.....it's running a small business in 2024.
For some, this may feel like a broken record, but it has been a ROUGH year for small businesses. There's a lot of factors into why this is the case, but let me break down some of my own personal observations and challenges this year!
Silver is at an all time high
This is specific for silversmithing businesses, but when I started silversmithing, I was paying about $18-$20 an ounce for silver, and now it's costing me $35 an ounce, so almost doubling. I have adjusted my prices slightly to help the costs, but every time I place a silver order, my heart sinks.
Markets are down 50% or more
This is a trend I've heard from almost every vendor. Markets are extremely slow this year, and many folks say they are making half of what they have made in years past. I always hear because "it's an election year," but the dip in sales this year is quite significant. Markets can be challenging when you put so much time and effort into it, and then get hardly anything in return.
Engagement is down on social media
This always seems to be the case now, but especially these past few months, I've noticed a significant dip in my engagement. It's frustrating when this is our livelihood and spend a lot of time on curating social media. It's often how I reach many of my online sales too.
Why is this important?
I don't write these posts to simply complain about how hard it is. In all honesty, this has been one of my most successful years, but I also want to shed light on the challenges many of us small businesses are facing as we head into the holiday season.
What can you do?
- Shop small when you can. I know money is tight right now, but a purchase from a small business can literally change our lives compared to purchasing from Amazon.
- This holiday season will probably be make or break for a lot of small businesses, so your support is even more crucial!
- JOIN OUR EMAIL LIST (I know you already are on it), but with social media becoming more and more iffy, emails are easiest and most genuine way to communicate with clients.
- Share our work with friends, family, and more! Word of mouth still tends to be the best way to build fast and genuine connections!
Ghosts don't scare me (well, maybe a little)! It's running a small business in 2024! But I will keep riding these waves.