Small business owners reveal ‘out of this world’ impact to their bottom lines
Small business owners Stephanie Coco and Katlyn Swaffer share how inflation is affecting them on 'The Bottom Line.'
Some small business owners are pointing their fingers at one big macroeconomic change that has left them feeling more pessimistic about their futures than ever.
«The rising cost of goods is out of this world at the moment. I can't afford to raise my prices any more than I already have,» Stephanie Coco, owner of Steph’s Creativity Corner, said on "The Bottom Line" Monday.
«Our cost of goods has increased 20 to 40% depending on which items you're purchasing, and the customers aren't really following that trend,» Just Baked Bakery & Deli owner Katlyn Swaffer added. «They're not willing to pay 20 to 40% more now than they were four years ago.»
Rising everyday costs and seemingly sticky inflation have left these business owners struggling to cover costs, making it one of the «hardest» years of operation.
SAN FRANCISCO'S BUSINESS CURFEW WON'T ‘MAKE ANY CHANGES’ TO ‘SLOW DOWN’ CRIME, OWNER WARNS
Their concerns were echoed by the recent Small Business Optimism Index from the National Federation of Independent Businesses (NFIB), which reported a decrease in March by 0.9 of a point to 88.5, which is the lowest reading since December 2012 and marks the 27th consecutive month with the index below the 50-year average of 98.
Small business owners Stephanie Coco and Katlyn Swaffer join «The Bottom Line» to discuss why it's one of the «hardest» times for the industry. (Fox News)
One-fourth of small business owners said inflation was the most important problem in operating their business due to higher input and labor costs – up two percentage points from February and one percentage point from 24% a year ago.
«I have a
Read more on foxbusiness.com
