Hey all you independent business owners!!!!

[doug hodder]

I'm one of you also...just wanting to check in and see how the economy has affected you and your business. My business is centered around a "hobby" type customer, it's just not a necessity. Without bashing any administration, how are you all doing? What steps have you taken to boost sales if they are down, and what has worked for you?

For me...I've moved to a smaller space and let some people go as well as picking up all their hours personally, largely a function of the remodel of the commercial center, also working more aggressively on the internet sales...My product pricing is increasing, especially with oil based items and freight, but buyers are now more price shopping. How about you? Please don't turn this into a rage page! Hopefully we can bounce ideas off each other. Thanks, Doug

[robfisher]

Hi Doug,
My business does high volume metal stamping, small sheet metal parts mostly for the building industry. For the past 20 years normal orders have been millions of parts per year. My orders are off 55 percent. I've laid off everyone, turned off the lights and heat, and am trying to regroup. I have some machine tools such as mills and grinders but have never sold myself as a machinist. I've made a great living running my punch presses. Right now it's all sitting idle as I try to find new things to build.

The direction I'm leaning right now is towards home security as in iron fencing, gates and window protection. I think real nice looking wrought iron work has always had appeal but even more so in troubled times. My shop space and my machining and welding skills will alow me to produce great looking protection. This week I contacted one of the top custom home builders in our area whose business is also suffering. But he liked the idea I presented to him of installing what I could produce.

Now can we sell it? Some people still have money. Will those people want to physically protect their homes and businesses at a higher level in these times? We'll see as we move forward. What I know is that I cannot remaind static, waiting for better times. We could get pretty hungry just waiting.

[greg755]

My auction house activity is up by about 10%.

My "day Job" (advertising sales) is down about 16% from last year, but still doing ok.

My personal "wheeling dealing" of things I buy and resell is up about 12%

My 401 k is down 26% in the last quarter alone.

My small stock holdings are down 38%.

I just work more hours to keep the levels up and my wife has now had to go to full time work as well.

We are feeling the pain like most people, luckily we both have jobs.

If I were retired (which now with the losses to the 401k and stocks has been moved back at least three years) I would be freaking out....

Longer hours less money, but at least it is still coming in....

All in all if it keeps going they way it has been I figure I will make about 18% less than last year, and last year I made 12% less than the year before.

Just have to work harder..... What else can I do?

Going from the Bush recession to the B.O. Depression is going to be very unpleasant....

[halfdome, Danny]

[toypusher]

Just a friendly reminder for everyone to keep the political remarks to theirselves and stick to what was asked in the original post!!

[DrCrash]

I am glad the mods are on this one , for it could get downright ugly....

My busness is doing good at the moment, just riding out the storm at the moment. Personaly I dont think it is as bad as the news leads on [ Not a political jab just my opinion] I think people are just spooked..

[ParTaxer]

I am a tax professional. A semi recession proof business. However, I am hearing a lot of sad stories of layoffs, less hours and decreased production from all fields including medical.

[Dean in Eureka, CA]

I can't lend any ideas here as I'm no longer a glazing contractor...
Just glad I was able to make a switch when I did.
I started seeing things change two summers ago and had been self employed for 15 years. I had never had a slow winter, let alone... a slow summer like I had about a year and a half ago.
It's harder physical work for less money now, but at least it's steady and I'm learning something new. The biggest change for me is I'm now working side by side with a bunch of youngsters and I'm no Spring chicken... Know what I mean?.
One of my co-workers was flabbergasted when I informed him that I use to work with his grandfather.

[Sparksalot]

It's just peachy.

Well, not really.

I'm in construction. Business is way off. I've laid off 1/3 of my staff. The rest, including me, have had pay reduced, but are happy to have jobs. My partners and I are working our tails off, to bring in new work.

On the other hand, it's better than some of my clients. Many are at 50% or higher lay-offs. Just a few are out of business, at least so far.

[kerryd]

hello all , we have a small gate,rail,welding shop in Brooksville , Fl. We feel it too . About a year ago we could tell it was coming . We started to look for ways to save , we got rid of the cell phones,saved about $1400 a year . got rid of cable TV . there is another $1000 a year . Susanne calls the phone co. every couple of months and they seem to make a better deal each time . Some things are only acouple bucks a month but they add up .To me that is like finding money on the floor. We stopped eating out too. We are making less money but it seems like we have more . One thing I've noticed is our neighbors are colser . It seems more like the 60's 70's , when you would hang out with your neighbor . They help you ,you help them .Hope I did'nt go too far off track. And I hope all come out in good shape . Kerry

[Joe G]

My shop builds, restores, and repairs antique cars and hot rods. The work we used to do for the average Joe Hot Rod has all but dried up. My vendors are hurting, and some have folded. We are very fortunate to have a small group of customers who are unaffected by the economic downturn, so we still have a two year back log. It used to be that 90% of our jobs were minor repairs and upgrades, but now 90% of the jobs are complete builds and restorations.

We're hanging in there...for now.

[john]

I am/was a home builder. I was just getting started and felt the "ball" starting to roll this summer. I began with spec homes to create a name for myself. In the long run I hoped that custom home buyers would come along and pay for the build out of their pocket based on my spec home products.

A few have, but each time they have had loans that only work for existing structures. There are no construction loans to be had according to loan agents I know. About three days ago I had another call from a potential customer but had to inform him that under the current conditions I was not going to spec another build. (it is hard to take the risk of a build when the price of your product is falling)

On the flip side, there are many foreclosures in Rockingham Co. NC. 25 to 30 thousand will buy a foreclosed home that can rent for $400 to $500 per month. It looks like I will have to tread water during this recession with rental income.

Normally vacation time costs me down time due to lost work. So I reserved 5 nights in Yosemite in late June. I've decided that I can take advantage of the down time and take the family on the trip out west this summer. The rest of the trip is being planned around the week in Yosemite. I hope the parks are still open at that point.

[doug hodder]

I'm afraid that a lot of the hobby businesses are really going to suffer. As people tighten their money belts, unnecessary stuff goes by the wayside. I've started offering free classes for different techniques if the people buy the product from our store, an attempt to get new people involved.

In my business it's all about inventory...and trying to guess what the customer wants. I'm going to start polling via e-mail using the top 15% of my customer base to get feedback on different types of materials they would like to see us carry. Let everyone know that we appreciate their business and in an effort to meet their needs and desires, what can we bring in for you. Hope it works. I've always just asked in the past, now I need to seriously plot some info and plan accordingly. Doug

[Nitetimes]

I'm afraid that a lot of the hobby businesses are really going to suffer. Doug

And luxury type businesses. My brother has had a tattoo shop in the same place for over 15 years, has an excellent reputation and has made a good name for himself but he is seriously considering shutting the place down in a couple of months before he gets too far buried in back rent.

[kerryd]

Doug, that is another thing we have been doing is going to our old customers and offering deals . We have pretty good luck with that too. One of the things that saves us so much is we work out of a barn at the house . Also a good guy to listen to on the radio or TV is Dave Ramsey . Kerry