2015 is officially here! And business forecasters all across the internet are scrambling to their crystal balls to give their predictions as to what is, and isn’t, going to work in the new year. Of course, if you regularly follow our blog, you’d know we beat them by a good month with our infographic “2015 Small Business Industry Predictions.” But just in case you missed it, or you want a refresher as to what we think will be the best industries to start a small business in, here’s a quick rundown of what we think is going to happen.
What industries are going to do well in 2015?
Drop shipping is one of the many strategies that you can use to fulfill orders for an online store. It is a relatively simple strategy, but it has some real benefits to it. One of the biggest benefits is that you don’t have to keep nearly as much material in inventory which is extremely helpful as many online storefronts are run by one or two people out of their home. Their garage or a shed probably serves as their inventory space. This means that they may not have enough room to hold many items in stock, but drop shipping can eliminate that hindrance and make keeping inventory stocked much easier as well as provide the additional benefits to the home-based business.
Get to Market Fast
As Practical Ecommerce points out, having a drop shipping arrangement is a great way to make certain that you can get products to market faster. This is because you don’t have to wait for the items to come in and, even more importantly, you don’t have to gamble on how many of those items you need to hold in stock to keep customers satisfied. You simply send the order to the manufacturer or a different warehouse and they’ll send the article out for you, with no risk involved.
Our blog has taken a turn for the Benefit Corporation lately, inspired by the momentum started by B Lab, the founders behind the movement, and this month we’ve created an infographic on how this fairly new entity has been taking the nation by storm. 20 states, along with Washington D.C., have passed Benefit Corporation legislature and our infographic goes in depth to discuss the growth of the B-Corp to come, a look at a few famous companies that you might not know are B-Corps, and a timeline that looks into how long it took states like California, Maryland, and Delaware to enact Benefit Corporation legislation.
When starting a home-based small business, you hope it will grow into a thriving empire…or at least a reliable ongoing income source. The key word is “grow.” And as your business grows, you’ll likely reach a point when you’re selling all you can produce without making serious changes to your business plan. Here are some ideas to help you overcome that plateau.
The economy is, thankfully, recovering, and entrepreneurialism has played a large role in helping it along. One of the most interesting parts of this recovery, however, is the emergence of new types of industry. Businesses have found all new niches to fill, and seven industries in particular have shown substantial growth in 2013:
Starting a business is a step by step process – starting with an idea, a business name, and creating a business plan. A business plan includes the purpose of your business and how you will go about marketing or advertising the same. It also includes the expenses, liabilities, assists, budgets, and how your business plans to make a profit and grow. Growth alone is a complicated subject where you have short-term and long-term growth plans based on how well your business is doing. Once you’ve done this, it’s time to address legalities such as licenses, insurance, recruiting employees, etc.
Working with a vendor offers certain advantages to a business. For example, ordering becomes a simple process and overall efficiency is improved. In most cases, the business enjoys a cost savings as well as less stress. Overall, the right vendor can make life easier for a business owner.
But there are lots of things to consider before going into business with a vendor. One of the top priorities is how that relationship will affect the future of your business.
Besides finding a vendor that can meet your needs, it is also important to find one that has good reputation. Associating with a company that is less than reputable can reflect poorly on your business.
You’ve just finished the end of your business quarter. Yes, it was busy and stressful, but thankfully very unlike the scene one of your colleagues described for his quarter’s end. He relayed a tale of sales staff pulling out their hair, piles of unsigned contracts, sales slipping left and right, emails unanswered and phone calls unresponsive. Fortunately for you, you not only met your sales numbers, you exceeded them. As a matter of fact, you’ve met your sales goal for the last three quarters. Your boss is pleased, your colleagues are envious, and your customers—they love you! What makes your clients different than the guy one office over? It’s no secret—happy customers are not only loyal, they will increase your overall success. How can you maintain this satisfaction? Let’s take a look: Continue reading
Although governments across the globe are beginning to appreciate the value the small businesses bring to an economy, this realization has come at a time when such ventures are experiencing immense financial difficulty. From 2008-2010 during the years of global recession between 2008 and 2010, a significant number of small businesses were lost to an unforgiving economic climate, which in turn led to a stagnated employment sector and diminished productivity.
This experience has taught invaluable lessons to firms that survived, however, with the result being that a number of small businesses are now far better equipped to consolidate their venture as the economy falters. The key to remaining solvent during a recession lies in implementing an integrated strategy for growth, and one that strives to cut costs while also laying foundations for the creation of new and independent revenue streams. Continue reading
Last month, we conducted our first ever MyCorp 2012 Survey for Small Business with five quick questions on the state of small businesses in 2012 and beyond with questions that focused on consumer spending, business spending, predicted growth of the business in 2013, the social media outlet you’re looking to establish for your brand, and quite literally the state of your small business – where you’re putting your business out on the map and which states are the most popular to form a small business in!
We tallied up the votes on Constant Contact, conducted the random drawing for our lucky $50 Starbucks gift card winner (congrats to Elizabeth Sneed!), and the results are in from our voters! Continue reading