With shipping delays and inflation driving up the prices of goods and services, some economic experts believe a recession could be on the way. If you’re concerned about what a recession could mean for your spray foam business, you’re not alone. Fortunately, there are ways that you can prepare for and react to financial and economic changes like these. Here are some tips to help you keep your spray foam business afloat during a recession.
Emphasize Your Business’s Value
During times of financial hardship, consumers tend to cut out goods and services they classify as “unnecessary.” In these cases, it’s crucial to remind consumers just how important spray foam services are. For example, they could settle with a cheaper insulation alternative, but it will cost them later in their utility bills.
You could even expand your business’s services to market new specialties. Upgrading your spray foam equipment and rigs could allow you to offer both insulation and concrete lifting services. You could also shift your marketing focus to include new customers and audiences, such as larger homes and businesses. Homeowners and businesses with healthy savings will be more likely to take advantage of available contractors and schedule insulation applications.
Offer New Promotions
Another way to help your spray foam business stay afloat in a recession is to get creative with your offers and promotions. If you can afford to, consider offering discounts or exclusive offers as a part of your spray foam services. This will help you attract new customers who may also be trying to save money during these times. For example, you could offer spray foam packages such as insulating one room and offering another at a discounted price. Providing discounts can often do the last bit of convincing that consumers need to pursue your services.
Set a Budget and Stick to It
Due to the general price increases that come with recessions, obtaining materials can be difficult for small businesses on a budget. Sticking to a budget can help your business stay afloat during turbulent financial periods and prevent you from going into debt.
One way to procure spray foam materials on a budget is to shop for used equipment. You can find used equipment in excellent condition for a fraction of the price of newly manufactured models. Some sellers will even offer bundles and free products with their used parts. Just be sure to thoroughly inspect any used models and inquire about their maintenance history.
If your business needs equipment, come to Spray Foam Systems. Whether you’re looking for new or used commercial spray foam insulation equipment, you can find a wide selection of parts here. We offer high-quality, fairly-priced used equipment if your business is looking for ways to stretch its budget further.
