Top 10 Small Business Trends in 2017, Part 2

Don't miss Top 10 Small Business Trends in 2017 - Part 1.

6. You’ll have to spend money to get social

While it’s true that social media is free, some platforms are making it harder to organically reach your audience. With most sites, including Facebook, Twitter and Instagram, allowing customers to make purchases directly through their platform, it could be worth the money. But while the algorithms are making organic reach harder, they’re also making it easier to target your customers. With native ads and promoted posts targeted to the right people you can easily get a good return on your investment.

7. Being healthy becomes big business

For all the promise there is in wearable technology, the only area it’s really impacted is health and fitness. Fitness trackers are ubiquitous and the trend toward healthier food and drinks is growing as well. As technology gets better, so will the ability to track your health. Some insurance companies have already hopped on the bandwagon by offering financial incentives for staying active, as verified by your fitness tracker. Not only should you expect to see a lot more people joining gyms near you, expect the data from wearable tech to create a niche market dedicated to making people healthier.

8. Millennials will now be the biggest group in the workforce

For the first time Millennials will surpass Baby Boomers as the largest group in the workforce. And that doesn’t just mean at entry level jobs, they’re now moving into management. If you’ve been skeptical about Millennials, now is the time to get on board. With massive student debt to pay off, and a unique understanding of what it means to grow up in a digital world, they’re ready to work and can immediately make an impact on your business.

9. Companies will get even more niche

As customers get more discerning, businesses must adapt. Rather than doing a bunch of things pretty well, buyers are now looking for their products and services to come from a company that has expertise in one area. If you’re an expert at something, now might be the time to start a business. Don’t stray too far away from your niche though, it’s your major selling point in an overcrowded market.

10. Buying a fully formed business

If you’re an entrepreneur without a business, this could be your year. With many Baby Boomers looking to retire, there could be a lot of brick and mortar businesses on the market. The good news here is that you can buy a traditional brick and mortar store, and use all the technological advancements in the last few years to give it a full overhaul. This is when you’re going to want hire a few of those Millennials, build an online community, find your niche, and outsource any work you can’t complete.

 

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