My business income dropped by over 60%

amother

OP ↓

Sat, Aug 03 2024, 7:35 pm

I can’t wrap my brain around this
I own a business - service based
I know o have a good name out there. Most my clients are very happy with my product/service and many repeat customers

I keep saying this is what Hashem decreed on RH last yr but sometimes I just feel such despair
Like how does it even mk sense?!

I went from doing 10k+ a month to maybe 2k a month. It’s frightening

Anyone ever experienced this?!

amother

Mistyrose

Sat, Aug 03 2024, 7:38 pm

amother OP wrote:

Is there any practical reason for this? Is your business seasonal? Did you make any changes?

amother

↑ OP ↓

Sat, Aug 03 2024, 7:41 pm

amother Mistyrose wrote:

Is there any practical reason for this? Is your business seasonal? Did you make any changes?

None that I cld think of
Definitely not super seasonal. Was busy all year round past two years. But steady income - some months a little more than others

And not much change

amother

Blue

Sat, Aug 03 2024, 7:46 pm

it may depends what you do... people are away now, might not have a need, the 3 weeks.... hope it's only temporary for you!! (((HUGS)))

amother

Sand

Sat, Aug 03 2024, 7:48 pm

Yes me. I also know it’s from Hashem, but it’s really hard. I’m looking for a job now in addition to my business.

amother

Natural

Sat, Aug 03 2024, 7:52 pm

The economy is not great in the us and in Israel . If you live in either of these places and your business is more of a luxury than a necessity then that might explain it.

thegiver

Sat, Aug 03 2024, 7:55 pm

amother OP wrote:

Do you listen to your customers? Post consumer satisfaction is key. Also learn Shaar habitachon! Although it looks like you’re already on the right track!!

happy chick

Sat, Aug 03 2024, 7:56 pm

When did this drop start? Is there a new competitor out there who charges less or offers something extra?

amother

Navy

Sat, Aug 03 2024, 7:57 pm

Yes, discretionary spending is down, so if it’s something like makeup artist, that could explain it.

Also, could it be that new players have entered and crowded the market?

Maybe tell us what you do and we will have better answers/suggestions to help.

shoshie888 ↓

Sat, Aug 03 2024, 8:02 pm

amother OP wrote:

everything is insanely expensive right now and many people are living paycheck to paycheck. So if your business is more of a luxury or a service that is nice to have rather than a need to have, then that could be why. People just don’t have money to spare right now…

amother

↑ OP ↓

Sat, Aug 03 2024, 8:02 pm

I prefer not to say what I do bec not many ppl do it where I live in NJ and don’t wanna give myself away 🙈
But makeup artist isn’t far off. Simcha industry…

Which, yes I know people are spending less, but ppl are making luxurious simchos. Weddings are still over the top.
I don’t have much competition- but the competition I do have, is more expensive than me

amother

↑ OP ↓

Sat, Aug 03 2024, 8:02 pm

shoshie888 wrote:

Not an “optional” thing

↑ shoshie888

Sat, Aug 03 2024, 8:04 pm

amother OP wrote:

maybe what you’re doing is out of style now? Just making assumptions based on information given. Potentially there’s a way to switch it up. Consider talking to previous customers if you’re friends with them, they could give you insight

amother

↑ OP ↓

Sat, Aug 03 2024, 8:04 pm

happy chick wrote:

When did this drop start? Is there a new competitor out there who charges less or offers something extra?

I would say the drop started after sukkos last year, approximately
Which is why I just keep telling myself maybe Hashem doesn’t want me to mk money this year. For some reason, on RH, He decided I will not have a successful year.
Sometimes it’s just hard to accept it at that and not think , what did I do/ am I doing wrong? Just why??

giftedmom

Sat, Aug 03 2024, 8:24 pm

Yes inflation got really bad this past year and this is most likely the cause. Much as people are still trying to pretend to have money I personally know more than one “wealthy” family that is broke right now. I guess whatever it is you do just didn’t make the cut of going into debt for.

amother

Clear

Sat, Aug 03 2024, 8:26 pm

Did you post a thread about this earlier in the yr or someone else going through the same thing.
I sorry its not as good as you hoped it would be

amother

Amethyst

Sat, Aug 03 2024, 8:55 pm

I could've written this post. I also have a service based business, not related to the Simcha industry, and im considered to be top of the line. My earnings went from 30-40k months to just about 10k months. Also started right after sukkos. The economy stinks, and people are afraid to spend money.

Sad reality for a lot of us out there. I really hope things will change very soon.

amother

Lightpink

Sat, Aug 03 2024, 8:57 pm

amother Amethyst wrote:

Yep. It's awful..both me and my husband work..until about a year ago we could have lived on just one of our incomes. Now both combined and it's tight.

Hope things change somehow

amother

Lemonchiffon

Sat, Aug 03 2024, 8:57 pm

I also recently started a service based business and my income was great the first few months and then dropped drastically over the summer. Not sure if the summer is just quieter or if the economy is just not doing well.

amother

Floralwhite

Sat, Aug 03 2024, 8:58 pm

Inflation is hurting everyone. People started doing their own make up, washing their own sheitels, taking their own pictures etc.. all those industries are hurting.