The power of the small business has never been greater than it is today. In fact, around 400,000 startups are created per year in the United States alone. This bunch creates around 40 to 60% of all new jobs!
With modern startups still being a relatively new way of doing business, the landscape is constantly fluctuating, and new business trends pop up each year. Let’s take a sneak peek into small business trends that entrepreneurs can anticipate for the coming year of 2024.
Business Trends of 2024
Welcome to the World of Freelancing
Whether you’re a web designer, a writer, a programmer, or an SEO expert in one of the fields that are “freelance-able”, you can easily find work nowadays. In fact, a lot of experts actually prefer freelance work to all the benefits of a stable, 9-5 job. For these reasons, around 35% of the total US workforce consists of freelancers at the moment.
However, in addition to having the freedom to work in accordance with everyone’s own personal financial and professional goals, freelancing will bring new service types to the table, which will likely range from job matching sites to credit services for freelancers.
Additionally, these self-employed professionals have a growing need for insurance policies, from health and disability to business, liability, and life insurance.
Non-Tech people featuring Tech Businesses
Everything is significantly more accessible nowadays; we live in an era where even making a website is not that difficult. For instance, a simple and relatively quick course in WordPress (or a couple of YouTube videos) can easily give you sufficient knowledge about making a good-looking website.
Another example is tools such as Bobble and Zapier that help small businesses build pretty complex apps without the help of software-coding personnel.
In 2024, both new and established businesses are going to have to keep up with the rest of the business bunch by exercising technologies such as CRM (customer relationship management), AI (artificial intelligence), and big data (more on this later), video and SaaS (software as a service) customer apps.
A Personalized Experience for Every Customer
For some time already, marketers around the globe have been struggling to push the boundaries of marketing, making every user’s experience increasingly specific and personalized.
Of course, the main issue still remains: how to perfectly cater to everyone’s particular needs?
Well, the key appears to be less static content and more dynamically-rich content. A smart marketing plan that will deliver top content and a dynamic website will create a unique user experience to seamlessly match one’s own needs and preferences.
To put it in layman’s terms: a new visitor on a business’s website would see a different message than a returning customer. For the first-timers, for example, a snapshot of offers and content will be available as soon as they access a business’s URL.
On the other hand, the current customers would receive an individualized message based on their presumed preferences.
Read Also: 5 Marketing Trends that need a Tweak in 2024
The Rise of Crowdfunding
Crowdfunding is already a thing effectively used by many professionals, from musicians and bands to future business owners. Why? Well, banks are still extremely cautious when it comes to small business loans, with their venture funds tending to pool towards already established businesses.
This business model still suits the banks perfectly, but crowdfunding organizations, such as Kickstarter and Indiegogo have made the lives of small business entrepreneurs much easier.
Read Also: Top 10 IoT Trends Predicted for 2024
With banks still choosing to turn a blind eye towards the modern-day entrepreneur, crowdfunding is expected to flourish in 2024. However, if they intend to remain afloat, the banks will have to find a way to adapt to the modern funding offers.
Despite all the virtual threats of the modern world, preventing physical security breaches still remains a priority. Surveillance video analytics is a branch of security that uses applications that conduct a smart analysis of surveillance footage.
This brand of software can identify a person that enters an unauthorized area, allowing the security systems to alert proper channels, enabling a more effective response.
Furthermore, there are many services available out there, like video management system, that has made surveillance extremely customizable, featuring a wide range of cameras, encoders, and CCTV equipment.
Read Also: 5 Cyber Security Tips for Small Businesses
The All-Encompassing Big Data
Unless you’ve been living under a rock for the past couple of years, you are aware of the term ‘Big Data’.
Anyway, for those that don’t know, big data is a fancy term for using every aspect of the internet possible to the benefit of a business.
This includes everything from market research to HR activities such as potential employee research. The power of the internet is immense if you know how to make the most out of it.
These trends are likely to see even more action in 2024, despite already being pretty popular. The world of business is changing and in order to remain afloat and have a shot at reaching success, every business needs to constantly keep up.
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