The Top Small Business Trends in 2023
If you're looking to expand or start your business, take a look at these small business trends and learn from your community.
America is getting small! Almost eight million businesses were in operation in 2019. More than 7.6 million of these businesses were small businesses.
One reason why there are so many small businesses is small business trends. Trends grab consumers' attention and allow businesses to stay afloat. Whatever your business market is, you need to understand a few trends for 2023.
How do customers want to buy their items? What values are consumers looking for? How can you grow your sales online?
Answer these questions and you can turn your small business into a money-making machine this year. Here is your quick guide.
More businesses are offering layaway options to their clients. This lets customers with limited incomes pay for expensive products. You can change additional fees to keep items in storage, but you can also go without fees, especially if your competitors charge them.
You can offer layaway for your most expensive items. Consider introducing it during months when you sell a lot of appliances. If it works, you can offer it again during the holiday season.
Some people don't know what layaway programs are. Run an ad or make a social media post explaining what service you offer. Mention its benefits and clarify what products do not count for layaway.
Buy Now, Pay Later
If you like the concept of layaway but want an alternative, you can try a buy now, pay later (BNPL) program. Your customer will buy a product from you and receive it at checkout. However, they pay for their product in a series of installments instead of the entire expense right away.
Your customer can give you their information so you know when and how they will pay. You can also run a soft credit check to see if they can pay. You can turn down the request for BNPL if their credit score is bad.
Some companies run BNPL plans with interest or additional fees. Though interest can help you make money, it can also drive away customers with low credit scores or low amounts of disposable income. Talk to a business advisor about whether a BNPL plan can work.
In a 2020 survey, 66% of consumers said that they consider environmental sustainability when they buy a product or hire a company. You should come up with as many business ideas as possible that make your company seem eco-friendly.
One way to become eco-friendly without affecting your business operations is to change your packaging. Order packaging materials made with recyclable materials and encourage your consumers to recycle them after using them. You can also create reusable packages so loyal customers can avoid using too many materials.
Installing solar panels on your roof can help you switch to renewable energy. You can also sell your excess energy back to the electric grid and receive credits from your utility company. Over time, you will make money off of your panels and reduce your carbon footprint.
Mention your sustainability efforts in your advertising. Use visuals reminiscent of the environment like leaves and flowers as subtle reminders of your practices.
If you want more ideas, talk to members of your local chamber of commerce and see what business trends they are following. Even if you don't get ideas, forming connections with local businesses can help you grow your company over time.
Free shipping may seem like a high expense on your part. But many customers expect to have free shipping, and more and more companies are offering it. If you don't have some type of free shipping, you may lose business to your competitors.
Consider offering free shipping for orders of a certain amount. If a customer spends $100 on your products, you can give them free shipping. This will encourage them to spend more time and return to your company for business.
You can also offer free shipping during the holidays or high-demand seasons. You should always offer free shipping on returns, though you can ask customers to contact you before they ship their products back.
If you do not have an online sales system, you need to develop one. Even as the pandemic is receding, many customers are not returning to stores to buy what they need. They are going online, and you risk losing those customers if you do not have e-commerce.
Talk to a website designer so you can find the right platform and develop an online store. Take good photographs of your products and write informative descriptions of them so customers know what they can purchase.
If running your own sales system would be too expensive for you, you can work with a third party on logistics. You can use Amazon FBA to move your inventory to Amazon warehouses and then ship them to your customers. This will save up room in your office and leverage Amazon's brand for your business startup.
If you already have a sales system, make some updates to it. Add new graphics and optimize the website for mobile users. Run sales so people are aware of your online store and are encouraged to shop with you.
Subscriptions are becoming popular, so consider selling subscriptions for your services online. If you sell clothing, your subscriptions can allow customers to receive new shirts and pants every season.
The Most Important Small Business Trends
Before you write your business plan for 2023, you need to look at a few small business trends. Come up with creative payment methods, including layaway and BNPL plans. Emphasize environmental sustainability when working with contractors and suppliers.
Encourage your customers to buy from you online by offering free shipping and a sleek e-commerce system. If you're not sure how to do this, talk to other businesses in your area.
Joining your local chamber of commerce will put you in touch with great business leaders. The Allen Fairfax Chamber of Commerce serves the Allen area. Contact us today.