2024 Home Service Industry Predictions Because Economists Don’t Lie! | Mischa Fisher

The Small Business Safari

In this episode with Mischa Fisher, we explore essential economic insights aimed at guiding business decisions, whether you're a seasoned entrepreneur or contemplating starting a venture. Drawing lessons from the past two decades, we analyze the economic downturns of 2008 and the unique dynamics of the COVID-19 pandemic in 2020. Despite historical parallels in industry shifts and GDP contractions, the pandemic's economic impact showcased a distinctive pattern—rather than a sharp decline, we experienced a temporary pause followed by a noteworthy boom. Examining the current landscape, we note the influence of inflation, rising interest rates with a likely stabilization, and increased home values contributing to elevated equity, while a dip in savings rates prompts considerations for financial planning. As businesses navigate this nuanced environment, the cautious approach of homeowners towards large-scale projects becomes evident, emphasizing the importance of a clear path to life improvement in decision-making. Tune in for a comprehensive understanding of these economic variables, empowering you to make informed and strategic business moves. Did you know our amazing voices can go beyond just the microphone? Yes, we have video! Subscribe to our YouTube channel here!

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Mischa’s Links:

• LinkedIn | @mischafisher

• Website | https://mischafisher.com/

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GOLD NUGGETS:

(02:51) - Career Path From Science to Economics

(09:41) - Impacts on Housing Market

(12:47) - Interest Rates, Elections, and the Economy

(19:40) - Federal Reserve’s Impacts on Economy

(29:28) - Unemployment Claims and Global Economy

(37:11) - Demographics and Supply and Demand

(43:04) - Home Design Trends and Sales Expectations

(51:43) - DIY Nightmare Stories and 2024 Planning

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Previous guests on The Small Business Safari include Amy Lyle, Ben Alexander, Joseph Sission, Jonathan Ellis, Brad Dell, Chris Hanks, C.T. Emerson, Chad Brown, Tracy Moore, Wayne Sherger, David Raymond, Paul Redman, Gabby Meteor, Ryan Dement, Barbara Heil Sonneck, Bryan John, Tom Defore, Rusty Clifton, Duane Johns, Beth Miller, Jason Sleeman, Andy Suggs, Chris Michel, Jon Ostenson, Tommy Breedlove, Rocky Lalvani, Amanda Griffey, Spencer Powell, Joe Perrone, David Lupberger, Duane C. Barney, Dave Moerman, Jim Ryerson, Al Mishkoff, Scott Specker, Mike Claudio and more!

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If You Loved This Episode Try These!

• Moving Titan Shares His Secrets for Elevating the Entire Industry | Wade Swikle

• How Seasonal Businesses Can Propel You up to the Mountain Top | Matthew Efird

• Essential Tips for Recruiting in Home Services Businesses | Tina McKenna

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Have any questions or comments? Connect with me here!

Chapters

1. 2024 Home Service Industry Predictions Because Economists Don’t Lie! | Mischa Fisher (00:00:00)

2. Career Path From Science to Economics (00:02:51)

3. Impacts on Housing Market (00:09:41)

4. Interest Rates, Elections and the Economy (00:12:47)

5. Federal Reserve's Impact on Economy (00:20:55)

6. Unemployment Claims and Global Economy (00:30:43)

7. Demographics and Supply and Demand (00:38:26)

8. Home Design Trends and Sales Expectations (00:44:19)

9. DIY Nightmare Stories and 2024 Planning (00:52:58)