6 Small Business Trends to Watch for in 2020
2019 brought a year of relentless change. Technology has allowed people to conjure up a myriad of small business ideas. With more room for small business to thrive, people’s outlook to start small businesses is bright.
But before small business owners (current and aspiring) become overly excited and enthusiastic, its essential to do your homework before jumping into the fray.
There are many barriers and challenges to starting and running a successful small business that should be considered. Investing in future trends as early as possible can help your business stay ahead of the game.
Here are 6 small business trends to watch out for in 2020:
- The Rise of the Remote Worker
- Growing Gig Economy
- The Launch of 5G
- Going Greener than Green
- Capturing the Youth Demographic
- User Reviews
Let’s take a closer look at each one:
As a small business, infrastructure and space can eat up costs. Real estate doesn’t come cheap. Luckily, the traditional 9-5 days sitting in a cubicle is no longer the norm – with laptops, smartphones, team messaging and video conferencing – technology has made it easier than ever for small business to reap the benefits of remote work,
2. Growing Gig Economy
One of the top challenges for small business is hiring new employees. Many small businesses may not be in a position to hire permanent employees. If this is the case for your small business, take advantage of the gig economy and offer temporary or remote work options to save money. According to Gallup, 36% of U.S. workers participate in the gig economy which is rapidly growing.
Interestingly, gig workers may provide better services than your 9-5 workers. They treat every gig as a stepping stone to the next. And when you consistently have to prove yourself to get your next gig, wouldn't you grind a little harder than your in-office counterparts?
In 2020, 5G networks are expected to launch across the world. It will completely change how we interact on the internet - with significantly faster connection speeds, quicker response times and greater reliability. With almost instantaneous download speeds and more efficient communication, small businesses that can adapt and adopt ahead of the competition will reap the rewards of being able to perform more complex tasks with greater speed and power.
4. Going Greener than Green
Being green is not such a unique thing anymore. The ubiquity of green products and services makes it more challenging for businesses to communicate their ‘greenness’ to consumers in a way that makes them stand out. With more companies increasing their efforts to use sustainable materials, save energy and streamline packaging – it’s a changed game.
As a business, communicate clearly what an eco-friendly choice means for you and also for your customers. How are you, and by extension your customers contributing to the wellbeing of the planet? Small Business Trends says to supply your customers with details – and authenticity.
6. Capturing the Youth Demographic
By 2025, millennials will make up 75% of the global workforce. For younger generations, the internet is an essential part of everything we do - having grown up alongside technology, mobile apps, and social media networks - it’s clear that we are reshaping the future of the workforce.
Adapt your communication methods to keep your millennial and gen Z (employees as well as customers) engaged. ScreenCloud provides some interesting ideals and tools to engage the youth demographic in your workplace.
7. User Reviews
Fan & Fuel reported that 92% of people will hesitate to purchase a product if there are no customer reviews for it. Reviews have become absolutely essential if you’re selling products online. Your product has a 4-star rating by hundreds of customers? It’s immediately more appealing to customers.
Small business has smaller marketing budgets than large corporations which means it’s even more important to focus on user reviews. If your brand is being advocated by real people online, it makes your business more trustworthy – and people buy from brands they trust.
Competition is fierce out there! Keeping up with popular business trends is a great way to keep your business fresh and always evolving.
Not all trends will fit your business or spark your interest so consider your business goals and preferences first. Everyone has their own unique way of adapting to the latest industry trends.
What ideas and concepts will your small business bring into the new year?