Hostel owner Deidre Mathis said she saw 60 cancellations in two days a record high for the two years she's been operating her business. But she's taking a proactive approach to the next few months.
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PRESENTING: How entrepreneurs can make the most of the coronavirus slowdown and prepare for months of lost business
Hostels are a frugal alternative to hotels for budget travelers , but social distancing because of coronavirus has decimated much of the hospitality industry.
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First, she's preparing for three months without business and suggests entrepreneurs always have emergency savings for scenarios such as economic slowdown.
Next, she's taking the added time as an opportunity to improve her business and work on the things she can do from home, like reviewing documents and engaging with customers on social media.
Mathis walked Business Insider through her exact plan for weathering the storm and preparing for when business picks back up.
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See Also:
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- 6 ways entrepreneurs can make the most of the coronavirus slowdown, from the owner of a hostel who hit record cancellations and has prepared for 3 months of lost business
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