How are the rest of our "self-employed service-industry" TRF'ers doing?

[theloxmyth]

With the way the economy is going, I just found out that I might get taken for $2,600 by two companies that are declaring bankruptcy.

CRAP!

I already had the money spent.

Thank "He who is Goodness," I have my bills paid for the month.

BUT, things HAVE been slow, calls are fewer and receivables are slower in coming.

How are the rest of our "self-employed service-industry" TRF'ers doing?

I read reports that the recent recession is easing, though!

[gg922]

We are in the floor covering we had a builder we have done work for 20 years go under and stuck us for 80000.00 dollars

[theloxmyth]

Originally Posted by gg922

We are in the floor covering we had a builder we have done work for 20 years go under and stuck us for 80000.00 dollars

That's the way it is with my brother-in-law.

He lays hard flooring and has seen his business drop 60%, but is a sub-con and only has one or two dead-beats that went belly-up.

Bad for him and my sister (and kids), they have a fabulous house on a lake and have re-mortgaged already.

We both NEED A bailout of ONE MILLION!

Big Zero, can you hear me now?!

[gg922]

We are slow but we are are down about 30% so not as bad. We are doing alot of forclosure work. I have a builder that is making more buying and flipping forclosures than building new homes.

[allanofcalifornia]

I sure hope the economy recovers and you guys start to do better!


Allan

[gg922]

My father got into floorcovering when I was in the 3rd grade I am now 40. I have seen it worst. I remember times when there was no work at all. We have 10 crews and they are working every day. When business was better we had 15 crews but the ones that were let go needed to be let go long time ago. The guys may not be on big jobs everyday but atleast there is some promise out there. I really think the media plays alot on the economy. I may be thinking way to positive but thats all we have right now.

[walds11]

When the economy recovers or starts to recover, I want to start my own business. I am patiently waiting.

[TheVTCGuy]

How are the rest of our "self-employed service-industry" TRF'ers doing?

Oh, the hookers I use are doing fine..... oh wait.. that's not the service industry you were talking about?

[East Bay Rider]

Originally Posted by TheVTCGuy

Oh, the hookers I use are doing fine..... oh wait.. that's not the service industry you were talking about?

Do you tip them well?




From what I've seen there is more room for price negotiation and more competition for the same jobs. Folks who weren't having work done because of the labor expense are now finding the prices come down to more reasonable levels that they can finally afford. It's almost like the economy brought some price sensibility back and cut the greed. If one service pro isn't willing to adjust, there are three more to choose from who will and one of them will get the job while the first gets nothing.

[Green Sub]

My one man computer support business is doing very well in this economy. I've picked up at least 8 new clients since last years market crash. I think price is a major reason I am doing well. My hourly rate is $50 and I compete with companies that charge $125 per hour.

Granted I don't have a friendly secretary to answer the phone, but they sure like the invoice total when they receive it.

[EDGE-M3]

Originally Posted by walds11

When the economy recovers or starts to recover, I want to start my own business. I am patiently waiting.

Why wait til then? There is never a right time to start a business IMO.

[theloxmyth]

Originally Posted by walds11

When the economy recovers or starts to recover, I want to start my own business. I am patiently waiting.

Originally Posted by EDGE-M3

Why wait til then? There is never a right time to start a business IMO.

Agreed.

Start a new business while you already have income from another source, lest you're currently retired, as it may take a while to get it off the ground.

When we (I) started 20 years ago, we had a couple of thousand in income the first year, but then it kept doubling.

I don't expect it to double, anymore, at the level we are at without adding an employee or three.

[walds11]

My expenses are going to be high from August 2009-June 2010 (childcare expenses and daughter's preschool expenses). Once she starts kindergarten, then my expenses will drop like gangbusters and I will be able to live off my wife's salary. She is a school teacher with great benefits. So, next spring/summer would be a good time for me start a business. I could always start the planning now or soon.

Originally Posted by EDGE-M3

Why wait til then? There is never a right time to start a business IMO.

Originally Posted by theloxmyth

Agreed.

Start a new business while you already have income from another source, lest you're currently retired, as it may take a while to get it off the ground.

When we (I) started 20 years ago, we had a couple of thousand in income the first year, but then it kept doubling.

I don't expect it to double, anymore, at the level we are at without adding an employee or three.

[diablojota]

Originally Posted by walds11

My expenses are going to be high from August 2009-June 2010 (childcare expenses and daughter's preschool expenses). Once she starts kindergarten, then my expenses will drop like gangbusters and I will be able to live off my wife's salary. She is a school teacher with great benefits. So, next spring/summer would be a good time for me start a business. I could always start the planning now or soon.

The sooner the better with planning. I highly suggest you work on putting together a business plan. I also encourage you to use the guidance of the SBC http://www.sba.gov/. They have great templates to work from with regards to the biz plans.

The more you can have laid out before you start, the faster you can ramp up. Also, by having a solid business plan in place, you create the boundaries of your business. I highly encourage you to stay within those boundaries. So many small businesses fail because their founders want to do this, and do that and do this, and so on, and all those additional things don't really fit with the central purpose of what the company was designed to do so they end up falling flat. I've seen this happen far to often as I'll get called to come in and consult for these small businesses to help them before they fall flat.

In addition, depending on where you live, the SBC typically has outreach centers you can go to, and they'll offer sessions and individual meetings to help develop your business plan.

[walds11]

Thanks Frank. I know a little bit about that stuff. I am a personal banker for a very large bank I would like to get into the investment or mortgage business. Not the best time to do that because of that state of the economy. I have been in the business for 8 years and also have an accounting/finance background. Not much overhead needed to start those types of businesses. I just need to jump in and start planning.

Originally Posted by diablojota

The sooner the better with planning. I highly suggest you work on putting together a business plan. I also encourage you to use the guidance of the SBC http://www.sba.gov/. They have great templates to work from with regards to the biz plans.

The more you can have laid out before you start, the faster you can ramp up. Also, by having a solid business plan in place, you create the boundaries of your business. I highly encourage you to stay within those boundaries. So many small businesses fail because their founders want to do this, and do that and do this, and so on, and all those additional things don't really fit with the central purpose of what the company was designed to do so they end up falling flat. I've seen this happen far to often as I'll get called to come in and consult for these small businesses to help them before they fall flat.

In addition, depending on where you live, the SBC typically has outreach centers you can go to, and they'll offer sessions and individual meetings to help develop your business plan.

[mikey]

The economy has affected my business too as many people are just not buying due to jobloss etc etc

[valentine]

people are still getting tattooed!!!!!!!!! so all is well.

[bodybump]

speaking of recession...$1.12 tip on a $130.00 check....

[RogerF]

Being a headhunter is bad enough sometimes. but like the rest of you guys, collecting has been the biggest pain in the butt lately :(

[theloxmyth]

Originally Posted by theloxmyth

With the way the economy is going, I just found out that I might get taken for $2,600 by two companies that are declaring bankruptcy.

CRAP!

I already had the money spent.

Thank "He who is Goodness," I have my bills paid for the month.

BUT, things HAVE been slow, calls are fewer and receivables are slower in coming.

How are the rest of our "self-employed service-industry" TRF'ers doing?

I read reports that the recent recession is easing, though!

Sent a registered letter to both the contractor and the building owner of one of the two cases mentioned above.

The building owner called to say that the contractor is out of business.

He asked how much of $1200 I would accept even though it is not his responsibility to pay me directly as he paid the contractor already.

I agreed upon $800 (2/3) and feel blessed that he cares enough to take care of this debt.

[Art 1]

Originally Posted by theloxmyth

Sent a registered letter to both the contractor and the building owner of one of the two cases mentioned above.

The building owner called to say that the contractor is out of business.

He asked how much of $1200 I would accept even though it is not his responsibility to pay me directly as he paid the contractor already.

I agreed upon $800 (2/3) and feel blessed that he cares enough to take care of this debt.

Good for you. We are getting less large jobs but getting our fair share of the normal type of work. Also I make sure we charge top dollar for every service and no longer give any breaks.

[theloxmyth]

Originally Posted by Art 1

Good for you. We are getting less large jobs but getting our fair share of the normal type of work. Also I make sure we charge top dollar for every service and no longer give any breaks.

Yeah, Art, I could easily have gotten nuttin!

I must have done good when I met the owner, Chris, at the job site.

I truly feel blessed, brother, and I'm glad you are holding your own.

Later, gator.

[Rebel]

I and my 2 brothers-in-law are GM dealers. For us, business is headed north again.

We've been in business for 90 years. 5 generations strong counting my son who is home from college and working here for some spending money.

We are glad to still be in the game!