When people talk about entrepreneurs and small business owners, there are a number of characteristics used to define them. They’re creative, always-learning, bold, etc. These are individuals that take risks and willingly embrace discomfort for the potential of what could be.
More than that though, successful small business owners have a knack for positive thinking. This isn’t to say they’re blindly optimistic—there’s a difference between the two.
Positive thought is a chosen lens. You’re not disregarding the hardships in front of you or assuming everything will be okay because it always has been. But you still embrace the potential for resolution knowing it may look different from what you had imagined.
The future of small business and entrepreneurship may not play out in ways we thought it would six months ago but it certainly won’t cease to exist. Here’s what to expect.
Small Businesses Will Be More Profitable
The pandemic has put a spotlight on business financials. Those focused on revenue alone, working to break even, immediately felt the weight of decreasing sales and stay-at-home orders.
In the future, small businesses and entrepreneurs will put more of an emphasis on profit. They will focus on quality products, services, and business relationships built for the long haul, rather than simply working to sustain the status quo month-to-month.
Additionally, as more businesses embrace eCommerce, the overhead costs associated with brick and mortar decrease. And as large companies grapple with minimizing internal costs, they’ll look to outsourcing services to small businesses eager to fill the gaps.
Small Business Owners Will Be Happier
Recent stressors have brought a lot of perspective to business owners on a personal level. It takes a lot of willpower and perseverance to push forward with a business you love in hard times. It takes, even more, to do so with a business you tolerate.
Moving forward, more small business owners will focus on doing what they love. This doesn’t necessarily mean everyone will start new, different businesses. They might simply outsource operational tasks they don’t enjoy elsewhere or hire a virtual assistant. There are plenty of ways to enjoy what you do beyond changing your career trajectory altogether.
Additionally, with tough times putting what’s important into perspective, there will be a shift towards greater work-life balance. More people will embrace spending time at home and, more importantly, prioritizing who and what they put their efforts toward.
Everyone Will Be More Resourceful
Bakeries have become sellers of at-home bread making kits. Fitness studios have become masters of online content creation.
To remain relevant, small businesses are working with slashed budgets, what they know, and the channels they have to reach people. They’re finding a niche and running with it. It’s this kind of adaptability and resourcefulness that will continue to prevail as positive thinkers trudge forward on the path towards what could be.