Search News

Results: 1-10 of 314


Download the Indie Retail face covering poster to inform customers and staff of the new law

25 Sep 2020

It is now compulsory for all retail workers in England to wear face masks from today, Indie Retail has created a Face Covering Poster for shops to display outside to inform customers and... Read more…

Join BIra, Google and Pointy for a live webinar on bringing your business presence online

24 Sep 2020

4 out of 5 consumers use Google search engines to find information like store address, hours, and directions. But will they find yours? Read more…

Download and display QR codes for the NHS Covid-19 contact tracing app launched today

24 Sep 2020

The NHS Covid-19 contact tracing app is due to be launched on 24 September in England and Wales. To use the contact tracing app businesses will need to download and display QR codes.
Read more…

Maybe* shows businesses how to be more 'Gymshark' on social media

23 Sep 2020

In the latest demonstration of their insight tool Maybe* are showing businesses how to replicate Gymshark's successful tactics to improve results and increase ROI.
Read more…

How Maybe* are helping Local Authorities and Bids upskill their businesses in social media

16 Sep 2020

Maybe*'s latest video on helping Local Authorities and Bids to upskill their businesses in social media so that they have the tools they need to engage online and drive sales in the lead up... Read more…

Local Bike Shop Day 2020 celebrated by record number of shoppers across the nation

15 Sep 2020

Local Bike Shop Day's postponed date of 5th September was the perfect time to celebrate the recent upturn in cycling and draw attention to allthat local bike shops have done for us... Read more…

Government launches Bounce-back plans for consumer and retail industry

10 Sep 2020

A ‘bounce-back' plan of trade measures for the consumer and retail industry has been announced to help support businesses impacted by Coronavirus.
Read more…

Advertise your jobs with Indie Retail for FREE

8 Sep 2020

For a limited time only we are giving all retailers free access to the full range of Indie Retail job boards!
Read more…

Get Involved with Thinking of You Week taking place 21st-27th September

8 Sep 2020

Thinking of You Week has been celebrated every September for the last 7 years. This year it is 21st-27th September 2020; and there has never been a more appropriate year to send a card, to keep... Read more…

Crown Commercial Service asks SME's to complete Engagement Survey

2 Sep 2020

The 20 question Survey concentrates on market access, registration and PPQ/SQ submission
Read more…

Back to news menu

GoFundMy Business: The Cash-Strapped Small Business solution?

Posted on in Business News, Cycles News

GoFundMe is a crowdfunding website that aims to harness the power of social networking platforms and the internet to give people the means to raise funds, help others overcome hardship, and meet aspirational goals. It is generally known as a way to raise money for high medical bills, funeral costs or natural disaster relief.

However, according to the GoFundMe Chief Executive Rob Solomon, the crowdfunding website has recently been used as a method for small businesses to raise funds that are cash-strapped and struggling. So far campaigns for small businesses have opened across 19 countries, ranging from comic-book shops to drive-in movie theatres.

The crowdfunding website was a great success for Nicky Perry, a small business owner who owns the restaurant Tea & Sympathy and the fish-and-chip shop A Salt & Battery in Greenwich Village. She started the funding because of high rent costs "We just couldn't pay the rent," Ms. Perry said. "The rent is so astronomical."

Ms. Perry said that she had previously tried extensive ways to cut costs, including changing payroll companies, reducing head count and redesigning its menu. The reaction to her fundraiser has been overwhelmingly positive, with loyal customers stopping by the shop more often and neighbours offering to help out by working for free.

Her campaign has so far raised nearly $52,000 toward its $100,000 goal. She has said that she would consider turning to GoFundMe again in the future should the need arise again.

While there have been multiple case studies of this being an effective method for businesses to raise money and has even kept many businesses alive, not all reactions have been positive. 

One comment on The Wall Street Journal said "I don't believe that businesses seeking charity are operating as legitimate businesses.", while another explained their beliefs by saying "The contradiction between feel good funding and feel good regulatory burden is inadequately elucidated."

Similar campaigns have been used for struggling businesses that need help but don't feel comfortable asking customers for donations. Chris Doeblin, owner of an independent bookshop in Manhattan, has recently started a community lending program after competition from Amazon, rising rents, the increasing minimum wage and an inability to borrow money pushed him to the brink of closing.

Mr. Doeblin has raised $600,000, which he plans to repay within five years at 4% interest, which is a far lower rate than he could get elsewhere. The support he has received from loyal customers will help him stock up for the busy Christmas season.

"People are recognizing that there's a big downside to Amazon and buying things online," he said. "I hope it's not too late."

Initiatives such as the Indie Retail Best Small Shops competition help to bring more attention to independent retailers and highlight the central role that they play in building local communities. As this awareness increases more positive articles have begun to emerge, such as recent evidence showing that the 'death of the high street' may be overstated.

Back to news menu

Add a comment

Your email address will only be used to contact you regarding this comment.
We will not share your email address with anyone and it will not be published on the website.