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Is it just my business that is being affected by the current economic climate?

Need Some Inspiration?

The silent killer of micro businesses. Is the current economic climate affecting your business?

photo of a woman thinking

Is it just you? In short, no.

Not a word is being mentioned about the affect this energy crisis, the current economic climate and the war is having on micro businesses right now. 

During Covid the talk of business survival was paramount, but currently there is so much talk about spending power and us not having money, that spending at markets is so depleted that businesses are starting to fail. 

Markets have been our life line for so long and we want them to thrive. They are a crucial income for so many small businesses. We all talk of supporting small and independent businesses, but what actually is being done to help? 

Why VISIBILITY is vital

In this current stressful economic climate, markets are experiencing similar footfall to pre-pandemic levels, but also very clear reduced spending. It makes sense; times are tough and people need to prioritise their family needs and finances – but how can we ensure that micro businesses survive?

We don’t have many answers right now, but we do know that it’s vital to stay visible, to ensure that when the time is right for people to buy – they will!

Nicki, Pedddle’s Founder, chatted with Elizabeth Stiles recently about this topic of visibility, in an IG Live. What was clear is that our content needs to be ‘on point’ to really connect with our audience. Look carefully at what is getting customers to engage. Focus on at least one short-form content and one long-form content platform. So many great points came out of this chat, largely to try not to get consumed by the negativity that many of us are currently feeling, and be mindful of where and when you chat about the negative aspects of your business.

What can we do to keep our businesses afloat?

Catherine Eardly has written a blog about maximising profit in an ever-worsening economic climate – read it here. She also created a wonderful Insta reel asking ‘Are people still buying’.

Markets are still busy and have good footfall generally, but how do you make people buy your work? Check out our blog for 10 tips to make your stall look great. We also know that improving your SEO and increasing your digital footprint will help to make you more visible online, which in turn could lead to more sales. Joining Pedddle to list your business as a market or a stall helps hugely, as our website has a very strong domain authority. We also know that we are stronger together, so we want to see our businesses working together and cross-promoting. Stallholders can check-in to markets and be visible on market pages for 6 months, raising the online visibility for both that stallholder and the markets they’re selling at – so why don’t you join us?

Is it just my business that is being affected by the current economic climate?

Please know that you are never alone – in this case, so many small businesses are in the same position and every business is being affected by the turbulence of the UK economy currently.

Pedddle are here to support the entire creative community, always, and we will continue our mission to raise the visibility of creative markets and their stallholders.

In summary, times are tough but we need to find ways to be even tougher and help our businesses to reach our audience and connect with them on a level that they will remember and purchase from you in future.

Good luck!