‘Shark Tank’ host on saving small businesses

Barbara Corcoran gives advice to small businesses trying to stay afloat through the pandemic and how they can succeed in today’s economy.
8:44 | 03/24/21

Coming up in the next {{countdown}} {{countdownlbl}}

Coming up next:

{{nextVideo.title}}

{{nextVideo.description}}

Skip to this video now

Now Playing:

{{currentVideo.title}}

Comments
Related Extras
Related Videos
Video Transcript
Transcript for ‘Shark Tank’ host on saving small businesses
Welcome back small businesses have been hit particularly hard during the pandemic many have been forced to shut down and others. Are on the brink of closing their doors for good but as more Americans get vaccinated in state start to ease restrictions. There could be some light at the end of the tunnel shark tanks Barbara Corcoran is here but some advice for small businesses trying to navigate. This pandemic farmer good morning thank you so much for being here. Thank you very much for having me appreciate it says so tell me what should show up when small business is be doing right now. That things are slowly starting to reopen. Really should be anticipating that they will definitely reopen and they should have ruled it ducks in order to know exactly listening to kid. And how they during use everything. Because people who are now wait in just had a reaction. To things slowly improving are now finding competitors are going to be there faster. So part of the a rhyme and reason of our business unusual summer Narsai webinar series pardon me. Sponsored by eighteen T businesses too well equipped these. Entrepreneur or is where exhausted from last year struggle and make sure that they see what's happening right now and they get ready for. No we've seen a lot of temporary changes obviously with the pandemic but how do you think it's changed the way business is. And especially small businesses function long term. Well it happened to be able to them. Totally change a model to respond to the new customer. When you're in business you never really in charge customers in charge is they don't like kids they disappear if they buy from someone else. If the unhappy with you qualities her wrists or how you deliver your goods. They just quietly go on to someone else what's interesting about this pandemic. These customers left in mass the business is that they were accustomed to buying from. Not because they had a choice in the matter but they had to do. Buying very differently I mean I don't know how it is exactly on the street where you live. But almost every shop that I think we do in jeweled my buying local businesses that I believe in supporting. Most of them went out of business and now I am 95%. On online shoppers. It's not about bush Stuart changing so much it's the story needing a change should the reaction of the actual customer. Which means taking business from brick and mortar totally online where most of this hills are gonna need one. And that's why I think this summer again is so useful because most small businesses have not made that change. And if they wait another three months to wake up to the fact that they need the new technologies do business. To compete with big competitors who already are on to it did not going to be around to be in business and so AT&T of course and trusted technology advisor. And they should just be recommending an only recommend those technology changes needed. It's so many bizarre buying everything in its crazy they don't have the money and they don't have the wherewithal. So we hope to really guide people in those resources in every way that we can and can't so hard to navigate that space that as things start to reopen now. It is a good time to start a business. How is the best time let me tell you why. Every time I had a bad market. Raising my own business for different reasons why our market basically drop dead I didn't think how could hold on until the following week. And yet it was at the darkest hour that they lose switch. Almost like you're matching it. And when it switched my competitors were gone. Not that I would wish them ill not that I love them but I was wishing and go out of business but the rank sentenced. The customer and changed my customers ready for a whole new kind of servers a whole new face a whole new business. And you just walk right into those spots so it is is a good time to start a business is never been a better time. But looking at a from the outside most people would think I should wait it out and see how it pans out. When you waited out to see how it pans out the large rivals in your business the ones you gonna have to learn to compete with. Are out of them aren't spending their money in the had a lot of muscle to spend. And you can grow your business quickly but now you have that's short window of opportunity. Of six to eight months when you don't come out of the gate warrant. And have far less competition and nobody spending and money to compete with you. Quite yet. And that first impression counts for so much now I barber as an investor though. What kind of businesses are you paying attention to as we start to come out of this pandemic. Flying I don't approach it like a let's bring kind of way you would think that I stay well transportation is going to be big. The that he the travel business overall the entertainment is going to be big people and I'm make up for lost time. I totally believe that. But when it comes to buying into a business whether it be a shark tank during independently of shark tank. I keep my line the ball the ball is the nature of the entrepreneur or. How Smart are they how much risk hemming tapes how much of a gut do they have to go to the bad times again and again and keep popping up and showing up. And when I can land an apple and simply choose individuals vs businesses I always make money. Every time I let my let bringing Kate can't think well this Linksys are battening cents. It's never weird that game is played it's always totally dependent on the individual. If you see businesses had had enormous success it's never because there in the right space technology of course squeezing an air. But 99% of those businesses were headed by individuals. That could see the future and act on their own gut instincts have moved quickly when others couldn't. And so is C individual lists the name of the game that's entirely what I use your nest today. And starting today you mentioned your webinar series is completely free and as of today you're actually extending that it calls business and usual. And it aims to help small businesses succeed in this rapidly changing environments and tell us a little more. About the course you reference knowing what's in your toolkit so what is there when you hold entrepreneurs get out of this. We have known this song many things that go into building a successful business in each of those elements have been stressed out in the last year. This it almost has not allow that ability if you haven't tecumseh before but now it's different. Some of the tools that every grade a children or needs now more than ever is how do you hired the right people back. Would you not hire them back to hire new people as business starts to. As a business starts to poll. Forward and what team do you motivate those people you know the business owners are mistrustful of the economy as are the employees. They're not walking into jobs today like they won't change she years ago believing they would have the job six months out. Everyone's mistrust or how to assure them up. What you communicate to your customer no matter what you businesses that you have safety protocols that they come first that you worried about cleanliness. And how do you communicate that and then also how do you even get the attention on the customer to let them know that your restaurant just open. There are many restaurants in my neighborhood that I reopen it and we're all in the habit of seeing the same aside and assume when next closed. But the Smart restaurants are thinking of the gimmick to get people in. They re doing something in his signing Gina it's changing the color. The bringing the if stepped onto the street handing out menus. It's a people that are really aggressively thinking that they can assume that people just of course know they're in business again. It just doesn't happen that way. Part of the reason we're doing the seminar is because there's so many tricks of the trade that every entrepreneur who were. Can use in cross fertilize from one industry to another. And then laughed thinking about it and it's unlike its genius ideas. But it's to wake people up and think what can you try here's a menu of fifty things what's invests in and try to get your business. Back in high gear because it's so much to be gained rate now is a one time opportunity when a large competitors are still asleep not spending money new millionaires Hewlett market. And so that's what's important in the seminar he just people on eight Barbara dot com and if you can attend it at 2 o'clock today. No problem the first twelve are on demand is for life seminars to follow whenever you cheer watch them but you'll. Get a lot out of them I have no doubt about that Barbara I love your optimism after a year hearing so much pessimism is so great to have you on thank you. My pleasure nicest islands I was he really likewise.

This transcript has been automatically generated and may not be 100% accurate.

{"duration":"8:44","description":"Barbara Corcoran gives advice to small businesses trying to stay afloat through the pandemic and how they can succeed in today’s economy. ","mediaType":"default","section":"ABCNews/Business","id":"76656532","title":"‘Shark Tank’ host on saving small businesses","url":"/Business/video/shark-tank-host-saving-small-businesses-76656532"}