Small Business Forecasts Going Into 2021 

As the entrance barriers continue to get slashed down for small business entrepreneurs, more and more popularity has risen in the small business world. Many Generation Zers and Millennials are seeing that they can act in creating their own small business like never. This has greatly altered the trends in the small business community and provides some striking forecasts going into 2021.

It’s Still Survival Of The Fittest

If you take a look at any of the statistics regarding the lifespan of small businesses, you’ll find some astounding results. One-half of all small businesses fail within their first five years of operation. Only about one-third of all small businesses maintain their operations past the 10-year mark. While opening a small business is much easier, less expensive, and provides more flexibility than it did 15 years ago, maintaining a successful business continues to be a struggle for men and women.

Amazon FBA Seems to Be the Way to Go

The technology that Amazon FBA has provided the general business community has changed the way that many businesses operate. It is not a surprise to many that eCommerce seems to be taking over the way men and women order their products. While other market players have been around like eBay and Facebook Marketplace, no one compares to Amazon FBA. The flexibility of this technology essentially eliminates the need for business executives to worry about the storage, packaging, shipping, and returns of their products. These activities can be outsourced to remote work personnel at Amazon FBA and provide more flexibility in the management of small business firms.

More Companies Will Hire Gig Workers

The flexibility of remote work has altered the usual way of earning an income for many people. Right now, it is estimated that 36 percent of the U.S. workforce is currently employed as freelancers. These individuals connect with companies for temporary remote work that has the flexibility to fit within their desired schedule. Many men and women do not want to live the 9 to 5 lifestyle anymore. With an increase in available technology, remote work is something that many companies are starting to outsource to freelancers. This is because it decreases their overall expenditures on benefits like health insurance and provides more flexibility for completion deadlines.

Remote Work Is More Desirable

As you just previously learned, more businesses are starting to outsource work to gig or freelance workers. However, that is not the only reason that remote work is on the rise. With widely available technology making it easier than ever before to access the necessary information and databases for a company from a remote location, more workers are choosing the remote work route. Lots of men and women believe that remote work allows them the capability to focus more on their job and, ultimately, get much better at it. In fact, many men and women have established permanent remote workspaces in their homes. This type of work also offers much in the form of flexibility when it comes to working times.

Competitiveness Has Moved Towards Leveraging Digital Technologies

As little as 10 to 15 years ago, small businesses had a major uphill struggle to get anywhere close to competing with large businesses. The introduction of new digital technology has changed the playing field. Now, small businesses can start to compete effectively with larger businesses. The use of digital technology has allowed company men and women to improve their productivity. In addition, small business is seeing a large decrease in overhead costs with the use of digital technology in their daily practices. Men and women should expect to see a stark increase in small businesses growing faster and larger businesses starting to downsize.

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