Navigating the Pandemic: Insights from a Small Business Survivor

The Resilience of Small Businesses

Deciding on your local bagel shop is a quintessential part of becoming a New Yorker. I’ve made this city my home for the past 17 years now, and it’s the first thing I do every time I move into a new neighborhood. About four years ago, I made Midtown East, Manhattan my home, and it didn’t take long for Chelsea Bagel of Tudor City to become my go-to shop.

Challenges Faced During the Pandemic

Chelsea Bagel of Tudor City is owned by Dimitri Mikhaylov. He opened the shop and its sister restaurant, Chelsea Bagel & Café , along with his brother in 2015. Owning his own bagel shop became a dream after Dimitri invested in another coffee shop a few years prior. Never did he imagine just five years later, the world would be in a global pandemic.

Strategies for Survival and Recovery

In the early days of the pandemic, Dimitri had to make some difficult decisions to keep his doors open. He made reductions in staff, changed hours of operation, and withheld his own paycheck in order to pay his employees. The small business PPP loan allowed Dimitri both to cover his expenses and hire back some staff. Since the summer, business has picked up, and he’s slowly welcoming back his regulars. There has been a 25% increase in customers in recent months compared to the start of the pandemic where business decreased by 75%.

In addition to the PPP loan, Dimitri advises that small business owners really look at their expenses to see where they can cut off spending. At the height of the pandemic, he chose to do all the buying himself, which drastically cut down the cost of goods for his shop.

“I’m hoping that the economy returns and brings customers back,” Dimitri says. “This area [New York City] relies on tourists.”

“It crossed my mind not once but many times to give up the business during all this, but hope kept me going. I have a family to feed and my employees have families to feed.”

According to a recent survey, 43% of small businesses reported a decrease in revenue due to the pandemic, while 30% had to temporarily close their doors. However, with government support and innovative strategies, many businesses like Chelsea Bagel have managed to survive and even thrive.

For readers, it's crucial to understand the importance of having a solid business plan, including financial backup and insurance coverage. Additionally, staying informed about government support programs can be a lifeline during tough times.