Most of the time the news headlines are concerned with big multimillion dollar companies. It’s not that often that the news features small businesses. But the small business is still the backbone of the country.
Small businesses remain the lifeblood of our economy, employing nearly 58 million Americans and making up almost half of the nation’s private sector jobs.
According to many economists, with access to data and resources, cost-effective customer engagement tools, and market liquidity, there’s never been a better time to be an entrepreneur in this country. There is still a large demand and an economic need for small businesses.
But there are still some basics that entrepreneurs need to understand when it comes to starting a business.
In todays digital environment, people are becoming accustomed to doing business with a “click”, rather than a handshake. People are getting used to the idea of exchanging goods and services without Face-to-face interactions. But it’s a little different in business where the value of personal relationships with partners and vendors should not be under estimated. Good relationships with the local business community is a good way to learn and get advice when it comes time to make important decisions.
Along the same lines of personal business relationships are personal relationships with your customers. Many say that brick and mortar stores are dead and that investments should be made else ware. Although it may be true that opening a brick and mortar location can be risky, the human touch is still preferred by many. Brick and mortar locations can be used to compliment your online presence.
Todays technology and the rise of social media has been a huge resource for small businesses. Success will come to those who can use these resources to their best advantage. With all that technology has to offer to the entrepreneur, this is a great time to start a new business.