Small Businesses Struggle Amidst Ongoing Construction: Small businesses, the backbone of our economy, need help to run their businesses because of all the ongoing building projects.
For the whole year of 2023, two parts of Broadway near downtown will be closed. Alexandra Garro runs Maxiss Modern, a store that sells high-quality used items and things made in San Antonio. It keeps things moving along. Her once-busy shop is now covered with broken asphalt and walls.
Garro is angry that work makes it hard for small businesses to make money during the holidays, which is the best time of the year for them to do so. She thinks her company could lose as many as 80% to 90% of its customers, so she is looking for ways to get money and credit lines if she needs to stop working during this challenging time.
Mozna Chocolate and Coffee Company is owned in part by Salvador Saenz. He agrees with Garro that a recurring fear is the start of more building work. Both business owners know that the job will only take a short time, but they are scared that the damage to their businesses might be permanent.
Councilwoman Sukh Kaur of District 1 knows how upset the companies are and promises to keep doing what she can to keep delays to a minimum.
Garro, looking for other ways to make money, talks about how important money is for small businesses.
Saenz and Garro are also looking forward to Make Ready, a new place for fun that will open nearby in the fall. They think that more people will come in because of it.
Broadway will be closed from 4th Street to McCullough Avenue and from 6th Street to Brooklyn until December 2020. It is a complicated situation that small businesses will have to deal with.
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Our Reader’s Queries
What is the biggest problem facing small businesses today?
Small businesses are currently facing 5 major challenges. Inflation, which is not only affecting consumers but also hitting business owners hard. Access to credit is becoming difficult, making it tough for small businesses to secure the funds they need. Rising interest rates are adding to the financial strain. Hiring and keeping employees has become a challenge, with the job market being competitive. Additionally, supply chain disruptions are creating obstacles for small businesses in getting the products they need.
What are the main problems that can be faced in running in small business?
Encountering common challenges can hinder business growth. Financial constraints are a major setback, followed by time constraints, recruitment issues, balancing growth with quality, and a poor web presence. Managing these challenges is crucial for business success.
Why are small businesses failing in today’s economy?
Insufficient financing often leads to the downfall of small businesses.
What percent of small businesses are struggling?
Some believe that starting a small business in the US is a cakewalk because of the abundance of entrepreneurship. But the truth is, 18% of small businesses shut down in their first year, with 50% closing up shop after five years, and a whopping 65% throwing in the towel by their tenth year. The road to success for small businesses is bumpier than it seems.
