13 Jan Top 4 Small Business Trends for 2020
Keeping track of rising small business trends for 2020 is simply a good decision for small business owners. Finding ways to grow and tapping into consumer preferences can only boost the growth of your company. And identifying trends tied to how people work in the modern economy can help you find the best resources to help your business thrive. First, complete your small business checklist for 2020. Then, start thinking about how some of these larger trends can support your company’s bottom line.
1. The Value of E-commerce
Our first trend isn’t a quickly rising topic. In fact, it’s quite the opposite. E-commerce has made its mark on businesses across the modern economy for the past few decades. E-commerce now makes up more than 11% of all retail sales in the U.S., according to the U.S. Census Bureau. That’s up from just above 4% at the beginning of 2010.
E-commerce sales are important for nearly all businesses that sell products. It simply makes sense to expand your base of potential customers beyond your brick-and-mortar location. A website explaining what you have to offer can make your business more visible to visitors, new residents, and many others. That’s true even for companies that can’t ship products across the country.
Make this small business trend for 2020 a priority in the new year. And keep in mind that a small business loan could help you realize this goal.
2. Gig Work Growing More Popular
Lyft, UberEats, Fiverr, and many other popular platforms connect those who want to provide a service with customers. While this is a unique business model, your company can benefit from using freelancers and other on-demand service providers instead of hiring full-time staff.
There is plenty of confusion about exactly how many workers participate in the gig economy, as MarketWatch reported. However, a study produced by gig economy marketplace UpWork estimated that roughly 57 million Americans participate in this growing sector. In many cases, you’ll have a wealth of potential freelancers to choose from.
Remote workers are also a recurring topic on various lists of small business trends for 2020. When it comes to hiring a freelancer or other type of gig worker to provide a service, you should keep their value in mind. Web designers, accountants, marketers, and other professionals no longer have to work in the same town as yours. Just make sure to take the time to get to know each candidate and their skill-set first.
3. Social Media’s Continued Importance
No list of top small business trends for 2020 would be complete without mentioning social media. Networks like Facebook, Twitter, and LinkedIn make it easier than ever to connect with new customers and build ties with current ones. They also connect you with new employees as your business grows. There’s also the exciting idea of customers who have positive interactions with your business sharing them with their friends and followers. That’s one of the most powerful forms of marketing around today.
The Pew Research Center reported 70% of Americans use social media in some way. That means more than 220 million U.S. residents are active on their preferred networks. With the right strategy, you can connect with customers looking for what your company has to offer. You can also build relationships with existing shoppers and encourage future purchases.
Make sure you have a social media plan in place this year to address this leading small business trend of 2020.
4. Reaching Out to Younger Customers
Not only are millennials all grown up, but the next generation is quickly coming of age as well. Generation Z includes members as old as their mid-20s. That number will only grow over time. Entrepreneur pointed to digital outreach in general and video social media marketing in particular as two key factors for tapping into this part of your overall customer base.
Connecting with younger customers now can mean developing valuable, long-term relationships that benefit your business for years to come. It also helps raise awareness of your offerings among a group quickly entering their prime earning and spending years. Taking this small business trend of 2020 into account can lead to significant value for your company.
Small Business Trends for 2020 Offer Valuable Opportunities
Acting on certain small business trends for 2020 can certainly pay off. But as a small business owner, it may be hard to know where to start. With any trend, it’s important to assess whether it’s relevant to your business and if the desired end-results are worth the up-front costs.
Once you’ve identified the trend(s) you want to leverage and develop an actionable plan to roll them out, you’ll need to make sure you have the financial support in place. A small business loan from QuickBridge can help you get the working capital needed to start acting on these trends, and help you make the most of them.
Not all business loans are created equal
Get the right funding, right now with QuickBridge.