Barrel-Art, a family-run furniture and barware maker, has navigated through three US presidential elections, with the 2024 race introducing new uncertainties for small business owners like Michael Prieto. Sales for their handcrafted products, made from whiskey and wine barrels, experienced a dip leading up to Election Day, only to rebound once the outcome was determined.
The post-election landscape has left many business owners, including Prieto, pondering the potential impacts of President-elect Donald Trump's amplified campaign rhetoric and ambitious policy proposals. The lack of clarity on the implementation of these proposals has created a sense of unease among small business owners, who are already grappling with economic uncertainties.
Concerns about tariffs, trade restrictions, and inflation weigh heavily on Prieto's mind as he strives to sustain Barrel-Art amidst financial challenges. The company's lean staffing and increased credit card debt, compounded by slower sales due to the election and recovery efforts from a previous fire incident, add to the strain.
Similarly, other small business owners are bracing for potential policy shifts under the new administration. Some are stockpiling inventory or accelerating production to mitigate the impact of anticipated price hikes. Clifton Broumand of Man & Machine is ramping up imports to avoid potential tax burdens, while daycare owner Janna Rodriguez advocates for federal support to bolster the childcare sector.
JD Opel, owner of ICON Hair Studio, remains cautiously optimistic despite concerns about tariffs affecting his supply chain. He emphasizes adaptability and resilience in navigating the evolving business landscape, echoing sentiments shared by fellow entrepreneurs.
Jeff Wood of Coldwater Capital highlights the positive impact of Trump's tax cuts on his real estate development business, citing increased investor confidence and expansion opportunities. However, uncertainties surrounding tax provisions and interest rates pose challenges to sustained growth.
As businesses across various sectors brace for potential policy shifts and economic fluctuations, the resilience and adaptability of small business owners remain central to weathering uncertainties and driving growth in a dynamic business environment.
