Your business may be struggling to generate revenue during COVID-19, physical doors might be shut in the midst of the pandemic, but that doesn’t mean you have to stop generating revenue. During this time, generating a steady stream of revenue, even in small ways, can help keep your business afloat and help you find the funds you’ll need to keep operating when the crisis is past. Try some of these strategies to generate revenue even with your business’s doors closed. Here are 8 Ways to Generate Revenue For Businesses During COVID-19 (Coronavirus pandemic)
1. Rent your parking spaces.
Your doors are closed, which means that you don’t need spaces for customers. Even if you’re still offering curbside or delivery services, in fact, you probably have far fewer people than usual in your building. Renting out your parking spaces can help you generate income, especially if you’re located conveniently to a hospital or other local fixture that people are still visiting in the midst of this crisis. Renting parking spaces is also likely to generate early revenue, which makes it a great way to pull in funds fast. ParqEx has put together a COVID-19 response program for businesses that own parking spaces.
2. Provide local delivery opportunities.
You have employees who are eager to continue generating some income during this time and customers who are still hoping to take advantage of your products and services. By offering local delivery, many businesses can continue to generate a steady stream of revenue even when you can’t bring customers into your building.
3. Offer online services.
You can’t bring people into your physical location for classes and other offers, but you can get them together online! Consider what services your customers would pay to acquire online, whether it’s a class that shows them how to do something or a class that engages them as they look for ways to spend their hours through this period of social distancing.
4. Create digital products that fill needs for your customers.
Consider what your business already does and how you can create digital products that your customers will still want to take advantage of during this time. Those digital products could be hot sellers, especially if you have customers who are looking for the same thing you are: a way to maintain as much normalcy as possible during this time.
5. Sell gift cards or future services.
Many of your customers are looking for ways to support local businesses as they weather this time together. Your customers want to see your doors reopen when the crisis passes–so provide them with ways to do exactly that. Allow them to purchase gift cards or to buy specific future services. Consider providing them with a deal they can’t resist in the process. The longer social distancing wears on, the more eager people are to return to normal–and the more plans they’re going to make for the future. ParqEx is offering a special promotion for owners by reducing their fees for new customers.
6. Allow customers to do their usual shopping online.
If you don’t have an online store set up, now is the perfect time to make it a reality. Create an online store where your customers can do the same shopping they’d do in person, then box those products up for delivery. You can choose to charge a delivery fee or waive it to help support your customers during this time.
7. Continue connecting with your customers.
Now, more than ever, you need to continue to connect with your customers. This crisis will eventually end–and when it does, you still want to be top of mind and ready to start bringing business back through your doors. Keep connecting, keep marketing, and keep reaching out. Support your community where you’re able. These simple measures can go a long way toward making it easier to reopen your doors when the current crisis comes to an end. ParqEx sends out regular communication via email newsletters, social media (Facebook, Twitter, LinkedIn, Instagram, Youtube), and the blog page.
8. Help other small businesses.
Just as you are going through this crisis situation, so are several small businesses. Try to support your local businesses: order delivery from your neighborhood restaurants, purchase plants from a local nursery, get some yard work or maintenance work done, etc. ParqEx has created a free marketing program to promote local businesses where they can post their information to create awareness to generate revenue.
Are you looking for strategies to help you reduce cost and increase revenue while improving tenant retention via a state of the art technology solution? ParqEx can help you manage and monetize your parking assets. Contact us today to learn more.