The Impact of COVID-19 on local businesses

The Impact of COVID-19 on local businesses

by Mia

The COVID-19 outbreak has undoubtedly had a profound impact on local businesses in Canada. Retail catering, accommodation and tourism, transportation, entertainment and other industries revenue fell sharply. Some telecommuting, online education, online medical, fresh logistics and others slowly began to progress and develop. The outbreak presents different challenges and opportunities for various industries in Canada, and these changes could have a profound impact on the future development of business.

The impact on local businesses is a serious problem that cannot be ignored, the local businesses seem affected by COVID-19 more than the larger businesses.

“Small businesses were more likely to request credit from financial institutions to cover operating costs due to COVID-19.” Compared with larger and better-known businesses such as large and chain businesses, local small businesses in Canada, which already have much less revenue, have been hit harder by the epidemic and. In many cases, they have had to ask for credit to cover their operating costs. Due to the lack of income, increase in the purchase price, high rent, and etc, many small businesses are under great commercial pressure.

The impact on local businesses are also affecting the people. It will affect the young people and university students who are looking for part-time jobs. The closure of many small businesses due to unaffordable rent and other costs are resulting in fewer job opportunities or even lose job opportunities for young people. For those recently joined the workforce may face lower wages and higher risk of getting fired caused by the overall economic depression.

For young people who are just stepping out into local businesses or who are interested in getting a work in a local business, some practical advice can help reduce the losses and consequences of bad decisions. If you want to work in an offline store, uncertain working hours and prices are the risks that you need to consider during this time of the period, because the government will issue a stay-at-home order according to the severity of the recent epidemic. I suggested you work at online retailer during this time. For example Foodiepages is Gift boxes that support small business. You can participate in online marketing, promote ads on social media and communicate with the customers and etc. These work are safe and can be done at home, also relatively stable during the pandemic.

Even though many local businesses have been affected by the COVID-19 and the impact of it are through many aspects, we as workers can reduce our risk by making the right decision. After the pandemic has passed, we believe the local business in Canada will come back to the way it was.