It is tough being a small business owner these days

It is tough being a Small Business Owner these days – perhaps we can help!

Over the next 4 weeks, we will take a look at some key changes happening in your market places as well as some ideas to help you take advantage of new methods of working.

Many people look at entrepreneurship as a target, something to attain from an early age. In fact, young people are being actively encouraged to become entrepreneurs when they grow up. So deep-seated is this idea that at the time of writing more than 12% of all SMEs have millennial owners. 

It is becoming increasingly difficult to become a successful business owner. For example, only half of all new businesses survive 5 years or longer and the number that survives more than 10 years is less than a third. This is generally attributed to the many challenges that are presented within the ever-changing business landscape. Many business owners both young and old fail to keep up.

Recent research has shown that about 42% of the businesses that failed offered products or services that their marketplace did not really want. Sometimes this is because the customer base has simply moved on and expects something new and in 17% of cases, the marketed product was not as user-friendly as it needed to be.

You, as small business owners want and in fact need to avoid these pitfalls. So it is best to keep up with emerging trends in entrepreneurship, in this way you have more chances to last longer in your market’s evolutionary path.

1. Business From Home

A few years ago we started to witness the slow, at the time, movement towards what was called digital nomadism (Forbes) where more of the workforce chose to work from home. This was coupled with many taking on several freelance jobs. It is clear in hindsight that this was the gateway to entrepreneurship, as many who started out with freelancing ended up creating their own consultancy or professional services business.

In addition, this move to home working gives established small businesses more employment options as having remote workers helps save money on overhead costs and equipment upkeep. This type of remote working means that they can work from practically anywhere or even be seen as having specialised workers able to work locally to your customers base if needed.

Once considered as the fashionable workplace trend for the free-spirited workers and professionals, since the pandemic hit and lockdowns were imposed, this is rapidly becoming the norm and so has the need to manage your business remotely. This has meant that instead of striving to grow the business out of their garages like previous million-pound companies, many are now reverting back to where they started with smaller workforces and hiring remote workers to man digital touchpoints.

It seems that, with the popularity of online shopping, the prevalence of social media use, and the ongoing improvements in wifi network speeds and computing power, the need for commercial space is no longer a requirement for building a thriving company.

Look out for Next Weeks Blog – Mobile Commerce

Creatively Yours…

Creatively Yours Ltd helps businesses like yours succeed online through website design, website development, and our Helponomics system that offers support and training as you need it and highlights areas that could increase your sales.

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