So what are the other important small business trends of the last decade that small businesses need to be aware of because they're still in play today and might be profit-makers for us? Here are two more:
Small Business Trend #4: Kiosks and Mini-Stores
Once again the large corporations led the way with this business trend. Somewhere, somebody at some point looked at an ATM machine and thought, "Gee, you really don't need a whole lot of space to make a transaction". Voila! The kiosk-within-a-store was born!
I'm guessing at how it originated, but definitely there's been a growing increase in businesses having smaller businesses conducting business in their stores. The bank with the branch in the grocery store, the ink cartridge refiller in the office supply store; businesses have found it profitable to either lease space in their commercial premises to others or to set up shop in someone else's store. You can use this small business trend to save money or to make some additional income if you have space you could rent out.
Your Action Plan to Profit From the Trend
- If you have commercial retail space, examine your space and see how things could be rearranged to provide you with space you could rent out. Then look for complementary small businesses that might be interested in using that space.
- If you're thinking of expanding your small business, consider the idea of opening kiosks or mini-stores in other stores rather than opening new full-size traditional storefronts.
Small Business Trend #5: Storefront? What Storefront?
Big and small businesses have become even more divergent over the last ten years. While big businesses have tended to strive to get bigger, merging with this or acquiring that, small businesses have tended to get... well, smaller - to the point that many small businesses now have no storefront at all. Thanks to the decreasing cost and increasing availability of technology, many small businesses find that all they really need is a phone and a vehicle, so they can communicate with their customers and deliver their products and/or services to them.
Earlier in the decade it was a cell phone and a laptop that made small businesses truly mobile. Now it's just as likely to be a Smartphone of some kind, so even the laptop is unnecessary. Depending on what they do, these small business people might have to store product or tools somewhere, but a storefront is definitely not a requirement.
Your Action Plan to Profit From the Trend
- If you currently have a physical storefront, examine your small business and see if having a physical storefront is necessary for you. In some cases, particularly service businesses, it might not be necessary.
Your Turn
These are, of course, the most important small business trends of the past decade in my opinion. What's yours? Is any one of these small business trends more important than the others for today's small businesses? Or are there important small business trends that I've missed? Say what you think the most important small business trends are here.
