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Data recently released by the Federal Reserve Bank of New York showed that this is the most optimistic American’s have been about inflation in two years.
But a survey released by the National Federation of Independent Business found that a greater number of small businesses are worried about inflation and future business conditions.
Starting a small business is not an easy task.
“That first year was really tough and we learned a lot,” said Suzy Kenyon, owner of Under the Arbor Bridal in Fairport.
Kenyon opened her bridal business in 2022, right after COVID-19 and right before the peak of inflation.
“The really scary part was I’ve literally put my savings into this and my inheritance into this,” she said.
It’s something many small business owners can relate to. Although Americans are more optimistic about inflation, small businesses are still worried, especially those in niche markets like the bridal industry.
“There’s a lot of competition in town for bridal and we all do good business, it’s just where is the bride gonna buy. And when you spend two hours with a bride and they don’t buy, knowing that that’s part of the business, it’s hard. Because that’s how you make your money,” she said.
According to a survey of about 300 wedding vendors done by the wedding planning platform Zola, 83% reported the cost to run their business will increase in 2023 and 17% said that couples have smaller budgets for services, something Kenyon understands especially as she helps her daughter plan her wedding.
“You have to set a budget. We set a budget with our kids, we said this is what we can do especially with all my money going into the shop,” she explained.
And with 71% of small businesses still reporting that they are relying on their personal savings as top sources for funding according to the U.S. Chamber of Commerce, Kenyon isn’t alone in her worry.
“I was thinking oh my gosh I’ll have to sell everything and this and that and this and that, and that was like a three-day panic attack and then I was like, you know what, we love doing this,” said Kenyon.
Which is why she’s decided to diversify her product by adding a boutique to her store.
“We’re changing up the way we’re doing things a little bit and trying to bring in more sustainable business,” she said.
To allow her to keep doing what she loves.
“It’s just a very changing industry right now. So we’re kind of riding it out, we’re seeing where it goes and we’re diversifying,” Kenyon said.
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