I'm just wondering how my fellow entrepreneurs are holding up with the economy being the way it is. I'm sure that regardless of what you do/make/sell that we are all feeling the stress of the economy, whether business is still good or not.
As for me, I'm in the restaurant business, and while my numbers are still good, I'm finding myself becoming more of a slave to my work. I've finally been forced to cut the hours of my staff to the bare minimum, which is the first time I've ever had to do so. All of the crew (15ppl) like their working here and need the hours, so I don't have anyone willing take time off. I'm having to work much harder to keep people coming in and spending money, which means more advertising expense and reduced margins. There is still money for decent debt repayment, but that will be the next area to get trimmed for me.
The current situation with the banking industry has me nervous also, I'm not dependant on credit at all, but having that safety net there was comforting. There are a couple of big expense hits that I could absorb without hurting, but if we're in this slump for a couple of years it could very well happen that I would need credit.
I have a dim outlook on things right now, even though I know it will get better eventually. While my numbers could be better, they are not horrible and are perfectly sustainable with the cuts in labor I have made. I live a modest lifestyle and do not have a huge burden of personal debt. I am far from debt free, but debt repayment is not an issue at this time. I know there are people like me in far worse situations. I see my neighbors, my friends and people I do business with all feeling the same burden that I am, and I fear for many of them that this storm may last longer than they can weather it. I know that each one of them that falls will make things harder and longer for the rest of us, but what can you do when you're fighting for your own survival?
Sorry for the long rambling post, it shows how much free time I have in the afternoons now. I'd love to hear how you all are handling the situation, what fears you have and how you are bracing yourselves for the road ahead. I love what I do and I'm good at what I do, but the stress is starting to take it's toll and I feel myself becoming more bitter by the day.
How are you holding up?
As for me, I'm in the restaurant business, and while my numbers are still good, I'm finding myself becoming more of a slave to my work. I've finally been forced to cut the hours of my staff to the bare minimum, which is the first time I've ever had to do so. All of the crew (15ppl) like their working here and need the hours, so I don't have anyone willing take time off. I'm having to work much harder to keep people coming in and spending money, which means more advertising expense and reduced margins. There is still money for decent debt repayment, but that will be the next area to get trimmed for me.
The current situation with the banking industry has me nervous also, I'm not dependant on credit at all, but having that safety net there was comforting. There are a couple of big expense hits that I could absorb without hurting, but if we're in this slump for a couple of years it could very well happen that I would need credit.
I have a dim outlook on things right now, even though I know it will get better eventually. While my numbers could be better, they are not horrible and are perfectly sustainable with the cuts in labor I have made. I live a modest lifestyle and do not have a huge burden of personal debt. I am far from debt free, but debt repayment is not an issue at this time. I know there are people like me in far worse situations. I see my neighbors, my friends and people I do business with all feeling the same burden that I am, and I fear for many of them that this storm may last longer than they can weather it. I know that each one of them that falls will make things harder and longer for the rest of us, but what can you do when you're fighting for your own survival?
Sorry for the long rambling post, it shows how much free time I have in the afternoons now. I'd love to hear how you all are handling the situation, what fears you have and how you are bracing yourselves for the road ahead. I love what I do and I'm good at what I do, but the stress is starting to take it's toll and I feel myself becoming more bitter by the day.
How are you holding up?
... only way I got it was legit info in your ATOT profile 
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