Kevin O’Leary’s advice for small business owners as the economy reopens: ‘Practice being thrifty’

May 25 2020 by Taylor Locke for CNBC


Since late April, states across America have started to reopen, allowing for businesses to open their doors with restrictions. 

In states like Alabama, Colorado and Florida, for example, retail stores are able to reopen at limited capacity. In others, like Idaho and Kansas, gyms have reopened with precautions in place.

But even when business owners get the green light, they face common concerns like safety, consumer demand, rehiring and paying employees and other costs, to name a few. 

To those points, Kevin O’Leary, a CNBC contributor and an investor on ABC’s “Shark Tank,” has some advice for small business owners.

“Lower your expectations for what’s going to happen” as your business reopens, he says.

First of all, “people are scared,” says O’Leary. That means not all your customers may feel comfortable returning.

According to a survey by retail predictive analytics company First Insight conducted on April 20, only 43% of Americans surveyed feel comfortable returning to local small businesses. (Specifically, they feel most safe returning to reopened grocery stores (54%), drugstore chains (50%) and big-box retailers (45%), and least comfortable returning to shopping malls (33%).)

Read the Full Article at CNBC

retail  Survey Results  CONSUMER REPORT  Coronavirus  COVID-19  Consumer Survey  face masks  reopening

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