The Recession Still Squeezing Small Businesses
It’s no secret that small businesses have taken a massive hit due to the recession, and the indoor tanning industry has been hit especially hard. Not only are salon owners dealing with a poor economy, but the new excise tax on indoor tanning has resulted in higher costs and sagging consumer demand.
An article on Yahoo! News points out just how badly small businesses have been hammered by the global recession:
The small business sector has experienced severe job loss. More than half of the jobs lost in the first half of 2008 were in small business companies. There are no plans to add back those jobs a
ny time soon. Rather, they are decreasing all hiring practices. Decreased profits have forced many small businesses to lay off workers and abandon expansion plans. Small businesses are less optimistic of their financial future, unwilling to expand now or take on new employees. In fact, one-third of small business owners report the uncertain economy is the biggest challenge to growth. Until small business owners feel more optimistic in the near and long term, this economy will continue to drag. Economic indicators paint a bleak picture of the current state of our economy.
