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How will business be?

Discussion in 'Picture Framing Business Issues' started by jim_p, Nov 11, 2016.

  1. jim_p

    jim_p SGF, Supreme Grumble Framer

    The election is over, the people have spoken. Some are pleased with the outcome, others... less so.

    What are people's perceptions as to what the result will do for business? How do we think small businesses will fare under the new administration?
     
  2. Gilder

    Gilder MGF, Master Grumble Framer

    It cannot be worse I think. I expect it to be much better.
     
    Leslie Mc likes this.
  3. Dave

    Dave SPFG, Supreme Picture Framing God

    mmmmmmmmmmm-crystal-ball-fortune-teller-demotivational-poster-1271395065.jpg


    Let me get back to you on that...
     
    Leslie Mc likes this.
  4. Gilder

    Gilder MGF, Master Grumble Framer

    I was very slow for about 2 weeks and now it's busy. Busy. I think we'll be fine.
     
  5. Ylva

    Ylva SPFG, Supreme Picture Framing God

    Living in a blue state, still not so fine. We will see. I hate election years.
     
    John Ranes II CPF GCF likes this.
  6. jim_p

    jim_p SGF, Supreme Grumble Framer

    I live in the same deep-blue state. Cash flow has been about the same since the election, but I have no idea what the future will bring. Trying to stay hopeful.
     
  7. Cliff Wilson

    Cliff Wilson SGF, Supreme Grumble Framer

    I'm in the same blue state and getting swamped.

    The future for small (we're really classified as "micro") will depend on the local economic conditions.
    A lot of his "positions" represent reduced Federal involvement, so your state and local governments would seem to have increased impact in the next few years.
    A major recession will impact everyone, but we're seeing gains in the stock market, so we can guess they don't expect that.

    There are so many conflicting things he has targeted to "help" businesses.
    But, some, like tariffs and making imports harder, while maybe helping the overall job picture in the country, will probably mean increased prices for imports like MOST of our moulding.

    In any case, I suspect it will be a while before things break in either direction.
    I'm making the assumption that my business can continue to grow if I pay attention to what I need to do.
    As I did when the 2008 recession hit, I will watch for trends and customer needs and hope I can adjust fast enough and strong enough.
     
  8. Framar

    Framar SPFG, Supreme Picture Framing God

    What exactly is this thing you call a "cash flow"? I have had exactly ONE customer in the last three weeks and he brought in a lamp for me to rewire, repair and repaint. (Because I do that sort of thing.)
     
  9. GUMBY GCF

    GUMBY GCF SGF, Supreme Grumble Framer

    If you run your business well and you have a good location you will be fine.
    I have voted for President 12 times over the last 45 years. Let me tell you Very few promises were ever kept.
    Live one day at a time. Love, Laugh, Enjoy your work and don't dwell on the past!~ Godspeed!~

    Remember there are Millionaires made even in recessions....it just might not be you or maybe it will.
     
    Finest Fabric and shayla like this.
  10. bruce papier

    bruce papier CGF II, Certified Grumble Framer Level 2

    I think we have a way to go before we'll really know. So much of what got the economy in trouble in the first place was a result of things people really like such as easy easy credit for everybody. For years, our economy was based on the premise that the average person spent over 100% of their disposable income. That doesn't work forever and a lot of people are still trying to catch up on their payments. People (in most places) don't have the increase in home equity to make them feel "wealthy". There are still plenty of adjustments to be made both economically and psychologically before we're back on a firm footing.
     
    tedh and GUMBY GCF like this.
  11. Dirk

    Dirk CGF II, Certified Grumble Framer Level 2

    I hear there are some people who manage to vote for president twelve times in only one year.
     
  12. David Waldmann

    David Waldmann SGF, Supreme Grumble Framer

    I think that what you do or don't do will have far greater impact on your business than the results of this election.
     
    shayla, Finest Fabric and GUMBY GCF like this.
  13. graysalchemy

    graysalchemy CGF, Certified Grumble Framer

    With all this doom and gloom scaremongering you will talk yourselves into a recession again. Think positive and react to the market as and when it changes. Brexit was meant to be the end of the world as we know it but it hasn't happened, yet. Business is good for me and many other framers here in the UK but I think that is fine to attitude. If you let your customers know you are preparing for a recession or start having a sale then your customers will pick up on that and not buy from you.

    We are masters of our own destiny.
     
    neilframer, GUMBY GCF and Leslie Mc like this.
  14. prospero

    prospero SPFG, Supreme Picture Framing God

     
  15. Cliff Wilson

    Cliff Wilson SGF, Supreme Grumble Framer

    "Pay attention to YOUR business" is the only valid answer.

    Jim, you've talked about increased promotion to build your gross revenue ("turnover").
    I hope you've done a thorough SWOT analysis of your business and in depth analysis of who your customers are and what they want!

    We ALL have a set of customers available to us. If we are not offering them what they want, all the advertising in the world won't help. Advertising targeting the wrong needs is a waste of time and money. Even properly targeted advertising is hard to measure, but if the initial analysis is good and you've made adjustments based on the SWOT analysis, it works.

    Meg Glasgow does a good job of covering this process. Her conclusions about HER customers are VERY different from mine and I caution people not to just adopt her conclusions, but her process is right on.
     
    shayla likes this.
  16. Eric The Framer

    Eric The Framer CGF, Certified Grumble Framer

    I think everything will be fine, of course I hope to sell a lot more "Shiny Gold" frames for the "copycat want to be"
     
  17. IFGL

    IFGL SGF, Supreme Grumble Framer

    prospero likes this.
  18. jim_p

    jim_p SGF, Supreme Grumble Framer

    He didn't call it a SWOT analysis, but we are working with a counselor from SCORE. He identified our lack of promotion as one of our weaknesses.
     
  19. Framar

    Framar SPFG, Supreme Picture Framing God

    Hah! SCORE. In 1982 when I opened my shop I met with an old coot from SCORE, showed him my business plan and he noticed I had not mentioned anything about a salary for myself. He said I needed to figure out what I wanted and add that. I told him I was not making enough money to take a salary. He (oh so helpfully) advised me that all I needed to do was get more customers.

    I repeat - SCORE - Hah!

    I might add - I still do not have a "salary" - I take what is left over after I pay all of the bills.
     
  20. IFGL

    IFGL SGF, Supreme Grumble Framer

    I take a modest salary, as does my wife, my two year old, my five year old, Lucy the dog, pip the dog, and boo the gold fish :)
     
    Framar likes this.
  21. shayla

    shayla WOW Framer

    Are the spiders volunteers?

    As for how business will be, I'm hoping the new minimum wage law our state just passed doesn't cause a lot of problems. (One can always dream).
     
  22. IFGL

    IFGL SGF, Supreme Grumble Framer

    You never know, they just may have more money to spend in your shop, on the other hand the price increases to cover the new minimum wage will probably wipe out the gains from the new minimum wage!
     
    shayla likes this.
  23. Cliff Wilson

    Cliff Wilson SGF, Supreme Grumble Framer

    I have worked with SCORE volunteers on a number of committees, although never tried to use them myself. Like any organization, there are good and bad ones.

    The key with "promotions" is that they MUST be targeted. First you must use the right venue. So, if you are selling to, and there is growth potential in your area, large high end art collectors, then you have to find out (ask!) what they read or listen too. Also find out what they want. Then use the venues they pay attention to, to tell then you have what they want.

    If your area has potential lower income customers, figure out what they want and tell them you have it. Package pricing, low cost, etc.

    Two close competitors and I all advertised in the same free rag. They put in ads saying how good they were and how much they did preservation framing. I put in an ad showing my Frugal Framing prices. They complained what a waste of money the ads were. People came into my shop carrying the ad!

    In a quarterly glossy magazine I advertise my MCPF and preservation framing and response is good.

    If I did the wrong ad in the wrong venue, it would fail.

    Good luck!!
     
    neilframer and shayla like this.
  24. DVieau2

    DVieau2 SGF, Supreme Grumble Framer


    Take a play from the Donald with regard to Social Media.
    He considers it one of the reason he won the election with less money.

    Real estate dynamics ( your rent and location) plays a big role in our business model.
    I would expect change, regardless of who's President, and the current conditions don't work in our favor.

    As the smallest operations disappear expect the distributors to focus on the bigger players. Again, that happens regardless of who's President.

    Find a niche and a business model where you can work around some of the big problems.

    Doug
     
  25. Joe B

    Joe B SGF, Supreme Grumble Framer

    I'm not a big Twitter fan - I think it is really in bad taste, is brainless, and it doesn't have the appeal it use to have...thank goodness. Somebody should afix Trump's fingers back so he stays off of Twitter...it did nothing but get him in trouble and show how stupid he is without even trying.

    I like Social Media if it is used in the right way. Between Facebook and Twitter there are many many people that use it wrong, if you don't believe me look at the court cases waiting to be heard about anything from identity theft to physical rape. I use Facebook and Instagram for business only, I do not put any personal information on either. I also have a website that I get 99% of my Social Media customers from. I believe I can close my Instagram and Facebook account down and not feel any pain. In my opinion if you use Facebook, Twitter, or Instagram do not put any personal information on them, but then again, what do I know, many people use all 3 without a problem...that we know of. Just my opinion Joe B
     
    Last edited: Nov 15, 2016
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