MACON, Ga. — 4.1 million people filed new business applications in 2020. The following year the number rose to 5.4 million U.S Census Bureau.
With the number of new entrepreneurs beginning their startup journey, many are feeling the impact of inflation, high gas prices, worker shortages, rising grocery costs, and supply chain challenges.
"Inflation has really been an issue. Food costs have gone up, the costs of bills too. Everything has gone up," says Patrice Scott, a new business owner.
In 2018, Scott closed her restaurant, The Salad Spot. However, Scott is giving it another go with The Salad Spot 2.
"This is the second restaurant. I had one in Forsyth. Now I'm back in Macon," said Scott. "I look forward to serving the Middle Georgia area."
Things have changed since her first foray into the restaurant business in 2018, including new challenges to business owners. However, Scott says she's working hard to balance those rising costs by ensuring she takes care of her customers.
"When I put up a sign that said I was hiring, no one filled out an application. So I hired people that I know personally," Scott said. "The quality of my food will never change. My slogan is 'Where Fresh is our Best.'"
Economist Dr. Greg George says even with everything going on, now is still a good time to start a business.
"We've seen business startups increase pretty dramatically at the same time; we have seen bankruptcy go down pretty dramatically," George said. "There has never been a better time to start a business and survive."
He said there are ways to save money as a new business owner. For example, if you can work from home, it cuts back on gas costs and rent prices. George encourages business owners to keep grinding despite the challenges because innovation drives the economy.
The Salad Spot 2 is located at 2440 Shurling Drive Suite 102 in Macon.
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