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If you’re an aspiring entrepreneur looking to start a small business, you know that success doesn’t come easy. From managing finances to building a customer base, many challenges exist. However, you can increase your chances of success by staying up-to-date with the latest trends and strategies other owners and entrepreneurs follow. In this blog post, we’ll explore some of the top actionable small business trends to help inform your next steps as an entrepreneur. Let’s jump in!
1. The top leading industries in small business are retail and food/restaurants. (Guidant)
According to a recent report by Guidant Financial, the leading industries in small business are retail and food/restaurants.
One of the reasons for the success of these industries is their ability to modernize and adapt to changing consumer needs and preferences. A big contribution towards e-commerce success was due to an increase in online shopping and retail business during the pandemic.
Even after so much success, it is not easy to start a business in this industry, especially with so much competition and changing market trends. For an aspiring entrepreneur, it is very important to stay up-to-date with the latest industry trends and stay ahead of the game.
2. Businesses in their second year have a 68.2% survival rate. (Zippia)
Starting a small business is undoubtedly challenging, and the first year is often the toughest. According to a recent study by Zippia, businesses in their second year have a 68.2% survival rate. This means that once you’ve made it past the first year, you’re likely to make it to a third.
However, it’s essential to note that survival doesn’t necessarily equate to profitability. A business may survive for several years but still struggle to make a profit. As an entrepreneur, you’ll want to focus not only on survival but also on profitability and how your business can grow.
3. 87% of business owners who have a mentor stay in business their first year (Score.org)
Starting a business can be a daunting task, but having a mentor can make all the difference. According to Score.org, 87% of business owners with a mentor stay in business their first year. Having a mentor definitely comes in handy, especially during the first few months of your business.
With a mentor, you’ll have someone providing valuable insight and advice, helping you avoid the same mistakes that they’ve made in the past. Finding the right mentor can be time-consuming if you’re not looking in the right places. Consider joining a local business association or networking group, which is a great way to connect with experienced business owners. You can also search through online mentorship programs and business coaching services.
Starting and growing a small business is challenging yet rewarding. The key is keeping up with the latest business trends and strategies. Studying what works and areas of business are sure to increase your potential for success.
This infographic below will help you understand the actionable trends for your small business