Had anyone considered our economic condition and how it may effect your business and our industry? Most of the insiders I have listened to all expect another big hit sometime this year. Most predict late summer early fall. Have you considered how this might effect our industry? What adjustments have you made to your business or personal life to prepare for a possible hit?
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The world ended in September remember?
Regardless of indicators, I’d suggest getting out of debt and having a 3-6 month emergency fund set aside.
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Started my business May of 2008… have grown every year in business… every month more than the previous years month… all during the “Great Recession”
If your primary customer is residential… then good chance they are wealthy to a degree… in most cases a large degree. Wealthy people dont go poor during a recession…middle class does. I have read stories of window cleaners during the great recession taking there families to the movies and out to eat while everyone else was in bread lines. With that said… you should always be a smart business man, take reasonable risks, dont overextend yourself, build assets, and be ready for the next big hit.
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With the fractional reserve banking swindel it is a mathematical certainty that our economic system must collapse at some point. A system based on debt cannot be sustained indefinitely. But at that point we’ll all be forced into primitive survival mode anyway. So until then … I concur with the advice above. And don’t sweat it. Every year they say it’s gonna collapse … 
And we’re all still here!
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thats why my money is not in the banking system… real estate or other physical assets are the way to go IMO
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If my Cabin in the hills has glass Windows, they’ll be nice and clean then.
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I started my business in the dead of the great recession.
The upside?
Everyone sells their homes.
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Most of us provide services that extend the service lives of the structures components. So it seems that we would be impacted less than service providers that install new components and much less impact than spec builders.
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Aye. If everyone did that, there wouldn’t have been a collapse in the first place.
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100% concur. When we invest in tangible assets we have something to show for our efforts. It is even better when they are income producing assets such as equipment.
I have thought about buying a couple lifts and using them for my business but also lease them out
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That’s how my husband built his first business from scratch. He put all the extra money he made into equipment which then made him more money …
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Most of my customers are well off. I started my business in 2008. Many of them have said that the recession hasn’t effected them. Probably best to steer clear of an income that is vulnerable to the recession?
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Why is this a subject? Didn’t we all get into this because we were sick and tired of living a recession type lifestyle? Lol
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I agree with you 100%. I have found that people with a lot of money are very smart with their money. They didn’t get where they are now by blowing money. They will always have money. I can remember when the 2008 recession came around. I was nervous, but I watched how my clients handled the situation. I noticed they were still traveling, buying new cars, eating at the same fancy restaurants, etc. Then I realized I will be ok. If they are still making money, I will continue making money as well.
I don’t worry about the economy anymore. My wife told me "You can’t worry about what you can’t control."
As ALWAYS, my wife is always right! 
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I think it will be fine for most of us. I will say this. We work in extremely affluent areas, some of the richest in the nation/world. They are selling their real estate left and right at the moment. I spoke to one client in Beverly hills and they were selling to move to Malibu and were going to rent for about the next 5 years… So I asked why would you do that with such a beautiful home? He said ultimately he wants to build in Malibu and permits move slow, but also to make sure he cashed out. He said, “I’ve been doing this a long time, I know when I need to hunker down”. People that have people know things before people like us that have no people.
I know I’m ready for the next recession. Is it going to be as bad as the last? Don’t know. But governments all over the world are in way over their heads. Plus, we have had positive economic growth for 8 years now, which historically is a very long time without a down turn/correction.
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Getting good employees will probably be easier, especially from the new construction sector.
When the oil based economy of Alaska nose dived back in 86 fishing boat captains had better success at hiring and retaining crew. I was fishing so I wasn’t impacted by the grapes of wrath situation but all the guys doing spec homes got laid off and most of the spec homes were repossessed. Developers were paying >20% interest, not surprising that the bubble got popped.
The greatest fortunes are made during economic downturns. Lots of opportunity for those that are prepared for it.
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Now ain’t that the truth … !
