As businesses around the country begin to plan their reopenings, safety and security is at the forefront of everyone’s mind. It’s certain that no matter the timeline for the safe reopening of the economy, “business as usual” won’t look anything like it did before the pandemic. If you’re planning to go back to work, reopen, or start a new business, here are some costs you may want to keep in mind:
Are you heading back to your job?
If you work in a traditional nine-to-five, you may be working from home for an extended amount of time. That can be great in terms of flexibility but can present other logistical challenges. Consider investing in home office equipment for the long haul. If you previously relied on public transportation, your commute may change as new distancing and sanitary guidelines are enforced. Now might be a great time for a new set of wheels or investing in repairs for your current ride.
Are you reopening your business?
Businesses may have the biggest challenges—and expenses—when it comes to preparing to reopen. Depending on your industry, you may need to reconfigure your office or storefront to allow for social distancing. You also may be purchasing equipment like gloves, masks, and shields to keep your staff safe while they work. Speaking of which, reopening your doors may mean increasing staff hours, hiring new staff, or allocating resources to training. Look for ways to streamline your overhead, and consider borrowing some working capital to use as a cushion.
Are you unsure what to do next?
With over 40 million unemployment claims in the United States, many will be re-evaluating their options and stretching their budget. If you’re among the newly jobless, begin by planning your post-pandemic budget. Once you have an idea of what you need to make, you can start brainstorming ideas to earn income. While many businesses are facing challenges right now, there are a surprising number of companies hiring right now. If the nine-to-five isn’t for you, it might be the right time to start a business from home.