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Small Businesses Are Dying by the Thousands – and No One Is Tracking the Carnage

bloomberg.com

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Re: Small Businesses Are Dying by the Thousands – and No One Is Tracking the Carnage

#11

Post by nathanyz »

erikw wrote: post #10

For small businesses that are able to move online, there is no shortage of revenue available. In the article they mention a yoga studio owner closing up her shop. I agree that a yoga studio is pretty tough to move online. They also mention a jewellery brand, and that is exactly the type of boutique business that can be successful right now with the right marketing and ecommerce solution. My partner does online sales…

Funny you mention Yoga studios, as we are actually seeing a big influx from this market for video hosting. Many are starting to productize their lessons which will likely be bigger wins, versus selling their time as instructors.

I think it's similar to what your partner is seeing. For many of these businesses, there is a viable online path. But that assumes that they have the skills and desire to operate an online business.

Some of these small businesses are operated by folks who may know how to operate in a local market, and have very little interest in e-marketing and shipping products.

Re: Small Businesses Are Dying by the Thousands – and No One Is Tracking the Carnage

#12

Post by dver »

nathanyz wrote: post #11
erikw wrote: post #10

For small businesses that are able to move online, there is no shortage of revenue available. In the article they mention a yoga studio owner closing up her shop. I agree that a yoga studio is pretty tough to move online. They also mention a jewellery brand, and that is exactly the type of boutique business that can be successful right now with the right marketing and ecommerce solution. My partner does online sales…

Funny you mention Yoga studios, as we are actually seeing a big influx from this market for video hosting. Many are starting to productize their lessons which will likely be bigger wins, versus selling their time as instructors. I think it's similar to what your partner is seeing. For many of these businesses, there is a viable online path. But that assumes that they have the skills and desire to operate an online bu…

Both of the studios I frequent have moved all classes to online. In the cases of the classes I've gone to the number of people in class if now larger, no longer being limited to the size of the building or location of the student.

Re: Small Businesses Are Dying by the Thousands – and No One Is Tracking the Carnage

#13

Post by spanhandler »

nathanyz wrote: post #11
erikw wrote: post #10

For small businesses that are able to move online, there is no shortage of revenue available. In the article they mention a yoga studio owner closing up her shop. I agree that a yoga studio is pretty tough to move online. They also mention a jewellery brand, and that is exactly the type of boutique business that can be successful right now with the right marketing and ecommerce solution. My partner does online sales…

Funny you mention Yoga studios, as we are actually seeing a big influx from this market for video hosting. Many are starting to productize their lessons which will likely be bigger wins, versus selling their time as instructors. I think it's similar to what your partner is seeing. For many of these businesses, there is a viable online path. But that assumes that they have the skills and desire to operate an online bu…

The world's 50,000th best yoga instructor can probably make a living running a yoga studio.

I'm not sure the world's 50,000th best yoga instructor can make a living selling online yoga classes.

Re: Small Businesses Are Dying by the Thousands – and No One Is Tracking the Carnage

#14

Post by jansan »

erikw wrote: post #10

For small businesses that are able to move online, there is no shortage of revenue available. In the article they mention a yoga studio owner closing up her shop. I agree that a yoga studio is pretty tough to move online. They also mention a jewellery brand, and that is exactly the type of boutique business that can be successful right now with the right marketing and ecommerce solution. My partner does online sales…

Yeah, but Google and other gatekeepers make sure that they get their "fair" share of the revenue. We had about five times the revenue some years ago, but we were making a loss because we spent all on online advertisement. Now our ad budget is exactly zero and we are making a small profit. And that's all that counts for a small business.

Re: Small Businesses Are Dying by the Thousands – and No One Is Tracking the Carnage

#15

Post by tibbydudeza »

A friend of ours made a good living making wedding and prom dresses employing about 6 people ... she shut shop this month as weddings are limited to only 50 people and most churches, hosting venues and schools are all shut.

Folks have more pressing worries on their plate than weddings or proms.

Re: Small Businesses Are Dying by the Thousands – and No One Is Tracking the Carnage

#16

Post by bluntfang »

spanhandler wrote: post #13
nathanyz wrote: post #11

Earlier quoted context omitted.

Funny you mention Yoga studios, as we are actually seeing a big influx from this market for video hosting. Many are starting to productize their lessons which will likely be bigger wins, versus selling their time as instructors. I think it's similar to what your partner is seeing. For many of these businesses, there is a viable online path. But that assumes that they have the skills and desire to operate an online bu…

The world's 50,000th best yoga instructor can probably make a living running a yoga studio. I'm not sure the world's 50,000th best yoga instructor can make a living selling online yoga classes.

i'm not even sure being good at instructing yoga has anything to do with selling online yoga classes. online engagement is hard, it almost seems antithesis what it would take to sell yoga classes online to the practice of yoga.

Re: Small Businesses Are Dying by the Thousands – and No One Is Tracking the Carnage

#17

Post by dboreham »

ksdale wrote: post #4
klipt wrote: post #2

Isn't this tracked to some degree in unemployment stats? Is being laid off from a small business that different from being laid off from a large business?

It probably does show up, but a huge number of small business are basically just the owner and some independent contractors (or just people they pay cash under the table to occasionally). Often the owners aren't even employees, and if they are, in some states they don't qualify for certain benefits by virtue of having been the owner.

Correct, business owners aren't required to pay themselves via W2 income; and typically aren't required to register for unemployment or workers comp insurance. These would be the main data sources for "number of employed people", I imagine.

Re: Small Businesses Are Dying by the Thousands – and No One Is Tracking the Carnage

#19

Post by nathanyz »

spanhandler wrote: post #13
nathanyz wrote: post #11

Earlier quoted context omitted.

Funny you mention Yoga studios, as we are actually seeing a big influx from this market for video hosting. Many are starting to productize their lessons which will likely be bigger wins, versus selling their time as instructors. I think it's similar to what your partner is seeing. For many of these businesses, there is a viable online path. But that assumes that they have the skills and desire to operate an online bu…

The world's 50,000th best yoga instructor can probably make a living running a yoga studio. I'm not sure the world's 50,000th best yoga instructor can make a living selling online yoga classes.

Good point, their advantage has mainly been geographic distance based. Where being within X miles trumps being in the top 100 yoga instructors if you are looking to go to an in person lesson.

Virtual removes that advantage and now favors expertise over distance to instructor. Definitely moves more of the win to the top 1% in each skillset.

It's a big win if you are in that top quantile, but means if you aren't maybe find the thing you are top 1% of? Not sure...just seeds for thought

Re: Small Businesses Are Dying by the Thousands – and No One Is Tracking the Carnage

#20

Post by zarkov99 »

spanhandler wrote: post #13
nathanyz wrote: post #11

Earlier quoted context omitted.

Funny you mention Yoga studios, as we are actually seeing a big influx from this market for video hosting. Many are starting to productize their lessons which will likely be bigger wins, versus selling their time as instructors. I think it's similar to what your partner is seeing. For many of these businesses, there is a viable online path. But that assumes that they have the skills and desire to operate an online bu…

The world's 50,000th best yoga instructor can probably make a living running a yoga studio. I'm not sure the world's 50,000th best yoga instructor can make a living selling online yoga classes.

I am not sure that is necessarily that bleak. With the right two-way camera system it seems like the Yoga instructor could provide a comparable experience whether remote or local. Seems like we just need better hardware and software.
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