Opportunity Thread for these times.

jamscal · Mar 29, 2020

So instead of politics or hand wringing, how about a thread on some opportunities or new trends that will present as a result of our current troubles.

It doesn't have to be related to *your* business, though it can be. Just things you think may be a good opportunity/sector/business moving forward. Or things that will be come more prevalent as a result of this.

Some starters:

-Will there be an increase in Auctions in 6mos/1 Year?

-Buy/Start a restaurant at the end of this? (Seems clear a lot will be out of business soon, unfortunately). (cue hot dog cart reference).

-Big increase in local delivery/pickup services?

-Easier to get an SBA loan?

-Get into stocks now? Get out of stocks now?

-No big changes....minor disruption?

-More online meetings?

garyhlucas · Mar 29, 2020

When I was managing the electrical business in the recession around 1980 we had the most well equipped shop anywhere and zero debt. Our competitors were dropping like flies and we struggled a bit, cut back to 40 hrs a week and laid off one guy. When things turned around after almost 2 years we were so busy it was insane, we went from 6 guys to 18 guys in 12 months! Lots off good employees to hire too. We focused heavily on great service to large companies, no work for contractors and kept the biggest job we would take to about 10% of sales. That way no customer going bankrupt would take us with them.

McClure Machine · Mar 30, 2020

garyhlucas said:
When I was managing the electrical business in the recession around 1980 we had the most well equipped shop anywhere and zero debt. Our competitors were dropping like flies and we struggled a bit, cut back to 40 hrs a week and laid off one guy. When things turned around after almost 2 years we were so busy it was insane, we went from 6 guys to 18 guys in 12 months! Lots off good employees to hire too. We focused heavily on great service to large companies, no work for contractors and kept the biggest job we would take to about 10% of sales. That way no customer going bankrupt would take us with them.

Great advice, it always amazes me how when things start booming people don't pay off their debt, then better their equipment, put back some cash reserves. There will be another down turn and those that are in the best situation will come out stronger. I think 90% of our growth over the years has been in down turns or just as the economy is starting to take off.

McClure Machine · Mar 30, 2020

Take a look at what hospitals and medical facilities need.
I have a old employee who retired and he makes parts to fix hospital beds for 1 chain of hospitals.
Opportunities are everywhere ask your customers what do they need.
I must say reading these post kind of makes me laugh. There is always someone who just bought a new machine and now he is looking for work, for it.
I don't remember reading hey I talked to the local mfg and they needed someone to do xyz and I bought a machine to do that, now I am swamped with work.
You will be amazed with the amount of work you can get from existing customers if you just ask what they need.
Good luck
And yes I think there will be auctions coming up in the last 2 days I have had people try to sell me equipment and dropping the price before I even made a offer.

broke · Mar 31, 2020

We are going to be stepping into a brave new world.

Cut the fat. I can't imagine anyone is going to really come out smelling like roses.

DDoug · Mar 31, 2020

Boxes...:
1. pine
2. 36" wide
3. 3'-7' long
4. 18" deep
5. with removable lid

Train load quantities.

Guest · Mar 31, 2020

Not related to any of us, but I have a feeling discount department stores like Walmart and Target are going to see an increase in business. This crisis is probably the first time people were blindsided and cut off from a steady paycheck. Most people see it coming if they are laid off or fired. No one saw this coming and supposedly 1 out of 4 people are currently out of work. You know there isn't anyone going to be saving less money than before. I think a lot of Nordstrom shoppers are going to end up in Walmart.

Mcgyver · Mar 31, 2020

digger doug said:
Boxes...:
1. pine
2. 36" wide
3. 3'-7' long
4. 18" deep
5. with removable lid

Train load quantities.

Too dark to give like to, but I fear not entirely inaccurate

empower · Mar 31, 2020

digger doug said:
Boxes...:
1. pine
2. 36" wide
3. 3'-7' long
4. 18" deep
5. with removable lid

Train load quantities.

bwahahahaha

Scottl · Mar 31, 2020

Plenty of small business assets for sale cheap when this is over.

Lots of foreclosed houses to buy cheap.

Less cars on the road because many will not be able to afford a car.

Life will be great for the haves. It will suck for the greatly increased number sof have nots.

Oldwrench · Mar 31, 2020

Yeah, my dad used to say that not everybody goes broke during a depression.

kustomizingkid · Mar 31, 2020

If you look hard you will find plenty of doom and gloom.

DDoug · Mar 31, 2020

Scottl said:
Plenty of small business assets for sale cheap when this is over.

Lots of foreclosed houses to buy cheap.

Less cars on the road because many will not be able to afford a car.

Life will be great for the haves. It will suck for the greatly increased number sof have nots.

There's this leetle island I've had my eye on for awhile....

CarbideBob · Mar 31, 2020

jamscal said:
So instead of politics or hand wringing, how about a thread on some opportunities or new trends that will present as a result of our current troubles.

It doesn't have to be related to *your* business, though it can be. Just things you think may be a good opportunity/sector/business moving forward. Or things that will be come more prevalent as a result of this.

Some starters:

-Will there be an increase in Auctions in 6mos/1 Year?

-Buy/Start a restaurant at the end of this? (Seems clear a lot will be out of business soon, unfortunately). (cue hot dog cart reference).

-Big increase in local delivery/pickup services?

-Easier to get an SBA loan?

-Get into stocks now? Get out of stocks now?

-No big changes....minor disruption?

-More online meetings?

So #1 hoping for auctions means somebody took a beating, maybe good for you but bad for the other guy. This is profit off of misery.
#2 much the same as #1.
#3 yup.
#4 for sure, free money sort of but it is a loan.
#5 stocks a big risk and tricky game to jump into. Which stock and which day? It is not a good time to get out.
#6 For sure a change, how long and what is the question.
#7 With current tech this has opened people to doing which never had before and the ease, I see that trend going forward.

You ask the unknown. I offer these comments from not knowing because I live today and do not know tomorrow.
Bob

jamscal · Mar 31, 2020

CarbideBob said:
So #1 hoping for auctions means somebody took a beating, maybe good for you but bad for the other guy. This is profit off of misery.

Bob

Well I'm always hoping for auctions, though I didn't mention hoping in my OP.

But I guess all auctions are profit off of misery...just like casket sales.

I didn't want to go in that direction with this thread (lol)

The idea was: Changes are coming whether we like it or not. Some smart people are going to see a little ahead of the curve perhaps.

I'd like to see what the members here think some of those changes might be.

Further, many of the societal changes might be negative for a lot of people, but what are the business changes/trends that may result?

countryboy1966 · Apr 1, 2020

Housing bubble to bring new housing opportunities and drive home values down. Buyers market. The downside to this is a lot of people will be underwater on their loans.

Mike1974 · Apr 1, 2020

Scottl said:
Plenty of small business assets for sale cheap when this is over.

Lots of foreclosed houses to buy cheap.

Less cars on the road because many will not be able to afford a car.

Life will be great for the haves. It will suck for the greatly increased number sof have nots.

More than a like needed here.

Right now I am ok as me and the wife both still working full time. BUT she works retail and I don't see how much longer that is going to last.

Not to mention my job... who knows what it will be like in a month, or three, or...??

jatt · Apr 1, 2020

Even before the current issues, in my line of work a several of the established players are retiring out. Getting work from all over the state. So far only had 1 quiet week, so could get stuck into the small stuff that's ben piling up in the shop and attend to some repairs. Had ideas of getting more maint etc.. done but those darned pesky customers!

Lucky final payment on my most expensive piece of kit was in Feb, so now own all my gear. My rental stuff is tenanted, so that's my only real concern. Good thing one of them works in medical.... long as they don't get sick. Least little chance of them losing their job!!

Opportunites: know some of my peers are making medical related stuff, but that's already ben mentioned. Put my hand up to do some cutting of single use med gowns (got the fancy comp controlled unit), will see if it comes thru. Essential service perhaps??, that's my reasoning for pursuing it in current enviroment.

Don't think I will have too many issues work wise moving forward. Even with all the doom and gloom, recon I will still get a reasonable amount through. Once this virus caper runs its course, my estimate is it will be close to Xmas and that's normally the busiest time of the year round here.

Good luck with it out there.

Jatt

Booze Daily · Apr 2, 2020

I'm going to make a toilet paper splitter. Make 1 2-ply roll into 2 single ply rolls.
Probably not a good long term income, but I bet I'd do well short term.

Green Machine · Apr 2, 2020

I'm going to make a toilet paper splitter"

YouTube

Go to 1:27, classic

Opportunity Thread for these times.

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