Opening a business with this economy?

[Lisa A]

Hi, I currently have a small home based massage business and provide outcalls and work as Independent Contractor at another location (in a different town) which will likely go out of business soon because overhead is way too high.
I have been wanting to expand my business and move it to a hwy froneforum.xxxe location as I am 3 miles from the highway and kinda confusing to get to my house. BUT I am afraid to do this in this economy. There have been many spaces opening up due to failed businesses. What are your thoughts?? Are your businesses suffering? Should I wait or jump in with both feet and just do it? Location SW Missouri

 

[Samantha K]

How prepared are you to cover expenses? Do you have debt right now? How large is your clientel currently?
I would expect to be prepared to take a loss for the first few months, if not a year. If you are stable enough with your money currently it may not be an issue. If not, I would really look at it from all angles first.

My business has taken a bit of a hit in the past few months or so, and I am just beginning my second year.
I am sure there are many other experienced members here that will bring up other valid points to consider.

 

[mlinda]

Good advice from Premo about making sure you have enough income coming in already to meet at least your base expenses until you build there. I have only been in business 2 years, but I'm pretty busy and haven't slacked off a bit due to the economy and I'm very small town. But it took 6 mos to build. I was able to pay my rent and buy my supplies those first 6 mos and then my business took off. I had a man ask me how the business was going and I told him great. He was surprised and said he didn't see how the way the economy is. I didn't feed into that...I just said, "It might affect me later, but it hasn't now because so many ppl need massage to help with pain issues that they will sacrifice much to have it done". That also made him think about what massage really is and that one statement may begin to change his thought process that massage is nothing but luxury and not for men. That is the mindset I deal with here especially. But if I've learned anything it's that the more positive you are, the more ppl are drawn to you.

I know if things don't turn around economically that I will be hit eventually by the affects of that. But I'm not going down without a fight. Good luck to you on whatever you decide to do.

Sandra

 

[Erik Van Thienen]

It's funny.... even though my hubby's been massaging for over 3 years, and has has his license for 1.5 years (he was working on horses only before. In our state that doesn't require a license), we are rally just not getting "started". We have been going through all the very very very early seforum.xxxes of "setting up a business" for all this time, and since we decided to really GET WITH IT, rented a space, got a name (a different, new name from what he'd been using when he was doing just the horses), sought out mentors and team members, and gotten serious with marketing, things have started to pick up. We're still not "self-sufficient", but it could be close (we hope!).

I also think that the advice to check your financial status first is excellent. IF you can carry the business overhead without hurting your other necessities (it may be necessary to "go lean" on a few things at first....), then go for it!

TouchofGrace's comments about how she responded to the man who questioned her made me think of how we have been thinking and responding to others lately, and of something that it seems more and more people seem to be bringing up. Now, my dh's style is definitely more therapeutic/clinical, and there will always be "people in pain" who need help no matter how much it costs, but it has also been brought up how "in this economy" more and more people are worried to a frazzle, and will eventually be seeking out ways to relieve that stress (need a massage). So I think there is reason to hold out for even "relaxation specialists", because, as we all know, EVERYbody needs a massage!

I say go for it, carefully, but go for it. Would you still keep your IC job until they fold? Oh- and make sure to pay attention carefully to that other business that you think will fold soon, because you can learn a lot of what NOT to do or rush into from their unfortunate situation.

 

[dwbaldeagle]

It's funny.... even though my hubby's been massaging for over 3 years, and has has his license for 1.5 years (he was working on horses only before. In our state that doesn't require a license), we are rally just not getting "started". We have been going through all the very very very early seforum.xxxes of "setting up a business" for all this time, and since we decided to really GET WITH IT, rented a space, got a name (a different, new name from what he'd been using when he was doing just the horses), sought out mentors and team members, and gotten serious with marketing, things have started to pick up. We're still not "self-sufficient", but it could be close (we hope!).

I also think that the advice to check your financial status first is excellent. IF you can carry the business overhead without hurting your other necessities (it may be necessary to "go lean" on a few things at first....), then go for it!

TouchofGrace's comments about how she responded to the man who questioned her made me think of how we have been thinking and responding to others lately, and of something that it seems more and more people seem to be bringing up. Now, my dh's style is definitely more therapeutic/clinical, and there will always be "people in pain" who need help no matter how much it costs, but it has also been brought up how "in this economy" more and more people are worried to a frazzle, and will eventually be seeking out ways to relieve that stress (need a massage). So I think there is reason to hold out for even "relaxation specialists", because, as we all know, EVERYbody needs a massage!

I say go for it, carefully, but go for it. Would you still keep your IC job until they fold? Oh- and make sure to pay attention carefully to that other business that you think will fold soon, because you can learn a lot of what NOT to do or rush into from their unfortunate situation.

Very true....

 

[xxxobscureabyssxxx]

Go for it! This is a great time to set a solid plan in motion and to go on your own. I agree that business' with higher overhead are more likely to be hurting than individual therapists. I have been doing better sending messages to my clients to focus on themselves. Also, the holiday will bring clients and more referrals in. Clients are looking for a quality service for a good price and to go on your own, you need to have a clear plan how to grow your business. Then, as the economy recovers, you will be rolling! Good Luck!!

 

[Rachel R]

I have started a second business in an adjoining state. I teamed up with a midwife/naturopath and she has agreed to let me use her space and pay her a perceneforum.xxxe rather than rent. I am only there on weekends, and not every one - every second or third of the month.

I joined the Chamber of Commerce and have been researching the area for community organizations that I want to get involved with. I went to the chamber annual dinner meeting, and a local newspaper reporter sat with me - he offered to do a business profile for me!

I called a yoga teacher in town and just wanted some information on the area and how the economy was for healers ... and she invited me to see her space that she is renovating. (She also suggested I bring my brochures and business cards so she could display them for me.) She has a great building right off a busy street, and after chatting for a bit, she offered me space!

I think teaming up with a like-minded group of healers will bring you more exposure with the possibility of getting and sharing clients (especially if you do different things). You can share expenses and join forces in your efforts to promote yourselves individually and as a group.

It will take time for me since I am not there a lot, but the time I do spend is being visible and networking.

Good luck.

 

[Jenuine]

Jumping in with BOTH Feet!

Well, I am doing it!, I have rented a space as of 12/1, I got a small loan for 6 mo expenses and gave a 2 week notice where I am a Independent Contractor. Today running around like a chicken without a head getting all the legal/license stuff together. Trying to figure out retail items, decor,etc. .
I figure a Dec. start up to get some Christmas clientele.
Wish me LUCK!!

 

[ChristineM]

Jumping in with BOTH Feet!

Well, I am doing it!, I have rented a space as of 12/1, I got a small loan for 6 mo expenses and gave a 2 week notice where I am a Independent Contractor. Today running around like a chicken without a head getting all the legal/license stuff together. Trying to figure out retail items, decor,etc. .
I figure a Dec. start up to get some Christmas clientele.
Wish me LUCK!!

Awesome!!! Great time of year as far as Gift Certificate sales go too! Yay!!!

 

[Stormy]

Very exciting!!! I wish you all the best - congratulations!!! t038

 

[Hardrock]

Good going!

Most businesses fail whether the economy is good or bad so don't let the economy disturb you. Just keep focused on what you want...


Julie

 

[LadyJaneGrey]

One week till Opening Day !!!, I am excited , and very tired-getting this all together in just 3 weeks has been CRAZY, pulled the ugly wallpaper down, painted, shampooed carpets and today did the move in and hung pics, a few more supplies should come Mon-Tues. and I should be ready to open for business.

 

[David]

One week till Opening Day !!!, I am excited , and very tired-getting this all together in just 3 weeks has been CRAZY, pulled the ugly wallpaper down, painted, shampooed carpets and today did the move in and hung pics, a few more supplies should come Mon-Tues. and I should be ready to open for business.

Wow, Ozgal, great job!! You have been WORKING! Congratulations on making the start - and on your successful future there! Way to go!

 

[Andy M]

If you already have clients, you may want to send out postcards to those clients of your new location (if you haven't done so already). Plug the GC in time for the holidays too.

See if your newspaper will do a little blurb on your opening too. After the holidays plan for an open house.

May prosperity always be with you.