Five years ago, your small business might not have been able to get off the ground before you raised thousands of dollars to buy a point-of-sale system. But now, the POS landscape is finally changing, and small business owners are the ones who win out.
The development of cloud-based technology has been cutting down significantly on hardware and software costs, and new start-ups appear every day with the intention to woo small business owners with their new POS solutions. Because of the high rate of competition, many of the services are cheaper than ever.
With these new services, entrepreneurs can instantly access services and tools that would have cost tens of thousands of dollars only a few years ago. Point-of-sale systems, payroll, scheduling and other crucial finance systems aren't viable options only for big businesses anymore. Now you can buy them all for monthly subscription fees that are practically negligible.
Advances in technology have made it easy for anyone with a hobby or a dream to start a side business or even a career, usually for a very small start-up cost. Turning crafting projects into unique and viable businesses no longer has to be a pipe dream. Local entrepreneurship accounts for 54% of annual sales in the US and has created 8 million new jobs since 1990.
Prior to cloud technology and small-scale POS systems, big businesses were able to dominate small ones by offering a consistent customer experience and optimized prices while making more than enough to pay back the expense of their POS systems.
Mom and Pop shops, on the other hand, were forced to deal with outdated sales systems or risk bankrupting their businesses. Now the choice is much less dramatic, and more and more small businesses are upgrading their systems to one of the competitive systems on the market.
POS systems are still expanding. Shopkeep POS just released custom e-receipts, and a startup called FiveStars now gives small businesses the option to create customer loyalty programs. Technology like the Cequis POS system allows small businesses to stay organized and efficient by managing company revenue and promotions without paperwork.
With so many options available, there's never been a better time to switch to a POS system!