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September 22, 2023
New Mexico’s Legal & Financial Weekly
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Rural Entrepreneurs Report Growing Economic Anxiety
Vol. 10.103 No. 38
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ural small businesses face greater challenges to economic recovery and are less optimistic about the future compared to their non-rural counterparts, according to new survey data from SCORE, mentors to America’s small businesses. SCORE’s fall Megaphone of Main Street: The Small Business Rural/Urban Divide surveyed more than 3,000 entrepreneurs and found that while more than 75% of small businesses surveyed have returned to pre-pandemic levels or better, more than half (53%) of rural entrepreneurs say they feel somewhat or extremely negative about the economy and its impact on their business. Although customer acquisition remains a challenge for all small businesses, inflation, the overall economy and cash flow are top concerns. In particular, rural entrepreneurs feel more challenged by inflation and supply chain disruptions. Specifically, rural small business owners are: • 30.2% more likely than nonrural small business owners to cite inflation as one of their top three business concerns • When compared to non-rural counterparts, are 32.4% more likely to cite supply chain disruptions .
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competition from online stores. Thankfully, SCORE is here to connect the dots in rural communities across the country to provide the advice, tools and information rural entrepreneurs really need.” SCORE supports rural small businesses through challenges “As a small rural business, there are days where it seems like everything is an obstacle to overcome. From dealing with a remote location and lack of WiFi to physically demanding agricultural work and trying to get our products to customers, I can absolutely say that our business would not have grown without our SCORE mentor,” said Teddi Maslowski, owner of Birch Creek Farmery in Burgettstown, Pa.
Diving deeper, rural small businesses say cash flow is constrained by rising “Our SCORE mentor gave us the groundwork to plan aggressive business projections, make decisions before they are high-pressure, and to costs for utilities, supplies, labor and capital. Rural entrepreneurs are: continuously monitor the direction we are headed —all things that are • 9.3% more likely than non-rural small businesses to report higher giving us the confidence to rapidly expand our business in an unstable economy,” Maslowski adds. costs of doing business • 24.5% more likely to report higher vendor prices, when compared Currently, her business’ biggest concern is the increasing cost of product production, but she has strategies in place, including calculations, creative to non-rural entrepreneurs . solutions and both short- and long-term plans to work through this phase, Compared to their non-rural counterparts, twice as many rural thanks to SCORE, she reports. entrepreneurs say there’s a lack of local banks in their area from which to SCORE provides tangible solutions for rural entrepreneurs seek financing, further limiting their ability to secure funding. In response to rural small business challenges, SCORE offers a centralized resource hub, SCORE for Rural Entrepreneurs. There you can download Both rural and non-rural small businesses agree that better access to capital the full Megaphone of Main Street: The Small Business Rural/Urban Divide would most help them in the coming year, followed by loan forgiveness and the full infographic. or debt relief. Interestingly, rural businesses were 24.5% more likely than non-rural businesses to desire assistance in the form of infrastructure Since 1964, SCORE has helped 11 million entrepreneurs start or grow a business. SCORE’s 10,000 volunteers provide free mentoring, workshops improvements. and educational services to 1,500+ communities nationwide. Recognizing that rural entrepreneurs face unique challenges, SCORE Bozeman Chapter Chair Rick Sanders notes: “Rural entrepreneurs deal Learn More with limited inventories and slow turns, requests for services from a limited pool of trained resources, few government resources and fierce Visit SCORE at www.score.org. Follow @SCOREMentors on Facebook, Twitter and LinkedIn. -(NAPSI) What do rural entrepreneurs need in order to overcome these barriers?