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greenoak
02-28-2009, 09:00 AM
march should tell us how bad the economy reallly is for us....the first 2 months were , i really think , affected by weather....quite a bit more than usual.....a predicted 8 in snow the night before our big sale day hurt a lot...we get out of towners..
if that opinion turns out wrong and we really are facing a 10...15% downturn...then some new ideas better be popping up.....
so many of our huge expenses cant change .. house payments and health insurance for 8 family members...and all the insurance money...for the trucks cars houses and shop....all that is a huge number....
we havent laid off anyone yet...and have bought normally for our spring and summer inventory...
a lot of big potential custoers have been in contact thru the winter...so thats a hope...we have a new billboard which looks great... the summer people arent here yet..
weve expanded into one other market , a mall booth...and are dabbeling into craigs list, whilch has brought some buyers, and now dabbeling into etsy.....and fluffed up the store as much as possible...
i know one thing ...the hardest time to sell anything is when you really need to!!! so i dont want to be there...


so my big hope is we get back to normal....and the good things start to kick in....
and im looking for painless budgeting hints or downturn plots...

vangogh
02-28-2009, 11:37 AM
Good luck Ann. Hopefully for you January and February were more about weather than the general economy. It's not a bad idea to start thinking of those new ideas in either case, though. New ideas really have no downside so might as well think of them regardless.

Still hopefully you don't need to and March is a good month. I think you know we'll all be pulling for you to do well.

huggytree
02-28-2009, 11:58 AM
the billboard is a great idea...if your counting on craigs list for anything i wouldnt..cheapest people on earth shop craigs list for the cheapest items.

i would expect alot more then 10-15% downturn for you.....antiques are a luxury item. i would expect luxury items to drop 50% or maybe more...Because I also collect antiques i know the market has gone down over the past 4 years...i sold some of my items last year and got 1/2 what i paid for them...and most of those items i bought at flea markets and considered them bargains at the time...

no one see's this ending in 09.....id lay people off immediately....i probably would have months ago....your a nice boss!

i have increased my customer base from 8 builders in feb.08 to 23 in feb 09...yet my hours worked is down just slightly for feb (gross sales $ is up though)....my phone rang 1x last week and i didnt get the job.
my march 08 was a good month...i can tell already i will be behind last year since i have almost nothing lined up....tax returns always gives all of us a spring bump...so we will see...i would go into survival mode for 09....sounds like thats where most businesses are now.....im also starting to go towards survival mode too now....im only stocking the min. and keeping all my money where i can get to it when needed.

i wish you well!

Blessed
02-28-2009, 12:06 PM
I don't know Huggytree - my business is up, my Brother-in-Law who has a one-man Cabinet Shop has seen his business start to come back up and I see a lot of other people in Ann's shoes around our area starting to do well. Hopefully March shows that things are better for Ann. If not - all those new ideas will help make up the difference!

KristineS
02-28-2009, 12:10 PM
I think it's always best to have more than one revenue stream if you can and it seems like you're doing that with new things like etsy and craigslist. It never hurts to try something new, especially if you can do it without a lot of risk.

Here's hoping that March is a better month and you see sales start to climb.

greenoak
02-28-2009, 05:43 PM
thanks for the nice words...i know its going to be a challenge for a lot of businesses...
hey huggy, i think we are a different kind of antique store than you are used to..mnost around here have closed too.......weve sold several big things off of craigs list this winter... .... and thats just to the people who mentioned it.... its brought people to the store....we have 3 billboards and they pull in about 20 to 30% of new business..one is about 8 yrs old and just got a new face..... they are pretty good for us....and we are in cheap territory, about 200 each....not like on the edge of a big city...
also we arent about good rare antiques...we arent really even about luxury items....just good furniture for nice homes and lots of garden things.......a bad market could even push some regular ethan allen buyers down to us....their dining room chairs might cost 200$ ours 20 or 30...
our brand is about...a fun place to shop, save money with style, bring a friend and a truck, ...we are kind of young and modern , not old and upppity.... altho dh and i only like the good stuff...but we have to bend to the market... ...
my workers are sure being nice to me...lol..they would hate your advice!!!..but these last 2 months we have worked real hard....adding value to things... painting and , fixing rough furniture , so many ways to fluff up our inventory... and making key west type signs for the summer people...we definitely never sit around....but if march is down then it will have to be a different story...
ann

orion_joel
02-28-2009, 07:29 PM
Ann, i think these are the sort of times, people really need to re-evaluate their business. Not so much as to whether or not they should be in the business but check around on some of the expenses see where money can be saved. Just some examples

Any of the insurances, check with one or two other companies and see if you could potentially get a better deal for the same cover, if so, go back to your current insurance company and see what they can do for you armed with the information.

The same could be done with really any of your expenses, power, gas, telephone. All these big companies want to keep their customers, so more and more may be willing to give special rates or deals to do so.

greenoak
03-01-2009, 08:25 AM
definitely joel....but im mainly trying to tighten up within the store....we are kind of stuck in our insurance choice ,mainly because of a health issue..if we changed we would probably lose coverage......not me.....
our feb wasnt down very much abut 4%...this week has been real good..suprised me!!!
..im hoping some obama optimism kicks in....
ann

huggytree
03-01-2009, 09:21 AM
that Obama optism causes the stock market to go down every time he talks or announces a plan......dont hold your breath for it

I would use that 'lower price' idea on your advertising...'you cant afford new furniture? we have well built dining room tables from 1920 for $xxx.xx'

if your only down 4% during the winter in the worst year i think your doing great!

i dont know of any business that i deal with that hasnt laid off workers yet..anyone with 3 or more employees has laid off a few....some other plumbers had 15 guys and are down to 2......

if you dont have alot of backup money you will have to lay off someone...if you go under how many of your workers will lose your job? all of them.....

this economy may fix it self by 2010....or maybe 2015-2020....no one knows...i heard on the radio yesterday that the average time it takes the stock market to recover from a bear market is 2 years.....but normal is 20% down....not 50% and counting....longest time its ever taken the stock market to recover is 7 years.....7 years from when thing thing bottoms out....it could be a couple years yet....so 10 years for full recovery is not unrealistic.....just keep that in mind

greenoak
03-01-2009, 05:04 PM
that would be a good ad huggy....if i can stay at down 5% i will be pretty happy....i think our january was a bit worse.
..i hear you on the lower price....but its a fine line...i dont want the, how can i say?, the trailer people ...i dont want to look like bargain basement....i need the high middle group of home owners....so i need to look reasonable and upscale at the same time...
about the workers....we need one at the counter, 2 to carry and one on the floor, selling and displaying......fluffers and floppers... i can carry one end of about any big furniture but i am over 60!! so that makes 4 all the time..plus me.....not always good but we dont ever sit around...im never on the computer over there....
we saw a lot of customers today....
ann