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The Truth About Running a Small Business - JON BLANCO

The Truth About Running a Small Business

I love having my own small business. It is honestly a dream I want to pursue. Financially, it really doesn’t make sense. It is full of expenses and time commitments - literally countless hours poured into product creation and design. It often comes at the expense of friendships, relationships, travel… you name it, it is a trade-off.

But it is something I have chosen to pursue. Despite the stress and anxiety of running a small business while having a full-time career, this thing called JON BLANCO keeps me engaged and curious.

Recently, I read an article by Chuck Casto at about the underlying challenges small businesses face despite the “positive economic” numbers we see in the news. I can certainly resonate with these challenges.

Unfortunately, my experience aligns with the trend of many small businesses. Quarter 4, which is the most important quarter for retailers, brought lower-than-expected revenues, echoing the struggles faced by 62% of small business owners.

The difficulties in growing a capital-intensive business, dealing with rising costs due to inflation, and high interest rates continue to pose hurdles for many of us - including a micro business like JON BLANCO. The struggles are further reflected in the industry breakdown, with sectors like fashion retail facing their share of challenges. 

One interesting point in the article was this fact: 

37% [of small business owners] now have at least one side job to help bring in extra revenue, and another 56% say they need a side gig to pay for extra expenses. That leaves only 7% saying that concentrating all of their efforts on the primary business they own is sufficient for the income they require.                

Like many small business owners, having an additional source of income is a necessity for me. It's disheartening to see that so many small businesses are struggling right now. Unfortunately, we don't often hear this side of running a business. 

Now, I truly believe that small businesses are the lifeblood of the United States' Economy. Without small businesses, the American Dream does not exist. 

As someone passionate about my small business, I'm hopeful that economic conditions will improve. We have to be optimistic.

All in all, this article is a good reminder of Why we should support small and local business when we are able to.

The next time you need something, just ask yourself, "Can I find this at a small business?"

Sure, it may take a little more work, a little more time and a little more money, but at the end of the day, it makes a big difference.

My Ask: Please support local in 2024.

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