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News: 17 Million New Businesses Are Expected to be Launched in 2022, Reports QuickBooks Survey

News: 17 Million New Businesses Are Expected to be Launched in 2022, Reports QuickBooks Survey

If you want to start a new business in the new year, then you’re not alone.

According to QuickBooks’ New Business Insights report, 3 out of 5 (57%) US employees thinking about taking the plunge into entrepreneurship.

And of these wannabe business owners, 20% will take the leap in the coming year, which will translate into around 17 million new businesses in 2022.

QuickBooks’ New Business Insights Report

The coronavirus affected most small businesses. But it is also true that the pandemic created many opportunities for online businesses, and people are reconsidering their priorities.

So, there is no surprise that 83% of people say that the coronavirus pandemic accelerated their plan of starting a business.

To gain control over their future, to be their own boss, and to earn more money are a few other common reasons why people want to start their own business.

Alex Chriss, executive vice president and general manager of Intuit’s Small Business and Self-Employed Group, said in a prepared statement,

When the pandemic hit, we saw an unprecedented number of new businesses formed as millions of people spotted new opportunities brought on by the ‘new normal’ or reevaluated their priorities. Now, almost two years later, we’re continuing to see this trend, as 2022 promises to deliver even more small business growth and prosperity.

How to Survive and Thrive Your Business in 2022

Thinking about starting a business is one thing, and doing it actually and making it a success is another.

The following business strategies can help your venture succeed in 2022.

1- Get Your Online Strategies Right

30% of customers don’t visit a salon if it doesn’t have a website, and 1 in 4 customers avoid a salon if it doesn’t offer online booking options.

So, even if your business model includes compulsory store visits, you cannot ignore online marketing in today’s time.

Popular online marketing strategies successful small businesses implement include:

  • Local SEO
  • Social media marketing
  • Search engine marketing
  • Content marketing
  • Mobile marketing

2- Manage Cash Flow Efficiently

Cash flow is a critical component of small business success. Without a good cash flow, businesses often end up bankrupt.

Therefore, you should manage your cash flow efficiently.

Here are some cash flow management tips:

  • Find ways to speed up receipts and processing of collectibles
  • Limit credit to customers
  • Cut costs
  • Increase sales
  • Send invoices without delay

If you search online, you can find plenty of proven ways to improve cash flow in your business.

Alternatively, you can participate in Ramon Ray’s Small Business Workshop where you will learn how to improve cash flow and other critical things to succeed.

3- Hire the Top Talent

Be it remote or on-site, you should look out for the top talent. Your employees are your crucial asset that can make or break your business.

If you’re able to take great employees on board, you will have:

  • More productivity
  • Better engagement
  • Valuable insights and feedback to work upon
  • Better customer service

Your job is not over once you have got great employees in your team. You should also beef up employee benefits to retain them, or else your competitors will lure them.

4- Focus on Your Customers

The success of your business largely depends on how your treat your customers.

If you offer customized service to your customers, they will feel valued. Consequently, they will not only give you repeat business but also recommend your business to their friends and family members.

The following points can help you make your customers feel valued:

  • Respond to your customers promptly
  • Give personal attention
  • Educate them so that they can make informed decisions
  • Celebrate their success

Last but not the least, send thank you note to your customers for doing business with you.

If you’re planning to run a solo business, you should get this Grow Your Solo Playbook to maximize your success.

5- Join Forces with other Businesses

When you start your business, you often don’t have a big marketing budget to spread the word about your business.

Joining forces with other businesses that complement the nature of your business can be an excellent strategy to save marketing dollars and grow.

For example: If you’re running a content writing agency, you can partner with a web-designing firm to promote each other’s business.

About the Report

QuickBooks hired an independent research firm Pollfish to conduct the survey that included employees from the US, the UK, and Canada. 8000 US employees were included in the survey. Click here to learn more about QuickBooks’ New Business Insights report.

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Source: Smart Hustle