Small businesses are booming in the wake of the pandemic, with an expectation that they will add $2.3 trillion to global GDP growth by 2024. However, this success has been a long time coming. Almost 100% of small businesses reported being affected by COVID-19. 59% reported having to lay off several employees, and almost 30% closed doors completely. Women-led and minority-led businesses were affected the most, seeing permanent closure, reduced sales, and layoffs on a regular basis.
However, the future is looking up, as the US saw closure rates fall to 16% in 2021. Online micro businesses also became more common as the pandemic continued. Americans created 2.8 million of them in 2020 compared to 2019, and 67% of owners report wanting to grow their microbusiness full-time. The process is slower, with many businesses still in survival mode. However, almost 50% of small businesses say that they are ready to start planning for a digital future, and a large portion are already working on it. Following the pandemic, many experts suggest scaling digital agency growth. If COVID-19 taught businesses owners anything it’s that they need to be ready for the unexpected. Therefore, owners that currently take on many roles could benefit from delegating and organizing operations to prepare for the long haul. Studies show that most small businesses are currently not ready for an influx of clients and demand. But now more than ever, owners that are serious about taking their business to the next level must consider these realities. The online space is only going to continue to become more saturated with small businesses; Get a jumpstart on success by doing the little things that will go a long way in today’s ecommerce market.