Booming Business Trends
Top 5 Business Trends with rapid Growth
Starting a new business can be tough, starting something that has no demand such as a movie rental business in times of Netflix can be a complete disaster. Selecting your business model and the industry you will be focusing on can be the key difference between the success and failure of your venture. We have summarised below the growing business trends in 2020 as a starting point for your research.
- Alternative Lending Will Continue to Thrive
Traditional business lending has been getting extremely tedious over the years. This has forced startups to look for alternative sources of funding other than traditional high street banks. Other than having a higher acceptance rate than traditional banks these new sources of funding have also simplified the process making it easier and simpler to apply for and acquire the required finance.
2019 saw a boom for alternative sources of funding such as P2P lending and crowdfunding. 2020 is expected to see a similar or higher demand compared to 2019, as businesses struggle across the globe, so does the demand for finance. If you have got the funding and are looking to grow your business you can read more about growing your business here.
Video: Top 5 Booming Business Trends
Watch the video to learn about Emerging Business Trends and to implement them according to your Business type.
- Subscription Box Services will Continue to Surge
Subscription box services have been quite popular during recent years. These subscription services can offer customers a wide variety of products in a wide range of categories such as food, beauty, apparel and fitness. There are speciality subscription services available for anything from beauty products from Japan to healthy exotic meal kits, socks to baby toys for each stage of development. The industry is growing at a steady 1 % per month. With a focus on niche products, subscription-based businesses have grown 5.5x faster in revenue than their IPO counterparts. If you are looking for a good growth niche to start a business in, speak to your accountants to help you get started and help you develop a business plan before you begin. With covid19 pandemic, a demand for subscription-based products is expected to rise even faster.
Related: Startup trend predictions for 2020
- Augmented and Virtual Reality
The augmented and virtual reality industry is expected to grow into a £75 billion market by 2025 as per a recent estimate by Goldman Sachs. Traditionally augmented and virtual reality has been in great demand in the virtual gaming industry. However, there is a growing demand for it by large corporations and small businesses alike.
So much so that in a trend report from Deloitte, nearly three-quarter of small businesses have stated that they would be using this technology in the near future, if they aren’t using it already. With the potential to become such a booming industry there will be an abundance of opportunities waiting to be explored.
- Remote Working
The rise in technology and the recent global Covid-19 pandemic has reduced the need for employees to work from dedicated office spaces or for business owners to be physically present at office premises all the time. Workplaces will adopt technology and develop seamless solutions to let their employees work and collaborate more effectively while working remotely.
- Brain Zaps
As the world is becoming increasingly plugged in, working hours and distractions are exponentially increasing which increases anxiety and stress. That is why there is a lot of research being conducted to help people focus better in a domain where coffee/tea has traditionally dominated. Dr. McKinley, from the US Air Force’s Applied Neuroscience Division, has been experimenting with Brain Zaps. His research has confirmed that a brain zap could enhance concentration for as long as up to 6 hours, with learning accelerated by a rate of 25%. 2020 might just be the time when brain zapping replaces coffee and coffee shops.
Our guide to managing stress has also been extremely useful for business owners struggling to manage their business or their workload.
Access to powerful technology is changing the way the world works. According to Tech Nation’s 2018 report, the technology sector is growing 2.6 times faster than the rest of the UK Economy. The digital tech sector is worth nearly £184 billion to the UK economy alone, up from £170 billion in 2016.
These business trends will pump billions into the economy, so now is as great time as any to leverage new innovations and improved technology to execute your business ideas. Specialist Startup Accountants can help guide you through all the nuisances of starting your own business from creating a business plan to raising capital to develop your business. With the right accounting firm on your side can make sure you have the right tools for success at your disposal.
Clear House Accountants are specialist Accountants in London who work with a vast amount of creative businesses in the UK, we have helped businesses set up realistic Business Plans, precise financial models, tax-efficient business structures, effective valuations and affordable compliance packages to keep them on the right side of HMRC.