1. Niche Businesses Will Prove Successful
Narrowing in on a specific market has become increasingly relevant year after year. Due to advances in technology and the widening availability of information, consumers are becoming more informed and less likely to simply purchase the most popular items. The result is a surge in niche markets of diverse interests and tastes. Businesses that take advantage of this trend are sure to find success.
2. Mobile Credit Card Payments
Mobile credit card payments will gain even more popularity in 2017. Americans are becoming more accepting of technology and less apprehensive about the risks of mobile payments. This will greatly affect small businesses and their ability to receive payments on the go.
3. More Virtual Employees
Hiring employees online for specific jobs will become more popular. Small businesses will turn to the internet to fill roles for projects to save money and fill increasingly specialized roles. Working remotely will also allow for more flexibility and work life balance for employees. This is a win-win situation for the employee and business owner!
4. Taking Advantage of Big Data
Large corporations are already taking advantage of big data but small business owners are becoming increasingly aware of its importance. Businesses will leverage new machine learning capabilities among other modern technologies to interpret data patterns and transform them into usable business insights.
5. Cloud Based Solutions
Cloud based solutions are quickly becoming the standard for businesses large and small. The cloud has multiple benefits including easy accessibility, increased security, and easier collaboration.
6. Crowdfunding Small Businesses
Crowdfunding will continue to be disruptive and grow quickly as it has in recent years. Reward-based crowdfunding platforms are allowing entrepreneurs to raise funds by simply giving their tangible products or other gifts away. This allows entrepreneurs to start out without massive amounts of debt. In addition to raising capital, it also allows for businesses to gain visibility and validation of their ideas.
7. Consumer Expectations
Customer expectations are rising and small businesses will be forced to respond to these demands or fail. These new expectations include increased personalization and swift response
Are you a business owner with the next big idea? Contact us at www.modernbusinesstv.com for more information about being featured on our series.