Tuesday, September 8, 2009

R.I.P. (Reserve-Invest-Plan)

"Now is always the best time"
Last week, I had the opportunity to catch up with a friend of mine at a baby shower. Like me, my friend Nathan recently got married and we're both trying to build our savings during difficult economic times. Of course, I began to think of the effect of the recession on the Halloween Industry. As we begin build Halloween Dominion the realization of building a seasonal company that truly has one month (in fact, maybe 3 weeks) of operations that brings in cash is unnerving to say the least. For the last two years, the industry has heard researchers and analysts say that Halloween is "recession-proof" and showing "growth" almost to the level of Christmas (the biggest holiday in North America). That was all said before the real hard times hit. What about now?

Today, the industry suffers as much as any industry in America. The Home Haunter (maybe I'm bias) is the hardest hit. Home Haunters are the front-line of the Industry. They are not only purchasers, they are enthusiasts. Often times, Home Haunters can't run a business and depend on donations for their craft. Fellow Halloween Dominion member, Johnny and I spend small fortunes each year since 1996 until recently with the help of other creative members. Our haunts cost an average of $4,000-$5,000, with a decent inventory on hand.

Unfortunately, gone are the days of buying on a whim and minimal planning. I think that all Home Haunters must do 3 important recession planning steps:
  1. Reserve: start to save now, for your Haunt.
  2. Invest: purchase (wisely) items that can be reused over and over again.
  3. Plan: plan every detail of your Haunt, so you have a goal of how much to save, and how much to spend.
In the R.I.P (Reserve-Invest-Plan) blog, I will not only introduce some great Home Haunting techniques I've learn over the years, but I'll bring you news of how the economy is affecting the Halloween Industry. Maybe it's a little too late but now is always the best time. It's a call of action for all Haunters, both professional and home to prepare in advance to survive the hard times. If you, like me are building your own company---now is the time to learn and plan for the financial health of your dream.

I also welcome ideas and thoughts about your financial best practices. Please comment below and help the community at large!

If you're interested in great Financial topics, visit Nathan's blog Mischief.Mayhem.Soap for some great advice and savings tips.

And on that note: Click the ads on this site! It's a win-win for both advertisers and West Coast Hauntrepreneur!

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