Small businesses have been a growing force among the industry in
recent years, and the latest reports only strengthen that statistic. A study from Manta,
an online community for small business owners, looked into not just how
these startup owners and entrepreneurs are faring in the current
economy, but how they personally are taking to their ventures. The
majority of the responses were positive, and one interesting finding of
the study has to do with an up-and-coming demographic. The millennial
generation is blossoming in the small business market, and the survey
found both men and women business owners in this age group are seeing more success than the rest of their peers.
“Though a challenging undertaking, there are invaluable rewards that
come with being an entrepreneur,” said Manta’s CEO, John Swanciger.
“Millennials are also demonstrating they’re a new driving force behind
the small business community. It’s no longer assumed that recent
graduates will enter the traditional workforce. Companies will have to
adjust as millennials become a bigger force in the small business
space.”
Confidence abounds among small business owners
Manta surveyed 1,105 small business community members regarding their success so far in 2014 and predictions for the rest of the year. Confidence about the way things has been going was high for 68 percent of respondents, which is a 12 percent increase compared to last year’s sentiments. Overall, 83 percent indicated they believed the rest of 2014 would be more successful than the first six months for their companies.
Millennials make a big splash
People born between the early 1980s and the early 2000s, grouped together in the millennial generation, may be more successful than their older counterparts when it comes to running a thriving business. Approximately 76 percent of these individuals said the first half of the year smiled on their businesses, and a whopping 90 percent are confident the second half of the year will only get better.
Hiring has gone up and will continue to do so
Small business owners across the board are also making moves in terms of hiring more employees. Overall, 30 percent hired new staff members between January and June, a 10 percent rise over the previous year, while 35 percent are planning to do so before 2015. Among millennials, however, these numbers are much higher, confirming the group’s increasingly imposing presence in the industry. Nearly half, 44 percent, brought on new employees in the first half of the year, and 52 percent indicated they wanted to hire more people by year’s end.
Consumers backing small businesses too
Not only are entrepreneurs confident about the state of their businesses, but the general public is putting a lot of faith into them as well. A recent Gallup poll revealed that 62 percent of Americans have either “a great deal” or “quite a lot” of confidence in smaller companies, whereas only 21 percent felt the same about big enterprises. This could indicate a shift in consumer shopping trends toward small business that may prove company owners right in their predictions for the rest of the year. This can put strain on small business funding, so outsourcing certain departments such as payroll for small business may be wise to compensate for the expense of new hires.
Technology is an important driver for independence
To run a successful business, no matter what the company does, sells or provides its customers, technology is an integral aspect of success. This much may be well-known, but the Manta survey set out to determine which factors were most valuable to small businesses. Internet connectivity ranked as the No. 1 feature, with 39 percent of respondents backing this service. Mobile phones came in at a close second at 32 percent. Only 18 percent felt email was the top technology to have, and 3 percent cast their votes for organizational applications.
Source: http://buildmybiz.com/2014-already-shaping-successful-small-businesses
