During this time, many small businesses are feeling the impacts of the coronavirus pandemic. A Small Business Pulse Survey conducted on over 215,000 businesses found that 30% of them didn’t think their businesses would return to normal or usual for at least six months. In addition, industries related to education, health care, arts, entertainment, accommodation, and, food services suffered greater impacts in comparison to businesses in utilities and construction. For small businesses in Arizona, taking certain measures can help them get through this stressful period.
Apply for small business grants
For those who are in need of extra funding, there are state-specific options that you can apply for. For instance, The Arizona Small Business Rent and Mortgage Relief Grant are awarding a maximum award of $25,000 to use toward up to two months of rent or mortgage payments. However, the business must employ less than 50 people and have been operating prior to January 1, 2020. Other options include the Community Investment Corporation Disaster Relief Microloan and Growth Partners Arizona Small Business Loans, which provide more information on a page from the U.S. Chamber of Commerce Foundation. Note that each fund has its own specific timelines and requirements.
Consider legal protection
For many entrepreneurs, forming a sole proprietorship can eliminate paperwork and reduce costs. However, one drawback is that sole proprietorships don’t provide owners with protection in the event of a lawsuit. An alternative is incorporating as a limited liability company (LLC), which also provides certain tax benefits. The IRS explains how each state has different rules and regulations when it comes to forming one. To create an LLC in Arizona, you’ll need to undergo six simple steps. This includes naming your LLC, appointing an authorized agent, filling in the state articles of organization, and more. You may also need other permits, which can be found in the license and permit search engine.
Boost your visibility
Lastly, getting the word out on social media can help your business expand its reach. Consider running special time-limited promotions or forming partnerships with local businesses. If you have a website, focusing on SEO or search engine optimization will help direct traffic to your page. Submitting your business to local directories, keep your social media accounts regularly updated, and continue to engage with customers. If you’re going the extra mile with your customers, chances are that your efforts will be recognized and rewarded. Word-of-mouth can go a long way towards creating a constant chain of orders, so it’s best to capitalize on this.
While these are tough times for everyone, doing your research, putting in the effort to build a support network, patronizing other local businesses, and minimizing the potential for risk can help your business make it through this rocky patch.