Entrepreneurship is always challenging. It’s hard to start something from scratch and make it successful long-term. However, it’s also one of the most empowering, exciting, and fulfilling things you can do.
Each year, there are changes in the market. Your business can’t cater to everyone’s wants and needs, but it is important to understand the changing trends and adapt when necessary. If you’re just now starting your business, you have an opportunity to shape your business with these market conditions in mind.
The year has really only just begun, but it is a year that is still being shaped by the COVID-19 pandemic. It is also being impacted by the recent military events and historic levels of inflation, along with supply chain disruptions and labor shortages. Knowing what people have been through in the last few years can help business owners understand the trends and cater to the needs and values of a society that is still recovering from the many losses and economic impact of the virus.
Here are some of the year’s 7 top trends to consider as you make plans for your business.
1. Authenticity Is A Must
We all heard those businesses pandering at the beginning of the pandemic. For many brands, their messages just felt “off” or too generic to be sincere. Most of us probably heard the term “these challenging times” more than we care to count.
Instead of responding for the sake of responding, companies are beginning to realize that authenticity is much more valuable than empty words. After two years of constant stress, nobody wants to deal with insincere people or brands.
To build an authentic brand, you must identify your company’s key values, mission, and audience and build your story around them. If you’re ever unsure about how you should respond to current events, your values and mission can help you stay authentic and on track.
Customers no longer have patience with inauthentic organizations. What you sell is only part of the equation now. What you stand for is also important.
2. More Remote And Flexible Work Options
As a new business owner, you have the benefit of seeing how different companies are handling remote work as restrictions ease and more people come back into the office. Some organizations are deciding not to come back into the office at all, or are giving people the choice to continue working remotely. Other companies are trying out hybrid work models.
The pandemic has ushered in a trend of more remote-friendly policies that help people maintain a healthy work-life balance. As a new business owner who may not have any employees yet, now is a great time to consider how you would like your future employees to work. Could your business support remote or hybrid work structures?
Entrepreneurship is a flexible option offering more freedom for various groups, such as moms, veterans transitioning back to civilian life, and those who just want more autonomy. Providing that flexibility to employees and seeing how it works in practice is a trend we will be seeing a lot this year.
3. More Use Of Automation And The Freelance Economy
Artificial intelligence (AI) is becoming more accessible and more powerful all the time. Now, even small business owners can take advantage of powerful automation tools that leverage AI, thanks to companies making user-friendly platforms and subscription-based systems. As a new business owner, automating routine tasks can save you a lot of time and money, allowing you to focus your attention on more complex tasks.
Artificial intelligence, machine learning, and robotics will continue to grow in the coming years. Automating duties and avoiding costly employees during tight labor markets with rising salaries are essential for many businesses and industries.
Many businesses cannot afford to hire full-time workers right now, or simply don’t need someone on staff all the time for certain positions. One of the trends we are seeing in the new economy, that goes along with the trend of remote work, is hiring freelancers. If you need help with certain tasks but hiring an employee isn’t practical, freelancers can help you build your business with greater flexibility.
4. Influencer Marketing Will Be A Must
Over the last several years, influencer marketing has become a powerful tool that leverages the power of social proof. In today's day and age, we are only seeing this trend increase, as people continue to spend a lot of time online and on social media platforms.
People are more likely to buy from a brand that is endorsed by someone they trust. Smaller influencers with highly engaged audiences are helping brands build their online presence and gain new fans. For every dollar spent on influencer marketing, the ROI (return on investment) can be as high as $6.50—assuming that the strategy is well-executed. Micro-influencer and nano-influencer marketing especially can be a great bargain for effective branding.
5. Focus On Sustainability
By this point, most people understand that we have reached a crisis point with climate change. In order to preserve a high quality of life for people across the globe and protect delicate ecosystems, everyone needs to focus on sustainability. That includes businesses too!
If you are starting a new company in the new normal, you need to consider its environmental impact. If you sell physical products, how sustainable is your supply chain? Looking at your business through a lens of sustainability will help you make decisions that will benefit the planet, increase goodwill among customers, and build a business that is itself sustainable.
6. The Drive For Crypto And NFTs
Cryptocurrency and NFTs are growing in popularity, and forward-thinking businesses are incorporating them to gain a competitive edge. Whether you end up selling NFTs eventually or you accept cryptocurrency as payment, it’s worth doing some research to see how these technologies could fit into your business strategy.
There are individuals and businesses making millions with NFT assets and their own cryptocurrencies, numbers that are hard to ignore.
7. Fairness And Equity Are Essential
We have long lived in a world where discrimination, whether intentional or unintentional, causes people to receive unfair treatment in the workplace. Racism, sexism, ageism, and many other kinds of discrimination are still alive in the modern workplace, but creating more equitable working environments is a focus for many organizations this year. Inclusivity, accessibility, and equality are essential in every company now.
Entrepreneurs need to be mindful of these biases and how they affect business decisions. New questions about fairness are coming up, especially as remote work blurs the lines between home and work.
Building Your Business Foundations: What Is Important To You And Your Customers?
When evaluating the current business tech trends, think about which of them are important to you and your target market. What are your own values? What values do your customers hold?
Asking these kinds of questions will help you stay focused and build a brand that can withstand the test of time.
While you should pay attention to trends, they are not the only things that matter. As you build your business, things will change—but as long as you build strong foundations for your company, you should be able to adapt and improve as trends change.
