Trends in the Small Business Market
In order to have what it takes to survive in the business market, small business owners need to stay aware of the trends. Without knowing the trends, you won’t know what it takes to thrive in the market. Trends and statistics can tell you a lot about what a business needs to do to succeed. You can learn how competitive you need to be, how to best make your company last longer than five years and what’s average for other surviving businesses. These trends help you understand whether your business is on track.
Here are some of the trends that you should keep in mind.
In the U.S, there are approximately 28,443,856 small businesses. This is a huge number. While it means that there is competition out there, it also means that businesses do have a chance at survival. You need to keep in mind how many businesses there are, particularly in your industry, so that you know where to partner and how to compete in the market.
If you’re new to the small business world, understand that only 50 percent of businesses survive five years or more and 33 percent last ten. This might seem like an intimidating fact. After all, no one wants to think that their business won’t survive. You need this statistic, however, to be able to stay ahead of the curve. It helps you do better than most.
Small business owners feed the economy. In 2012, they employed about 50 percent of the entire workforce. Most companies that have employees are, in fact, small businesses. Of these businesses, seventy-one percent anticipate growth and 50 percent plan to hire new staff. This is a great sign for small businesses. Growth and a thriving work force help. When looking at the entire country, New York has the fourth highest number of small businesses, with more than 25,000 businesses opening in the first quarter of 2014.
In addition to the numbers, some trends point to some things you should be doing in your company. For instance, 80 percent of small businesses are on social media. To stay ahead of the competition, you need to utilize social media, blogging, video, and SEO. Those who don’t take advantage of a web presence don’t do well.
When it comes to small businesses, there are a lot of trends to keep your eye on. Small business owners that know the trends and know how to use the information to their advantage tend to do better in the general market.
