My business income dropped by over 60%

Green Tea

Sun, Aug 04 2024, 12:05 am

I would suggest (as someone in business and economic analysis) to start looking into alternative service options that are in demand. People already know your name. You may need to recalibrate and offer something else (in addition) to what you already do. A lot of large companies have been doing this lately. Research additional alternative income streams if you anyways aren’t busy with your current sphere of work. Don’t focus on the RH thing. Be fluid. What people said above about inflation and people spending less is real this year and doesn’t just affect you.

UQT

Sun, Aug 04 2024, 12:25 am

I used someone for hair for a simcha who was excellent and I paid $200/person which was more than I was comfortable with but I sprang for it. Now she’s charging close to $400/head. That’s unreasonable, I don’t care how good you are. Next time I make a simcha if her price isn’t in the $200 range I won’t use her no matter how good she is.
Just throwing it out there in case you’ve been inching up your price until it’s totally unreasonable. People will walk away.

amother

Nectarine

Sun, Aug 04 2024, 12:41 am

I’m in the service industry with a great name and business has dropped ALOT this year. Inflation is taking its toll. I’m just praying and trying to only place my faith in Hashem.

amother

Ivory

Sun, Aug 04 2024, 12:48 am

My business went down to around 1/3 of what it was over the past few years. I started looking for job and was getting pretty desperate. I made a tzedaka commitment and change to something about my tzedaka for this year. And BH BH change happened this year.

amother

Dandelion

Sun, Aug 04 2024, 4:11 am

Perhaps you can adjust your service to something that will appeal to people looking to spend less.
Like if you do you makeup or shaitel or do the flowers perhaps you can create a course to teach teens or moms how to do it themselves.

singleagain

Sun, Aug 04 2024, 4:54 am

amother OP wrote:

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??

A lot of ppl may have also started cutting back after October 7th. I say this based on threads I've seen here that say "how can we continue to live life normally when we're at war?"

amother

↑ OP

Sun, Aug 04 2024, 11:41 am

Thank you everyone for writing in - and for those of you business owners, who also wrote that business is dropping , I feel for all of you. Seems like we are all in it together

Being that my business was plummeting, I started something else on the side hoping to supplement the loss - davening for success🙏🏻

amother

Periwinkle

Sun, Aug 04 2024, 2:50 pm

amother OP wrote:

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?!

Yes, I've been experiencing this over the past year and it's painful. People love my service/product so it's not that. I think people are spending less and my business is more of a luxury than a necessity.

amother

Cerise

Sun, Aug 04 2024, 3:03 pm

amother OP wrote:

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

But (some) ppl are cutting back on what is less felt- cheaper makeup and hair, no dresser or any kind of extra service etc.

Dolly Welsh

Sun, Aug 04 2024, 3:26 pm

Maybe your marketing needs to be spruced up and be more aggressive. People may not be aware of you enough.

You say your competition is more expensive than you. But... the people who are still spending a lot don't care about that, and the people who did care about that, are now quite pinched.

So your niche isn't right for right now.

Maybe improve your package and charge more. It might be good to tap into that higher end which is not cutting back.

Also, go for the quite lower end and using another name, do something for them at a much, much lower price or free or almost free. At least you will still be active and known.

And, you might offer your services out of town, and way, way out of town, if possible.

As you are talented, develop an entirely new idea, as a back-up.

Perhaps to do with the pre-simcha phase: the shidduch phase.

The fabulous ones don't need help, but maybe you can help the 'older' ones.

Last edited by Dolly Welsh on Sun, Aug 04 2024, 3:29 pm; edited 2 times in total

amother

Camellia

Sun, Aug 04 2024, 7:53 pm

One thing that I would try would be to call up
a few of your good old clients and ask them in a nice way what’s going on they may be able to give you an idea of what’s happening.
Depending on what they say that can give you ideas on what changes need to be Made, lower prices etc
Hope that helps!