The small business landscape is constantly changing, and it can be hard for owners who are just starting out or growing their company to keep up with all the trends. That's why Guidant Financial has created this survey of insights from other successful entrepreneurs in order help you better understand what being a small-business owner entails so that we may give prospective businesses every opportunity at success!
The Small Business Trends survey is back! This year, Guidant and the SBTA surveyed over 2,400 current and aspiring small business owners nationwide with our annual panel. We asked them questions ranging from their experiences throughout COVID-19 pandemic to confidence in business given today’s political landscape (and it's not surprising that many responses reflected feelings of uncertainty).
The COVID-19 pandemic of 2020 had major impacts on small business, but the Small Business Trends survey discovered some unexpected insights into what it takes to be a successful entrepreneur.
A recent study has shown that 23% (!) respondents reported experiencing revenue loss during this time; 6 out 10 have reduced budgets due to economic concerns while another 11 temporarily closed their company's doors altogether - with only 5 percent needing layoffs as well! What do these numbers mean? It means most entrepreneurs are doing everything within possibility just so they can stay afloat financially when things get tough...
Investors may find it hard to invest in a company when they're not sure if the business will be around for long-term success. But, as this report shows with 7% of businesses temporarily pivoting due to COVID pandemic changes--investors should really consider taking some risks!
Small businesses owners who were surveyed for the COVID Report 2019 report found that despite a 19% decrease in profitable small business, 63% still expect their business to survive through 2020's pandemic. The data also showed how many will be impacted financially with an 18 point drop off: only 78 percent had at least one successful year compared to last year when more than two-thirds (78%) could say the same thing about themselves and make profits from running daycare classes while working part time jobs as well if needed just like most moms do nowadays sometimes until they find something stable enough.
The small business landscape is changing, with more than half of all new businesses being started today entering their tenth year in operation. In contrast to this long-established group are entrepreneurs who have only been operating for two or three years - still penetrations into entrepreneurship but at less janitorial levels.
In today's article, we will be discussing the most popular methods for getting started in business. The cash is king! Almost 40% of surveyed owners have utilized it to start their own ventures and only 16% said they didn't use any form at all during their initial journey into entrepreneurship--including SBA loans or lines credit from banks/credit unions (9%), rollovers like 401ks with 20%, friends & family aid 10%.
The small-business financing landscape can sometimes seem daunting but there are some simple solutions that entrepreneurs should know before starting up:
The Small Business Trends survey paints a portrait of the resilient, determined and hard-working small business owners across America. This year's results showed an increase in female entrepreneurs with 13% more women running their own successful companies than last years' survey! The majority still goes to men though at 68%.
The e-commerce industry is a proven winner for small business owners of all kinds. Why not start exploring ways to cash in on this massive trend? You never know what you can sell online, especially if your company doesn't typically offer physical products but has something else up its sleeve!
Remote work has been steadily increasing in popularity, and as we see more people joining the workforce, this trend is expected to continue.
We’re also seeing remote working be a natural “rest stop” for employees who have worked long hours at home and need to take some time out of their day.
In response to the increasing popularity of remote work, some businesses are adopting a “remote-friendly” policy that lets employees work from anywhere.
As technology advances, people are relying more on communication tools such as instant messaging programs and video conferencing services. These platforms have made it easier for people to connect with their clients or partners in the field even when they are not physically present. This shift has also helped in increasing the speed of international business transactions.
Small businesses are increasingly adopting cashless payment methods such as Apple Pay, PayPal, and Stripe. The reasons for adopting these payment methods varies from business owners to consumers.
Since cashless payments have become more of the norm, it is important for small business owners to highlight their adoption of these types of payment methods on their website or social media posts. This can help attract new customers who prefer not paying with cash and help retain current customers who may not be as interested in using cash anymore.
The need to have a physical presence in the event industry is declining. With more and more events getting virtual, there is an increase demand for virtual-only events. Small Business Trends predicted that the number of virtual events will grow by 50% in 2019.
Virtual events are now more accessible than ever. They can be viewed on mobile devices, tablets, and televisions. These advancements make it possible for even small businesses to host a live broadcast of their event on the internet - with global reach!
Personalized artificial intelligence is set to become a common occurrence for businesses in the future. They'll be able to manage tasks with fewer errors and increase productivity when they use AI assistants to automate workflows that would normally take up a lot of time. For example, companies can use personalized to monitor business updates 24/7 and adaptively adjust their strategy accordingly based on new information from different sources.
With the increase in digital marketing, the use of video marketing is gaining momentum. This has led to a rise in small business owners using video to market their products and services. Videos are engaging and fun to watch. They also allow consumers to connect with businesses on a more personal level.
Businesses of all sizes can benefit from using videos for their marketing campaigns. Video content can be easily shared on social media platforms like Facebook, Instagram, or Twitter. Since these platforms are usually used by consumers, they're able to reach out to a larger audience and have their message spread faster than ever before.
With the increase in business competition, it's important for small businesses of all sizes to adapt quickly to market trends and keep up with what is going on in the industry. Video marketing allows them this opportunity.
With the advancement of technologies and the rise of the gig economy, we are seeing a shift in the direction of employment. For one, employees are now able to work from home on a flexible basis. This has opened up a lot of doors for many people who previously had no choice but to search for an employer.
As small business grows and becomes more competitive, humans are not always needed at all times. In fact, AI can be used to create content that will help small businesses stand out from their competition as well as assist in tasks like website design and SEO optimization.
