3 essential things to do in a Pandemic Economy
We are living in strange times. But our people, “nuestra gente” are built for this. We know about percevearance and hard work. We are not afraid of challenges. After almost 15 years representing Latinx businesses and individuals as a lawyer, there are 3 things that Latinx entrepreneurs need to incorporate into their businesses in order to thrive in a Pandemic or during severe down turns.
Stop & Think:
The first is not the obvious choice. People in emergencies tend to just go. Go to the bank, go to the routine, keep plugging a long. In times like these we need to stop, take a minute, calm ourselves and then think hard about our next steps. Once you figure out your next steps, then pursue them with vigor. In 2008, I was just over 2 years out law school. I had a new born baby, no job and I was moving to a new city. Unemployment was skyrocketing, but I didn’t rush out with the thousand other lawyers to try and compete for the same job. I decide to open a “virtual law firm” before people knew what it was. I thought what do people need right now during these tough times (circa 2008). I thought long and hard and I opened my legal office addressing a niche for people that could not travel but needed legal help. I never looked back. Now we have lawyers in 5 states or jurisdictions (New York, Connecticut, Florida, Massachusetts and Puerto Rico) serving the Latinx community. My point being, we cannot rush into things without taking a minute to stop and think if our next move is the best given the circumstances.
Pivoting:
The next key thing Latinx entrepreneurs need to do in a Pandemic is be ready to pivot. Entrepreneurs and small business owners know about chaos. Every day is an adventure in chaos. Now is no different, except more people are experiencing the uncertainty Latinx entrepreneurs face on a daily basis. We need to embrace that chaos, by knowing we need to be flexible and nimble in order to pivot into new directions of opportunities. If you have your startup or your small business you need to look at the different compartments of your businesss or operation in order to see how they can work together or separately to move into a new direction. (the direction you thought of in Step one above) Pivoting is the term most commonly used to switch direction when you know things aren’t going to well or when you see a new opportunity. Be flexible, be creative in what tools you have and test the waters in new directions to find your big opportunity. It’s guaranteed to be out there for you if you look and are prepared.
Tech is your friend
Last but not least is Technology. It’s a buzzword and you hear everywhere you go. But technology for technology’s sake is a waste of money. You have to be picky and smart about it. During Covid-19 or during a downturn, resources are tight, a lot of times you will be doing the work of 4 people (marketing, operations, fulfillment, and client relations etc.) So following the first two steps of surviving the Pandemic for Latinx Entrepreneurs, you stopped in your tracks and you though long and hard about what you are going to do and how(step 1: “Stop & Think”). You are being flexible and ready to pivot (Step 2), and now you look at technology in terms of saving you time. In that new direction you are going in, do you need to build a website, do you need to reach out to people you know to market, do you need charge people with a credit card? Then go on google, or youtube and start looking for tips, techniques and recommendations for technology that will save you time. Don’t take a paper and write down your contacts so you can send them a letter or a postcards, use mail chimp (https://mailchimp.com) to email friends, family and people you know about your new business. Keep them engaged. You need to build a website but you don’t know much about the web, go to square space (https://www.squarespace.com) to build a website in 20 minutes. Need attractive social media posts go to Canva (https://www.canva.com) to do social media easily. Search for resources, ask people you know or reach out to people online to find out what they use. The point is, use technology to save you time. Use that time to build your new business.
Final Word…
Latinxs, have the drive, the perseverance and the heart to succeed. Many times we are missing the tools we need to really take off and succeed in a major way. As a business and bankruptcy lawyer I see it everyday. If our people, “nuestra gente”, had the same tools as others, we would be unstoppable. That is our mission at Latinx legal, in business, to give the options to grow your operation and your prosperity, without fear of loosing it all because you made mistakes starting out. Or in the case of our Bankruptcy clients, a mistake will not cost you prosperity going forward, because you an start fresh. It’s all about the tools that we use. Thanks for reading. ¡Adios!
Be clear, be confident and don’t overthink it. The beauty of your story is that it’s going to continue to evolve and your site can evolve with it. Your goal should be to make it feel right for right now. Later will take care of itself. It always does.