What is a small business?
A small business is a privately owned corporation with fewer employees or a smaller annual revenue when compared to big corporations. A small business can have as little as one employee (the small business owner) and can range up to a couple of dozens of employees, depending on the country they are located in.
The classification varies depending on the country they are located in and can depend on the number of employees, total revenue, number of sales, net profit, annual gross, or even assets. It’s sometimes an advantage for businesses to classify as small businesses, as they may qualify for government help, exemption of taxes, and other benefits.
Ultimately, small businesses are everywhere and can be present in any industry. We may be used to hearing about tech startups or industry unicorns, but in reality, they can be the small flower shop in your block or the event-planning company your cousin is trying to start.
In contrast with the big corporations that dominate the markets, owning and supporting small businesses has become a trend in the past decade, and for a good reason. When you invest or buy from a local shop or hire from a startup, you are being an active part of the circular economy of your community and giving money directly to people just like you. Choosing a small corporation is more environmentally friendly and much more mindful.
In addition, these businesses tend to have much more attention to detail and are much more human than a multi-billion corporation, and the overall experience on both sides tends to be more pleasant. Shopping from a small business is a win-win for both sides. You get personalized service with attention to detail and a unique experience while supporting the community you’re a part of.
Small business trends for 2024
Like in any other industry, small businesses must adapt to the trends to keep their heads above the water. Keeping up with trending forecasts can help you, as a business owner, to be more attractive to consumers compared to competitors. Here are some of the trend forecasting for small businesses that you should keep an eye on in 2024:
1. Investment in social media
Social media is a great way to boost your small business. The low investment and potentially high return of social media are what attract business owners more every year. Essentially, social media is a tool that can be used to advertise and promote your business ultimately for free. Of course, as the business develops and the platform grows, investing in a full-time social media manager, graphic designer, and paid ads are natural.
But for a company that has just started, doesn’t have that much spendable revenue, or has other priorities at the moment, starting a profile on social media and posting consistently is a great way to begin and might be an essential step to connecting with your audience. Having social media presence shows your consumers that you exist and that they can trust you. After all, it feels much better to hire a service or buy a product from a company that you can actually see and interact with.
2. More services and fewer products
It’s a tendency in the small business world to offer more services to be hired than products to be bought. Services are often easier to develop and provide and don’t demand prototypes or the same quality control as products. When producing products, you need to look for and negotiate with manufacturers, which can be pretty time and money-consuming.
Thankfully, Wonnda is here to help. All you have to do is explain the product you have in mind, give us examples, and tell us about your budget and how many units you want to produce, and we will do the rest. We will match you with the best manufacturers for that industry and assist you in every step of the process.
3. Relying on software solutions for digital efficiency
Small businesses may not have the same disposable income, employees, or even time to worry about certain things. This is where software solutions come in. You hire a service from another company, and they provide software with an automated solution for your problem.
For example, sending emails to follow up with purchases can easily be automated with software. Or perhaps a filter for customer feedback, the overall organization of the company, quality control, and much more. All of those are tasks that can be optimized with software. They might be more expensive short term, but they are long-term solutions, as they will take work off your hands and optimize your life.
Create your private label product line with Wonnda – the European platform for white label, private label, and contract manufacturing
Are you interested in producing your private label products in Europe but don’t know how to get your production up and running? Whether you’re an aspiring startup entrepreneur with an innovative product idea or an existing retailer looking to diversify your assortment with your products, launching your brand through a private label or contract manufacturing could be just the step you need to take your business to the next level.
Here at wonnda, we work with top European producers for private labeling and contract manufacturing. The first step in getting your product to market is probably the most crucial – finding the right production partner for your project. The great advantage of wonnda.com is that you can let us do the heavy lifting. Just tell us quickly about your project or product idea. We will then approach the most suitable producers for your project and connect you with them. Sounds interesting? Then fill out the form!