the time to invest money in yourself and your goals
“Don’t view these times as a setback, look at them as an opportunity,” said Shark Lori Greiner.
“Start improving your social media presence, improve your website, and do the things you never had time to do before. Get active. “
And Shark Daymond John agrees. Take this time to “reinvest in yourself,” reported to CNBC Make It in March.
“I am educating myself on platforms, like Zoom and TikTok,” he said, in order to improve engagement on their various social media platforms. “You have this opportunity. Set these personal goals for yourself. “
6. Find your “why” and repeat it on your goal
As things get stronger for everyone, “this is a real time to reflect on your” why, “” said John. “Why did you start a business? Why do you work where you work? Why are you trying to change people’s lives? Now is the time when your “why” is put to the test. “
In his guide, “Powershift: Transform Any Situation, Close Any Deal, and Achieve Any Outcome,” John emphasizes the importance of finding his “why.”
One of the main reasons people fall for wanting their goals “is simply that they don’t take the time to think about them,” writes John. “They stated that they want to be partners, or that they want to earn a million dollars, or that they want to start this or that business, but they don’t stop to think about why they want these things.”
7. Stay optimistic
Last but not least, the Sharks had an encouraging message for those who fight all this time.
“These are the times when entrepreneurs will become warriors. It will show you what you are made of, “Corcoran said.” Once you see this, you will build confidence to know that you will overcome anything. “
O’Leary agreed.
“There is no end to entrepreneurship in the United States. Right now, the next giant company is being invented in someone’s basement,” similar to how their company started in their basement in 1986, he said.
Cuban added: “When we get to the other side, when we get to America 2.0, we can and we will make it a better place.”
Disclosure: CNBC holds the exclusive cable rights outside the “Shark Tank” network.
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