Any small business owners on the site? How has COVID19 effected you?

[Chollo Vista]

Any stories or words of wisdom you'd like to share and/or advice for future small business owners?

[TheGR8TESTOAT]

Any stories or words of wisdom you'd like to share and/or advice for future small business owners?

a lot of my friends who are small business owners are obviously hurting bad now and even below them they can't afford to pay their employees.

so SBA loans have been the big common topic among them all. Some are saying they will get about 100K and have to pay it back in like 12K payments.

I think 100K would be ok for them if this was a March, April only situation but if this lasts past May until June and beyond then that 100K loan might F them worse?

I dont know how much overhead and monthly costs they have to go through but if they can get back to operating their businesses by like end of May or June hopefully it works out for them?

[Chollo Vista]

a lot of my friends who are small business owners are obviously hurting bad now and even below them they can't afford to pay their employees.

so SBA loans have been the big common topic among them all. Some are saying they will get about 100K and have to pay it back in like 12K payments.

I think 100K would be ok for them if this was a March, April only situation but if this lasts past May until June and beyond then that 100K loan might F them worse?

I dont know how much overhead and monthly costs they have to go through but if they can get back to operating their businesses by like end of May or June hopefully it works out for them?

Dang, God bless them.

This is why I keep hearing its best to have a lot of capital on hand. Expenses off the top of my head, include but not limited too, rent, utilities, trash, website fees, etc.... And that's before the first penny is even spent.

Damn and now they accrue loan expenses. Now it makes sense why businesses are packing it up rather doubling down on the risk. But I salute the ones that are sticking through this and not packing it in. That takes a lot of guys and courage. Especially when you have people depending on you

For the ones that do go under, if you think about it, that means jobs will become more competitive because now the business owners are back shopping their resumes around.

Crazy crazy times

[Chollo Vista]

Sugar Adam Ali

How are you holding up, man?

[Don Pichardo]

My business has slowed down. Because people are Either Not working or hoarding money. Thankfully had have substantial cash reserves. I’m still getting clients just not as many.

[man down]

My old partner that bought me out just got a 45k check that he doesn't have to pay back. Body shops are allowed to work through this. So he pretty much just got 45k for free.

They were backed up with 40 cars and are able to get caught up during all this. Guess I sold to soon. Lol

[TheGR8TESTOAT]

Dang, God bless them.

This is why I keep hearing its best to have a lot of capital on hand. Expenses off the top of my head, include but not limited too, rent, utilities, trash, website fees, etc.... And that's before the first penny is even spent.

Damn and now they accrue loan expenses. Now it makes sense why businesses are packing it up rather doubling down on the risk. But I salute the ones that are sticking through this and not packing it in. That takes a lot of guys and courage. Especially when you have people depending on you

For the ones that do go under, if you think about it, that means jobs will become more competitive because now the business owners are back shopping their resumes around.

Crazy crazy times

yeah what's crazy is one of them was begging me to come on board back in October 2019 he was upfront that they were on the decline it was restaurants. he knew about my GM experience with my property management company and basically said this is my Hail Mary pass to you if you wanna try to revamp us. I told him let me sleep on it through the holidays.

Good thing I said that they now can't even pay their employees or Make rent anymore and then the CV hit!

I'd be stressed the F out legally binded to their drama had I said yes and signed up as he wanted me to in October!

To your response bro I'm all about virtual online businesses now. Me and my lady have been doing that in our spare time and now with the CV we plan to go full throttle.

Most of it is chicks clothes, fitness gear crap like that(mostly her cleaning out her closets and garage) but hey if we can make a few extra thousand off it im in.

The thing is we were gonna take things to the next level for 2020 and ramp up with all the sourcing in China with their factories to start doing private label, but then we all know that plan hit the fan hard AF now.

So its like a waiting game. Will the Chinese factories get back on track and if so when will they? Will it ever be the same over there?

But yeah bro if possible try to do Online businesses to cut the costs and overhead of a brick and mortar. You can now get a standard website for like $200 a year which is far better than paying $3,000 a month for a brick and mortar , plus utilities, and all that other overhead costs!

You are right about capital and cashflow. This is why I smh at these idiots bragging about 6 figs and cars, and ***elry, yeah im guilty of that dumb shat in my 20s and early 30s but now more than ever we need to be crazy smart with our capital and cashflow and money especially since we dont know how long it will take for things to get back on track and still it probably won't even recover for years if it ever does.

[TheGR8TESTOAT]

My old partner that bought me out just got a 45k check that he doesn't have to pay back. Body shops are allowed to work through this. So he pretty much just got 45k for free.

They were backed up with 40 cars and are able to get caught up during all this. Guess I sold to soon. Lol

I was in a similar situation but the opposite outcome, I dodged a HUGE bullet!!!!