This chapter explores the difficulties faced by small businesses in today's economy, including competition from larger companies like Amazon and factors such as inflation, demographics, childcare, and the labor shortage. It discusses outsourcing payroll and benefits to specialized companies as a cost-effective solution and introduces a successful small business owner.
Even with a looming recession, high interest rates and a tight labor market, small businesses have been opening at record rates over the last few years, surpassing pre-pandemic levels. They’ve also been the primary driver of job creation in the US. Bloomberg reporter Enda Curran dug into why small businesses are having a moment—and the challenges owners are facing in this uncertain economy. Plus, meet the owners of a bakery and a microbrewery who discuss how they’ve been keeping their businesses afloat.
Read more: The Pandemic Small-Business Boom Is Fueling the US Economy
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