Starting a Small Business Amidst Economic Crisis

Starting a small business as the cost-of-living crisis was really biting at the end of 2022 was a terrifying experience for beauty therapist Elice McPhie. “I just didn’t think how hard it would be to actually start from scratch and in a time where people just didn’t have the money,” she said.People were interested in her skin rejuvenation treatments, McPhie said, but tough economic times meant clients had to stretch time between appointments and products.

She expanded her offerings in an attempt to fill more appointments, and built up her online store to drum up more support. “It was really hard last year, I went through a whole period of just being depressed because I was deflated by it all,” McPhie said. Business-wise things are looking up for McPhie, but it’s been the toughest start to the year for sole traders since lockdowns shuttered businesses during the pandemic, according to research from digital accounting firm Hnr

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