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BizReport : Ecommerce : August 08, 2018


Reports ID trends to watch for small businesses

Two new reports out in the digital space underline to important small business trends: that of the rapid increase in the sale of small businesses, and the utilization of freelance employees by small business owners.

by Kristina Knight

First, the sale of small businesses. According to new data from BizBuySell, there has never been a bigger market for buying and selling small businesses. Through the first half of 2018 nearly 3,000 SMBs changed hands per quarter. To compare, only 9,919 small businesses changed hands in all of 2017. Not only are more SMBs changing hands, but the asking prices for small businesses are also up, by about 4%; the median price for buying a small business is $239,000.

Just over half (53%) of small businesses are still owned by Boomers, however the buyers of small businesses are more likely to be minority owners (65%) than caucasian, and are primarily under the age of 50.

"The current business-for-sale market is a great reflection of today's economic and demographic environment," Bob House, president of BizBuySell.com and BizQuest.com, said. "As America continues to see a swell of Baby Boomers reach retirement age, the market will likely continue to see a strong inventory of businesses for sale. Meanwhile those same businesses, many of which dug their way out of the last recession, now have the financial performance they need to earn an acceptable sale price."

The full BizBuySell dataset can be accessed here.

Meanwhile, new data out from LinkedIn underline the importance of freelance workers for small business owners. According to their new report about 81% of SMBs plan to hire freelancers moving forward and most (70%) have already hired a freelancer for some part of their business.

"[Freelancers are] changing cultures and making businesses more adept at working virtually," was written in the report. "64% of businesses who frequently hire freelancers cite that using freelancers/contractors who are located off site helps them build their business as a virtual team."

The job segments most likely to be filled by freelancers are Art/Design, Accounting/Finance, and Consulting.

Tags: BizBuySell, digital business trends, LinkedIn, small business trends, SMB tips, SMB trends










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