Small businesses had a smashing 2016 and experts say this year could even be better – so long as you know what trends will take over and how the market will behave. If you’re a small business owner or hopeful, things are looking up. According to latest figures, the survival rate for small businesses have risen from 2015 to 2016.
So what do you need to watch out for?
Capital Will Still Reign
People have become more opportunistic than ever but success also translates to whether or not they can afford it. Small businesses can thrive if they have access to capital. It remains to be the defining factor of whether or not ideas can be realized or not.
In 2016, adequate financing remains one of the major concerns and problems of small businesses. That will not change for 2017. While this can be a challenge, it has also been opportunity. The need for more financing options has prompted the rise of business loan alternatives. There are more lenders now available beyond banks. In fact, loan providers have also proliferated the internet that it can take only days for small businesses to secure loans.
Small Business Owners Are Getting Younger
In the past, it seems like a natural order of things for older people to own businesses and young people not so much. These days, anyone can be a business owner given the range of opportunities available. In fact, a report from Entrepreneur says that between 2015 and 2016, there is an increase in number of entrepreneurs who are under 40. There’s always a room of entrepreneurs for all ages.
At Gapcap, we recognize that opportunities are vast and that we can extend those to small businesses in the best way possible.