For Subscribers

Growth Stunt

Rising costs have put a damper on small-business hiring.

By Mark Henricks

Opinions expressed by Entrepreneur contributors are their own.

"The economy certainly is not overheating in thesmall-business world," says Michael Alter, president ofpayroll service firm SurePayroll. The Skokie, Illinois,company's latest quarterly report on small-business payrolls,released in April, suggests Alter may be understating the hiringchill that's currently gripping entrepreneurs.

Year-to-date growth in the SurePayroll Hiring Index, whichmeasures changes in small-business size, is less than one-half ofone-tenth of a percentage point. Alter says the rising costs ofcapital and fuel have made small employers cautious. Interest ratesare double what they were one year ago, he notes, and fuel costshave skyrocketed, while business owners' ability to raiseprices is limited. "Your prices are fixed, your costs are allgoing up--it's hard to hire people and grow," he says.

Continue reading this article — and all of our other premium content with Entrepreneur+

For just $5, you can get unlimited access to all Entrepreneur’s premium content. You’ll find:

  • Digestible insight on how to be a better entrepreneur and leader
  • Lessons for starting and growing a business from our expert network of CEOs and founders
  • Meaningful content to help you make sharper decisions
  • Business and life hacks to help you stay ahead of the curve

Related Topics

Editor's Pick

Have More Responsibilities at Work, But No Pay Bump? Use This Script to Get the Raise You Deserve.
Black and Asian Founders Face Opposition at All Levels — Here's Why That Has to Change
Innovation

The Greasy, Glamorous Rise of Mascara

You won't believe the grimy gunk people used to smear on their eyelashes -- and still do.

Business News

'Our Kids Aren't Even Safe To Order Food': Mother Outraged After DoorDash Employee Uses App to Flirt With Teen Daughter

One mom is going viral on TikTok after catching a DoorDash employee attempting to flirt with her 15-year-old daughter through the messaging service provided through the platform.

Business News

An NFL Rookie Scores a $514,000 Jackpot in Las Vegas

Los Angeles Rams running back Ronnie Rivers sat down to play 3-card poker and left a half million dollars richer.

Marketing

This Is the Overlooked Tool Your Business Needs to Reach Your Target Audience

Voice search is growing, and your business can utilize this important functionality to get more customers. Here's how.

Business Ideas

How to Make Thousands of Dollars on the Side As a Virtual Assistant

Apply your skills and experience to create a lucrative virtual assistant side hustle or full-time business.