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Small businesses are having a strong holiday season, with an estimated $17 billion in spending reported on Small Business Saturday alone, according to American Express.
Dave Charest, director of small business success at Constant Contact, which helps millions of small businesses around the world, says having a successful holiday season is the key to survival for many stores.
According to Charest, half of small business owners say holiday shoppers are important to their year-round success, and 75% of retailers say holiday shopper sales account for an increase in annual revenue. It is reported that they account for 25%.
“People are doing well so far and can come back from their holidays with confidence,” he said. “They're looking for ways to continue that momentum.”
One common mistake, he said, is that many companies don't have a plan to retain first-time customers. When you are disconnected, you miss the opportunity to grow your customer base.
Ahead of the holiday shopping season, 84% of consumers said they planned to buy from a new small business, but 27% of first-time customers never heard from that business again, Charest said.
Constant Contact helps small businesses plan to stay in touch with returning and new customers throughout the year. So when a shopper prepares to make a purchase or is asked to recommend your business, your business will be top of mind.
“It's really about helping small businesses become better marketers,” Charest said. “It can really have an impact.”
The beginning of the year is also the time when many people decide to start a business. Depending on the nature of your business, Charest says it can be done for about $10,000.
“With the situation we're in, there's never been a better time to turn your side hustle into a small business,” he said.
The economic downturn caused by the pandemic has caused many layoffs and stimulated people's creativity, Charest said.
One husband-and-wife team he knows went from making hot sauce on the side to starting a business.
Forbes contributor Rachel Wells agrees there's never been a better time to start a business. “The outlook is certainly bright for aspiring entrepreneurs,” she wrote in a Nov. 16 article, noting that the global side hustle industry is projected to grow to $14.39 billion by 2030.
“If you're thinking of dabbling in entrepreneurship and believe you have the skills, drive, and knowledge to invest in and grow your own venture, here are six reasons why you should give it a try in 2024. ” Mr. Wells wrote.
artificial intelligence. AI-powered business tools can be used to assist with manual tasks such as accounting, content creation, customer service, templates, marketing, and many other aspects of running a business that traditionally take a long time to complete.
work remotely. Expanding the ability to work remotely reduces the need to worry about accessibility issues and how your business will impact your personal and family responsibilities.
Easy networking. Social platforms like LinkedIn have made it easier for professional networking to lead to business opportunities. The number of users on LinkedIn jumped from his 675 million in Q1 2020 to approximately 950 million by Q3 2023.
Freelance marketplace. Thanks to sites like Fiverr, UpWork, and LinkedIn's services section included in your personal LinkedIn profile, you can promote your services and showcase your skills in front of thousands of customers.
Website production. A variety of popular and lesser-known website builders, including Wix, Carrd, Squarespace, and Shopify, allow you to create your own professional site at a fraction of the cost of hiring a developer. Masu. They often come with pre-built templates that can be customized.
Recruitment. Pandemic layoffs have left behind a huge talent pool of former employees who are looking for work and offering independent consulting services. You can also pay for services such as graphic design, business advice, and marketing.
