Small businesses have already weathered many storms, and news of rising inflation rates only serves to add extra layers of uncertainty for small business owners. In this article, we explore the top four predictions of what small business owners will face this autumn.
1. Side hustles will become more prevalent
It is very likely that to combat the rising cost of living, more people will start a side hustle to complement their salaries from their main employment. Similarly, others who are already experiencing self-employed success will look for ways to grow their businesses. Whether in Scotland or Stroud business coach support is available to help prospective business owners to launch their side hustle and increase their chances of success.
2. There will be an increased focus on well-being
Business owners are stressed, of that there is no doubt. Therefore, it is essential that the growing trend for self-care continues, and that business owners and employees alike maintain a focus on well-being. This ensures that they can adapt and grow their businesses and combat the challenges that they face without impacting their own mental, physical, and emotional health.
3. Growing importance to project an environmentally conscious image
The modern consumer is committed to reducing their carbon footprint, and increasingly they have the expectation that the businesses with whom they deal will play their part in this.
Small business owners should ensure that they select environmentally friendly packaging and shipping options wherever possible. They should also make effective use of social media and other media channels to appeal to their target customers.
4. Increased need to seek specific business support
Overcoming the challenges faced by small businesses is easier when tackled as a community. There are many UK government grants available for small business owners, and business coaching services such as https://www.randall-payne.co.uk/services/business-advisory/business-coaching/ are well placed to connect business owners with the tailored support that they need to achieve business success.
In conclusion, autumn 2023 will be a challenging period for many small business owners. But with perseverance and the right support, your business can emerge stronger and future-ready.