Despite all the doom and gloom in the headlines recently, it turns out that there’s never been a better time to be a small business. According to Gallup, revenues are projected to increase by 10% from 48% to 58%, and the majority of small businesses in America are looking to the future with optimism.
What’s causing this? Some have pointed to an overall loss of favor in the idea of corporate jobs and culture for pursuing your own dream, as well as the fact that millennials – now the youngest in the job market – are starting to make waves with their generational choices.
For Millennials, that typically means that a job shouldn’t be a 9-5, but something that they’re passionate about. While the money’s certainly a (necessary) bonus, the fact is that they are successful because they’re doing something that they truly love – and that always shows to customers, particularly in the core values that a business has and the pride the people working in it have. In short, credibility and trust skyrocket. Loving what you do also helps to prevent the dreaded burnout threat.
It’s also important to note that as Millennials are in their 20s and 30s, they’re also the right age for this lifestyle. Not only do they have more energy, they’re also in a good place to get success earlier and not to be too encumbered with responsibilities. Youth also brings adaptability, and of course, the internet is allowing for multiple streams of revenue and different businesses to be set up at one time.
Another interesting trend, related to this is that many young people can move to places where their business will thrive – for example, if you’re interested in a tech startup, you’re going to want to move to Silicon Valley or another tech mecca such as Austin, TX, rather than stay in a state where tech is 10 years behind the curve.
Outside of this startup culture, it’s also clear that many people are opting to go for successful franchises or purchasing a proven business to kickstart their success. Sure, the outlay may be larger, but the advantage is buying into a model that’s proven and already has an immediate customer base and cash flow. All the smart entrepreneur has to do is build on that.
It’s also worth noting that during this explosion of small businesses, older, larger businesses are crumpling. Sears, Macy’s and even Walmart aren’t as huge or impenetrable as they once were. There are many theories as to why, but one general theory that holds a lot of consensus is that they’re simply behind the times and not showing the same level of expertise when it comes to their products as the niche-rich websites and web content marketing savvy marketers driving them to the top of the ranks.
As we all know, buyers want information – and looking at big box store websites, there’s often scant information to be found, especially contrasted to the targeted expertise of niche sites done well. While some entrepreneurs are afraid of targeting niches, this segmentation is a powerful strategy that lets them thrive by being an expert in something unique, while also delivering the right message to the right customer at the right time.
Today’s young and smart entrepreneurs also have access to one thing that they didn’t a decade ago – crowdfunding. Kickstarter and sites like this make it easy for great ideas to get funding, and the result has been an explosion of innovation thanks to this validation of business ideas that also provides funding for those critical first moments of the venture.
This, in turn, has lead to the adoption of the lean startup method – a simple one which dictates that business ideas need to be tested and validated prior to rollout for cheaper startup execution. Combine this with the high availability of remote workers and the automation of repetitive tasks, and many – especially online – businesses don’t need to spend a lot of on office space, manufacturing, or even the crippling expense of a full-time workforce.
In short, the fact that small business is currently booming points to one thing: Millennials. Despite what you might read in the news about precocious snowflakes who are terrified of work, many in this generation are showing an entrepreneurial spirit that matches any other generation in the United States.
And, as they come of age and start to make genuine impact on the economy around them, it’s clear that this is a generation that prides itself on autonomy, choice, and the ability to find their own way in life instead of sacrificing their life for the betterment of a corporation and its investors.
As a marketer, you’re a part of this exciting movement, whether you’re a Millennial or another generation. You’ve chosen a lifestyle that’s demanding but does allow you to follow your passion and even make a difference while giving you a chance to take your financial freedom back.
It’s not always going to be easy, but revolutions rarely are. With the internet, you’re now able to adapt and improvise, building a business empire that gives you satisfaction, helps you to grow your bottom line, and even make a different in your community and the world around you.
The future’s bright – and it’s ours!