The year 2008 is turning out to be a tough one for small florist businesses. Sales are down nearly 15%.
The average florist is losing money this year, with average net profit margins of -3.27% in 2008.
Florists are not the only ones hurting.
Sageworks Inc. , which provides an analysis platform for financial professionals, sent me some interesting information about small retail businesses with less than $10 Million in annual sales. The firm, out of Raleigh, North Carolina, aggregates private company financial data in real time from the thousands of CPA firms that use Sageworks’ financial analysis technology.
Sageworks identified 4 other industries where the small businesses are declining or not growing as fast, and could really use support by consumers, including:
- Clothing Stores — sales are down an average 0.44%.
- Home Centers & Hardware Stores — down an average 3.75% so far this year.
- Beer, Wine, and Liquor Stores — saw average sales growth of 2.05%, compared to 5.30% in 2007.
- Specialty Food Stores —while still growing, with a 6.98% increase in sales thus far in 2008, that is down from the 7.94% increase last year.
Here’s a chart showing the situation in living color, prepared by Sageworks Inc.:
In case you can’t read the chart very well, the red line is florists. Green is the hardware stores and home centers. Yellow is beer, wine and liquor stores. Pink is clothing stores. Blue is specialty food stores.
Sounds like these small retailers could use your support. As you are doing your holiday shopping, look for small retailers in your local communities. Frequent them. You just might be helping save a small business like yours.