4 Traits That Have Helped Small Businesses Survive the Pandemic

About half of Americans have deliberately shopped more at small and locally owned businesses during the pandemic, and many have rallied especially hard around small businesses with four particular characteristics, according to a new NerdWallet survey.

new NerdWallet survey, inventory management, started a business, 4 New Rules for Entrepreneurs in 2021

NerdWallet – NerdWallet

The survey of over 2,000 U.S. adults found that 51% of Americans made a dedicated effort to shop at small businesses from March 2020 through periods of closures and restrictions compared with before the pandemic. Supporting the local economy was the biggest reason consumers have been funneling more of their money to small businesses, but small businesses that do four things appear to get extra attention, according to the data.

1. They offer takeout and delivery

Restaurant revenues were down almost 27% from expected levels in 2020, and 110,000 restaurants are temporarily or permanently closed, according to the National Restaurant Association. Diversifying away from sit-down service can thus be a critical survival tactic, as a third of those who made more of an effort to shop at small and locally owned businesses during the pandemic said increased takeout and delivery options motivated that support, according to the NerdWallet survey.

2. They have fewer people inside

Small businesses have been a physical refuge for many consumers, according to the NerdWallet data. More than a quarter of those who’ve made an effort to shop at small businesses (27%) said they increased their support because those establishments were less likely to be crowded.

3. They have what other stores don’t

The NerdWallet data also suggests small businesses that carry items that are frequently unavailable elsewhere can gain leverage against larger competitors, highlighting the impact of good inventory management. About a quarter of those who increased their support of small businesses throughout the pandemic (23%) said it was because those retailers had the products they wanted when larger retailers were out, according to the survey.

4. They do more online

Many consumers are shopping online more, benefiting many small businesses that have pivoted to e-commerce. NerdWallet found that about 1 in 5 Americans who made an effort to shop at small and local businesses (22%) started spending more at establishments that were previously only brick-and-mortar stores once they expanded into online offerings.

These four tactics may continue paying dividends for many small businesses, given that 81% of Americans plan to spend at least as much if not more money at small and locally owned businesses between now and the end of the year. That may bode especially well for Small Business Saturday, which is Nov. 27. According to the data, 43% of Americans plan to spend money at small and local businesses that day.

The pandemic has fueled entrepreneurship

Pandemic-driven changes in consumer spending habits have boosted prospects for many new entrepreneurs as well. Despite the struggles small businesses have faced during the pandemic, more than 1 in 10 Americans (12%) have started a business since March 2020, according to the NerdWallet survey.

Although there were several motivations behind these entrepreneurial moves, for 1 in 3, the pandemic itself created the opportunity to start a small business. It produced a market for the goods and services those new entrepreneurs wanted to offer, according to the survey.

More From NerdWallet

The article 4 Traits That Have Helped Small Businesses Survive the Pandemic originally appeared on NerdWallet.

Internet Explorer Channel Network
News Related

OTHER NEWS

Finance Minister Vedum: There is no miracle cure against high electricity prices in Norway

Minister of Finance Trygve Slagsvold Vedum (SP) says there is no miracle cure against the currently high electricity prices in Norway. Minister of Finance Trygve Slagsvold Vedum told the newspaper ... Read more »

Why These 3 Dividend Stocks Are the Best Buy Now!

Not every stock you buy for your portfolio will be a dividend stock. However, dividend stocks are some of the best and most important businesses to buy if you want ... Read more »

Brits brace for £23 per week jump in cost of essentials as two-thirds fear inflation

© Provided by City AM UK households expect to cost of essentials such as food, non-alcoholic drinks, electricity, gas and motor fuel to rise as much as £23 per week ... Read more »

BITO, the first US Bitcoin ETF just started trading. Here's what happened

ProShares Bitcoin Strategy ETF (NYSE: BITO) began trading in the United States market yesterday, overnight Aussie time. © Provided by The Motley Fool Three men sit in a row holding ... Read more »

2 TSX 60 Components With Dividend Yields Over 3%

The S&P/TSX 60 index consists of large-cap publicly traded companies. It is market cap weighted and reflects the sector weights of the S&P/TSX Composite index. So, we can say that ... Read more »

Saving the pennies: How to turn your finances around at any age

Financial problems can strike at any age, whether it’s running up huge debts in your twenties, being made redundant in your thirties, or going through a punishing divorce in your ... Read more »

Analysts upbeat over Kakao Pay's valuation

A promotional image of Kakao Pay (Kakao Pay)South Korean mobile payment app operator Kakao Pay embarked on a two-day book building process targeting institutional investors Wednesday, following delays due to ... Read more »

Developing the Footwear Industry Amid the COVID-19 Pandemic

Unsplash Read more »

Watch CNBC's Sustainable Future Forum Asia: Industry Response

[The stream is slated to start at 2 a.m. ET. Please refresh the page if you do not see a player above at that time.] Click on the stream above ... Read more »

Exclusive: London holds the crown as the world's greenest finance hub

© Provided by City AM London reigns supreme as the world’s greenest finance hub, racing ahead of its European rivals to claim the sustainability crown. The City leapfrogged Amsterdam to ... Read more »

KB Kookmin buys additional 30 pct stake in Cambodian microfinance unit

SEOUL, Oct. 20 (Yonhap) — Major South Korean lender KB Kookmin Bank said Wednesday it has acquired an additional 30 percent stake in its Cambodian microfinance unit. The stake purchase ... Read more »

JPMorgan says China's power crisis could blow over soon — and these 3 stocks could pop

Barges travel past the Wangting Power Plant in Wangting, Jiangsu province, China, on Thursday, Sept. 30, 2021.Qilai Shen | Bloomberg | Getty Images JPMorgan analysts say China's power crunch could ... Read more »

Novice cryptocurrency investors should consider risks and ignore hype, says FCA

Three-quarters (76%) of younger investors who have put money in high-risk products such as cryptocurrency say they are driven by competition with friends, family, acquaintances and their own past investments. ... Read more »

Zomato Terminates Employee Who Told a Customer 'Hindi Is Our National Language'

The ‘never-have-a-bad-meal’ food delivery company Zomato gave a bad experience to a customer. The company invited trouble after its employee slammed a customer, in a grievance redressal conversation, for not ... Read more »

Bitcoin returned to its record price of $ 64,000 and continues to rise after debut on the stock market as an ETF

This Tuesday, Bitcoin made its debut on the New York Stock Exchange (NYSE) as an ETF , after the United States Securities and Exchange Commission accepted the first exchange-traded BTC ... Read more »

Ternium S.A. (TX) Gains But Lags Market: What You Should Know

In the latest trading session, Ternium S.A. (TX) closed at $44.27, marking a +0.07% move from the previous day. The stock lagged the S&P 500’s daily gain of 0.74%. – ... Read more »

New York City Officials Unanimously Vote to Remove Thomas Jefferson Statue From Council Chambers

In light of events such as the murder of George Floyd, people have been reckoning with the paradoxes of historical figures. Thomas Jefferson occupies one such gray area, as a figure who was ... Read more »

Reliant Bancorp (RBNC) Beats Q3 Earnings and Revenue Estimates

Reliant Bancorp (RBNC) came out with quarterly earnings of $0.87 per share, beating the Zacks Consensus Estimate of $0.69 per share. This compares to earnings of $0.70 per share a ... Read more »

Zynga (ZNGA) Outpaces Stock Market Gains: What You Should Know

Zynga (ZNGA) closed the most recent trading day at $7.61, moving +1.87% from the previous trading session. The stock outpaced the S&P 500’s daily gain of 0.74%. – Zacks Coming ... Read more »

Shocking Video Shows Man Reaching Behind Counter at McDonald's, Stealing Over $1,000

A shocking new surveillance video is making its rounds in which a man can be seen reaching through the Covid-safe partition at a local McDonald’s to steal cash from the open register. NurPhoto ... Read more »

Where to Buy Floki Inu Crypto: 2 Ways You Can Get Your Hands on FLOKI Now

InvestorPlace – Stock Market News, Stock Advice & Trading Tips Investorplace.com – InvestorPlace What is Floki Inu (CCC:FLOKI-USD) and why are you suddenly hearing all about it? Let’s dive in ... Read more »

Will ETFs Gain From Upbeat US Homebuilder Confidence in October?

The U.S. housing sector has once again witnessed a bright spot with strength in housing demand which has improved for the second consecutive month. However, headwinds like increasing construction costs ... Read more »

Numadic Raises $2.5 Mn In Funding At A $20 Mn Valuation

Vehicle interface solution provider Numadic, on Tuesday announced to have raised $2.5 million in a pre-Series A funding round led by 9Unicorns and Venture Catalysts. The pre-Series A saw participation ... Read more »

Mestastop Solutions Raises INR 1.3 Cr From CIIE.CO

Bengaluru-based Biotechnology startup Mestastop Solutions Pvt. Ltd on Tuesday announced raised an INR 1.3 crore seed funding round, led by CIIE.CO and including participation from IKP Knowledge Park and Angels. ... Read more »

United Community Banks (UCBI) Surpasses Q3 Earnings and Revenue Estimates

United Community Banks (UCBI) came out with quarterly earnings of $0.83 per share, beating the Zacks Consensus Estimate of $0.67 per share. This compares to earnings of $0.55 per share ... Read more »

Wynn Resorts (WYNN) Outpaces Stock Market Gains: What You Should Know

Wynn Resorts (WYNN) closed the most recent trading day at $91.62, moving +0.9% from the previous trading session. This change outpaced the S&P 500’s 0.74% gain on the day. – ... Read more »

Equity Bancshares (EQBK) Beats Q3 Earnings and Revenue Estimates

Equity Bancshares (EQBK) came out with quarterly earnings of $0.96 per share, beating the Zacks Consensus Estimate of $0.74 per share. This compares to earnings of $0.60 per share a ... Read more »

ConveGenius Raises $5 Mn From BAce Capital, Heritas Capital And 3Line Venture Capital

ConveGenius on Tuesday announced that it raised $5 million in venture capital funding to launch its conversational AI platform, ConveGenius AI in India and global markets. The pre-seed round was ... Read more »

Rare Bird-Flu Outbreak Jumps to Mammals at Wildlife Center

As the world continues to grapple with the effects of Covid-19, a small but concerning virus has also started to make headlines: the H5N8 bird flu strain, which killed five ... Read more »

Amazon Accused of Lying to Congress

Five members of the U.S. House Judiciary Committee accused top Amazon executives of misleading or lying to Congress about the company’s business practices.  Bloomberg | Getty Images Reps. Jerrold Nadler, ... Read more »

Consumer Goods Giant to Raise Prices on More Staples, Blames Increase in Cost on Raw Materials

Procter & Gamble Co. said it will raise prices on a number of household staple goods as the cost for raw materials and freight has increased faster than it had ... Read more »

SEC's GameStop Report Investigates Role of 'Game-Like' Brokerage Apps

A report by the Securities and Exchange Commission (SEC) released Monday that investigated the trading controversy surrounding GameStop earlier this year has challenged the role of “game-like” trading apps that may urge investors to ... Read more »

Nicolet Bankshares (NCBS) Q3 Earnings and Revenues Lag Estimates

Nicolet Bankshares (NCBS) came out with quarterly earnings of $0.99 per share, missing the Zacks Consensus Estimate of $1.66 per share. This compares to earnings of $1.72 per share a ... Read more »

Southwest Pilots' Union Seeks Delay on Vaccine Mandate

The Southwest Airlines Pilots Association asked a federal court to grant a temporary restraining order to prevent the company from implementing a COVID-19 vaccine mandate for its employees. The mandate ... Read more »

How to Get the Best Walmart Black Friday 2021 Deals

NerdWallet is here to help you win Black Friday, while leaving your budget intact. We spend the time, you save the money. Visit regularly for holiday shopping tips and announcements ... Read more »

Totality Corp Raises INR 13.5 Cr From Leo Capital And Mayfield Fund

Totality Corp, a playable NFT gaming universe with a confluence of Indian mythology in the gaming metaverse, on Tuesday announced to have raised INR 13.5 crore from institutional investors – ... Read more »

India Will Use AI, ML To Achieve Sustainability Goals: Amitabh Kant

Last year, Google’s Sundar Pichai said the tech giant aims to power all its offices and data centers on sustainable energy 24 hours a day, seven days a week. Its ... Read more »

Devnagri Raises $600,000 Seed Round From Venture Catalyst, IPV And Others

Devnagri, an Indian language translation engine with a focus on B2B, on Tuesday announced to have raised $600,000 from Venture Catalyst, Inflection Point Ventures (IPV), and other co-investors as part ... Read more »

SmarFinancial (SMBK) Surpasses Q3 Earnings and Revenue Estimates

SmarFinancial (SMBK) came out with quarterly earnings of $0.63 per share, beating the Zacks Consensus Estimate of $0.42 per share. This compares to earnings of $0.44 per share a year ... Read more »

Fulton Financial (FULT) Beats Q3 Earnings and Revenue Estimates

Fulton Financial (FULT) came out with quarterly earnings of $0.45 per share, beating the Zacks Consensus Estimate of $0.33 per share. This compares to earnings of $0.38 per share a ... Read more »