PowerHomeBiz:
What new technologies will your business embrace this year? What new partnerships will you form? How will you take advantage of the changing marketplace?
In answering these questions, entrepreneurship expert Evan Carmichael suggests the importance of examining the rising trends that are promising to impact small business in the coming year. ‘The beginning of a new year is a good opportunity for entrepreneurs to revive their drive for success and give their business a fresh start,’ says Carmichael, ‘but in order to move forward, they need to look ahead at what is to come.’
Top on his list of small business trends for 2007 is the continued rise in importance of being able to do anything and everything online. ‘Small businesses today can’t just have a one-page website,’ he says. ‘The division between IT and business is shrinking. From e-marketing to selling products online to offering podcasts, small business owners need to embrace everything the Internet has to offer.’
A glimpse at the number of users on FeedBurner’s website – an online news feed management provider – is evidence of Carmichael’s point. Today, FeedBurner tracks over 1.6 million podcast subscribers, a figure that has doubled in the past 6 months alone. Similarly, a 2006 PEW Internet Project report states that 12% of Internet users have downloaded a podcast. ‘This year,’ says Carmichael, ’small business owners need to seriously explore these various types of online tools as means of better reaching their customers.’
A second trend that will affect small business this year is the focus on everything ‘green’. ‘Consumers are starting to demand more from those they do business with,’ Carmichael says. ‘Whether it’s behaving in a more sustainable way, supporting environmental causes, or offering green products, small business owners can take advantage of this growing concern.’
Venture capitalists are beginning to pick up on this trend, where in the U.S. they invested over $150 million in green-focused startups in 2005, double the amount of the previous year. A study by the Organic Trade Association shows similar growth: in 2005, consumer sales of nonfood organic products in the U.S. totaled $744 million. ‘Instead of being encouraged by their customers to become more environmentally-friendly,’ says Carmichael, ’small business owners can take the lead and inspire their consumers.’
Finally, Carmichael points to the rising trend of entrepreneurs that come from all walks of life to try their hand in business. ‘Whether they’re students trying to pay their way through college, or seniors who are bored with retirement, more and more people are realizing that it’s never too early or too late to start a business,’ says Carmichael. ‘A single mother who has her own company, for example, is no longer the anomaly it once was.’
A recent study by the U.S. Center for Women’s Business confirms Carmichael’s point. The research found that one in eleven adult women is an entrepreneur, the majority of who are mothers. Similarly, 30% of the entrepreneurs who use the services of the Center for Women & Enterprise are single mothers.
‘The new year has just begun,’ says Carmichael. ‘Now is the time to plan for the next big thing. Pay attention to the trends and ensure your small business doesn’t get left behind.’
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