I own a hair salon. Typically, November is my busiest season. It has been SO quiet. A lot of my colleagues are also saying the same thing and have had to close up shop because of it - or get a second job.
People keep saying it will get better and the economy will bounce back but I don’t know. I am so close from just throwing in the towel, closing up shop and getting a corporate gig.
This sets aside obvious difficulty of your business being shut down by government order like in 2020, but that’s not what’s happening now.
You’re correct. Some businesses thrive and even grow. Our business grew 10 fold during the shutdown as we were a retail grocer.
I agree we are not in a recession… yet. But many businesses are struggling. The fact that discretional spending is starting to tighten up is a ominous sign that tougher times are on the horizon. It may be as simple as a few months of not overzealous spending or it could lead into a full blown recession. Who knows.
My assertion was simply their business is struggling, and if you haven’t been in a downturn in the economy with your business it’s hard to give the advice you gave. It’s just simply put, not that easy.