Small Business Labs

OCTOBER 19, 2021

One of the hottest investment firms is Ark Investment Management.  Their investment focus is on firms creating disruptive innovation and their stable of exchange-traded funds has around $40 billion invested in them. Their recent article Social Commerce:  The Next Wave in Online Shopping outlines why they're forecasting social commerce to boom over the next 5 years.

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Small Business Labs

AUGUST 19, 2021

Barlow Research Associates A Generational Shift in Business Banking Behaviors Is Upon Us, and It's Not Just Among Your Millennial Customers covers the banking transaction channels used by small businesses by the age cohort of the owner. As the Barlow chart below shows (click to enlarge), there's a big difference in the use of mobile banking applications. 64% of Gen X and Millennial SMB owners (those younger than 57) regularly use mobile apps for their banking transactions.  Only 41

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Small Business Labs

AUGUST 9, 2021

According to the American Enterprise Institute's (AEI) The age re-retirement: Retirees and the Gig Economy , 20% of retired Americans also work in the gig economy. The article lists the usual financial reasons for working in retirement.   But more interesting is their description of some of the non-financial reasons.  Key quote: Ninety-six percent of over-65 workers reported that an enjoyable job is essential or important to living a fulfilling life.

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Small Business Labs

JULY 29, 2021

Regular readers know we like both new buzzwords and pet trends here at Small Business Labs. So it's no surprise we enjoyed Wunderman Thompson's article On-Demand Pet Care , which is a pet trends article (it covers new on-demand pet services) and has two buzzwords that are new to us - petrenthood and petriarcy. Even better, they are in the same paragraph in the article.  Key quote: Rover CEO Aaron Easterly explains that the company’s growth—as well as the growth of the sector—has be

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Small Business Labs

APRIL 8, 2021

McKinsey's Global Energy Perspective 2021 suggests the global demand for fossil fuels will peak in 2027 and steadily fall afterwards.   As McKinsey's report chart below shows (click to enlarge), global coal demand peaked in 2014 and they are projecting oil demand to peak in 2029, and natural gas demand peaking in 2037. Other forecasts are even more aggressive.  A recent report by the International Energy Agency suggests oil supply and gasoline demand may have already pe

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Small Business Labs

MARCH 8, 2021

Barlow Research is one of our go-to sources on all things related to small business use of financial services. Their article Five Truths about International Business in the Middle Market covers survey research on the exporting and importing by U.S. firms with between $10 million and $500 million in sales (midmarket companies). As shown in the Barlow chart below (click to enlarge), the key finding is that about one-third of firms in this size category conduct business internationally.

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Small Business Labs

JANUARY 28, 2021

The number of people who have side hustles (also called side gigs) has been growing rapidly over the past 5 years.   The reasons for this growth - and how to start and run a side gig - are nicely explained in CNBC's extensive field guide The Ultimate Side Hustle Guide. Key quote on why more people are starting side gigs: "Starting a side business is one of the smartest financial moves you can make right now.

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2021 Budget UPS 266

Small Business Labs

DECEMBER 8, 2020

In the recent election, California voters overwhelmingly passed Proposition 22. The passage of Prop 22 means that firms like Uber and Lyft can legally classify their drivers as contractors instead of employees.  And it has also effectively created a new, 3rd way to classify workers. The reason is Prop 22 requires firms like Uber and Lyft to provide their drivers with benefits not normally given to independent contractors.  Other countries have long had third ways to classify workers.

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Small Business Labs

DECEMBER 7, 2020

The interest and investments in vertical and indoor farms has been growing steadily for several  years. This is due to the advantages of indoor farming. By taking plants out of their outdoor environments and moving them inside to a controlled environment you can eliminate the problems associated with drought, pests, weeds and extreme weather. You can also locate farms closer to urban areas, which means fresher produce for consumers and lower transportation costs.  But COVID-19 has ad

Environment 228

Environment 228

Small Business Labs

AUGUST 31, 2020

According to the National Human Genome Research Institute synthetic biology is: " a field of science that involves redesigning organisms for useful purposes by engineering them to have new abilities. Synthetic biology researchers and companies around the world are harnessing the power of nature to solve problems in medicine, manufacturing and agriculture." Synthetic biology is not a new trend.

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UPS 196

Small Business Labs

AUGUST 3, 2020

It's looking much less likely the U.S. will experience a sharp, V-shaped recovery. Instead, a growing amount of data is indicating a slower, "swoosh" shaped recovery is likely. The swoosh refers to the shape of Nike's logo and indicates a recession that starts with a steep decline and is followed by a gradual recovery. According to the Wall Street Journal's Economic Forecasting Survey, 70% of economists think the recovery will be swoosh shaped.

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Health AT&T 272

Small Business Labs

JULY 13, 2020

According to U.S. Census data, the number of white Americans fell by close to 100,000 in 2016 and continued falling in 2017 and 2018.   As the Brookings' chart on this data below (click to enlarge) shows, the white population change in the U.S. has been declining for several decades.  But in the last 3 years, it fell. Key quote from the Brookings report on this data :  An important finding in the new census data is the decline of the nationwide white population for th

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Small Business Labs

JULY 2, 2020

Morningstar's 75 Must-Know Statistics About Race, Income, and Wealth covers a wide range of U.S. financial indicators by race.  Key article quote summarizing these statistics: "On average, people of color experience significantly lower levels of income, retirement savings, and rates of homeownership than white Americans. Those shortfalls contribute mightily to other ill effects: poorer healthcare outcomes, lower educational attainment, and shorter life expectancies, for example.

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Small Business Labs

JUNE 24, 2020

The Effects of the Coronavirus on Hours of Work in Small Businesses , from Yale's Tobin Center for Economic Policy, shows the pandemic's dramatic and ongoing impact on small businesses.  The study uses data from Homebase , which provides scheduling and time tracking tools for small businesses, to measure the change in overall hours worked by small business employees.

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Small Business Labs

MAY 27, 2020

According to the  U.S. Census,  the number of   nonemployer small businesses increased to 26,485,532 in 2018, up 3% from 2017.  Nonemployers are businesses that have an owner but don't have paid traditional full or part-time employees (W2 employees). The data comes from tax records and you can think of nonemployers as solopreneur businesses (some exceptions apply - see below).

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Small Business Labs

MAY 18, 2020

MBO Partners recently released its 2020 Client of Choice study results, which found that 7.6 million independent professionals (freelancers, independent consultants, etc.) provide their skills to business clients.   And as the report chart below (click to enlarge) shows, the number of independent professionals in this space has grown rapidly over the past decade - increasing at almost 4 times the growth rate of overall employment during this period.  Independent professional se

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Small Business Labs

MAY 5, 2020

According to the research firm Barlow Research Associates , the average small business owner is 60 years old. And as the Barlow chart below shows (click to enlarge), almost 40% are aged 65 or older.  This raises an interesting question.  How will older small business owners react to the pandemic? Will they continue operating their businesses, or will they shut them down?

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Small Business Labs

APRIL 16, 2020

On April 2nd we released a set of scenarios with estimates of how high the unemployment rate may go in 2020 due to the pandemic induced recession.  As our chart below (click to enlarge) shows, already the current estimated unemployment rate (18%) has likely reached our optimistic case (18%).   Last week's unemployment claims came in at 5.2 million, which brings the total unemployment claims over the past 4 weeks to 22 million.  22 million is a bit over 13% of working

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Small Business Labs

FEBRUARY 20, 2020

OK, it's well known that Internet advertising has been growing rapidly.  But even knowing that, the chart below (click to enlarge) is still stunning.   The chart is from Adage's Marketing Fact Pack 2020 and shows that the internet's share of U.S. ad spending has increased from just 6.4% in 2006 to over 50% in 2020 and is forecast to reach 60% in 2022.

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Small Business Labs

JANUARY 27, 2020

California's new gig economy law, AB5, is not being well received by independent creative professionals.  Freelance writers, musicians, actors, artists, and other creative professionals are finding the new law is damaging their livelihoods. Indie musicians are a good example. Key quote from the musician's Change.org anti-AB5 petition : AB5 will have a devastating and catastrophic impact on independent musicians, their livelihoods and the music industry in general in California.

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Small Business Labs

DECEMBER 17, 2019

Skift is one of our favorite publications. It covers the travel, dining, and wellness industries from a business perspective. Because of their remit, they report on a wide range of interesting trends. The recently released their 10 Business Travel Trends for 2020. The 10 are: The Power of Being There in Person. Designing Great User Experiences to Boost Adoption.

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Small Business Labs

OCTOBER 1, 2019

MetLife recently released The Gig Economy: Opportunities, Challenges, and Employer Strategies. Key quote from the study press release : The report’s findings demonstrate the fundamental impact gig work is having on the American workforce in the changing work-life world, as employees are increasingly drawn to the allure of flexibility, autonomy and desire for purpose in their work.

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Small Business Labs

SEPTEMBER 3, 2019

According to a survey from the National Foundation for Credit Counseling , military service members and their spouses are turning turn to the gig economy to supplement their income.  Key quote from the study site : The findings of this year’s survey are a clear indication that military households are turning to the private sector for supplemental income.

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Small Business Labs

AUGUST 26, 2019

According to data from the 2019 MBO Partners State of Independence study , 83% of full-time independent workers report working remotely at least some of the time, and 31% report working remotely full-time. As the study chart below shows (click to enlarge), this is substantially higher than what traditional full-time job holders report.  That full-time independent workers are more likely to work remotely than full-time traditional job holders is no surprise.

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Small Business Labs

JULY 23, 2019

That side gigs - part-time or occasional work to supplement income - have become more common is hardly new news. Nor are the reasons behind the growing number of Americans with side gigs. Simply put, workers up and down the income ladder are finding that their compensation simply doesn’t keep up with rising costs, especially of education, health care, and housing.  Because of this, more Americans are turning to side gigs to help them make ends meet.

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2019 Skills Health UPS 114

Small Business Labs

JULY 22, 2019

Predicting the Next Tech Disruption from Big 3 Strategy Consulting firm Bain and Company discusses 4 forecasting tools (shown below) Bain uses to predict when disruptive technologies will be widely adopted. Two of the tools - experience curves and adoption curves - have been around a long time and widely used. For example, we use both - and especially adoption curves - in our forecasts.

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Small Business Labs

JULY 1, 2019

It's been a busy couple of weeks for gig economy studies. Below is a list of 4 of the recently released studies. 1. Want Your Business to Thrive - Cultivate Your External Talent : The Society for Human Resource Management (SHRM) and Success Factors teamed up for study, which surveyed independent workers, managers who hire independent works and HR employees.  The goal of the study was to get a 360 view of external labor use by businesses.

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Small Business Labs

JUNE 25, 2019

One of the biggest shifts uncovered by the MBO Partners State of Independence study series is the increased use of online marketplaces to find work by freelancers and other independent workers. As the study chart below shows (click to enlarge), in 2012 only 3 percent of full-time independent workers reported having used an online marketplace to find work in the prior 12 months.

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Small Business Labs

JUNE 13, 2019

Yesterday the CEO's of Uber and Lyft published an op-ed in the San Francisco Chronicle offering to support efforts to improve the working conditions, wages and rights of their drivers.  The offer is in response to a bill in the California legislature that would make it much more difficult for companies to classify workers as independent contractors.  The new legislation would codify a ruling by the California Supreme Court in the Dynamex case.

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Small Business Labs

APRIL 22, 2019

The 2019 U.S. version of the Global Coworking Unconference Conference Series (GCUC) happened last week in Denver. Over 500 attendees showed up to discuss the state of the coworking industry and learn from one another. It was clear from the discussions and presentations that the state of the coworking industry is excellent. The industry continues to grow at a rapid pace, niche and independent coworking spaces are thriving, and the big coworking chains continue to expand.  One thing that cau

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Small Business Labs

MARCH 12, 2019

MBO Partners recently released their 3rd annual Client of Choice study.  Like prior years, the 2019 study focuses on the growing group of highly-skilled independent professionals (freelancers, independent consultants, etc.) who provide services to businesses on a regular basis. And the number of independent professionals has grown quite rapidly.

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Small Business Labs

MARCH 11, 2019

Quartz's Life coaches are the new personal trainer highlights a trend we've been tracking since 2008 , the growth of personal services.  These are what noted labor economist David Autor calls "wealth work"   A good example is the growth are personal trainers. Back in 2000 there were so few the Bureau of Labor Statistics (BLS) didn't track them.

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Small Business Labs

FEBRUARY 5, 2019

Colliers International, a global real estate services and investment management company, recently released their 2019 U.S. Flexible Workspace Outlook Report. According to the report's introduction, its purpose is "to help office occupiers and investors alike to better understand: • The rationale behind using flexible workspace • Examples of leasing models • Types of experience models • The volume and characteristics of flexible workspace in leading U.S. markets • Key issues facing the se

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Small Business Labs

JANUARY 15, 2019

The Brookings Institute is a large and influential DC public policy think tank. They recently released a report with their 2019 Trends to Watch. The report is targeted at government policy makers and lists the issues Brookings experts "expect will shape the world this year and the solutions to address them." Although targeted at policy makers, many of the trends are on technology, trade and other issues related to business.

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2019 Policies Agencies Legal 140

Small Business Labs

DECEMBER 20, 2018

We'll see you in 2019.

Holidays 119

Holidays 2019 119

Small Business Labs

NOVEMBER 20, 2018

The U.S. Small Business Administration's (SBA) Office of Advocacy recently released A Look at Non-Employer Businesses , a one-page summary of key data on non-employers businesses. "Non-employer" is the terms used by government agencies to describe businesses that have a business owner, but no traditional (W2) full or part-time employees.

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Small Business Labs

NOVEMBER 19, 2018

There's been a recent flurry of articles on retirement, mostly focusing on older people staying in the workforce longer than prior generations. An examples is Harvard Business Review's When No One Retires. It covers the fact that the world is rapidly getting older, as is shown in the article chart below. It also goes into detail on what this means for corporations and their workforces.

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Retirement 2016 Expenses AT&T 169