Rural Versus Urban Small Businesses

According to a SCORE study — Megaphone of Main Street— rural businesses are having a harder time than those in urban areas. Despite their recovery from the pandemic, more than half of small businesses in rural communities (53.3%) feel somewhat or extremely negative about the economy and its effects. Cash flow is particularly problematic for rural entrepreneurs as compared with non-rural entrepreneurs because they’re impacted by higher costs of doing business (e.g., rent, utilities, gas), as well as higher financing expenses (e.g., higher interest rates, costs to borrow). Rural businesses are also more impacted by populations trends (e.g., more difficulty finding qualified workers). #IdeaoftheDay