Small Business Trends for 2024

According to this piece posted by the US Chamber of Commerce, small businesses are expected to undergo significant changes in 2024. The adoption of artificial intelligence (AI) is anticipated to grow rapidly, with applications in marketing, HR, customer service, and logistics, providing efficiency and productivity gains.

Augmented reality (AR) and virtual reality (VR) are predicted to be leveraged by businesses, especially in retail, real estate, and hospitality, to create immersive customer experiences.

Remote operations are expected to become the norm for many small businesses, allowing access to a global talent pool and reducing overhead costs.

Finally, customers are expected to take greater control of their journeys, requiring businesses to provide more personalized and educational experiences. Check out the link above to read more!

5 Regulations That May Impact Small Business in 2024

Get ready, small business owners! In 2024, there will be some new rules to follow:

The Corporate Transparency Act means small businesses will need to register with the Financial Crimes Enforcement Network to tackle money laundering.

Good news for now: the IRS delayed a requirement that payments of over $600 via third-party providers like payment apps such as Venmo and Zelle have to be reported.

The Consumer Financial Protection Bureau wants more transparency in small business lending, asking banks to spill details on applicants. This will hopefully highlight potential signs of banks discriminating against borrowers.

The National Labor Relations Board’s joint-employer rule got pushed to Feb 26, 2024, expanding liability for unfair labor practices.

Also, minimum wage hikes in over 20 states and a Department of Labor proposal might extend overtime pay eligibility.

To read more about these changes, see this article in Inc.

Free Legal 101 Resource for Entrepreneurs

Faculty at Cornell University and attorneys at law firm Wilmer Hale collaborated to publish this free resource for entrepreneurs (PDF is also loaded below). The purpose of this booklet is to help startup founders to think early about key items that will set them off on the right legal track.

The booklet covers basics like entity formation, founders agreements, equity incentive plans, tax issues, bank setup, accounting and financial statement basics, HR issues, intellectual property concerns and insurance. The booklet was launched in November 2023 and will be updated over time.

Black Women Have Increased Their Presence in Microbusinesses

According to this post in Black Enterprise, Black women entrepreneurs have significantly grown their presence in the microbusiness sector, owning 68% of the 15% of U.S. microbusinesses owned by Black entrepreneurs in 2023. Challenges such as marketing and access to capital persist, but initiatives, including grants and business acquisitions, are helping address the funding gap and overcome racial biases for Black women in entrepreneurship.