Times they are a changing, and this is as true for small business as it is anything thing. Virtually every aspect of small business in America, from who is running them to how much it costs to do so, had changed drastically in the past 50 years, and the changes promise to keep on coming. What does the future look like for small businesses?
The “who” of small business ownership is changing daily. The old trends of most entrepreneurs being male, Caucasian, college graduates is no longer holding. These days businesses are started by those of all ages, races, nationalities, education levels, and seasons of life. From children to retirees, stay at home moms that may or may not have college degrees, to college students to immigrants, you cannot describe the typical small business owner in any one way. Anyone can start a business.
The “how” of starting a small business has changed drastically as well, and appears to be continuing to do so. While the old ways of doing it are still viable and sometimes very necessary, technology — specifically mobile technology — has created new, easier, and more cost effective ways to start a business. Many firms can be run completely online without even having a brick and mortar store front. Payments can be made and received online, in real time. Mobile apps make meetings, coordination, and sales tracking so much easier and faster than it has ever been. The options for how you start your company has changed, and will continue to do so as technology continues to change.
The “how much” of starting and running a business will seem, at first glance to have risen, and will appear to do so into the future. I mean, inflation is a thing, right? However, with so many new options in the “how,” the “how much” is definitely changing as well. If you do not have to have a building or equipment, you are not going to need as much money. With computer programs and apps reducing the need for much of the man power and commute time necessary in some businesses, costs are reduced even further, with overhead and marketing expenses decreasing the most due to mobile options and social media marketing.
Funding options are changing daily as well, and there seems to be no sign of a slowdown. While traditional bank loans are still a top choice, crowdfunding and advances are growing in popularity. Who knows what sort of funding options for small businesses will be available next year or in the next ten years.
When you decide to start a business, Biz2Credit can help you with your financing needs at each stage. Our network of lenders offers various types of small business financing products. From startup loans to commercial real estate loans, and everything in between, we can help you find just the right lender for your business. Visit Biz2Credit.com today to find out more and get started.