Small Business Owners Face an ‘Incredible Challenge’ to Stay Open: ‘It’s Been a Nightmare’

A booming stock market and a struggling small business owner rarely make headlines together, but that's exactly the disconnect this piece captures. While Wall Street celebrates record profits, the entrepreneurs who actually employ most of this country are quietly bleeding out. The story centers on Bruce Jovaag, a 68-year-old remodeling contractor who's run Norse Construction since 2013 and says he's never seen anything like this stretch — not even during past downturns.

What strikes me most is how the numbers back up his frustration. Bank of America Institute data shows small business profitability still climbing, but at its slowest pace in two years, while fuel, shipping and labor costs keep rising. Hiring has stalled because owners simply can't predict what next month's expenses will look like. That kind of uncertainty is corrosive — it doesn't just slow growth, it paralyzes decision-making entirely.

The gap between winners and losers is widening. Higher-revenue businesses are finding ways to expand, while lower-revenue firms are draining savings and shelving plans. Jovaag's own numbers tell the story bluntly: revenue down nearly 25%, $10,000 pulled from personal savings just to keep the lights on, and a $3,000 tax refund that barely made a dent. Tariffs pushed up plywood costs, high mortgage rates froze remodeling demand, and rising gas prices made every job-site drive more expensive. It's a perfect storm, and he's ready to walk away from a business he spent over a decade building.

What I appreciate about this piece is that it doesn't pretend everything is fine. But it also doesn't ignore the flicker of resilience — most owners surveyed still expect revenue to grow over the next year, even amid tighter margins. That tension between exhaustion and stubborn optimism is exactly what I see in so many founders I work with. The macro data can look encouraging while the day-to-day grind feels like survival mode.

This is worth a full read if you want a grounded, human look at what's happening beneath the headline economic numbers. Check out the original article for the full story.