Since the pandemic started nearly two years ago, the only constant for small businesses has been change. For many businesses, the onset of the pandemic lead to major business model changes, new product or service offerings, and finding new channels to reach customers. Some people launched new businesses altogether after realizing opportunities in our “new normal.”
As we head into a new year, new trends are emerging from our changing behavior and government regulations on how businesses operate. Small business owners need to stay aware of the changes and movements that are driving business in 2022 in order to set themselves up for success.
5 Business Trends To Watch In 2022
1. Contactless payments and cash apps
With the need for contactless and virtual payments growing, many people have started relying on online payments or mobile cash apps like PayPal, Venmo, CashApp, and Zelle. If your business isn’t using these methods for payment, you may want to consider looking into them. As people look for faster, more seamless transactions that require less person-to-person contact, these apps will only grow in usage.
As a note, as of January 1st, 2022, there is a new regulatory change from the IRS. Previously, the IRS only received notifications when business transactions reached a $20,000 threshold on these platforms. Now, they will be keeping an eye on all business transactions of $600 or more made on cash apps. So, while this is not a new tax, it’s more important than ever to keep accurate financial records.
2. A continued uptick in e-commerce business
With the rise of cash apps for purchasing, the uptick in e-commerce business is also rapidly growing. According to a recent report from Adobe, Americans are predicted to spend $1 trillion online in 2022. This shift means that it is critical for businesses that sell online to have a mobile-optimized e-commerce platform. For businesses that don’t currently sell products or services online, this could be an untapped opportunity to grow.
3. The evolution of entrepreneurship
If the pandemic has shown us anything, it’s people’s ability to create. Around the world, people found new passions, started new side-hustles, and reexamined previously held ideas about what a small business “had” to look like. Countless new, exciting ideas and businesses were born from living rooms and kitchen tables. With the rise of social media platforms like TikTok, creators were able to share their ideas with the world and in 2022, this trend will accelerate even more.
4. Authenticity and empathy
For the past several years, we’ve seen shifts in customer behavior to favor “authentic” brands. Your business is no longer just a transaction-based entity, customers want to know who you are and why they should do business with you. Empathy is no longer a luxury but a powerful skill for normalizing life and work challenges and helping people connect with your business.
5. Remote or hybrid work
Due to quarantines and lock-downs, many employers had to transition their teams to remote or hybrid work and now, they’re starting to see the value in retaining this model. If you’re transitioning your team to a remote or hybrid model, ensure that you have the right technologies and software systems your employees need to be successful. You also should look for new ways to bond with your remote workforce to ensure that your team still feels connected.
How coworking can help set you up for success
If you’re one of the many businesses trying to find the right hybrid work model for you, or you’re a new entrepreneur who is ready to graduate from working off of your kitchen table, joining a coworking space could be the right fit for you. Coworking spaces offer flexible workstations, a network of other business owners, and a dedicated space for you to focus on your business.
At Versa, we’ve curated our space with the intent to inspire you. Our workstations are brought to life by thoughtfully designed and well-appointed amenities and a dedicated team of on-site staff. Schedule a tour today to see how Versa could be your space for growth.