The success stories of once-humble companies like Uber, Facebook and Apple overshadow the 90% of startups that fail. Too many do so because they jump the gun, failing to do their research or focusing on the wrong details. Experts in managing and guiding small businesses, like Eyal Gutentag, have much to offer to new startups, but a good way to improve your odds is to keep an eye on the current and upcoming trends among businesses both small and large. Moving into 2020, here are a few tips to keep in mind.
Amidst concerns about the environment and climate change, many people are trying to move to a greener lifestyle, and businesses are following. More than just talk about shrinking individuals’ carbon footprints, though, consumers want companies that are proactive about reducing their own footprints. A genuine effort, and transparency about it, wins consumer trust.
E-Commerce is King
While there have been bumps along the way, e-commerce has steadily grown in significance since the turn of the millennium and businesses can’t afford to ignore it. Beyond the use of online retail to reach wider markets, this includes the use of social media to understand what people want and communicate your brand to them. While older businesses have had to transition to online markets and technology, newcomers can benefit from starting in this framework already.
The Future of the Gig Economy
It’s difficult to overstate the impact that the “gig economy” model has had on businesses, consumers and workers alike. Corporations like Google rely increasingly on temp workers and services like Uber, Doordash and TaskRabbit are built entirely on on-demand freelance work. However, employee anxieties about financial security and new legislation seeking to protect their rights suggest that this cannot last forever. While it’s not certain how this will shake out just yet, it does mean that following these apps’ footsteps is far from a guaranteed success.
Altogether, new entrepreneurs face a commercial environment shifting further away from what it looked like a decade ago. Getting your startup off the ground won’t happen if you don’t pay attention to how industries are changing.