Will a recession DESTROY our cutting board business? 📉😰

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Our community for Makers who run a business: www.studstack.net
This video is about how our small woodworking furniture business is preparing for the next economic recession. Small businesses need to worry about customers who are filled with fear and hesitant to spend money with small businesses. We want to encourage everyone to build a solid business that is recession-proof, following the model of businesses that have been around for hundreds of years. The secret to surviving a recession as a small business is to stay agile and sell what the customers want. Don't try to do what you've always done - be flexible and adapt to the economy around you. There are always opportunities if you're looking for them!
00:00 Intro
00:13 The recession questions we're asking...
00:26 What we're doing about the recession...
00:42 Shipping out product today
01:06 Where the idea for this recession video came from
01:25 How our business has capitalized BEFORE the recession
02:00 So what is a recession?
02:51 What we're NOT worried about losing...
03:02 SimpliSafe Sponsored Segment
04:21 What is our business model?
05:10 We can't keep up with the demand
05:25 These cutting boards aren't our main business goal...
05:56 The critical decision to surviving a recession...
06:40 Where we learned how big businesses operate
08:00 The ONE secret big businesses know about surviving a recession
08:40 The businesses that fail during a recession
09:00 Bubbles are GOOD!
09:27 How our small business will survive the next recession
09:45 How IBM has survived many recessions
10:41 How Procter & Gamble survived many recessions
11:16 How big businesses survive recessions
11:48 Relationships are the most important asset in a small business
12:15 We might GROW our small business during a recession
12:53 The end of the world might still happen...
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Jaylon Ashaun - Stick to the Plan - thmatc.co/?l=6AFC9F7D
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#StudStack #FollowYourFears #WoodworkingBusiness #Woodworking #SideHustle #Business #Furniture #Money #Maker #Project #DIY #DIYIdeas

[@jennieanddavis]

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[@godisgoodwoodworks4801]

"Super blessed", as Jennie says, is very accurate. We love what you guys are doing. We love your new intro, particularly where Jennie says something about having an abundance left over to share with others. That's sound thinking, and a sound way of life. God bless you guys.

[@scottengdahl4868]

Hey guys, long time watcher and look forward to watching your vidieos. Thanks for keeping it real and sharing your journey and insights! I appreciate this video since I would like to start a side gig, and now I'm less skiddish about doing so. I know the One whose truly in control, but sometimes get cought up in all the noise, and worry. Love you guys! So awesome to see you are doing so well!.

[@bobshomewoodshop7996]

The idea of pivoting has been around for a long time. My grandfather was a blacksmith, and one of the last to operate in the city of Chicago. His blacksmith shop was just down the street from a dairy which used horse drawn wagons to deliver milk door-to-door in the city. When the dairy switched to gasoline powered trucks, my grandfather pivoted the business. He took his iron working skills and put them to new use making and installing custom railings and fences.

[@danbailey96]

There's been a lot of recession s since I went into business contracting 50 years ago. And I just adapted to what was working at the time. From house building, to remodeling and even the handyman and sign business I have persevered by adaptive thinking's

[@j.richardmoore5865]

You started one year ago? That's actually encouraging. I'm in a tight spot financially, but I have a workshop. I've been reluctant to start building an inventory because I'm worried no one is buying

[@jennieanddavis]

Ehh, about 16 months to be honest. Gotta build your network and talk to people! Your product is good enough, I promise!

[@j.richardmoore5865]

@@jennieanddavis You two remain as awesome as ever. I've nominated you again for woodworking couple of the year

[@oliverworley5162]

Their are always buyers, you just have to find them

[@stevendavis7628]

Pocket Rocket Flashback! I worked in your world as a civilian gov guy a long long long time ago. Lots of my coworkers were former LCC officers...and many of them got a lot of schooling done on duty. You've got such an awesome, flexible machine with these smaller products..I wonder when or if you'll drop tables.

[@smitty1952]

I love your attitude and have no doubt you guys will do great, recession or not. I love that I have followed you guys for so long now from when a building like you have now was but a dream. As Davis used to say, think big!

[@arcarioandsons]

It's really interesting hearing your perspective and the companies you referred to and appreciating the differences for high end guitars and those manufacturers. Everything you're saying is absolutely true and was definitely the catalyst for success and failure for those companies but with high end guitars it had the almost opposite effect from the 70s-90s where companies like Fender and Gibson lost market share because they didn't focus on the select few products that made them great which thankfully they're doing now, but their failure allowed companies like G&L and PRS to eat their lunch so to speak! The fitness industry has been changing dramatically and big brands failure to adapt is killing them, so it's more universal that change would be necessary for a business survival but in boutique niche products like high end guitars, violins and I'm guessing a lot of other instruments, it's a commitment to not changing and staying true to tradition that has been essential to long lasting brand loyalty.

[@tennesseewoodsigns8637]

Love you both! Thank you for the positive message. 👍❤️😀

[@jennieanddavis]

Gotta make it louder to help drown out the negativity! ❤️

[@codacreator6162]

Consumer Confidence is everything in economics. Unfortunately, there isn’t much we can do on an individual scale to remedy fear. But one thing I’ve noticed through more than 50 years of life is that your attitude matters in your situation more than any single other factor. Yes, supplies are shaky. Yes, it means higher costs. Yes, you may struggle. But challenge is only a guaranteed death-knell if you roll over and do nothing.

[@mikepetitt9624]

This was great info and advice! I have been worried about the same thing started my wood working business about a year ago trying to hone my market and develop skills in what I’m trying to do. Started out doing craft fairs to get an in person feel of the market and what people really wanted and liked. This has lead to doing custom orders. I make resin art inlayed charcuterie boards and wood turnings. I have been exploring how I want to expand and have been worried re the recession and is this the wrong time to start this business. So thanks for the great advice because I had pretty much came to the same conclusion you guys did!

[@RedsWoodDesign1]

Great video as always! awesome way of explaining thank you.

[@johnvogler5335]

As a craftsman who has spent 20+ yrs learning, failing, designing, creating, failing, growing, and more failing I can appreciate the joy that comes with woodworking. The hours of problem solving, brainstorming and planning that go into a project are a big part of the growth of your skill, and ultimate success. I applaud your zeal as business owners, manufacturers and youtubers but you aren’t woodworkers quite yet. I know that sounds very negative but I don’t mean for you to be discouraged . You invested in highly specialized, expensive automated tools, that require some skill, to mass produce a standard good. I hope the cutting board income allows you time to work on your woodworking skills. I’m excited for the future of your business unfortunately you’re missing out on the true joy of woodworking… woodworking. Your success will come if you are undeniable. Create products that have value and you will be recession proof.

[@anilganguly111]

So glad for you two that your business is doing so well. Congratulations and thanks for sharing your experiences. After I watching your video on streamlining your work area, I couldn’t help think that the glow forge was also a bottleneck in your production. I thought you might want to have a look at Thunder laser. They are a whole lot faster and there are a number of customers on the Thunder forums that have made the switch. Thanks again for your videos. Look forward to seeing what you put out next.

[@Kansastreetop]

Just had to say, Davis says he wasn't smart, well that I don't know about. I do know he has and shares a wealth of good information about a successful business. By the way Davis, glad you didn't press that Red button while in the bunker. Thank you both for all your services to our country!

[@rhodge4511]

Your explanations in this video changed my mind in my previous comment that I felt you guys were all over the place. Great job and presentation Davis.

[@jennieanddavis]

Thanks Robert! Don’t let the KZbin channel fool you - the videos only show about 10% of everything we have going on!

[@minimateur]

These last few videos were really interesting. Thanks

[@seanallard3659]

"What is a recession i had to Google it. I'm not too smart".... rrrriiiggghhhttt

[@federov100]

A recession is an opportunity for acquisitions. I negotiated the purchase of a company suffering through a recession for no cash down. It had a client list and resources that became a huge advantage.

[@aaronvandriel7342]

Now might be a good time to pivot from high volume, low price charcuterie boards (sales based heavily on the volume of sales in the housing market, which are likely to drop given interest rates), and into the one off, high dollar amount custom furniture. The client base for expensive furniture isn't shaken by a recession! This is what's happening in my shop!

[@michaeljakus8373]

I couldn't agree with you more, I have always used the model of impulse buying to sell my products. In short people are likely to spend $20 on impules rather than $200. But due to food and gas prices people are hanging on to that $20 bill. So about 6 months ago I started making coffe tables and end tables (farm house style) and they are keeping me very busy. I built one set and drove around town with it to show stores what I could make, I stuck with the small Mom and Pop stores. When someone agreed to put the set in there store I would leave it and go back and make another one and hit the road again. Funny thing is the most sales I get are out of a family owned patio furniture store. People go in and buy high end patio furniture and also pick up my tables. Once one is sold I build another set and take it to them. A side beny is I don't have to store several sets of tables.

[@ddutton0]

Do y’all still have the couple of sales folks you had hired and showed in a past video? It is great to hear y’all are growing aggressively and knowing what your true goals are and keeping that in sight. In the end all the business you mentioned take and grow in to consulting. Business is all about people! Keep going and doing a great job!

[@jennieanddavis]

They’re still hanging around! Hiring more all the time!

[@brentfrench752]

Home prices are continuing to rise, but sales are beginning to slow a bit. This, coupled with the fact that interest rates are rising, and will continue to rise a bit, many experts are suggesting that the real estate market will likely continue to slow, and eventually the real estate market bubble could pop again, although likely not as bad as 2008. Adding a recession on top of that, it’s very possible you could experience a pretty good reduction in your business. Given this, it’s smart that you’re thinking of other business opportunities for your products.

[@jennieanddavis]

Yeah nobody actually knows - best to stay flexible and pump the well while it’s primed!

[@davidsirois9164]

I have been catching up on your videos and have a question regarding what wood you find is best for the cutting boards? I may have missed it, or not come across the video where you explained what the materials are you use. I am guessing maybe Cherry or Maple but not sure what wood I could use to make a long lasting cutting board. BTW - the Video series is awesome. it is really refreshing to have people talk openly about their business, exposing the ups and downs as well as the mundane aspects of what it takes to pull this off. I appreciate any info you could share.

[@jm4695]

your boards look great; where can i buy them?

[@austinstroot9910]

Where did y’all get that “fulfillment table?” At least that’s what I’m going to call it, with the lights, the shelves, and all that awesome stuff! Can you post a link?

[@austinstroot9910]

P.S. just bought a board about 15 mins ago! Can’t wait to get it!

[@johndavid3114]

I admire your hustle.

[@bsr8129]

yes, please

[@jronmanbuilds]

That branded tape and tape dispenser I saw in this video looks awesome, If you don't mind me asking how did you go about getting branded tape and where did you get that fancy tape dispenser?

[@jennieanddavis]

Google search custom printed paper tape and find the dispenser on ULINE!

[@HillyBillyWoodworks]

The two of you are awsome

[@bezasamazingtube3430]

Watching

[@aaronolson9501]

I love the videos and appreciate all the business tips! I am curious though if you have considered other lasers? I die a little each time I watch how slow the Glowforge is. You all operate a lot like I do, focusing on efficiency and a different laser could help! Just a thought, especially since you all spoke on pivoting and branching out on this one.

[@jennieanddavis]

Hi Aaron! Yeah the Glowforge is slow compared to other lasers, but we’re able to ship 30 boards a day with a single machine. It’s kind of like 4 wheel drive in a truck. Most people want it, and yes it can get you out of a jam, but 99% of people don’t ever need it… but they’ll justify it anyway

[@steelvalleysportsmen7737]

During WWII IBM made M1 Garandes. You can find a few with IBM stamped on them

[@823Steve]

I noticed you treating your board with what looks like beeswax mixed with, I'm guessing mineral oil. I've been messing around with that for my wooden cooking utensils and other uses around the house. I'm wondering if you could share your formula or at least the percentage of wax. I settled on 20%, but I don't know if that's the best choice. Love your enthusiasm!

[@rebornspawn]

I love you both and there is nothing you can do about it

[@ockalmighty]

Totally random, but I just noticed your location, I used to work on HWY 6 in High School!

[@robertlivingstone3947]

You to made a lot of good points

[@spillman29]

Great content, but by any chance is your dog a Cane Corso?

[@tstanley01]

I would personally start transitioning away from real estate agents and mortgage brokers. Transactions are going to be way way down for the next few years and those two industries are going to be hurting more than most, with or without a national recession.

[@jennieanddavis]

Why abandon ship so soon? This is the peak of the bubble! Of course we’re preparing to pivot, but there’s plenty of money to be made now!

[@steelsunpi]

I've seen some effect already. My wood art sales are down, but "useful" product sales are up.

[@jackiedeemccoyjr949]

Awesome way of explaining it... In the early 80s when recession hit, I focused on building tables... you are always going to need tables no matter what. 😂 well I learned the hard way, went from a shop of 20 or more to just me building pallets just to stay afloat

[@grahammorris9842]

'Scuse my ignorance, but what is the purpose of the paper tape you put on your boards before you shove them in the glowforge ? Just curious as I'd never justify buying one.

[@jennieanddavis]

To find the exact center of each board so the engravings are in line!

[@andrewsock1608]

Just be prepared to make things people actually need. That’s all it takes to secure yourself and save the world. Maybe a new line of out houses. The big companies target people who don’t know what quality is. If you can sell sub par goods at above average prices to clueless youngsters as quality, you thrive. Of corse it means giving up your credibility to those in the know. Personally I would only cater to those in the know. Yes it’s true that only gives me access to 2% of the market but I want no part in degrading life as we know it to access that other 98% I mean let’s be honest here, most of your customers are clueless and you could sell them a MDF charcuterie board. That’s exactly what big companies would do

[@edreusser4741]

The last option is to take advantage of the recession and treat it as an opportunity.

[@timothyohs8459]

I think it will get slow for you may have just start taking payments

[@evetteknauf4057]

I have won little but lost most in the current market.

[@Antonio-su3wj]

Hey!!!, we are all in this brother. I lost over 100,000 in this bear market.

[@armidamedinaraygoza8114]

@@Antonio-su3wj 😅 . We are not all in this. This has been my best season in the market.

[@armidamedinaraygoza8114]

"My personal trader is *Broker Loretta Wilkinson* I found her on a CNBCinterview where she was featured and reached out to her afterwards. She has since provide entry and exit points on thecryptoo I focus on. You can look her up online if you care supervision. I basically follow her tradepattern and haven't regretted doing so"

[@cliffordmartini4195]

@@armidamedinaraygoza8114 You must be very lucky. I have lost some much following these KZbinrs. The keep telling us what we want to hear and deceiving us so that they can gain subscribers and views.

[@veronika3773]

*Loretta Wilkinson. ᶜᵒᴹ📊📊* I know her mate. She runs my kripto portfolio too. She’s really good and knows what she’s doing.

[@Reduxwood]

Id suggest building other items or work with other species.

[@AxelJacquesson]

Davis I’m not sure about your definition of recession? 🤔

[@evilbanaan]

Bubbletobubbletobubbletobubbletobubbletobubbletobubbletobubbletobubbletobubbletobubble 😄

[@jonreeves3993]

yep, housing bubble is about to pop. worried for yall since you are so tied to real estate.

[@jennieanddavis]

Tomorrow has enough trouble of its own

[@bsr8129]

Your sale strategy is all you have going, your product is so simple and so many other people make the same thing, and you chooci boards are so plain compared to others work out there.

[@jennieanddavis]

It’s almost like sales skill and the relationship matters more than product’s features! 🙃

[@BlackStang-gn1ij]

who is responsible for a pending ression?

[@jennieanddavis]

Would having the answer to that question make a difference to anyone’s business? Or would it just make you angry, distract you, and cloud your judgment?

[@Dragonslairminis]

This is such a good video, provides absolutely no information for the viewer and is a 13 min advertisement for their own businesses and products. Don't ever say you aren't smart. Well done.

[@gregfyn]

Just don’t participate in a recession….

[@MSRWorkshop]

Just don’t have kids lol. Biggest bubble popper ;)

[@codacreator6162]

Learning from books is what makes you smart. It’s how everyone who is smart got smart. That’s the smartest thing you can do and have done. You know what that means? There is money in wisdom, knowledge, and inspiration. There is money in books. 🥸