Chances are, you have a pretty good handle on the things that are most important to your small business and the industry you’re in. You’ve most likely identified a trend, problem, or opportunity and built a small business idea to address those needs in the market.
However, it is also important to keep an eye on bigger-picture small business trends that affect you as an entrepreneur and small business owner. In addition to the things affecting your small business and the industry you play in, there are a number of macro trends that every entrepreneur should be aware of.
Here are three current small business trends that are of particular important to small business owners in the process of taking their enterprises to the next level:
Increasing sources of small business training and consulting. No longer do small business owners and entrepreneurs need to stumble along their journeys toward small business success. Now, a burgeoning proliferation of small business training and consulting resources are available to ensure that entrepreneurs don’t repeat the same mistakes of others. These range from online small business training courses, live or online peer mentoring groups, and other training workshops designed to help entrepreneurs. In addition, the better small business training and consulting resources provide you with the frameworks, mentoring, and guidance to ensure that you achieve small business success.
Proliferation of technology solutions to realize small business growth. Business owners now have the luxury of leveraging cost-effective small business software solutions to address the various challenges of small business growth. For example, entrepreneurs are able to find plenty of options related to marketing and email software, social media automation, eCommerce, web-site development, and accounting software. The other good news? Most of these options are affordable and avoid long-term contractual and financial commitments, giving small business owners the flexibility to essentially “buy as they go.” Watch for this trend to continue over the coming months and years.
Increasing small business competition. TV shows such as Shark Tank and The Profit have brought much attention to the world of entrepreneurship and small business ownership. As a result, people understand the inner-workings of entrepreneurship more than they have in the past. Add the fact that the job market is still weak, millenials are less likely to compromise for potential employers, and there are more ways to finance and bootstrap a startup than ever, and you have a recipe for more small business startups. While this may result in more opportunity, it will also result in more competition – and ultimately, small business failures for those that aren’t experienced or well prepared.
There is much to consider when starting, managing, and growing a small business. However, these are three of the trends most likely to impact your road to success.