Small business owners are excited for the coming year, and a number of trends will affect their work in those twelve months.
A recent survey found that 58 percent of small business owners are expecting growth in 2015. The CAN Capital Small Business Health Index also found that more than one-third intend to buy new equipment or expand inventory in the coming year. With big changes in terms of financial regulation, the recovering economy and technology advances set to continue in the coming months, some owners will have to make changes to adapt.
In fact, nearly half of the respondents to the survey indicated they will have to turn to financial services providers for outside funding. Business owners have stated that they intend to expand their inventories, purchase new equipment and ramp up advertising in the coming year. To take care of all of these tasks correctly, it will be important to understand the movements in small business ownership in the next twelve months. For more on the changes you should be prepared for as a small business owner in the coming twelve months, read about the trends below:
1. Social media will drive spending in 2015
Social media giants Twitter and Facebook have each begun testing out tools that will allow users to purchase products directly through the websites, the Miami Herald explained. With both websites prepped to roll out buy buttons, social networks will be behind a significant number of transactions in 2015. One benefit of this trend will be the ability to track spending through social networks, and more accurately determine the effect of websites such as Facebook and Twitter on your business.
2. Outside funding will be important for many small business
Nearly half of the CAN Capital Small Business Health Index respondents indicated that they would need outside funding in order to adjust for the changes coming in 2015. And more than half of the small business owners stated that finding commercial loans could be difficult for them. Slightly more than one-third indicated they would turn to business banking providers for the financial help they need, while 27 percent said they intend to ask family or friends.
3. In 2015 millennials will be essential
Marketing to millennials will be important in the coming year, the Miami Herald noted. At 76 million individuals, this demographic, with the older half of the generation between 25 and 34, will comprise 27 percent of the U.S. population. This is a well-educated generation, nearly half of whom will rely on social media in order to determine their online purchasing habits. Keep this portion of the population in mind when determining your advertising for 2015.
4. Advertising will get personal
Speaking of who you plan to market to in the coming year, Business 2 Community explained that advertising is trending from selling an idea to many people to pushing a product to a single person. Targeting customers will no longer be about addressing everyone in 2015. Instead, business owners should focus their advertising efforts on creating relationships with individuals. When marketing to potential customers, address them as a human, instead of with a robotic tone that overtly indicates an attempt at a sale.
Changes coming will probably affect many small business owners in 2015, so understanding trends that will probably influence ownership are important. The four mentioned above have the potential to have a profound affect on owners. Keep note of them as the new year rolls around.