Emerging Small Business Trends to Watch in 2021: Insights from Guidant Financial
As the world slowly recovers from the pandemic, small businesses are facing a new set of challenges and opportunities. Emerging trends are shaping the small business ecosystem, and entrepreneurs need to stay ahead of the curve to thrive.
Guidant Financial, a leading provider of small business funding solutions, recently published a report on the top small business trends to watch in 2021. Here are some of their insights:
1. Remote Work is Here to Stay
The COVID-19 pandemic forced many small businesses to embrace remote work, and this trend is likely to continue. According to Guidant Financial’s report, 44% of small business owners plan to offer remote work options in 2021, up from 28% in 2020.
This trend presents new opportunities for entrepreneurs to tap into a global pool of talent and reduce their overhead costs. However, it also requires new management strategies and tools to ensure productivity and collaboration.
2. E-commerce is Booming
The pandemic has accelerated the shift towards e-commerce, and small businesses need to adapt to this new reality. Guidant Financial’s report found that 17% of small business owners plan to start selling online in 2021, while 19% plan to increase their e-commerce sales.
E-commerce offers small businesses a wider reach, easier customer targeting, and lower transaction costs. However, it also requires a robust online presence, secure payment systems, and efficient delivery logistics.
3. Health and Wellness is a Priority
The pandemic has heightened people’s awareness of health and wellness, creating new opportunities for small businesses in this sector. Guidant Financial’s report found that 27% of small business owners in the health and wellness industry expect growth in 2021.
Health and wellness encompasses a wide range of products and services, from fitness and nutrition to mental health and self-care. Small businesses in this sector need to stay up-to-date with the latest research and trends, and tailor their offerings to meet the evolving needs of their customers.
4. Alternative Funding Sources are Gaining Traction
Traditional funding sources, such as banks and venture capitalists, are not always accessible or suitable for small businesses. Alternative funding sources, such as crowdfunding and peer-to-peer lending, are becoming more popular.
Guidant Financial’s report found that 16% of small business owners plan to use alternative funding sources in 2021. These sources offer more flexible terms, lower interest rates, and a wider pool of investors.
Conclusion
Small businesses face a dynamic and ever-changing landscape, and staying abreast of emerging trends is essential for success. Guidant Financial’s report highlights the importance of remote work, e-commerce, health and wellness, and alternative funding sources.
Entrepreneurs who embrace these trends and adapt quickly will be well-positioned to thrive in 2021 and beyond. However, they need to be mindful of the new challenges and risks that come with these opportunities, and seek out expert guidance and support when needed.
In conclusion, small business owners must be open to new ideas, embrace change, and stay on top of evolving trends to succeed in today’s competitive environment.
