5 coming economic changes you need to know about for 2018
Many economic changes are expected for 2018; it would be smart to make plans for your business according to these changes. Five changes that will likely affect small businesses are listed below.
Tax laws and regulations may change considerably.
Attention to taxes and tax regulations is important for running a successful business. State governments are expected to find creative ways to impose sales tax. Digital services will likely be classified differently (to the state’s benefit). Additionally, tax decisions being made in Washington D.C. during Donald Trump’s first year in office will affect nearly every tax payer. Trump’s tax plan includes reducing seven tax brackets to three, eliminating the head-of-household filing status, and getting rid of personal exemptions. Tax laws are always fluctuating and changing, but the presidential shift will surely affect accounting for all the complexities and changes in the tax landscape.
Niche markets and offline industries will be more successful.
Businesses with specific audiences will find success in the coming year. With people feeling more disconnected in the technological age, consumers are likely to compensate for this by seeking out quality offline experiences.
Selling on the global market will become easier for small businesses.
With digital platforms like Amazon and eBay driving down costs, exports by small and solopreneur businesses are anticipated to grow in number.
The freelance industry will continue to grow.
There are many freelance opportunities like bookkeeping and accounting, marketing and advertising, programming and coding, and just about anything else to be thought of. A plethora of products are available to help entrepreneurs increase profits and decrease expenses. Platforms like Amazon, eBay, and Etsy provide many services like cloud computing; these platforms are a great help to the entrepreneur. In addition, corporations have been taking more of an interest in freelance talent.
Many aspects of technology will change.
The changes technology use is the biggest economic change to expect in 2018 (and perhaps the most obvious). Digital advertising prices are expected to increase, social media will be used more for selling goods and services, and enhancing user experiences will be the focus of successful business owners. The e-commerce market in general will be more competitive. This increase in technology use is beneficial in many ways, but an increase in the number of the hackers testing these technologies are expected to follow.