Ten Small Business Trends for 2010

These trends are based on my observations and what I believe to be relevant for 2010.

1. Social Media exploded in 2009 and in 2010 it will become even more popular. This is a must have for the small business owner as an easy and effective method to grow your business and develop relationships with prospects and clients alike. Reach more people, more quickly, more often. Get the ball rolling and connect with me on www.facebook.com/allisonmarlowe and www.twitter.com/allisonmarlowe

2. Multiple streams of income, not entirely new however there are definitely more and more small business owners realising they are unable to continue trading time for money. More business owners will be pursuing multiple paths and feel less afraid of changing direction.

3. Text messaging will become a mainstream marketing tool. In a time where we expect instant results, text messaging will become like email. Instead of collecting email address we will start to collect mobile numbers. Think about it, I am sure you already use your mobile more often than you do a landline. Recent research suggests that texting gets 7 times the response rate versus email. Get used to text reminders, notifications and special offers. Its here to stay.

4. There will be a big focus on Customer Service. The reputation of your business will become even more important. It’s a known fact in marketing that it is easier to ‘sell’ to existing clients than it is to acquire new ones. Look after your existing clients make sure you have something else to upsell to them, and then under promise and over deliver.

5. More women continue to start their own business and taking up leadership roles. In a recent government survey 86 % of women would set up a business again, 75% of respondents said work life balance is better when you run your own business, 78 % gained greater independence once they became an entrepreneur and 66% have enjoyed increased confidence.

6. Video is the most powerful personal branding medium. The use of video builds trust and connection far quicker than any other marketing tool. Remember, people buy from people they like know and trust. Video closes the gap between knowing someone and meeting someone. Are you using it yet?

7. There is a great social demographic trend towards Small Local Business. This can benefit you as there is a greater community focus and more local marketing opportunities are created to help you get out there and get known.

8. Think Web 2.0. again not a new phenomenon, but are you actively using applications that encourage collaboration and interaction with your clients? Interactive websites like wordpress or Blogging for instance? In 2010 we will be using the blog as an effective tool for keeping in touch with you. Make sure you are following us here or miss out.

9. Brand realisation not many women have created a clear brand for their business. Here’s a tool I think you will love to discover what your brand is and to get some great feedback on what your target audience are saying about you. mustexist.com

10. Keeping on top of what’s new in your industry. As a business owner you have a duty to keep up to date on latest developments in your specific niche area. The world of business is moving at an incredibly fast rate so you really do need to keep up with all that is going on.