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.
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.