By Frankie Chee

At one time, car dealer Eddie Low had up to 200 used vehicles in 16 showrooms, but now he is down to only 40 - the lowest his eight-year old company Car Times has ever held.

Prices of new cars have fallen, pushing down the prices of used ones.

However, some car owners cannot upgrade as their loans are bigger than the value of their car.

Mr Low is not renewing the leases on three of his showrooms when they expire next month, in order to save money on rent.

Over at the small Bencoolen Street shop of Mr Bernard Cher, sales of his model kits of sci-fi robots and military transport have tumbled 40 per cent. He has also been hit by the rising yen, as he imports stock from Japan.

From car dealer chains to owneroperator sole proprietorships, the recession is taking its toll on businesses.

Government help such as the Jobs Credit Scheme and property tax rebate will no doubt offer some welcome relief.

But despite the tough times, business owners are optimistic.

Corporate type-turned-restaurateur Karen Yeo welcomed the Jobs Credit Scheme, which subsidises part of an employer's wage bill, saying it will help her newly opened bistro and bar Verve survive the crunch. It employs a staff of 14.

And ex-teacher David Yim is thinking of expanding his ice cream joint, Udders.

Only time will tell how these business owners fare in this most difficult of times.

LifeStyle brings you the first of a series in which we track six business owners - ranging from Mr Yim to an ornamental fish exporter with a million-dollar annual turnover - for the rest of the year.

There will be updates in June and at the end of the year.

Raising the bar with simple things done right

Drive to keep car market going

Still in the swim

Water works

Cool profits from 'adult' ice cream

Toying with small dreams

This article was first published in The Straits Times on February 08, 2009.