The new coronavirus COVID-19 pandemic will have short, medium, and long-term economic effects and will place the Euro zone and many countries in the dollar area, in a recession.
What has happened in Europe? Before the crisis, the southern countries, with Italy at the top of the list, have had to incur more government spending to boost up their weak economies. These expenditures will hugely increase their debts. A frightening fact: today, public loans in Italy represent 135% of their GDP and several experts feel that it could increase to 150%.
What is happening in the dollar area? Many countries were totally unprepared for a pandemic of this magnitude and have had to take drastic measures that have caused a recession and destroyed many businesses, leaving the owners to face the economic crisis that is about to unfold during the upcoming months.
However, the ones who have suffered the most from this pandemic have been the small business owners who weren’t prepared either economically or logistically for a forced closure of their business. Those who will most certainly survive are the digital business owners, meaning that the ones who have invested in online businesses and manage their businesses with external or internal collaborators who, in any case, can work from their home.
This pandemic has taught us several things:
- Small businesses with many fixed expenditures can’t survive a large crisis.
- Online businesses aren’t just profitable, if not, they are the shape of work in the future.
- As with large businesses, which have the capacity to reorganize themselves, small business owners must always have a Plan B or another source of income.
But what can be done by those who know nothing about internet, programming and telework or long-distance work?
It’s easy, learning or acquiring online turnkey businesses, meaning management-ready, even for those who don’t know much about online businesses.
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Tell us how much you have in your budget.
