BOSTON — We’ve all experienced rising prices on just about everything due to inflation, but local small businesses can struggle to weather the storm too. Boston 25 talked to a local company to find out how it is adapting and what other local companies are doing to keep the backbones of our neighborhoods thriving.
At Sky Candle Company, co-owner Albert Feldman says a big draw for his Needham and Boston stores is the custom candle bar where customers can create their own scent.
“So we’re really seeing that people are just really excited about that experiential aspect of our store,” said Co-owner of Sky Candle Company Albert Feldman. “They really enjoy creating something with their friends, coming in with a group, kind of doing a night out, maybe getting dinner drinks around it, and they’re just really kind of enjoying being creative.”
Being creative is key for small businesses struggling to get people in the door when cash is tight. Feldman says small businesses are having to spend more as well.
“It costs us more money to make our candles and our diffusers, but we really want to keep creating and keep bringing things to the market,” said Feldman. “So we’ve tried to alter what we’re doing by maybe creating smaller candles at a smaller price point.”
Dave Charest is the director of small business success at Constant Contact—which helps small businesses with their marketing. Their recent report found that 89% of small businesses have been impacted by inflation.
“We’ve seen there that things that they’re doing, cutting costs, of course, to try to get things under control, increasing prices if they need to,” said Dave Charest, Director of Small Business Success at Constant Contact. “It’s usually the last thing that they want to do. But then also looking for ways to be more efficient and adjust their operating.”
He says just like businesses adapted during the pandemic, they once again have to pay attention to customers’ buying habits during this wave of inflation, and the best way to do that is through emails and texts.
“Staying in that constant communication with them that allows you to build those relationships,” said Charest. “And if you have those and you communicate on a regular basis, again, you’re going to be able to keep your business top of mind. And that’s what keeps people coming back.”
To keep them coming back, he focuses messages on promotions and discounts, exclusive content, and any information about upcoming events.
“One thing that we know and we see time and time again with small business owners is that they’re really resilient,” said Charest.
With the holidays fast approaching, Feldman says one thing that hasn’t changed is people love to gift.
“They’re not always just shopping for themselves and maybe they’re shopping for themselves a little bit less because they’re saving to gift to their family members,” said Feldman.
The holidays prove to be important for small businesses. Constant Contact reports that 75% of retail small businesses rely on holiday sales to meet their annual revenue goals.
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