NEW PORT RICHEY, Fla. — A recent report indicates small businesses in the Tampa Bay Area are struggling.

What You Need To Know

  • The Federal Reserve Bank’s 2023 small business credit survey reports 44% of small businesses in Tampa Bay were operating at a loss

  • Nearly two-thirds of the local businesses surveyed said their financial condition was poor or just fair, which was 10% higher than the statewide average
  • Top challenges respondents cited were increasing costs of goods, weak sales, services or wages, and making payments on debt
  • Those numbers are forcing some businesses to close their doors while others are coming up with ways of keeping the lights on

The Federal Reserve Bank’s 2023 small business credit survey reports 44% of small businesses in Tampa Bay were operating at a loss. That is nearly 10% higher than the national rate.

Those numbers are forcing some businesses to close their doors, while others are coming up with other ways of keeping the lights on.

“We’re taking feedback very seriously, and we want to bring in what the community needs,” Four Corners Footwear owner Darby McFarland said.

Inside Four Corners Footwear in New Port Richey, McFarland goes over the inventory with a mountain of shoes climbing as high as the ceiling. It’s a job, McFarland says, he knew he always wanted to do.

“We started having conversations about what does the community need,” said McFarland. “So, we reached out to council members, and we understood what people were using their credit cards for outside of the zip code, and shoes was in the top five. We know there’s a need here, and we’re here for the community to help support that.”

McFarland and his husband, George, have been operating the store for two years. In that time, they’ve picked up on a particular trend in their customers. 

“Our challenge right now is just people — getting people in the store and getting people to know that we’re here,” McFarland said.

Selling, as of late, has been a bit of a struggle. That’s because their customers are snowbirds and tourists. But they are not alone. McFarland said collaborating with other small businesses has been helpful.

“If you’re not willing to collaborate with other business owners or the community in general, or work with our city council members or local government, you are stuck in the mud,” said McFarland. “You will not get anywhere. It’s absolutely crucial that you work with one another to accomplish the same goals. We’re all here for the same thing.”

While getting customers in the store has been a struggle, McFarland says he would not change the store’s location, crediting the city in helping new businesses.

“We didn’t have the frustrations at the end of the day that you hear about a lot of the times,” McFarland said. “I think that’s really important for the city itself, too, to make it an easy process to bring in new businesses because that’s how they’re going to continue to build this city.”

Helping both the city and their small business continue to grow.

Nearly two-thirds of the local businesses surveyed said their financial condition was poor or just fair, which was 10% higher than the statewide average. Top challenges respondents cited were increasing costs of goods, weak sales, services or wages, and making payments on debt.