A series of government measures have been introduced in Monaco to ease the challenges faced by entrepreneurs during this time. To understand how these measures have helped business-owners in the Principality, Monaco Tribune spoke to six entrepreneurs to see how they are coping.
In the previous part of this series we talked about planning events in lockdown and the real estate market in Monaco had to offer during the pandemic. Today, three more business owners tell us why people continue buying premium liqueur, why beauty parlours were closed, and how people in the Principality have become addicted to online yoga classes.
Philip Culazzo, owner of L’Orangerie – Liqueur de Monaco
We had to close our distillery to the public, unfortunately, but I was able to distil the fermented orange juice from this year’s harvest to make our Eau de Vie.
Support provided by the Principality
The Prince’s Government has been very supportive with their various measures to help businesses during these difficult times, which I greatly appreciate. We have had support from the government scheme to keep cashflow stable during the lockdown. There is also a scheme for 0% interest loans offered, but we have not applied for this.
Advice for other business owners
We don’t have advice except to keep working hard, keep quality levels high and try to come out the other side of this crisis!
Fred Marsan, owner of COOLBAY & SO/B, DRY BAR Monaco and Beachwear & More Monaco
Fred Marsan (centre) with actors Katherine Kelly and Thorsten Kaye
For over 15 years my team has been making Monaco look beautiful. COOLBAY & SO, for example, was the first men’s only barber salon in Monaco. We work with world-famous brands: Missoni, Eres, Melissa Odabash, as well as with young talented designers. Many of them were first introduced to the public in Monaco.
Support provided by the Principality
At the moment, the Principality and SBM cover part of the salaries of our employees, which of course helps to minimise costs during a crisis period.
Life under lockdown
Every day I follow my rituals: I do exercise, I take time to generate new ideas and projects. I am registered with the Monaco Red Cross and help older people walk their dogs. During quarantine, my team and I are in constant contact with clients. We also try to give beauty advice on Instagram. I think we will keep this useful initiative even after lockdown!
We have also set up a delivery service for products we use on our clients. Of course, they had to be packaged according to new standards, observing all safety and hygiene standards. I personally delivered the first orders to my customers.
Giulia Gualdi, The Yoga Particle
Giulia Gualdi
I started “the Yoga Particle” in September 2019, so it’s a relatively young company. Until a few years ago, I worked in academia as a theoretical physicist. While working as a researcher, I discovered Ashtanga Vinyasa Yoga. At that time, I was looking for something which could challenge and engage my body and my mind. Fast forward a few years, it became apparent that it was what I was most interested in. So much so that, I decided to finally take to plunge and start sharing what I had learned on my journey. I trained both as a yoga teacher and as a mindfulness coach and became certified in both disciplines. I decided to dive into teaching, which is why I created “The Yoga Particle”.
Support provided by the Principality
With the introduction of the minimum wage scheme a few weeks ago, self-employed people can now rest easy. I’m yet to receive it, but I know that there is enormous pressure on the Covid-19 office. They are doing everything in their power to ease the situation, and I know they are coping with the changes.
Life under lockdown
However naive it may sound, I hope this crisis will boost the transition towards a different economic model whose only golden standard will no longer be consumption and production “at all costs”. On a personal level, I use this time for reflection, as an opportunity to cultivate my practice and to integrate it even deeper into my everyday life. Above all, I am grateful to be able to spend more time than usual with my family.
Future plans
I see two main directions: one, the default, is to go back to face-to-face teaching and to make up for the training I have missed during this period. The second is to leverage this experience and finally start my long-awaited project of expanding my business model to include some online classes.