Big or small, every industry can be very competitive. To thrive in your niche, you need to keep an eye on new technologies and implement the latest innovations as quickly as possible. If you wish to keep growing and succeeding, here are a few trends in small business and entrepreneurship that you simply can’t ignore in 2020.
Being specific
Though there’s always an opportunity to start another Amazon even in 2020, these days it’s small niches where you’ll have a higher chance of success. Make your product as specific as it can possibly be and target it for a narrow audience. If you’re the only one producing something meeting the demand a specific group of people, you’ll have constant demand and clients! Yes, that might mean stripping off some parts of your current business (and gosh, does it hurt!) but you’ll definitely be grateful for this decision as soon as you start seeing better results.
Attracting youth
Speaking of audiences, brands from Chanel through to Apple are re-thinking their message to appeal to Gen Z (read all about different generations to know for sure who we’re talking about). Whatever it is that you do, make sure the younger generation finds it exciting and ‘cool’. Of course, if you produce skincare, you might skip this part but for other industries, speaking the same language with Z’s and Millenials (who are now in their 30s and are willing to spend what they’ve earned in their 20s), is crucial.
A few things that Gen Z and Millennials would appreciate:
- Having an environmental mission. Forget just making money! If you want to attract a , make it loud and clear that you’re donating part of your sales to cleaning the oceans/saving wild schools for kids in Africa. Or maybe, built your whole business around it. Fashion brands, creating clothes made from fishing nets drifting in the oceans, beauty brands who recycle and reuse their own jars and zero-waste restaurants are all on the rise.
- Being technology-savvy. Start a YouTube channel for your business, be active on Instagram, make your website responsive and ultramodern.
- human connections. Younger generations want to see YOU before they see your brand. Create short Q&A videos for IGTV, share your daily life on Stories, make sure you have your own photos on your website (no business portraits, please! Take a snap while hiking or spending time with your kids).
Switching to e-commerce
Unless you’ve spent the last five years in a cave, you’re probably doing that already. If you don’t – it’s now or never! In the next four years, global e-commerce is expected to reach $5 trillion and if you don’t want to miss your piece of this yummy pie, dive into online selling ASAP! There is no need to invest thousands in offline shops anymore, you can start your online store for free without any coding knowledge at all. That’s what Shopify and WooCommerce are here for. Even social media can generate sales for you – both Facebook and Instagram allow you to integrate your shop and tag your products on every photo you post.
Using technologies to maximise efficiency
An important way to use technologies for companies and entrepreneurs is to make the entire operation of your business more efficient. We’ve written a lot of articles on the best apps that boost your personal productivity and allow you to delegate and communicate with your team in a better, more effective way. Here are, for example, some tech solutions to take your small biz to the next level.
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