[Jewelry making - Article 00656] - [Orchid] Surviving Recession

[Neilthejeweler]

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    Depending on who you listen to its either here or near. But you're
    going to have to deal with it. Some markets will get killed, some
    will do OK, others will flourish. 

    I'd suggest that anyone who owns a jewelry business look carefully
    at your plan to survive or flourish as the case may be. The tricky
    thing about recessions is that they can be totally different from the
    last one. One may hit worker bees, the next may hit middle managers,
    another may crucify investors and then you have the ripple effect.
    You should identify who your customers are, where they are on the
    food chain and why they buy from you, assess the risk and make
    accommodations to alter your plan if needed. 

    This is my fourth enterprise. I've been killed a few times already.
    Sometimes it was my own stupid fault. I ignored the warning signs
    and just 'kept the faith'. Faith will not get you through. You need
    income greater than expenses. Sounds simple but it can be hard to do.
    You need to be able to respond to challenges and the best way is to
    anticipate those challenges. Look realistically at your situation.
    Detach yourself for a quiet hour and examine things as if you were
    doing it for a great friend who asked you for advice. 

    And do it before you actually HAVE a problem. 

    This time around I am confident that if this recession hits my local
    market I will at worst, survive. I'm projecting continued growth
    despite a new competitor in town. Not because I'm the eternal
    optimist but because things are in place to get the job done. I've
    made investments yet I still retain flexibility. 

So that's my unsolicited advice.
I thank you for not snoring.
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