Is my service business recession proof?
While it’s true your service business tends to be pretty resistant to recessions and downturns in the economy, it’s never an absolute. When times of downturn and recession hits the United States in particular it can have a myriad of different effects, I can remember back in 2008 when the markets crashed worse than just about any time in history and how that affected service businesses. The carpet cleaning and hard service industry was hit pretty hard, those that diversified and prepared for this to be a possibility did relatively well. Larger firms like your national franchise chains hit much harder due to the fact that in that business the wheel tends to turn pretty slow and by the time you find out that there’s a problem it can be too late. While plumbing companies, HVAC companies tend to do a bit better than the more commoditized style businesses like carpet cleaning they can still feel the sting of this, companies that have their well-established reputation along with good client reviews, will tend to do much better and be much more resilient.
One of the best things you can do is to diversify your portfolio when it comes to offering your business, while in some areas like New Jersey and New York you can be just an HVAC company other areas of the country you may want to diversify into possibly air duct cleaning, new installations for building contractors, and even possibly getting your master plumber’s license. You have already built an invisible fence around the customers and clients you deal with day in and day out and I can guarantee they would love to give you the business. One of our regular clients asked us to clean some stamped concrete, even though we do a lot of work with pavers when it comes to cleaning and sanding them. That’s a far cry from removing oil-based stains on stamped concrete that may or may have not been sealed. Even though most likely we could’ve performed this task The general manager wanted us to do, our reputation with them was the most important thing and we would never want to jeopardize that as we already offer many services to them. Feel free to visit our website Robmlyon.com today for a ton of great information including other blogs and podcast episodes. If you subscribe to us to receive our free e-book and a possibility of winning a free consultation session with supported Materials.