Entrepreneurs should leverage generative AI, mobile payments, social media and networking to accelerate their growth during the busy season and beyond, according to GoDaddy marketing experts.
Submitted by GoDaddy
Watch the video here! Transcription provided below.
Natalie (Host): Hey entrepreneurs, my name is Natalie Engler and I'm a communications manager with GoDaddy. On our mission to help entrepreneurs around the world thrive, GoDaddy is pleased to share from the experts how you can prepare your business for busier times of the year like the holiday season. Let's start by reviewing the data:
According to GoDaddy’s Venture Forward research initiative, 38% of microbusiness owners surveyed say their long-term business aspiration is to “be a solopreneur and remain small.”
And, 30% want to be a small business with “some employees and/or a physical location…”
Natalie: Wow, that's nearly 70% of respondents stating they want to remain small in their operations. Let's chat through this further with GoDaddy's chief marketing officer, and corporate sustainability and ESG manager.
Fara (Guest): I'm Fara Howard and I'm the chief marketing officer at GoDaddy.
Ebony (Guest): I’m Ebony Janelle, and I'm a manager in corporate sustainability and ESG, primarily working with Empower by GoDaddy, our inclusive entrepreneurship program.
Ebony: Some of the top challenges that small business owners are facing that they're telling us are access to funding, establishing an online presence and marketing their small business. GoDaddy exists to support all entrepreneurs, no matter their circumstances or barriers that they're facing. In 2017, when we launched Empower by GoDaddy, our social impact program to equip entrepreneurs with the training and tools and resources they need to be successful, we decided to partner with local nonprofits and community partners to learn from the entrepreneurs that we're serving through Empower by GoDaddy about the challenges they're facing. Even with the challenges that they're facing, they prefer to stay small, because they're trying to build generational wealth and pass their business on to their family. In addition, lots of small businesses are mission driven and are existing to support positive change, and work on social problems.
Fara: Ebony, will you give me a little bit more context on what you mean when you say that small business wants to stay small. I know many entrepreneurs want to grow and be successful. Give me a little bit more detail.
Ebony: Just because a small business wants to stay small, doesn't mean that they don't want to be successful. They want to stay under five employees. They want to keep it manageable, so that when they go to build that generational wealth and pass the business on, the next level is able to still support that without any major hiccups, one that you're able to work in with day in and day out.
Ebony: Fara, let me ask you this, knowing that small businesses have these challenges, how can small business owners strike a balance between growth during the peak season and the desire to remain small?
Fara: It's a real challenge, I would imagine for the average entrepreneur to deal with the hecticness of the holiday season. So, there are a few things that I think are important for small businesses to keep in mind so that they can manage the business and grow. Number one, have really clear goals and know that oftentimes in the back half of the year, you may actually build a sizable amount of your annual growth in that timeframe. So, number two, be ready, have your products available, have your website up and running. And you may actually need additional support if you have an in-store location, just for that period of time. And then the third is, remember that the customers that you acquire during that peak busy season can be your customers next year. Use email marketing, use social marketing, stay in touch with them, so that you can continue to grow your relationship with them as you grow your business.
Ebony: Talk to me about some of the top trends that you're seeing small businesses utilize.
Fara: Two big trends that I would contest are here to stay, one is generative AI. I know we're all talking about it. It's impacting every industry. And for entrepreneurs, generative AI is a huge benefit on two big fronts. Number one, it's going to save you time and number two, it's going to help you get and retain customers. Now, if you haven't used generative AI, you might be saying how? How can this work? And ultimately, generative AI is an amazing tool to help you answer questions that you may not know the answer to offhand. And generative AI is often built into products to help you do things faster, whether it's writing product descriptions or creating social media posts. There's a huge amount of information on generative AI on GoDaddy.com and in GoDaddy's products to help entrepreneurs again, save time and acquire more customers. And speaking of customers, I think the second trend that's here to stay is mobile payments. Right, as a small business owner you bring your business with you everywhere you go and there are customers to be had and having mobile payments will enable you to have and build your business when you're on the road and when you're actually in your store.
Ebony: Some of my key thoughts and takeaways, even after listening to Fara, is something that I've learned from Empower by GoDaddy entrepreneurs. We focus on three pillars with Empower by GoDaddy: education, networking and mentorship. Part of that education piece is remembering that there's new technology out there existing to help a small business owner not only save time, but also to help them on their journey, including generative AI technology that will help accelerate your growth. So, embrace the journey and learn and educate yourself on the power of generative AI. Remember, building a business takes time. So, be patient as you learn these new tools. Don’t wait for the perfect moment. Start with what you have and build from there. Progress is more important than perfection. Specifically, when you're working with social media. Social media changes day to day, week to week, hour to hour. So be patient and make sure that you're utilizing social media to boost your business and support your small business. And then don't forget that community matters. Make sure you find a mentor, somebody that you can learn from, somebody that can encourage you and support you. Find like-minded entrepreneurs and network with them. Learn to grow and challenge yourself.
For more small business tips, visit godaddy.com/resources.
GoDaddy is empowering everyday entrepreneurs around the world by providing all of the help and tools to succeed online. GoDaddy is the place people come to name their idea, build a professional website, attract customers, sell their products and services, and manage their work. Our mission is to give our customers the tools, insights and the people to transform their ideas and personal initiative into success. To learn more about the company, visit www.GoDaddy.com.
GoDaddy focuses on making opportunity more inclusive for all in the communities where we work, live and play across the globe. We rally behind inclusive entrepreneurship and other critical local needs that empower people to succeed through philanthropic and in-kind donations, volunteerism, strategic partnerships and advocacy.
Empower by GoDaddy is GoDaddy's global community and philanthropic program equipping entrepreneurs in underserved communities with training, tools and peer networks to accelerate their journeys. GoDaddy rallies behind entrepreneurs in underserved communities by building their confidence and skills to strengthen their small business’ digital presence. Entrepreneurs engage in customized learning experiences, work 1-1 with GoDaddy volunteer coaches and local mentors, and gain access to wrap-around services, in-kind products and networks boosting their small businesses success.
More from GoDaddy