LAS VEGAS (KLAS) — Small business owners have been weathering the COVID-19 storm for two years and it’s costly. Prices in the U.S. are up almost 8% due to inflation and those costs are usually passed onto the customer.
Research from Business.org shows 89% of small business owners increased their prices to counter the inflation which spiked over the past year. In 2021, inflation had the largest 12-month gain since 1982. Another 64% of small business owners said they weren’t able to acquire products needed to meet customer demand because of supply chain shortages.
The owner of Fuku Burger, Colin Fukunago, said that he has had to barter with other restaurants to make up for missing items, especially paper and plastic goods.
Although he hasn’t raised prices, he said others have.
“I don’t want to be too reactionary and panic and pass on costs to the guest. I’m willing to struggle for a little bit longer to see how long we are going to be in a normal phase as the pandemic starts to ease off,” he said.
Lia Yulanti with Belia Skin and Beauty Spa said she will be raising prices
“It’s tough but since this is happening globally, Nevada, and in all businesses, people understood. We sent out notifications via email blast to all of our members that we will be increasing our pricing.”
Since face coverings are optional at most places since the mask mandate was lifted, more people are venturing out to shop, eat out, and work out. For business owners, it’s a much-needed boost.
Many small business owners are excited about the coming months and the potential revenue that’s to come.
