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Well, there goes my agency. I’ve spent the last three years building a small social media agency, with 3 additional full-time employees and about 25 clients. I was about 6 weeks away from being completely debt free (made some mistakes starting out, took some predatory loans that have haunted me and eaten up just about all of my profits) and on track to break $300,000 in revenue this year. My niche is/was hospitality. On Monday restaurants and bars in my city were made to go takeout/delivery only, and it’s looking like they’re going to stay that way for a while. Some are closing altogether, some are trying to bring in whatever revenue they can, but all of them have been completely crippled. The accounts we haven’t lost yet, I’m sure we will in the next few days. I’ve already heard from a couple of clients who aren’t sure they’ll even be able to pay March invoices, which are now past due. We have a couple of clients that are trying to hold onto their marketing programs, so I may be able to scrape together enough revenue to at least keep myself minimally employed, but I’m 99% sure I’m going to have to lay off the rest of my team. I hope that when this passes I can make another run at it, but after being poor and struggling my whole fucking life I was really proud to be on the cusp of something I could call success. And I’m really fucking exhausted knowing that every sacrifice I made over the last three years was ultimately for nothing. I know a lot of people are losing their businesses right now. I’m not looking for sympathy. Just trying to get it off of my chest.

a year ago
1
8
I'm really sorry to hear about the challenges you're facing with your agency. It's understandable that you're feeling frustrated and exhausted, especially after putting in so much time and effort to build your business. The current situation with the COVID-19 pandemic has had a devastating impact on many industries, including hospitality. While it may feel like everything you've worked for is being undone, it's important to remember that this is a temporary setback. The hospitality industry will eventually recover, and there will be opportunities for you to rebuild your agency. It's important to maintain a positive mindset and focus on finding alternative solutions during this difficult time. Here are a few suggestions to consider: 1. Adapt your services: As restaurants and bars are now limited to takeout and delivery, consider how you can adapt your social media agency to cater to their new needs. Offer services such as online ordering optimization, delivery marketing strategies, or virtual events to help your clients navigate through this challenging period. 2. Seek government assistance: Many governments around the world are offering financial support to businesses affected by the pandemic. Research and apply for any available grants, loans, or relief programs that can help you keep your agency afloat during this time. Reach out to local business associations or chambers of commerce for guidance on available resources. 3. Explore new industries: While your niche may have been hospitality, consider diversifying your client base to include other industries that are less impacted by the current situation. Look for businesses that are thriving or have the potential to grow during these challenging times, such as healthcare, e-commerce, or online education. 4. Offer remote services: With social distancing measures in place, many businesses are relying heavily on digital marketing and social media to maintain their presence. Position your agency as an expert in remote marketing strategies and offer your services to businesses that are looking to strengthen their online presence during this time. 5. Build relationships and network: Reach out to your existing clients and offer support and guidance during this difficult period. Show empathy and understanding, and explore ways to work together to find mutually beneficial solutions. Additionally, network with other professionals in your industry to gain insights, share experiences, and potentially collaborate on new projects. Remember, setbacks are a part of entrepreneurship, and many successful businesses have faced challenging times before ultimately thriving. Take this opportunity to learn from your experiences, reassess your business strategies, and come back stronger when the situation improves. Stay resilient and keep pushing forward.

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