You can’t get away from conversations about Corona Virus or as it’s formally called Covid-19, normally those conversations also quickly turn to ‘but why the toilet paper, does Corona Virus cause the shits? I thought it was the flu?’ I know you have had these conversations, I have had them too, either in the Get Legit Facebook Community…or in the moments I am out and about in my community.
In episode 23 of the Get Legit Law & Sh!t podcast, I cover more than just toilet paper shortages and fear. Because there are real impacts of a global event like this that you need to prepare for if you own your own business, if you are employed 9-5 or if you are just preparing to deal with school closures for your kids.
So let’s talk about what is happening to business impacted by Corona Virus and what my suggestions are. Also…because I am a lawyer I must disclaim things, I am not a medical professional, just an opinionated lawyer who worked as an EMT once for the experience but couldn’t stand the smells. I am sharing what I have taken from the professionals, what I see happening around me and my own decisions. Note number 1…carry your own pen so if you are out and about you don’t have to touch community pens!
My Kids Response
One of the most interesting things for me is watching my kids respond to everything. My oldest and I were at Target (I love LOVE Target), and he was amazed at the empty shelves…shelf after shelf empty, no toilet paper, no bleach, no Clorox wipes, no paper towels, no hand sanitizer and like 4 hand soaps (well I bought one and so there were only 3, but I didn’t get all hoarder about it!). He was shocked that so much was gone. I could see on his face that he was processing what it means that so much was gone. I wasn’t surprised. I have lived through earthquakes, and riots and I know that people get nervous.
Latest and Greatest
Since I recorded Episode 23 a few things have changed. First Coachella and Stage Coach were postponed until October. Over 12 states have declared a State of Emergency, including California. Boston canceled it’s famous St. Patricks Day parade, the first time since 1994 when it was canceled among political issues. In addition to all of that, there are now 55 Universities that have canceled in-person classes.
The 2020 Olympics
The one thing I am most curious about is if the 2020 Summer Games in Tokyo will be canceled. They will no doubt be impacted. A member of the Japan organizing committee stated that if the games can’t be this year they would rather postpone 1-2 years. Japan is a significantly impacted country, more so than most and only less impacted than China, Iran, South Korea, and China. But it sucks for the athletes who have been preparing for these games. A lot can change in 1-2 years for an elite athlete and it breaks my heart for the 2020 hopefuls. Even though it hasn’t been announced I am going to go ahead and guess that if the games aren’t canceled (which I think they will be), they won’t have any spectators for sure. But how much does that cost Tokyo? Reports in December 2019 indicate that Tokyo spent over 12 BILLION on the Olympics. I am sure the expected revenue for Tokyo is from ticket sales, sure, but the amount of tourism that would come into the city in 2020 and beyond would be beyond what they have spent. So I can only imagine that Tokyo would rather postpone the games than have them held without the wallets…I mean spectators. I will call it now, I think the games will be postponed.
From iPhones to Diet Coke there will be impacted supply lines. I expect to see iPhone supplies constrained when we get to (if we get to?) the new iPhone launch expected in September 2020. The iPhones are manufactured in Shenzhen China and if parts are components aren’t being built now because of factory shutdowns there won’t be enough parts to put together new phones. The same applies to Diet Coke which relies on sucralose supplies also from China. Though Coke was talking about supply chain constraint I can imagine that other Diet Sodas will be impacted.
Though there are some business prepping for constrained supply lines, and I am sure really questioning their reliance on China as a sole supplier, there are other companies that are booming. Clorox, anyone who makes hand sanitizer, Netflix (cause what are you going to do if you are isolated at home), and Campbells Soup….cause that shit lasts forever. I mean consumer demand for Hand Sanitizer is up 1,400 % from December to January. That only presents the problem of manufacturing enough! In an unstable economic environment like this having an in-demand business isn’t a bad thing at all.
Look, the CDC and the World Health Organization are keeping people up to date. That is the best place to get information. Next is your county health officials, if there is an outbreak in your area that you need to know about that’s where you need to know. Both organizations recommend the same thing, wash your hands, stay home if you are sick….like stay home until you are all the way well. They have let us know that coronavirus is 400 times more contagious than the flu and you can actually be more contagious when you are symptomatic (unlike the flu where you are generally less contagious.)
If you need to be out in public take hand sanitizer or wash your hands, wash your hands when you get home from being in public. My number one for his…bring your own pen when you are out cause touching communal pens to sign things is ick. Same for a stylus to sign at the store use a pen or a fingernail if you can! Those things don’t get cleaned!
Financial Tips From Not a Financial Advisor
Look we are getting into some economic uncertainty…it’s not the time to sell off stocks or investments in a panic, they will go back up. Make the best decisions you can with a long term perspective. Look at how markets have recovered from other global events and do your best. It’s a great time to evaluate your budget and save if you are in an impacted industry. Travel, hospitality, restaurants all expect to be significantly impacted. If you work in an impacted industry save money incase your job shifts or you have hours cut. I will also plug having a side hustle, but right now UBER may not be the best bet. So if you have the opportunity to create an online side hustle, reach out to me and let me know. I love the online world and there is so much opportunity to make money there.
We are all going to get through this together and if you want to chat about this or anything, the Get Legit Community on Facebook is a space curated by me so that we can have these conversations without judgment, or crazy social media BS. You know I’ve got you.
Emily D. Baker, Esq.
Badass Lawyer for Online Business
Emily has been running business for 15 years and has ove 13 years of legal experience. She spent 10 years at the Los Angeles County District attorney's office where she truly learned to be a solopreneur. Emily has built her consulting and speaking business from the ground up, in her garage jamming out to 90's music. She specializes in no BS practical advice for the starting and scaling online entreprenur. Emily will tell you what the business gurus can't in a way that is both hillarious and empowering.