5 Key Small Business Trends In 2022
There are five key small business trends that entrepreneurs and start-up founders must anticipate in 2022. With the changing consumer landscape and the eventual decline of brick-and-mortar stores, these changes will significantly impact our day-to-day lives.
While some may seem bleak, many people are already taking advantage of these trends and reaping the benefits. No one has a crystal ball, and all predictions should be taken with a grain of salt (we're talking about the future here). It's still fun to make educated guesses about what may happen in the next few years.
Below are five key small business trends that entrepreneurs should anticipate when starting a business in 2022:
Consistent Digital Presence
People want to be able to find your business anywhere - on social media, on their phones, and while shopping in brick-and-mortar stores. Nowadays, millions of people of different ages use social media, which has become a growing target for marketers. Never waste the chance to market your business to them by having a consistent social media presence.
Aside from having great social media profiles, invest in social media advertising. While social media advertising is crucial in any business, it's immensely competitive. That's why small businesses should focus on a multichannel organic approach to strengthen brand awareness and build an audience.
In addition, excellent search engine optimization (SEO) is needed if you want to grow your business. However, most small businesses don't have the skills, time, or expertise to manage solid SEO strategies.
If this happens, it's easy for companies to end up with a generic web presence that doesn't drive conversions or inspire engagement. Don't be afraid to hire a professional to help you with your business.
Connection is Everything
The world is changing, and we're all caught up in it. Digital marketing is a reality; we can't rely on traditional advertising as much as we used to.
However, never forget networking with other business owners. You can learn numerous things from them. These include hearing new market perspectives, gaining business-led referrals, sharpening your pitch and your game, learning from others' experiences and perspectives, and teaming up to establish relationships that fuel and inspire growth.
Invest in Sustainable Solutions
The first order of business is to start thinking sustainably. This means developing a long-term, sustainable model for your environmentally friendly business.
This might sound like a lot of work and cost, but it's not. If you want to save money and live more sustainably, there are many ways. The best place to start is by getting rid of disposable items. You can easily replace plastic straws, plastic utensils, and takeout containers with reusable alternatives.
In addition, you can also start educating your customers, promoting it on social media, offsetting carbon emissions, and finding partners who are also into sustainable solutions. And the best part? They're way cheaper over time.
Automation and Artificial Intelligence
Automation and Artificial Intelligence (AI) are two of the most important global trends shaping the future of business. Businesses quickly realize that they can use automation to save time while freeing up human capital for more complex tasks. This creates an opportunity for your business to use automation in a way that's best suited for you.
Automation utilizes software or programming to do repetitive tasks, typically using data input. Think about how you might have used Excel macros to crunch numbers in college. It's tedious work, but it can be done with less effort once you have the right tools at your disposal.
AI refers to software or machines designed to "think" like humans or animals. AI is being used by companies of all sizes across industries, including healthcare, retail, and entertainment. And it's not just big corporations who are looking into these technologies.
Interestingly, small businesses are just as likely to invest in AI technology as their larger counterparts, which means that it's vital for small business owners to understand what AI can offer them in terms of efficiency and innovation.
Alternative Sources of Capital
If the term 'alternative sources of capital' makes you picture a millennial with a startup idea, you're not alone. As it turns out, alternative sources of capital are not just for startups.
Small businesses are now turning to alternative sources of capital to supplement their traditional loan options. These new methods are now being embraced by small business owners who need help with cash flow. These methods include using alternative lenders, getting investors, and obtaining loans, such as CreditNinja low credit loans.
Alternative funding sources also include venture capital, angel investors, grants, peer-to-peer lending, fintech, and crowdfunding. It's never too late to explore your options. You might be surprised by what you find.
The Bottom Line
The world of small businesses is changing. And as they change, so must the companies that they serve. As the world becomes more digitized, people demand that businesses they interact with become more readily available through digital channels. They also want to know that the businesses they interact with are sustainable, innovative, and engaging.