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Fil-Am businesses find ways to cope with inflation

Lenn Almadin-Thornhill | TFC News New Jersey

Posted at Sep 14 2023 05:13 PM

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Filipino-owned businesses in New Jersey are putting in extra effort in selling their crafts at an outdoor market in Jersey City.

“This is the best way for me to get exposure," said SJ Afalla of Haze Gray by SJ. "I’m from Jersey City so this is the main event here.”

Dylan Edmilao of Soled Out JC also said: “I would say for a market like this, it’s more of a networking type of thing.”

A new survey by the National Federation of Independent Business (NFIB) said that small business owners in the U.S. are feeling a little less optimistic on their prospects.

The Small Business Association pointed to elevated inflation as one of the biggest obstacles for Main Street.

NFIB economists also said that the current business conditions are still at recession levels.

"[We] are just adapting towards the times," said Edmilao. "There are ups and downs. But we always make sure that we are able to adapt to new times. Just to make sure that you can strive. That’s what we try everyday.”

The Small Business Association also said that less than 20% of businesses in the U.S. are minority-owned.

The research further showed that half of small business owners are working more hours now compared to in 2022.

“To keep a small business growing, you definitely need to put a lot of work into it," said Afalla. "A lot of people think that 'Oh you work for yourself it’s easy' [but] it’s not. For 24 hours a day, you really have to keep at it.”

Small businesses are seen to remain the backbone of the U.S. economy. Owners said that with or without a recession, the challenges are still the same each day, not only on sustaining growth, but on staying open.