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Financial Resources for Your Fitness, Salon, Spa, and Wellness Business for COVID-19

By Katie Philipp

Many fitness, wellness and beauty businesses across the US and around the world are being ordered to shutter their doors during the COVID-19 pandemic. These mandates can rightfully cause worry for many small business owners that rely on consistent clientele for consistent revenue. While there are still many uncertainties surrounding the impact of COVID-19 on the global wellness community, there are immediate steps that you can take in relation to your finances. 

Know your resources 

This is the Australian Government, business resource page for Coronavirus. It provides a bevy of information on government assistance, loan programs, local counseling, and guidance for managing your team members during this time of transition. 

Stay abreast on local legislation 

Some local constituencies are taking swift action to try and protect their local businesses. Whether through expediting small business loans or declaring emergency moratoriums on rental evictions for commercial leases, there are a variety of bills being passed that may apply to your circumstances.

Talk with your landlord to renegotiate your rent or ask for rent abatement

Here are two good resources to review before you talk to your landloard: FindLaw provides a state-by-state list of landlord-tenant statutes and Asset America provides more details on what you need to know about rent abatement.

Check in with your insurance provider 

Take a thorough look at your insurance coverage and see what your policy covers surrounding forced closures or other cataclysmic events. While each provider and policy will have specific nuances, now is the best time to see what, if anything, is covered.   

Check in with your vendors 

Create a detailed list of the vendors that you leverage within your business, prioritizing which ones you may be able to limit in service or utility while you pare down your expenses. Communicate with those that are critical to your business functions and have an honest conversation surrounding fee reprieve or other accommodations that can be made.

To see what Mindbody is doing about COVID-19, check out this letter from our CEO Rick Stollmeyer

Be aware of small business grant opportunities  

Facebook is offering $100M in cash grants and ad credits for up to 30,000 eligible small businesses in over 30 countries where they operate. There are also a variety of grants available for specific populations—businesses owned by veterans, women-run businesses, businesses that service disadvantaged communities.  

Understand your employer responsibilities and options

The Society for Human Resources (SHRM) provides a resource page that outlines your responsibilities as an employer and ways to prepare your workforce. 

Leverage the Mindbody One community 

The conversations taking place within our peer-to-peer community are proving to be a vital lifeline for business owners that are navigating their way through unchartered territory

Work with our certified consultants 

You can also leverage our community of Mindbody certified consultants who range in expertise from staffing and change management expertise, to CPAs and legal counsel, that are intimately familiar with the wellness industry at large.  

The temporary forced closure of a business does give you time to assess the resources available to you, to be deliberate in creating a plan of action, and space to educate yourself about the support that could see you through this trying time.   

Some Australian resources 

Some UK resources

The temporary forced closure of a business does give you time to assess the resources available to you, to be deliberate in creating a plan of action, and space to educate yourself about the support that could see you through this trying time. If you are looking for ideas on how to cut expenses during this time, check out this blog post for some helpful tips

 

This information contained herein does not constitute medical, financial, legal, or other professional advice and is meant to be used solely for informational purposes. It does not take into account your specific circumstances and should be not acted on without full understanding of your current situation, future goals and/or objectives by a qualified professional. Mindbody assumes no liability for actions taken in reliance upon the information contained herein. 

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About the author:

Katie Philipp Headshot

Katie Philipp

Senior Business Education Specialist

Katie is a North Carolina native who fell in love with the California coastline and decided to make it her home in 2011. She has been long involved in the world of holistic health as both a yoga instructor, massage therapist, and classical Pilates enthusiast. She joined the Mindbody team in 2012. When Katie is not working, she has a passion for studying holistic nutrition, hiking, cooking, playing cribbage, and spending time with her family and friends.

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