It’s been a brutal two years for employees in the tech sector, which has shed more than 450,000 jobs—including 38,000 layoffs at nearly 150 companies in the first six weeks of 2024 alone.
It’s no surprise that automation is the biggest driver of job cuts, and McKinsey estimates that AI could replace 12 million more workers by 2030. But if every crisis presents an opportunity, this may be the perfect time for newly displaced tech workers—and those worried about losing their jobs—to join the record number of Americans launching small businesses and embracing new technology to help them do it.
A stunning 5.5 million Americans filed applications to start new businesses in 2023—the strongest year on record and the third consecutive year of historic small business growth, according to a January report from the Small Business Administration. New ventures span every sector, from tech startups to professional services and retail.
You don’t have to be the next Mark Zuckerberg or Elon Musk to join the ranks of tech entrepreneurs. Eighty percent of small businesses are run by a single person with no employees. So whether you have an idea for a killer startup or you just want to offer freelance IT, web design, or software engineering skills on the market, it’s easier than ever to strike out on your own.
One of the toughest challenges new entrepreneurs face after moving out of a corporate role, with its resources and specialized support, is the feeling of having to do it all yourself—from marketing to accounting and legal compliance. Many of the 61% of Americans that have an idea for a small business get overwhelmed by these details and never follow through.
Fortunately, technology has evolved to the point that even the smallest business owners can leverage advances affordably to supplement gaps in knowledge and skills, create efficiencies that lessen the need to hire employees, and secure savings on goods and services such as insurance.
After helping hundreds of thousands of small business owners navigate these startup challenges, my best advice is to remember that you don’t have to be an expert in everything to launch a business. Focus on your core skills and seek inexpensive help online for everything else.
These are just a few of the ways you can use technology to help start, manage and grow your business—even without the capital to hire employees or contractors:
- Create a business plan with the help of AI. A guided platform can help you find your niche based on your interests, skills, and market needs. It can help you analyze the competitive landscape, define your target market, create financial projections, and create an operations and marketing plan.
- Get legal help to create an LLC, trademark your company name and comply with business laws and regulations in your state.
- Get all the business licenses and permits you need to operate, and apply for an Employee Identification Number to set up a business bank account.
- Brand your company with a website that has a strong domain name and logo. Automated systems can help you choose fonts, colors, and graphics that fit the brand image you’re trying to convey.
- Implement basic SEO practices to improve your website’s visibility on search engines. Use relevant keywords, create descriptive meta tags, and ensure you have a clean URL structure.
- Automate your workflow with a project management system.
- Buy business insurance at discounted group rates.
- Manage finances: Track expenses and cash flow, get help with invoicing, bookkeeping, taxes, and custom financial reports.
- Use CRM software to manage customer interactions, track leads, and organize customer data.
- Bundle as many of these services as possible from a single source to realize the greatest discounts.
Starting a business amid the current tech bloodbath can call for a leap of faith, but it’s faith in your own abilities—and in technology itself to help smooth your path. Never forget that the greatest risk is to cling to the status quo when everything around you is changing.
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