The world saw some dramatic changes in 2020, and for entrepreneurs heading into 2021, there are some unique challenges. From new technologies to the evolution of consumer demand, the business world of today is going through some huge shifts. To fully grasp the business landscape of 2021, it’s vital that you start paying closer attention to the trends in entrepreneurship that are set to make an impact in the next year. To see your business ventures succeed, the more you know and understand the following entrepreneurial trends, the more likely that you will have a new or existing venture that grows and drives your revenue.
The Digital Nomad
One of the most important trends of recent years for entrepreneurs, the shift to digital nomadism is changing the face of the business world. The concept of the digital nomad is not new, but it is becoming a vital area for entrepreneurs to pay attention to. As more people are working from home or choosing to segue into the gig economy, those workers are realizing that they too can become entrepreneurs. They are setting up consultancy firms or selling their professional services, and that’s good news for entrepreneurs. That’s because remote, gig-driven employees are far less costly and can free up your budget to focus more on growth projects. As 5G is rolled out throughout 2021, the digital nomad and the entrepreneur alike will have even greater opportunities to earn from wherever they may be.
Local vs Global
One of the key areas to address when looking at your entrepreneurial efforts in 2021 is whether you are going to focus on global, national, or local sales. As a trend, pivoting to a global brand is not new, but as digital technology becomes more accessible around the world and as fulfillment processes are developed, those global sales are more within reach than ever before. Of course, not every business idea you have is suitable for global trade, which is when a more finely-tuned and localized approach will be of more value. Localized SEO will be the key area to develop for those geographically bound business ventures. For brands that want to reap the rewards of global connectivity, worldwide selling will require understanding global infrastructure and forging connections with distant teams and consumers.
Streamlining Business Processes
The right software in the right place can save you time and make you money. Any entrepreneur that is not keeping up to date with the advances in automation and IT are going to be in for a shock when their competitors start taking over and snatching even established clients. Consider how many digital assets the modern business has. Those assets have to be organized and accessible, but they also need to be able to provide the most valuable insights. That requires metadata management. When carried out well, metadata management enables businesses to get valuable insights and put them into action by providing context, trust, and control over their data and digital assets. It streamlines workflows and ensures that all data is properly organized, accounted for, and secure. So you need to know a lot more about how to use metadata, how to manage it, and how it’s becoming one of the most vital business and entrepreneurial trends of 2021.
Targeting a Niche
Consumers in 2021 want their products and services to be unique. That’s why personalized communications are so vital. For entrepreneurs with a great new business idea, going niche is proving to be one of the best ways to start building a new brand. It’s all about being customer-centric. A good example is the food industry, where restaurants have their own unique menu items including those that are targeted to specific tastes and demographics. If you already have your business up and running but sales have leveled out, it might be time to start looking at additional products that are more niche. These products may cost you more but they can sell for a higher price and can be a valuable way to adjust your target demographics.
The New Model: Subscriptions
Are you offering a subscription service for your products? If you’re not doing that in 2020, then in 2021 it should be your goal. By 2025, it is expected that the global subscription market will be worth $10.5 billion. That’s being driven by growing numbers of consumers who are signing up for those services and the number of businesses that are realigning to provide a subscription service to their new and existing clients. Entrepreneurs need to take notice of this shift because it can apply to almost every sector, including:
- Healthcare
- Media/entertainment
- Telecoms
- IT services
- Retail
When gyms and online teachers of all kinds are offering subscription payments, it’s clear that there is huge scope for this new kind of digital business model. Consumers benefit by having more convenience, and brands benefit because they gain regular, predictable payments that can help to build the consumer/brand relationship.
Green Money
It’s not enough to provide a great product and a unique consumer experience. Now more than ever, customers want the products that they buy and the brands that they align with to have a responsible approach to the environment. This is one of the core segments in today’s business world, and you ignore it at your peril. Even the automotive industry is making the transition to more eco-friendly products. However, there is the risk of greenwashing, where a brand will make bold yet unsubstantiated claims about its green credentials. This is a huge mistake that will come back to haunt you if you’re not taking real, tangible steps to keep your carbon footprint and waste creation at a minimum. With the backlash that brands like Nestle and Volkswagen faced after making false claims about their ‘green’ credentials, make sure that you don’t fall victim to the same mistake.
The entrepreneur in 2021 has a lot of work to do to stay relevant. As the world continues to adapt to new technologies and ways of thinking, the modern entrepreneur needs to ensure that they are one step ahead of the curve. Keep up to date with the biggest and best entrepreneurial trends and your business venture will be far more secure.
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