Starting a business has long been a sure ladder up in America. Work hard, build something, and beat the generation before you.
For many owners today, that ladder has stopped moving.
Take M&S Schmalberg, a custom fabric flower shop in New York. Two brothers from Poland started it back in 1916.
They came over and built the shop by hand. A grandfather later joined the family business after surviving a World War II camp.
The family still runs it today. It is the last shop of its kind left in America.
The shop leans on skill, not scale. Each flower is cut, shaped, and dyed by hand.
Its handmade flowers have shown up on Met Gala gowns and in shows like "Bridgerton." Sales even jumped during the pandemic.
And yet the shop has turned only a small profit for three years straight. That leaves a famous, century-old name working hard just to stay in the black.
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For the first time in generations, many small-business owners can't out-earn their parents. That's according to Dan Wadhwani, who studies business at USC.
It's a real break from the past. For generations, owning a shop was a clear path up.
Costs are a big part of the shift. Rent, supplies, and pay keep climbing.
Bigger rivals pile on, too. Chains and online giants can undercut a small shop on price.
Small shops can't raise prices much without losing customers. So the squeeze reaches well beyond one flower shop.
It shows up in money worries that now touch more US households than they have in years.
The pinch is real for owners and workers alike. Higher costs leave less to take home.
The pull of owning a business hasn't faded. Most adults still say it's part of the American Dream, and Gen Z believes it even more.
The numbers back that up. About 61% of adults call owning a business part of the Dream, and nearly 70% of Gen Z agree.
Faith in the payoff is another story. In one poll, only about 38% said the Dream is open to everyone.
Owners pay a real price for it, too. Most say running a business has meant a personal money sacrifice.
Even so, younger people keep chasing it. Many juggle more than one job to make it work.
This isn't a story about one struggling shop. It's about the math behind small business getting harder across the board.
Many owners still love the work. The reward just isn't always in the paycheck.
The sign on the door still says open. The ladder behind it just got steeper.
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