As of late I’m asked “Is business really slow? How come I can't sell anything? Or The economy is so bad, I’m going to have to sale everything off and get a ‘real’ job." In this slow economy I’m hearing all over that buying is slowing down drastically. I do see a slow down in certain areas of the country, some more than others; but there are areas that are still booming and business is good. So is the question so many people are asking, “Slow Business based on Slow Economy really valid?”
In my business (custom jewelry) I’ve seen a slow down in the big ticket items (single item priced over $100); however, I’ve seen an increase and interest in the lower to mid-market priced items (single item prices $25-45). So, this begs the question, is it really the economy slowing down the purchasing or are people just looking harder at the price of things and then determining if there is enough ‘disposable’ income to make these ‘personal, impulse’ buys? History has shown that when times are good, money is flowing and the value of a dollar is measured in ‘how many toys you have, how big your house is, how stylish a car you drive, what private schools your kids go to, and how much money spouse makes and the type of job’.
Now that times are a little tougher, big businesses are cutting back jobs, and the financial and housing industries have seen their worst years in decades, the trend that many are seeing of people not buying is really, people pulling back, evaluating their situation, and looking to justify their purchases, only after the bills have been paid. It’s a cycle seen many times over the course of history…and if history is correct, this too shall pass…..will we ever seen the ‘good times’ such as the past 10 years, probably not that good, but people will return to the days of impulse buying once the housing - financial - big business dust settles; but the days of the small business owner may not be as successful and may be much tougher than they once were, As a small business owner that wants to last and survive, I’m stepping back to evaluate the situation, listen to my customers and those around, making adjustments as needed in my business. To survive in any situation, one has to evaluate and move forward…learn from history!