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Charlotte-area businesses facing continued inflation, supply chain challenges

WCNC Charlotte explores challenges facing small businesses today and helpful programs in the Charlotte area with the Charlotte Alliance Foundation chairman.

CHARLOTTE, N.C. — Small businesses are the backbone of any growing city, but when it comes to staying afloat, attracting customers is just half the battle.

Chris Moxley, Jerri Shephard and Scott Wooten started their streetwear clothing brand 704 Shop 10 years ago, boasting some of the biggest symbols of the Queen City. That includes UNC Charlotte, Charlotte FC and the official Charlotte crown.

Ahead of Small Business Saturday, WCNC Charlotte Weekend Anchor Kayland Hagwood visited their store in South End for a chat with Moxley. Moxley serves as chair for the Charlotte Alliance Foundation, working to support small businesses in the region.

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Here's a bit of their conversation and what Moxley had to share about the needs of Charlotte-area businesses today.

Kayland:  "So, we are in the beautiful 704 Shop today. Chris, we're talking about Small Business Saturday. You are a success story when we talk about small businesses. So, why don't we just start by bragging a little bit? Tell us about 704 Shop and the history for people who may not know."

Chris: "Well, first of all, thank you for considering me a success story, or our business a success story. So, 704 Shop, we're a Charlotte-based lifestyle brand. We are in our flagship storefront and historic South End. We were founded in 2013, so we're celebrating our 10-year anniversary this year, all year long."

Kayland: "A lot can happen in 10 years. We know the pandemic happened within the 10 years, but even if we're not talking about the pandemic, what are some of the biggest challenges that you faced as a business owner?"

Chris: "Everyday is figuring it out, you know? There's no blueprint to success in small business. There's no blueprint to get started. It's not unique to 704 Shop, right? Like, I think, broadly speaking, especially small business owners are feeling a lot of downward pressure on their revenues, like people just aren't shopping in the same ways that they were before."

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Kayland: "A study by Lending Tree found that roughly one in five businesses actually fail within the first year. Are you surprised by that?"

Chris: "I'm not surprised by that because small businesses typically struggle with, you know, they're good at making the thing, right? Whatever your product or your service is. But you're not going to be successful unless you're skilled in a lot of other things as well and resources are scattered about. If you're just getting started it's very, very difficult. You know? Where are you going to get capital? Where are you going to get the support and mentorship and guidance? Like, who's going to be an advocate for your business beyond friends and family? Our first two years in business were the most challenging, right? We didn't have a blueprint. We didn't have a plan. We just had a goal."

Kayland: "How did you make it beyond those two years? How did you make it past that point?"

Chris: "First of all, you just got to keep going. Right? Don't give up on your dream. Don't give up on what you're doing if you believe in it, and we did believe in it. We started doing more pop ups. We started doing more events. How do we start to really build community around 704 Shop and what does that look like? And what does that narrative look like? You know, for the folks watching, if you're trying to think of a way to assist small businesses and what can I do to help, buy local. You know? Find your favorite small businesses, your favorite brands, whether it be product services, gift cards even, and figure out a way to support a small business or two on Black Friday, Small Business Saturday or Cyber Monday."

Kayland: "Chris Moxley, thank you for your time."

Chris: "Thank you, Kayland."

The Charlotte Regional Business Alliance has several tools to support small businesses, including scholarship and loan programs. To find more details, visit CharlotteRegion.com.

Wake Up Charlotte Weekend airs Saturday and Sunday from 6:00a.m. to 10a.m. alongside the national news. Check your local listings for programing times.

Contact Kayland Hagwood at khagwood@wcnc.com and follow her on FacebookX and Instagram.

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