Posted By Firdaus on Oct 20, 2022 |
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The Modern Successful Digital Small Business
The small mom and pop shop of the past is really exactly that, a relic of the past. While the typical family owned small business still certainly exists and has its role, most aspiring business owners are not going to be filling in this market. The reality is that corporate goliaths have taken over most retail and restaurant needs, leaving little space for local competitors.
What are small business owners meant to do then? Clearly, they still hold a lot of power in the market. By as early as 2024, small businesses are predicted to add $2.3 trillion to global GDP growth. Although this comes off the back of one of the weakest periods for small businesses of all time.
COVID saw 59% of small businesses laying off a substantial number of employees. While the overall unemployment under COVID was handled, the effect on small businesses was undeniable. As many as 30% of small businesses altogether had to completely shut down. Worse yet the businesses of women and minorities at large were far more susceptible to the negative effects of the pandemic.
Looking at the world today, the closure rate of small businesses has dropped, sales are returning, and things are generally moving towards normalcy. The majority of small businesses are still looking at rebuilding or even simple survival, but many have found a place for themselves in the market. A question still remains, what kind of small businesses are these?
The answer is, in large part, digital ones. 45% of small businesses are planning for a digital future, and 28% are already working through that process. Also of note is the concept of microbusinesses. These are more specifically intentioned businesses that may be more of a side hobby than main source of income. They are commonly made with the intent of growing bigger, and they are overwhelmingly online.
This is the state of modern successful small businesses. The stresses of small businesses are undeniable, they’re so great in fact that most business owners rarely even consider the idea of breaks or vacation. Although moving into the digital realm can really make it all a lot easier. The fortunate reality is there are many services out there to fill in the gaps.
While small business owners typically take responsibility for everything, from sales to clients to hiring, they no longer have to do it alone. Services like ScaleMap create an easily digestible business system that can help with navigation. There are many services just like it that all serve to make the process of owning a small business easier. Modern small businesses aren’t just digital, they employ digital agency growth methods. They are not alone.
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This content was originally published here.
