Business Owners - Time to Size up your year - 2012

[baileyuph]

We, business people, should have a few things to say about the year of business we are finishing, 2012.

That is, it might range from merely something like "good" to "bad" or to a  comment or summary of words with a more technical bend.  Of course, humor is always appreciated by hard working upholstery business owners.  :)

Feel free to share your .02 cents, whatever flavor it is.

My experience; the furniture market is demonstrating that "quality", as a parameter is growing when consumers spend money for furniture.  This simply accounts for a fairly strong year in reupholstering not only antiques but older quality pieces.  The thinking is, it is a signal in the market that consumers are fed up with the lack of quality in popular priced items, imports that seem to dominate the market.

That is one of many experiences realized in the furniture sector.

Moving on to the auto interior sector; I have noted there is less antique restoration while repairs to keep the car on the road longer are on the up swing.  This factor has it challenges, however. because it is more difficult to find original replacement fabrics (particularly cloth) needed for this business, especially the menagerie of import cars we have on the road.

A short comment regarding the marine sector, specifically as it applies to inland business, has  realized a significant pull back.  Consumer spending for these type items are down.

As all this relates to profits, most profits in any sector have been earned from repairs on old and new products.  New furniture repairs have increased significantly.  Interesting situation!

How has your year been, what has worked best for your business, and what has been learned that will benefit going forward?  What changes will be made, if any, in your way of doing business?

In closing, I wish the best for all my friends here, going forward.

Any comments?

Doyle

[Mojo]

I am coming off the best year I have ever had. I have not done my end of year books to know exact figures but would guess my revenue has more then doubled.

I can attribute this increase to several things.

1.) My market penetration: My marketing plans were thankfully spot on and my involvement in a few of the associations has helped get my name out to more coach owners. I really went after a couple associations and made huge head ways this year in both groups.

2.) Cost Containment: I had a goal to reduce costs through better work habits and buying fabric  by the rolls. I knew I was wasting money and finally grabbed the bull by the horns and examined where the waste was at. By identifying these items it has helped cut my costs through reducing production time, lowered fabric costs through price cuts for bulk purchases and also greatly reduced shipping costs. Instead of paying for multiple shipments per month I now pay for one or less.

3.) Scheduling: My boss ( the wife ) got me up to speed on technology which helped me schedule more orders. I stay regimented on my schedule and because I have made some small changes in how I produce my products my time has been cut allowing me to fill a full order in one morning or one afternoon.

I am thankful my margins are as healthy as they are. I am starting to feel some pricing pressures from competitors and I have enough margin to reduce my prices in order to compete and still make a good living. I have been able to hold my prices firm due to me developing a product that is perceived as a great value when considering each product is of exceptional quality. The majority of my customers now know that " buy quality the first time and you save in the long run ".

I wished I could say I am happy but I am not. It is the competitive spirit in me I guess that drives me to want more. I do not consider it greed as money is not a factor for me but more the feeling of self accomplishment. Must be the Marine in me. Once a Marine, Always a Marine.

I am making even more changes for 2013 but will cover those in a new topic/thread rather then hijack this topic. I truly hope that everyone had a good year and will have an even better one in the coming year.

God Bless all of you,

Chris

[Mike]

id say my year was good along with many small cover jobs ill have a couple large jobs, and now that ive downsized with less vendors (none) I did have 2 big jobs and many small and upholstery jobs this year. if next year is as goog
d ill be happy ;D

[JDUpholstery]

2012 was a good year for me...I started doing this in April for pay, and did not commit fully until July, so really only 6 months....I know it is not a lot, but in the 6 months I did 14K in sales, expanded my business with a shop, more equipment and a steady stream of customers....

[baileyuph]

JD, quite impressive, you are a natural for this type of business, it appears.

BTW, I envy your large shop, I am in a large metro area and that much space would be almost cost prohibitive.  You must not have much competition there?

Keep up the good work,

Doyle

[JDUpholstery]

I do not have any competition in the area, the only other upholstery shop was the one that has been closed down for 6 years that I bought out their inventory and equipment....I just hope 2013 follows the pattern of 2012 and word of mouth generates more business for me

[kodydog]

I'm working full time for an upholsterer in Gainesville. Good pay plus bonuses.

I work weekends for myself. Bank account looks good.

Just sold our house in St Augustine. Best year in a long time.

Hard work pays.

[Mike]

Good to hear its good kody i remember not long sgo you were  complaning of the long commute to south florida. 

[kodydog]

Hard to believe that was almost two years ago. The pay was exceptional, Working conditions above normal and I got along with the boss. Just couldn't get used to the traffic and crowds. Your part of Florida is beautiful but I had to head back north.

[Mike]

im on the west coast  much more layed back here the east coast is crazy busy for me id go nuts with the traffic

[Rich]

Looks like my year will close out on a par with last year. That doesn't surprise me though, as after 23 years in this location doing all the production work myself, I hit a ceiling years ago.
Until I can clone myself, I look to avoid doing any worse than the year before.
Rich