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Small business owners are struggling to make ends meet as inflation remains painfully high with no relief in sight.
First-generation Idaho cattle ranchers Megan and Trevor Stark have had a “very challenging” time maintaining their enterprise while balancing rising prices and cutting costs to meet their consumer needs.
“[In] the last … year and a half, our costs have actually gone up 75% across the board for livestock, for feed prices, fuel, everything. So it’s gone up a drastic amount. And for us to continue on and to make a living, and expand and go through our entire business plan like we plan on, it’s very challenging,” Megan said on “America Reports” Thursday.
INFLATION, GLOBAL ‘SUSTAINABILITY’ PUSH A POTENTIAL DEATH SENTENCE FOR US AGRICULTURE, FARMERS WARN
VideoInflation accelerated in March for the third straight month, keeping prices painfully high for millions of Americans and likely delaying any interest rate cuts by the Federal Reserve.
Since starting their business in 2020, the Starks have faced increasing financial hardship in the agriculture industry.
Trevor has even maintained his second job working at his parents’ construction company.
“I’ve always worked for my parents’ construction company, and we’d notice that with fuel prices and whatnot going up there… I’ll always continue to work the construction job,” he said. “But this is what we want to do to kind of set our kids up for a little more ag[riculture].”
First-generation cattle ranchers Megan and Trevor Stark discussed how inflation is impacting their business. (Starks/Fox News)
Businesses like the Starks’ cattle ranch are having to adapt as high prices hurt their bottom line.
“We’re trying to cut costs in a way that doesn’t hinder our quality of service and product. So we’re doing, like everybody else, cutting costs where we can and adjusting basically any which way we can to keep our costs, at least where they’re at, so they don’t keep rising. And that’s part of the problem is they continue to keep rising. So as we adjust, things keep going,” Megan said.
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The Starks, however, are being transparent and open with customers about their efforts to cut costs and adjust prices.
“We talk to our customers all the time. We have a very open and transparent business with our clients and our customers. So they feel the same things that we feel, and they know they’re basically part of our triangle as family. And so their opinions and their, their opinions matter,” Megan added.
Megan and Trevor put out a survey to gauge the thoughts and perspective of their customers on how to best address the financial constraints of pernicious inflation.
The ranchers reported the survey gave them valuable feedback and “insane” support as they navigate how to maintain their business.
FOX Business’ Megan Henney contributed to this report.
VideoMadeline Coggins is a Digital Production Assistant on the Fox News flash team with Fox News Digital.
