How small business is shifting in 2023

Regardless of industry, the small business world is ever-changing. In 2020, we saw resilient small business owners shift their offerings and operations in the wake of COVID-19. In 2021 and 2022, we saw the ripple effect of this adaptability and a renewed interest in shopping small and locally. Now, we’re looking ahead at small business trends to see how things will continue shifting in 2023.

We recently worked with Andrew Grill, a leading Futurist, who has predicted key trends that will impact small businesses over the next five years. He notes that the pandemic has permanently shifted consumer behavior and sparked a reset in the way small businesses operate. And because small businesses have proven to be so agile, they’re well positioned to take advantage of this shift.

Here’s what he thinks the future looks like for these small business industries in the next five years:

• The fitness industry should be ready to embrace Virtual Reality wearables, as well as continued at-home workouts and equipment.
• Creatives and makers should look out for expanded, accessible 3D printing.
• Home improvement specialists can expect an increase in on-demand and customizable offerings, and should also look out for 3D printing solutions for spare parts.
• In the wellness space, Andrew believes most consumers will be using some sort of wearable technology to get real-time insights into their health. He also predicts an increase in ‘digital pills’ that can help improve voice assistants.
• Restaurants and cafes should expect a rapid adoption of robotics and automation in food and beverage prep.

Want to get ready for the future? Here are 4 ways you can prepare your small business for a strong start in the new year – and beyond:

1. Look for new opportunities & learn as much as you can.
2. Embrace change.
3. Revamp (or create!) your online presence.
4. Focus on free social media marketing.

1. Look for new opportunities & learn as much as you can.

Andrew suggests that small business owners take time to brush up on digital skills, whether it’s enrolling in a course or finding a mentor in your industry. Adding to your skill set now will pay off later, especially in a constantly-changing world.

Another way to prove your adaptability and reactivity is to look for and create new opportunities. During the peak of the pandemic, we saw all kinds of small businesses adapt – like a spin studio offering virtual classes and renting out their bikes to local riders. Whether you jump on a TikTok trend or take advantage of a local event, seize any opportunity that makes sense for your business.

Professional partnerships are also key in creating new opportunities. Whether you sell another maker’s products in your online shop or join forces with local fitness studios to host a pop-up, there are tons of ways to support other small businesses in your community—and boost your own business.

2. Embrace change.

When looking to the future, Andrew suggests that small business owners start experimenting with new technology. He also recommends exploring how automation can transform physical spaces and processes. If you’re able, Andrew advises appointing a ‘data champion’ within your business. This way, you’ll have one person dedicated to understanding the data you have now and knowing what you’ll need in the future.

3. Revamp (or create!) your online presence.

Whether you haven’t updated your website since you set up shop five years ago, or don’t yet have a website, the new year is a great time to prioritize it. Think of your site as a digital storefront, and use it to recreate the feeling of your in-store experience. Your site should be more than a virtual shop – include an about page, customer testimonials and high-quality photography. Also, make sure your site has all of the information potential customers need, like contact details and opening hours.

4. Focus on free social media marketing.

Social media is a great free marketing tool for all kinds of small businesses – whether you use it to showcase new products, connect with customers or run giveaways. During the peak of the pandemic, small business owners told us they used this time at home to prioritize their social media presence, whether with higher-quality product photography on Instagram, or live Q&A videos on Facebook. Small business owners also told us they’ve experimented with low-cost advertising options on social media and Google ads – great options if you’re willing to spend a little bit of money.