How My Businesses Got Through COVID, and Came Out Stronger

COVID was the hardest test my businesses have faced. Looking back, it also turned out to be one of the best periods for them. Here's what happened.

How did it start?

Slowly, and I didn't take it seriously at first. A couple of customers at Pattaya Rent a Car left early, and I told the staff not to worry: it wouldn't last long, and some people were just overreacting. I was wrong.

It wasn't until the Thai government ordered non-essential businesses to close that the panic really set in.

What did I do first?

Looked after the staff. Back then I only had two businesses, Pattaya Rent a Car and Hemingways Jomtien. Pattaya Rent a Car counted as an essential business, so we could stay open. We just didn't have any customers.

Hemingways Jomtien had to close except for deliveries. My manager and I called a meeting with all the staff to explain, and that's when it really hit them. Some broke down in tears, asking how they were going to pay their way.

The government had said it would support workers, but with so many people out of work so quickly, the money was going to take time to come through. So my business partners and I agreed to support the staff until it did.

What did that support look like?

Free food, and around half their salary, for at least three or four months. That was enough to live on at the time. A lot of landlords weren't charging rent, interest on loans was paused, and nobody had to travel to work. Everyone's costs had dropped, and most people were trying not to exploit the situation.

How did the businesses survive?

We got a few concessions, but in Thailand the help went to employees rather than small business owners, which is fair enough. Owners mostly had to fend for themselves. If you had no cash reserves, or a lot of debt, you struggled.

We were fortunate. Pattaya Rent a Car had very little debt, because most of the fleet was bought and paid for. Cars sitting in the yard had an opportunity cost, but nothing more. If we'd been heavily borrowed, it would have been a much bigger problem. And at Hemingways Jomtien, my partners own the building, so there was no rent to pay.

In hindsight it wasn't that bad for me. But when you're in it and don't know how long it will last, it's still stressful.

What opportunities came out of it?

Plenty. Personally, I did quite well out of COVID, because when we came out of it I was in a position to take the opportunities.

Some good businesses came up for sale because their owners had run out of cash or simply didn't want to carry on. That's how I picked up Alan Bolton Property Consultants and the site that became Hemingways Pattaya.

But the best decision was at Pattaya Rent a Car. So many competitors had gone out of business, selling their cars just to live, that when demand came back there wasn't enough supply. My business partner and I bought a lot of cars and almost doubled our fleet within a year or so. The cars went out really well, and for good money.

What did COVID teach me?

That life without work was actually really nice. I spent more time with my children, and I had a much clearer head. That's when I learned Bubble, the no-code platform, which had a real learning curve. I'd never have done it with the usual daily distractions of messages and emails. (It's how I got into using AI in my businesses.)

I think part of what gets us up and working every morning is that everyone else is doing it too. When everything stopped, it was unsettling at first, but it was quite nice really.

My advice for the next crisis

Have cash reserves. Whether it's a financial crash, a pandemic or something else, always be putting money aside, so you can survive it, and maybe even come out of it stronger.

For more, read how I run seven businesses, running a restaurant and bar in Pattaya and starting or buying a business in Pattaya.