The number of people starting and running small businesses has significantly increased over the past couple of years. Many of these individuals are choosing to pursue their professional dreams instead of traditional career paths. The pandemic has also contributed to this growth. However, other factors such as the increasing number of market trends and the rising number of entrepreneurs are also expected to drive this growth. Here are some of the trends you can expect to see in entrepreneurship for the rest of 2022 and beyond.
Making Mobile Work
According to a study conducted by Google, about half of the shopping apps that people download on their smartphones are used at least once a week. It’s also estimated that by 2025, global consumer spending will reach over $700 billion. Online retailers must also start investing in mobile optimization in order to attract and retain customers. The goal of mobile optimization is to ensure that your site is as mobile-friendly as possible while also being able to work seamlessly between the desktop and the mobile version. Just remember that it’s not only about being mobile-first but also about having the best possible user experience.
Subscription-Based Businesses Are On The Rise
Due to the pandemic, many people turned to subscription-based businesses for their safety. A study conducted by McKinsey & Company revealed that 51% of consumers are currently using a subscription service. Despite this, the convenience of these services is expected to continue driving the growth of this industry. The various types of subscriptions that are offered by subscription-based businesses include access, replenishment, and curation. These services are usually associated with the likes of streaming music and software as a service (SaaS). As more businesses adopt a subscription-based business model, it’s important that they consider the various benefits it offers. Aside from increasing its revenue, a subscription-based business also benefits from better customer loyalty and brand recognition. However, it’s important to make sure that the infrastructure is in place to support this type of business.
Working From Home/Hybrid Work
Before the pandemic, remote work was considered an option for certain industries. However, it has since been revealed that many people can work from home. Today, many entrepreneurs and small businesses are working from home or exclusively from their homes. This eliminates a major expense for them and allows them to focus on their core business. Unfortunately, many organizations are still trying to shift their workers back to the office. Not every company or employee wants remote work as an option. Also, remote work is not a suitable option for every type of business. Due to the increasing number of people working from home and the flexibility of remote work, many companies are expected to start adopting a hybrid work model. This type of work will allow employees and contractors to retain their independence while also improving the efficiency of their organizations.