That seems to be the question I am asking myself these days.
Are any of you asking yourself that same question? Times are tough, nothing any of us don't know. My industry seems to be suffering maybe more than some. The first thing to go for a business is the little extras and embroidery seems to be one of those little extras. Even the local sports teams are having to cut back.
I totally understand but it does beg the question.... can D's stay in business another year. That is a question I never though I would ask myself, especially after 17 1/2 years.
In the back of my mind I continue to ponder opening a different type of business. I think I will always own my own business. I think it is in my blood. Just trying to figure out what that business might be keeps my mind turning.
Hope all is well with everyone. I miss the chatter.
Showing posts with label slow economy. Show all posts
Showing posts with label slow economy. Show all posts
Monday, October 12, 2009
Monday, September 7, 2009
It's been a long time
Been so long I almost forgot how to post to our blog. I say that with a sly smile on my face. Sorry for being MIA. Summers in AZ are so hot it is hard to wrap my mind around doing anything but hibernating. ;) Fall is quickly approaching though so there IS a light at the end of this tunnel.
Work has not been so good for D's Stitcheree.
I am hoping that the summer months have been better for all of you running your own business. The economy is tough, we all know that. I do have a question though for anyone who might like to chime in.
How is the economy effecting your OWNING your own business.
I just got a notice from my bank that effective Oct. 1 they will start charging a service charge of $15.00 a month on business accounts that carry under $1,000.00 daily balance. Since moving to AZ I have not had to pay a service charge with my bank and I have never held a daily balance of $1K. It is only $15.00 but in months where I might only make $100.00, that is a lot of money. I will see how the rest of this year goes then I am seriously considering closing my 17 1/2 year old business. I thought I would always work for myself but I may soon join the ever growing number of people unemployed.
Work has not been so good for D's Stitcheree.
I am hoping that the summer months have been better for all of you running your own business. The economy is tough, we all know that. I do have a question though for anyone who might like to chime in.
How is the economy effecting your OWNING your own business.
I just got a notice from my bank that effective Oct. 1 they will start charging a service charge of $15.00 a month on business accounts that carry under $1,000.00 daily balance. Since moving to AZ I have not had to pay a service charge with my bank and I have never held a daily balance of $1K. It is only $15.00 but in months where I might only make $100.00, that is a lot of money. I will see how the rest of this year goes then I am seriously considering closing my 17 1/2 year old business. I thought I would always work for myself but I may soon join the ever growing number of people unemployed.
Saturday, August 2, 2008
Marketing during a slow economy
Recently, I joined up with the Ladies Who Launch and Martha Stewart's Dreamers Into Doers.
I'm hoping that I can learn how to launch Comfy Cozy into a new level!
I'm just starting to take some time to check out the sites and read the emails. I found this one to be of particular interest and wanted to share it here:
Q: What's the best way to market my product in a slowing economy? I have limited resources and can see that people are already reigning in their spending.
A: The market is in a tailspin at the moment, but I caution buying into every market report you hear. Plenty of businesses are still thriving, and some products won't even feel the effects of recession. Big ticket, non luxury items will be the first to feel those hits, but most small businesses, if they're strategic, can maneuver through this storm.
Here are some tips:
1. Don't buy the hype. The media will always have an angle, and markets always have highs and lows. There is a general psychology behind news headlines that tend to put people into a panic. The key is not to let yourself get worked up about these headlines. They change daily and weekly, and although it's good to know what's going on in your sector, do not become a slave to what the pundits say. Plenty of businesses survive (and thrive) in down markets. Change your thinking (even meditation can help keep you grounded through rough spots!), and the results will follow.
2. Assess what has the biggest effect on your bottom line and outsource the rest. I know an event planner who makes sure that he pares down his staff to essential personnel in tough times. He creates freelance/consulting relationships with anyone who is not totally necessary every single day. In this way, he is able to maintain a very small staff of four while running a multimillion-dollar business. He also makes his lunch every day, brews coffee at home instead of buying it at Starbucks, and, instead of organizing pricier lunch meetings, meets clients for breakfast or tea, or has people come straight to his office.
3. Use viral marketing strategies to promote and grow business. Blogging is free. Putting Search Engine Optimization techniques in place is often free, and publishing articles that support your product is a use of resources but no cost to you. Look for websites that might need content, and put your writing skills to work! Make sure your URL is in your byline to drive traffic to your site and provide ongoing content wherever you can. This establishes credibility but also creates links all over the web for your product. Good luck!
Text by Amy Swift, Editor in Chief of Ladies Who Launch
I'm hoping that I can learn how to launch Comfy Cozy into a new level!
I'm just starting to take some time to check out the sites and read the emails. I found this one to be of particular interest and wanted to share it here:
Q: What's the best way to market my product in a slowing economy? I have limited resources and can see that people are already reigning in their spending.
A: The market is in a tailspin at the moment, but I caution buying into every market report you hear. Plenty of businesses are still thriving, and some products won't even feel the effects of recession. Big ticket, non luxury items will be the first to feel those hits, but most small businesses, if they're strategic, can maneuver through this storm.
Here are some tips:
1. Don't buy the hype. The media will always have an angle, and markets always have highs and lows. There is a general psychology behind news headlines that tend to put people into a panic. The key is not to let yourself get worked up about these headlines. They change daily and weekly, and although it's good to know what's going on in your sector, do not become a slave to what the pundits say. Plenty of businesses survive (and thrive) in down markets. Change your thinking (even meditation can help keep you grounded through rough spots!), and the results will follow.
2. Assess what has the biggest effect on your bottom line and outsource the rest. I know an event planner who makes sure that he pares down his staff to essential personnel in tough times. He creates freelance/consulting relationships with anyone who is not totally necessary every single day. In this way, he is able to maintain a very small staff of four while running a multimillion-dollar business. He also makes his lunch every day, brews coffee at home instead of buying it at Starbucks, and, instead of organizing pricier lunch meetings, meets clients for breakfast or tea, or has people come straight to his office.
3. Use viral marketing strategies to promote and grow business. Blogging is free. Putting Search Engine Optimization techniques in place is often free, and publishing articles that support your product is a use of resources but no cost to you. Look for websites that might need content, and put your writing skills to work! Make sure your URL is in your byline to drive traffic to your site and provide ongoing content wherever you can. This establishes credibility but also creates links all over the web for your product. Good luck!
Text by Amy Swift, Editor in Chief of Ladies Who Launch
Subscribe to:
Posts (Atom)
Posts
