In 2018, there will be some impactful changes in the small business sphere, and new opportunities will open up for prospective entrepreneurs. Whether you are at an early stage of launching your company or you have been in business for several years, it is always important to watch out for trends. It is necessary to monitor and constantly develop every aspect of your company: from branding to recruiting and podcasting. What needs to be done in 2018 to make your company a progressive leader?
Let’s consider the criteria that characterise a small business:
- A minimum initial capital (on average from $5000 to $20000);
- Early return on investment. Usually, beginning entrepreneurs expect to have a return of invested capital no later than one year after business launch;
- The goods or services you are going to distribute must be in demand. The main task of a “young” businessman is to find the proper niche in the market for his product;
- It is necessary that the received profit at the initial stage provides the coverage of costs, creating a foundation for further development.
Based on the above criteria, consider the TOP 5 small business trends in 2018.
TOP 5 small business trends for 2018
1. Flexible recruiting
Companies are constantly evolving and trying to make their offices the most suitable place for their employees. This involves having cookies, free coffee, game rooms and a wide range of events. However, professional developers would like to work efficiently, stay at a quiet place with a closed door, and with more flexibility in their schedule.
If you are a beginning business owner, you will never win a battle for benefits with market giants like Google or Facebook. Nevertheless, if you provide flexibility in the work schedule to your employees (and especially to developers), then you are more likely to retain your team. The workers will feel freedom, which will enable them to work with great creativity and productivity.
If a company wants to attract talented specialists, create maximum comfort for workers.
Small business owners usually say that the main problems in an office are improving communication in their organizations or finding qualified employees. This may not seem like the most interesting task to solve, but it has crucial importance for small businesses and will remain so for many years. The amount of information that flows through a company today is incredibly large, so it needs to be taken care of.
Employees spend almost 20% of their time searching for information or looking for people who will help with solving specific problems, the same as a student may search for a source about custom dissertation writing or a professor will search for a resource that relates to his or her field of study. This time spent could be saved be referring to online databases or software that holds relevant information. Automated communication between employees can alleviate difficulties and free up more time to engage in creative work.
What will 2018 bring to podcasting? This sphere is still developing with new companies which are appearing in the podcast world. Joining podcasting is a great opportunity for small company owners to expand their specialization.
In such an industry, there are various areas with a lack of innovation and improvement. For example, some podcasts can be very boring if related to sales management or advertising. The main concern is managing your audience of a podcast. Try to be innovative when tapping into podcasting with these sort of themes, and keep your viewers entertained with engaging dialogue and visuals.
4. UX Design
A decade ago, if you were focused on creating a new business, for example, a commercial real estate company, then you did not need to have a website or a consumer-oriented application. But in 2018, a small business can reach a point where without such things, they will be unable to compete. Based on current business trends, if a company wants to survive in a market, it should have an excellent UX design to expand the number of users or customers.
Millennials have grown in the digital world and they expect others to provide user-friendly interfaces that are easy to interact with.
5. Consumer participation
The level of trust with unfamiliar people or companies does not decrease as it may seem through the Internet. The very understanding of trust is changing. We live in an era which involves the “distribution of trust.” Trust stops applying to general structures; trust in people grows.
People tend to make their own choices so that they can feel freedom. This autonomy concerns both choosing a store for buying clothes and using social networks to communicate with friends and loved ones. Entrepreneurs who fully understand this need for freedom will be able to achieve great success in 2018!
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