Small business owners in the Midwest are caught in a tug-of-war between optimism and concern.
According to the latest survey from the National Federation of Independent Businesses (NFIB), while there’s a glimmer of hope about the economy, inflation continues to cast a long shadow over their operations, remaining their most pressing challenge for over a year.
Two Midwest entrepreneurs shared their perspectives on the current economic landscape.
Despite their businesses holding steady, they’re witnessing firsthand the financial strain on their customers.
Penny Olson, who owns the Waukesha Antique Mall in Wisconsin, reports that while her business is generally stable, there’s been a noticeable dip in foot traffic.
More tellingly, she’s seeing an uptick in people selling their cherished belongings.
“I think that people are stressed out by politics and the economy, and this is kind of like their chocolate, you know,” Olson explained.
“Where they buy things for pleasure, to make them feel good.”
For 35 years, the Waukesha Antique Mall has been a fixture in the community, with Olson at the helm for the last 12.
However, she’s feeling the pinch as operational costs—from electricity to advertising—keep climbing. She noted that “small businesses are starting to feel” the impact.
Olson has observed that consumers are already feeling the strain. “More folks are coming in to sell rather than buy,” Olson observed.
“They’re coming into purge, to get money, because they want money—especially the elderly. We’re noticing that they’re coming in more and more to sell their items because they are having trouble keeping up with things… Some of them can’t afford their housing.”
In Kansas, the owner of Ekart Automotive, a business rooted in Manhattan since 1954, shared similar concerns. “Inflation is killing everybody,” the owner stated, choosing to remain unnamed.
“Before too long, they’re not going to be able to afford to fix their vehicles, and it’s already getting to that place right now.”
This seasoned business owner notes a troubling trend: customers opting for patchwork repairs rather than addressing major issues.
“We’ve had an established business here for 75 years, so we’re going to be fine,” he said. “But as far as the general public, they’re not going to be fine if it keeps the way that it’s going.”
As inflation continues to tighten its grip, these small business owners stand as both witnesses and participants in an economic challenge that’s unfolding across the Midwest, where the struggle to stay afloat is becoming all too common.
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