It’s an exciting time for small business owners, and modern technology and innovation has created an unprecedented number of opportunities for small businesses to compete head-to-head for market share with larger rivals. However, innovation has also led to a number of new challenges for small businesses, and leaders are forced to constantly adapt to the evolving economy or run the risk of falling behind the times and becoming obsolete.
Here’s a look at five small business trends that might surprise you.
1: The Decline of Organic Social Media
No, social media is not going away anytime soon. In fact, it has become more important than ever in terms of brand awareness. However, with the growing number of paid advertising content and the sheer flood of business-related information being dumped on social media platforms, it has become nearly impossible for a small business employee to single-handedly make a meaningful impact on business by managing social media accounts.
In fact, Contently.net claims that any brand with fewer than 1 million Twitter or Facebook followers is better off paying the two sites for sponsored update promotion than paying an employee to post content.
2: Crowdfunding Unleashed
Crowdfunding is certainly not a new concept, but the ink is not yet dry on Title III of the JOBS Act. Title III, which gained approval in late October of 2015, allows non-accredited retail investors access to equity crowdfunding for the first time ever. That means that small businesses will have access to capital from thousands of small “micro-investors” that can pool their money and provide alternative financial backing.
3: Women Taking the Reins
Women have gained…
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