Small Business Trends to Watch Out for in 2021 and Grants to Fund Them
Small businesses have been hit hard during the COVID-19 pandemic. Many have had to close down while others have struggled to stay afloat. As we move into 2021, small businesses face new challenges, but also new opportunities. In this article, we will take a closer look at the top 5 small business trends to watch out for in 2021 and how to secure grants to fund them.
1. eCommerce
The pandemic has accelerated the shift to online shopping, and this trend is expected to continue in 2021. Small businesses need to have a strong online presence to compete in today’s digital economy. This includes having a user-friendly website, offering a variety of payment options, and utilizing social media platforms to promote products and services.
Small businesses can secure grants to fund eCommerce initiatives through programs like the Small Business Administration’s (SBA) Microloan Program. This program provides loans of up to $50,000 to small businesses for a range of purposes, including working capital, inventory or supplies, furniture or fixtures, and machinery or equipment.
2. Remote Work
Remote work has become the new norm for many small businesses during the pandemic. In 2021, remote work is expected to continue, with more businesses adopting a hybrid model that combines in-person and remote work.
Small businesses can secure grants to fund remote work initiatives through programs like the Telework Enhancement Act. This program provides funding to small businesses to help them establish telework programs for their employees, including providing equipment like laptops and internet access.
3. Social Responsibility
Consumers are increasingly conscious of the social and environmental impact of the products and services they use. Small businesses that prioritize social responsibility and sustainability are likely to attract loyal customers and build a strong brand reputation.
Small businesses can secure grants to fund social responsibility initiatives through programs like the USDA Rural Business Development Grant. This program provides funding to small businesses in rural areas for a variety of purposes, including promoting sustainable economic development.
4. Cybersecurity
As more businesses move online, cybersecurity has become a top concern. Small businesses need to take steps to protect their online assets from cyber threats like data breaches and malware.
Small businesses can secure grants to fund cybersecurity initiatives through programs like the SBA’s Small Business Innovation Research (SBIR) program. This program provides funding to small businesses that are developing innovative cybersecurity solutions.
5. Health and Wellness
The pandemic has increased awareness of the importance of health and wellness, and this trend is expected to continue in 2021. Small businesses that prioritize employee health and wellness can improve productivity and morale.
Small businesses can secure grants to fund health and wellness initiatives through programs like the Centers for Disease Control and Prevention (CDC) Workplace Health Resource Center. This program provides funding and resources to small businesses to support employee health and wellness programs.
Conclusion
Small businesses face many challenges in 2021, but also many opportunities. By staying on top of the latest trends and securing grants to fund initiatives, small businesses can thrive in the post-pandemic economy. Whether it’s eCommerce, remote work, social responsibility, cybersecurity, or health and wellness, small businesses that take proactive steps now are likely to come out ahead in the long run.
