We have a mom and pop audio/video repair business. We've outlived the majority of repair shops in our town so far. I've only had a couple customers in the past few days declining to get work done due to the economy. It will be when they stop bringing equipment in because they can't afford the diagnostic fee, that it will hurt us.
At least we've established a good reputation with most of the music stores in the area. They are sending customers our way, plus we do a lot of warranty work. We've established a niche working on older equipment up to 30 years old so between the vintage equipment and the musicians, we are doing pretty good.
We didn't take out any lines of credit for the business and I've managed to pay off all debts so we're good there.
We track income/expenses weekly and compare to previous years, making sure we are track. We will be able to see a decrease right away and adjust as need be. Business comes in spurts some weeks, but most of the time we are two week behind. When we get caught up, then my techs start worrying. One of our techs is concerned and has gotten involved in his wife's side business so he will have extra income in case of a big down turn.
Both our techs have 30 years experience and I see them getting older and getting burned out quicker and that worries me. Finding experienced, reliable, intelligent and loyal help is really difficult these days. Eventually we will have to face them both leaving because they just can't do it anymore. So we do have to prepare for the future in which we will no longer have the business. Whether its due to economics or age, only time will tell.
Robin