As consumers try to resist the January sales in an attempt to recover from the financial plunge that was the Christmas period, small business owners are already putting plans in place to prepare for a new year of trading. Certain small business trends showed promising signs at the tail end of 2019 and predict high earnings for owners in a range of industries in 2020, including health, catering and tech. If you’re after a new business venture but unsure what features are valuable attributes to your business portfolio, look no further.
1. Mobile Apps
Redefining the service industry since the late noughties, apps have impacted the way businesses operate, allowing them to create brand awareness and boost customer engagement. With the likes of Spotify and Uber now at over 110 million subscribers worldwide, the potential that apps offer is colossal, with many companies now building their business model around these tiny yet powerful squares to maximise sales and reduce costs.
2. Green Businesses
Businesses which focus on sustainability and promote a kinder, more environmentally conscious way to consume are big news right now. Industries such as ‘slow fashion’ and ‘eco-beauty’, which pride themselves on retailing products which have been made with minimal impact on the earth and pay those manufacturing them a fair wage, are becoming increasingly popular as customers steer away from large chains and seek out independent retailers for luxury goods.
3. Health and Fitness
It’s January, hence gyms will experience a surge in memberships by Brits trying to rid the guilt of indulgence during the festive season. With many shelling out on expansive annual memberships for the average gym before even stepping inside, it’s been shown good intentions of tri-weekly visits slowly vanish after a couple of months, for reasons such as lack of accountability, feeling intimidated and overwhelmed or simply not enjoying the exercise.
An alternative form of fitness is also the key to reaching health enlightenment for many, with yoga and pilates studios across the country seeing an increase in class sizes daily.
4. Freelance and Remote Work
A new way to work which allows people to skip the crowded commute, manage their own time and essentially be their own boss, freelancing is now a favourable option for those who can carry out their duties from any location. From IT Consultancy and Web Design, to Jewellery making and Vape Liquid manufacturing , technological advances have made working remotely a viable way to make a living.
5. Gig Economy
Around 5 million people In the UK are employed in the ‘gig economy’, attracted by the short-time contracts and the ability to manage their pay and priorities accordingly. For Deliveroo and Uber Eats, the growth of this flexible working option forecasts a bright future, with many takeaways and eateries partnering with such food couriers to stay relevant and increase overall sales.
Three weeks firmly into January, it’s not too late to create a new year’s resolution to become your own boss and invest now in one of our lucrative opportunities.