The Small Business Economy is Expected to Rise in 2022
- Intuit surveyed 8,000 people and asked them about the possibility of them starting their own business.
- Out of the 8,000 respondents, 83 percent mentioned the pandemic was a significant factor in quickening their plans of potentially leaving their job and starting their own business.
- In the same study, 57 percent of the respondents mentioned that they would be supporting local businesses in 2022, making it the ideal time to open your business.
Intuit surveyed 8,000 people regarding whether they dream of becoming a small business owner. Out of the 8,000 people interviewed, 83 percent responded that the pandemic played a role in accelerating their plans to leave their jobs and open their businesses.
The Previous Decreasing Economic Impact of Small Firms
Although more people are eager to start their own businesses, these business ventures have not panned out the way they have wanted. According to a report released by the Small Business Administration (SBA), from 1998 to 2014, the Gross Domestic Product (GDP) generated by small businesses decreased from 48 percent to 43.5 percent. The GDP is the money goods, and services generate for the economy. From a statistical standpoint, small businesses have less than 500 employees on their payroll.
Furthermore, during the same period, the number of small businesses created increased by 25 percent. The increasing number of firms and decreasing GDP indicate more people were spending their disposable income on items offered by large businesses, negatively impacting the success of smaller firms.
The Promising Future of Small Businesses
In the same Intuit report mentioned above, the same study revealed 57 percent of people are willing to spend money at their local small businesses to help support local economies.
The increase in customers means higher revenue, allowing small businesses to employ more people, which will help with economic growth. Furthermore, the more success surrounding the small businesses, the more property taxes can be paid to the respective states, allowing the community to thrive due to the amount of money spent at these establishments.
How to Stand out as a Small Business Owner
In the United States, a projected 17 million new small businesses will be created in 2022. Therefore, it is essential to stand out from the rest to make a solid living and be viewed as a staple in your local community. Therefore, there are a couple of things to do to increase your chances of being recognized.
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Create a Website
One of the most important things in today’s society is online shopping and presence. As a new business owner, it is essential to create and maintain an online presence to help drive traffic to your business. By creating an eye-catching website, you maximize your chances of high traffic on your website/business and more customer sales.
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Have Stellar Customer Service
Another vital factor to possess as a small business owner is exceptional customer service. One of the main reasons people switch from large corporations to small businesses is the above and beyond customer service provided. Thus, if you wish to be viewed as a cornerstone of your local community and have regular customers, it is important to take time and interact with your customer and get to know them personally.
The path to becoming a successful business owner can be difficult as it may be challenging to retain a consistent number of customers. However, as small business contributions are expected to increase in the upcoming year, keeping your doors open is can be easier to achieve as long as proper steps are taken to market and scale your business.
What are some other ways you can grow your business? Let us know in the comments below.
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