Marked by consumer unpredictability and looming concerns over a potential recession, small businesses are adopting an increasingly diverse range of strategies to remain competitive. The trend of multi-hyphenate businesses—those that combine various revenue streams under one roof—is on the rise, according to Square.
Traditional business models are getting a revamp, with wineries merging with tasting rooms, bookshops setting up cozy cafes within their premises, and beauty salons expanding into the retail domain. Such businesses are adapting to the changing economic tides and setting a precedent for future resilience.
