The Shark Tank investors know what a tough time business owners are having right now, amid the coronavirus pandemic, so they have shared seven financial tips that may help. During Friday's episode of Shark Tank, the investors explained that they realize how unsure many people are, and they understand. They then went on to share their professional input.
"To our Shark Tank fans, to our entrepreneurs, to our small business owners, to all of the helpers out there, the entire world is facing something we've never seen in our lifetime," the Sharks said. Robert Herjavec added, "Whether you're a small business owner or just trying to help your family, we're here with some advice." Scroll down to see what the Sharks have to say.
Consider Rent Renegotiation
The Wall Street Journal previously reported that the pandemic had caused such a massive hit to finances that nearly a third of the United States' apartment renters did not pay their rent during the first week of April.
"The moment you think you won't be able to pay this month's rent, you've got to call the landlord immediately," Barbara Corcoran said. "Be reasonable. Offer something, but ask for [your landlord's] help on letting you waylay some of your cost for a time later to catch up."
Take Out A Business Loan If You Need
"There are so many places you could turn to for loans and grants," Mark Cuban said. "Go to your state's government website. Go to your city's government website. Don't be ashamed."
Cuban previously spoke about this with CNBC, explaining that small business owners would benefit from applying to a few different banks, to increase their chances of securing a coronavirus relief loan. "It's an opportunity to save your business and maybe even propel it into something bigger and better than it was before," he said.
The Sharks strongly believe in being open and honest with your business partners and employees.
"In bad times like this, you’ve got to be brutally transparent and honest with your team," Herjavec stated. "There might be some layoffs, you might have to cut certain costs.
He added, "Your team needs to know what’s going on."
Accept That You Have No Control Over Market Timing
Many people are understandably worried about the state of their 401ks and other financial investments. The Sharks know how this can be, and they encourage people not to waste time stressing about things out their control.
"If you're worried about your investments, remember this: We went into this global pandemic with the best economy we've had in decades. These are going to be very volatile markets," Herjavec said. "But there's one thing we've learned from this kind of volatility in the past — you can't time the market."
Invest In Goals/Yourself
Lori Greiner encourages people not to "look at these times as a setback; look at them as an opportunity." She added, "Start to improve your social media presence, improve your website and do the things that you never had time to do before. Get active."
Daymond John agreed with her, previously telling CNBC that this is an excellent time for business owners to "reinvest in yourself." He continued, "I am educating myself on platforms, such as Zoom and TikTok. You have this opportunity. Set those personal goals for yourself."
Allow Time to Reflect
John knows that this is a tough time and wants people to know that "this is a true time to reflect on your 'why?'"
"Why did you start a business? Why are you working where you're working? Why are you trying to change people's lives? Now is the time that your 'why' is put to the test," he added.
Keep a Positive Mental Attitude
Finally, the Sharks want everyone to know that the greatest tool at your disposal during this time, is keeping your thoughts positive.
"These are the times that will make warriors out of entrepreneurs. It will show you what you’re made of," Corcoran said. "Once you see this through, you’ll build the confidence to know you’ll get through anything."0comments
"There’s no end to entrepreneurship in America. Right now, the next giant company is being invented in somebody’s basement," O’Leary chimed in.
"When we get to the other side, when we get to America 2.0, we can and will make it a better place," Cuban added.