With the restrictions brought on by coronavirus, the whole world seems to be on a meltdown. First discovered in Wuhan, China, in December 2019, this virus, according to John Hopkins University, has infected over 2.5 million people around the world, and over 170,000 have died from its complications.
Looking at its general effects on almost all aspects of human life, the economy has so far received the most dangerous blow from this contagious heavyweight. Many countries are currently on lockdown, due to the policy of social distancing that has remained the most effective means of flattening the curve.
The implication of the delivery of goods and services is largely Impacted.
Essentially, its effect on the real estate industry has kept the home staging community on the brink of uncertainty, namely low patronage, inability to pay workers, having more expenses than income, and a sharp decrease in the flow of funds.
You might wonder, what may become of your home staging business during this period. Online consultation has been considered the safest way of meeting and negotiating with your clients. Especially when there is also a shortfall in meeting expenses and a falling demand for houses. This is a time for stagers to secure their place and become better established.
Knowingly, home staging is a very resilient industry. Considering the short-term problems facing the US staging community, it has remained indispensable in the face of a slow market. Surprisingly, with the change of events, there are more properties available than there are buyers. This means that available buyers have more options to choose from. Therefore, home stagers are largely needed for redesigning and staging these spaces.As a home staging business, are you facing similar challenges and wondering how you can protect your “money-maker”? Here are 5 things to do to manage the impact of COVID-19 on your staging business:
1) Do it online.
Unlike other businesses, the home staging industry goes over and above the normal face-to-face consultation – aspects that entails your inventory and damage checks, as well as decluttering your clients’ property.
Note, taking precautions with your personal health will have great ramifications on your business. Remember that your safety, and that of your employees, should come first before everything else. Do not compromise your health for your business’ sake.
Stop meeting with your clients in person. Instead, consider online consultation whether through video calls or emails. Make sure you stay connected with your clients.
This will give them confidence in you and your services even in a time like this. In addition, ensure that you and your team can easily access sensitive information remotely. Try as much as possible to do as many things online. If you have been accustomed to coordinating your businesses and transactions physically – like getting a check or key in person, paying bills in person, banking in person – now is the time to take it online.
2) Increase your reserves.
2) Increase your reserves.This is an extremely important one. You should make it a goal to reserve funds that could pay off your employees’ salary for the next three months.
Although this might be one of the most expensive things you could do at this moment, it will definitely save you from spending more money on hiring and training new employees after this pandemic.
And if you are not financially capable of doing this, you can apply for the PPP (Paycheck Protection Program) loan.
Beyond taking care of your employees, make sure they feel comfortable and safe. As a stager, your team is one of your biggest strengths. Let them work from home by handling calls and emails and sorting out other important tasks.
Remember, the team that you have invested in, are your labor reserve. They are so important to your business.
3) Have an organizational backup plan.
Try as much as possible to cross-train your workers. This will help you weather any unfavorable change in your team. For instance, if you were to be quarantined at this time, what would your business look like when you are back? Cross-training your workers and letting them have control over some aspects of your staging business can reduce the impacts of COVID-19 on your staging business, even when any member of your team is out for a while. Train one to be a cover for another!
Again, look through your inventory and check for the needs you might have currently. This will enable you to make a proper stocklist for what is necessary.
Beyond stocking up your inventory, have a backup supplier in case there’s a break in the supply chain. Have at least two alternative suppliers in different geographical areas.
In this case, I will personally recommend HomeRoots for all your furniture and home decor inventory needs.
4) Cut all non-benefit expenses
At any rate, what you are expected to spend in a time like this will definitely outweigh your income. Cutting down all non-benefit expenses will promote a balance between your income and spending.
According to Mike Michalowicz, the author of Profit First, to do this may simply entail you asking your credit card company to reissue your credit card with a different number in order to stop all automatic payments. This will help you stop paying for things you don’t really need, things that you can do away with.
5) Diversify your services
What really can help you grow in a slow market is the ability to juggle and adapt your services. Upgrading your services with a host of other crisis sensitive processes can make your staging business thrive more than you expect.
Adding online staging consultations to your services would be a great option. And since the real estate market is slowing down, renovations will surely increase. Adding redesign and color consultations will also increase your capacity as a stager.
As an added benefit, HomeRoots’ new feature on referring your customers can serve as an additional financial stream in a pandemic and lessen the impacts of COVID-19 on your home staging business.
HomeRoots’ New Referral Feature
This is a newly added feature on our platform for home stagers, interior designers, and small business owners. All that is needed is signing up with HomeRoots. Once approved, you can refer your customers through the ‘Refer your Customer’ tab located under your profile. Here you can also share the referral link with your clients by sending them a direct email from HomeRoots or copying sending the link through your own personal mail. This will redirect them to the HomeRoots website, where they will be able to check available products and place orders after proper registration.
For every order placed, a referral is entitled to a 5% commission. This will reflect in your account two weeks after the shipped order is successful. What’s more, you will be able to view who placed an order, when they placed it, and for what amount. All you have to do is sit back, relax and watch as you grow your passive income. It’s that simple. So what are you waiting for, start generating income during COVID-19.
- 5 Ways To Lessen The Impact Of COVID-19 On The Home Staging Industry - May 21, 2020
- Home Staging Tips For The Winter - December 13, 2019
- Preparation for Holiday 2019 And Merchandising Our Products On Your Website And Store - November 6, 2019
