7 Small Business Trends

I’m often asked what is new in the world of small businesses.  Unfortunately, over the last five years or

so, the talk for most folks has been how the sky is falling.  Well, several smart and hard-working entrepreneurs have ignored the economy and have changed the small business landscape.

Here are seven trends in the world of small businesses (according to me, at least):

1. Social Media – Social media is not the new hip thing.  In fact, if you haven’t already found a way to properly utilize Facebook (1 billion users), Twitter (500 million users), LinkedIn (200 million users), or Pinterest (50 million users), you are already behind.
2. Video – Yeah, I know I’ve hammered this home a few times, but I had to include it.  All the cool kids have video on their site.
3. Mobility – The days of going to the office may be over.  The average small business owner wakes up, checks their phone, has a home office, uses Google docs/apps, video chats with employees, networks mostly online, and has constant interaction with customers online.  Also, everybody has a Smart Phone now. Everybody.
4. Hiring – Many folks that have been laid off for the eleventieth (it’s a real number) time have decided to be self-employed.  So now we do not see that many people looking for, let’s say a bookkeeping job, versus handling bookkeeping for 4 -5 different businesses.  The same is now true for anything I.T., graphic design, accounting, or even janitorial services. 
5. Specialty Based – I remember as a kid, you wanted a jack-of-all-trades for everything.  That’s not the case anymore.  Successful business owners know that having a niche is a quicker path to success.  For example, instead of a handyman, maybe you want to be a restaurant maintenance specialist; instead of a clothing retail store, maybe you want to have a men’s big and tall consignment store; instead of an insurance agent talking home, life, and auto, you become a construction policy guru.  You get the idea.  Better to be good at one or two things that give you a competitive advantage than be mediocre at 10 things.
6. Sustainability - According to a 2011 study by MIT, sustainability is now a permanent part of 70% of corporate agendas.  According to a survey conducted by Cohn & Wolfe, a majority of consumers in all countries say that it is very or somewhat important that companies are environmentally-friendly and 35% are willing to spend more for green products.  Green Village Recycling and Rhoades Car can attest to this. 
7. Authenticity - Customers want to engage and be a part of “something.” Customers are willing to pay premium prices for authenticity. The International Council of Shopping Centers Survey says "71% of respondents are motivated to shop locally because 68 cents of every dollar spent at a locally-owned retailer stays in the community."