How mom-and-pop shops can survive and thrive amidst COVID-19
Mom-and-pop shops—all those boutiques, bodegas, bakeries, bookstores and more—tend to be some of the smallest businesses around. They’re often owned and operated by families, with a limited physical presence, limited inventory and restricted scope of operations. This can put them at a disadvantage, because they just don’t have the marketing budget or internet savvy to compete with larger businesses. The rise of e-commerce at the turn of the century has only widened the gap.
However, Fundera, quoting the American Booksellers Association, notes a 35 percent increase in the number of independent bookstores between 2009 and 2015. Some of these indie bookstores have reported an increase in sales, despite the fact that Amazon now has well over 100 million prime subscribers (112 million at publication date, to be exact).
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That’s a bit of good news for mom-and-pop shops: Consumers still crave an in-person shopping experience, often choosing it over the convenience of online shopping. It’s safe to say that small businesses are here to stay, and that they are still a vital part of the U.S. economy.
Of course, all that changed with the advent of the coronavirus earlier this year. Many small businesses have shut down; many others found ways to reinvent themselves and thrive…or at least hang on.
Still, the infographic below by small business financial resources provider Fundera discredits a few myths about mom-and-pop shops. More importantly, it offers seven actionable tips that small businesses can put to use, helping them compete and even thrive against big retailers.
If you’re a small shop or services owner, or you’re the insurance agent for several of these small businesses, view and share the infographic for more details.