Since 2020, there has been a notable rise in the number and the growth of small businesses in the U.S. It proved beyond doubt that work can thrive even when it is remote, supported by innovative technological solutions. It’s no wonder then that small businesses are growing and even thriving. This article explores which small businesses are thriving today and why, as well as the impact it has on the economy.
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Greater agility, personal relationships with customers and unique products and services are some of the key reasons for small business success. But in the current times, two other reasons stand out as well.
The first is the ease of financial management. Solutions like digital banking and online platforms have made managing financials for small businesses much simpler. Even convenient payment options like basic business checks can be of great support.
The proliferation of social media is another reason for small business success. Platforms like Instagram or TikTok allow them to showcase their products and services and reach large audiences at speed now. That 25% of business is now done online is in no small part due to enhanced customer reach with social media.
While post-pandemic growth has been seen in small businesses across industries ranging from personal care to cybersecurity, some have outdone others. Here are five industries in which small businesses have grown fast and are expected to continue doing so in 2024.
● Wedding industry: From cakes that are artwork to diamonds that last forever, the wedding industry supports small businesses in a big way. With a full recovery after the pandemic this year, a wedding boom is expected. According to diamond retailer Signet, 2.4 to 2.5 million engagements can happen in the US this year. Small businesses like photographers, florists and card designers all stand to benefit from the trend.
● AI consulting: Continued technological progress repeatedly takes the world by storm. And AI is the latest in this progress, as anyone who has used Chat GPT knows. It is also a great time for people with technological skills to become AI consultants and go the solopreneur route.
● Focus home: The residential industry is being impacted presently by not one but two trends. With rising mortgage rates, fewer people are buying new houses, instead focusing on renovating. And with smart homes fast becoming a safe and convenient option, the market is expected to grow by around 12% by 2028. This is a good time for contractors, handypersons, those with training in security installation and electricians.
● Solar panel installers: With sustainability being the buzzword, solar panels are in great demand. And with that people who can install them. This again includes electricians along with other contractors.
● Restaurants and cafes: Most food and drink establishments are small businesses in that they employ fewer than 50 people. But make no mistake, it is almost a USD 1 trillion industry now and expected to continue growing.
The impact of small business success on the economy is immense as a result. They have the potential to create local employment and promote entrepreneurship, which is at the heart of growth. The average salary of the small business owner was 16% higher than the national average mean wage, indicating their contribution to the economy.
With these as the numbers, it is clear that not only are small businesses important, but it also explains why they are growing. If you can be your boss and earn a higher-than-average salary, why would you not? The entrepreneurial landscape has a big role to play in supporting small business success.
The pivot to work from home during the pandemic has given legitimacy to grow a business remotely. This is aided by fast-paced technological progress. From supporting independent AI consultants to increased customer coverage through social media channels, small business has opportunities like never before. The writing on the wall is clear. Small businesses are here to stay and to thrive.
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