There has definitely been a large amount of discouraging economic news lately; especially concerning the housing market. It would stand to reason that many homeowners would just buckle down and sit tight, avoiding any unnecessary spending. You may be surprised to discover that the contrary is actually the case. According to a recent article released by Market Watch, homeowners actually tend to remodel more during a down economy.

They surmised the following reasons for this unexpected behavior.

It is difficult for homeowners to sell their homes.

They realize this, and are looking for improvements that will make their homes more appealing and competitive with other homes on the market.

When unable to sell their homes, some people opt to improve the one they have to better accommodate their family.

If more space is needed, they add an addition, or they try to improve the areas that made them try to sell in the first place. (more…)

As a small business owner, you don’t even have to turn on the dismal financial news to know that the economy is lousy. You are already feeling the pinch, and then when you hear of your tax dollars being used to bail-out the big banks and corporations that helped to create this mess, you begin to get bitter. After all, I haven’t heard much mention of any help for the little guy.

Well, you have two options right now. You can either sit there and wait out the storm and possibly go under as many of your competitors are, or take advantage of a slower time to revamp your business.

I spoke with a few construction companies recently. Operating in California, they are struggling with the new laws that require all plans to be inspected by an architect. One family company decided to send one of the younger brothers to college to become an architect. Another company is using this time to branch out and to explore new avenues. They invested in heavy equipment and training for some crew members so that they can now offer excavation services. One older construction owner made the decision to take this opportunity to scale back his operation and pursue a lifelong dream to build custom furniture and cabinetry. He enrolled in the appropriate classes to learn the trade, and is now happily remodeling his shop to accommodate his new direction. (more…)