A Main Street America survey with nearly 1,300 respondents found that 45% of owners faced a drop in profit this fall, according to Wisconsin Public Radio.
Around two-thirds of respondents were from rural areas, with over 60 percent in the retail and dining sectors.
Small businesses that responded also reported feeling less confident about their success for the end of the year.
Numerous reasons for the decline were given, including declining revenue and profit driven by tariffs, inflation and an overall weak economy.
