The trend of small business in America started in the 17th century, when most of the colonists used to be small farmers. Competition was very low, most of the work was done manually, and there was lack of ambition among the entrepreneurs. The definition of small business has dramatically changed since then.
According to the statistics given out by Forbes in 2013, there are over 28 million small businesses in the US and the number has only been increasing since then. Below are the top three trends thatâ€™ll promisingly take these numbers to the new heights.
- Jobs Act Title III One of the greatest challenges small businesses face is fund raising. Title III of Jobs Act, has created a federal exemption under the securities law so that the smaller companies can make use of internet to raise capital money. â€œFor the first time, ordinary Americans will be able to go online and invest in entrepreneurs that they believe in,â€ President Barack Obama had said when he signed the bill three years ago.
- Pay-Per-Click Marketing In the era of conventional advertising, it was tough for the local businesses to determine if their ads are reaching the right audience. Pay per click marketing has emerged as a magic stick for these businesses. You pay only when someone clicks on your ad. PPC makes it possible for the businesses to display their ads only when the chances of conversions are high. It has made advertising simple, effective and affordable for startups.
- Cloud Based Facility Management The biggest hurdle in the expansion of small firms is management of infrastructure and space. Emergence of cloud based facility management software brought a sigh of relief to the small business owners in the US. It allows the organizations to automate the entire process so that they can focus on their core business activities. Artificial intelligence also eliminates the chances of careless mistakes and saves a lot of time.