Once upon a time, aspiring business owners needed to ensure that they had a significant capital, business space and full-time employees in order to get a foot into the business industry and have a fighting chance at success. Fast forward to 2020 and people all over the world are starting their own businesses in a matter of hours. So, how did the business landscape evolve from one that was incredibly difficult to penetrate to the thriving giant that it is today? Well, one word: accessibility. In today’s article, we have a look at how the business world is becoming more accessible to newcomers, so read on to find out more!
Increase In Popularity Of Shared Work Spaces
Aspiring business owners all over the world have now hopped on the trend of shared coworking spaces. Shared workspaces started increasing in popularity about a decade ago, with many business owners choosing to share their workspace with other companies or businesses. The biggest perk that comes with shared office spaces is a huge reduction in what would otherwise be incredibly exorbitant rent.
One of the biggest challenges that business owners face is the fact that overhead costs often negate any amount of profit that the business is turning. Thanks to shared business spaces, not only is the business world made more accessible to newcomers, but it also allows like-minded individuals to work in a positive business environment that often even includes the benefits of shared resources and amenities.
The Rise Of Social Media
Back in the day before anyone even knew what the term social media meant, business owners had to work hard and set aside a massive budget for marketing and advertising. Before the technology boom, potential business owners had to rely on print ads, newspaper classified ads, magazine ads and even billboard ads to get their business noticed.
Thanks to the rise in social media, new business owners can now promote their business, products and services at zero cost whatsoever. Simply create a Facebook, Instagram or Twitter page and you have access to thousands if not millions of potential clients that are ready to support your business. Those who want to go the extra mile can even purchase sponsored ads that cost as little as $15 a day, depending on budget, compared to the thousands that business owners had to invest just 20 years ago.
The E-Commerce Boom
Thanks to online shopping, people all over the world are able to start businesses from the comfort of their own home. E-commerce has seen an incredible boom in the last 2 decades, with most retail giants hopping on the bandwagon too. E-commerce comes in all shapes and sizes, from people selling items on eBay to others selling their artwork and creations on platforms such as Etsy.
These online businesses take little to no startup costs, with anyone being able to take a photo of something they want to sell, post it onto a website and make a sale through Paypal almost instantly. In fact, it is predicted that e-commerce is going to increase by 200% in the coming years, which is fantastic news for anyone who is looking to start their own business online.
When you think of a business, you often think of tangible products or services being exchanged for monetary compensation. Whilst this is, in essence, the core foundation of business, we have seen in recent years that more and more people are now starting businesses that deal with intangible products.
Take, for example, professional Influencers, YouTubers or Bloggers who create content online and get paid for it. Whether this is through ad revenue on sponsorships, people are essentially starting their own businesses and selling intangible value to the public. This is something that would have never been possible even 20 years ago, but as we have seen, more and more people are now running their own businesses from home without ever having to send a customer a tangible product.
Embracing Small Businesses
Last but not least, in recent years, we have seen consumers actively embracing and supporting small businesses and avoiding large corporations. Whether reasons for this involve ethics, business practices or something else, there is no denying that the “shop local” movement has gained a ton of momentum in recent years.
Consumers are much more receptive to giving their business to small shops and startups, rather than funnelling their money to larger businesses. Due to this receptivity on the part of consumers, it had been made very much easier for newcomers to enter the world of business without worrying about profitability or the potential success of their enterprise in the long run.
As times change and evolve, so do consumer expectations and needs. The same can be said for business owners who now have a much better chance of getting their foot in the door than they would have decades ago. We hope that this article has given you some insight into the increasing accessibility of the business world.
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Founder Dinis Guarda
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