Many small businesses that started off in 2015 haven’t made it into 2020, and if they have, they might not be doing so great. According to Forbes, a significant number of small businesses fail in the first five years. Although 80% make it through the first year, when they have money and funds on their side, the success rate begins to plummet as the 5-year mark pulls up.
According to the U.S. Small Business Administration, anywhere between 45% and 51% of businesses survive the 5-year-mark. And in 10 years, just1 in every 3 businesses survives.
If you’re beginning 2020 as a small business that was set up in 2015, you probably have lofty aims, ambitions, and targets that you want to explore. But you also want to bear in mind that you’re one of the 50% of businesses that have survived the fatal 5-year-mark—and that you have 5 more years to go before you’re very likely to have a firm place in New York’s small business landscape.
To ensure that this happens, here are some effective ways of ensuring your business’s longevity beyond 2020:
Don’t be a Boomer
The future is in the hand of young people—and this rings true for people who will be your customers in the next five years. So when you’re planning ahead, tap into this lucrative market.
The internet makes things both easy and complicated for you. The good thing is that millennials and the Gen Z population are totally sold on it, and can be easily reached through social media platforms and search engines.
The downside is that you have to stand out, because the market, as well as the digital space is saturated with similar companies and firms that are selling similar products and services.
You need to liven up your marketing strategy by taking an omni-channel approach;employ all kinds of social media platforms—from YouTube to TikTok—to reach an ever greater audience.
Moreover, when posting on your social media accounts, ensure that you’re posting the right content and targeting the right keywords. If you don’t think that social media will help you with conversions, you couldn’t be more wrong!
As a business, you need to start rebranding yourself to fit in with the dominant narrative for this coming decade: sustainability. What Greta Thunberg’s recent revolution and the Australian fires, consumers are finally becoming more careful about their purchases and are gravitating toward “green” alternatives to existing products.
Even if your products aren’t biodegradable, focus on adopting “green” keywords as part of your business model.
Go Big or Go Home
And when we say Go Big, we mean you need to pay e-commerce some real attention. Statista predicts that in 2022, e-retail revenue in the U.S. alone will mushroom to 6.54 trillion dollars.
Online shopping, similarly, continues to dominate. As of 2018, people were still relying on desktops to do most of their shopping, but the trend is moving fast toward mobile phones dominating.
With online shopping on the rise and the power of SEO to back you up, you might not even need physical locations. All you need is a strong online presence, and a professional SEO team that’s helping you reach more and more potential customers by getting it right on SERPs.
Focus on fast checkout processes, building better websites, clearing clutter from your pages and making navigation easier, having a live chatbot to help viewers make decisions quickly, publishing quality content, ensuring communication via newsletters, and partnering with a reliable New York SEO service etc.
These aspects of Search Engine Optimization will be your best friends in the coming year and in the next decade, especially if you’re a business owner in a city as competitive as New York.