Savvy entrepreneurs and small business owners are always planning for the future instead of dwelling in the past. They know that as the year closes, it is time to look forward and find out what lies ahead. The consumer market is a dynamic world that changes year after year. Trends evolve and change over time, providing insight into how business owners should structure their approach for the most success.
As time rapidly closes in on 2016, it is essential to plan around the trends predicted for next year. 2017 is a promising year for small business owners and entrepreneurs. As the millennial generation takes over as the dominant buyers, the trends are changing to match. Below are the top five trends to embrace and prepare for as an entrepreneur looking for growth in 2017.
Growth of the Virtual Workforce
The days of sitting across from your colleagues in a traditional office environment are quickly fading away, especially for entrepreneurs. Thanks to technology, today’s entrepreneurs and small businesses are reaching out to access top talent from across the globe.
While saving money is one of the biggest benefits of outsourcing, hiring remote workers also allows you to run your business around the clock, reach a wider audience, and attract self-driven and talented employees. The benefits of virtual workforces are far-reaching, and even large corporations are catching on. Because entrepreneurs are dynamic and believe in an innovative work environment, this trend is going nowhere but up in 2017.
Personal Brands Go Beyond a Logo
Personal branding is how entrepreneurs will stand out in today’s saturated market. Savvy business owners know that a strong personal brand will bring customers to their doorsteps. They also know that branding goes beyond just a logo. A company’s brand includes the culture, the values, and the actions of the business. Successful entrepreneurs use it all to build and market their brand. The reasons for investing time and energy into building a brand are evident in today’s market and will continue to be prosperous in tomorrow’s market as well.
- Consumers recognize brands and feel connected to them. A professional appearance gives a company credibility which will, in turn, build trust and loyalty.
- Branding inspires employees. The millennial workforce needs more than just work. They need to work towards a mission and a reason for being here on this spinning earth.
- Branding will generate new customers through referrals. A company’s branding is a highly profitable advertising strategy. When a customer has a memorable experience, they are highly likely to talk about it and refer their friends and family.
- Branding sets businesses apart from the competition. With hundreds of competing businesses, strong brands are essential to filter out the noise for potential customers.
Successful entrepreneurs will continue to build stronger brands in 2017 to gain individuality and decrease the number of direct competitors. They know that to truly brand their business, they need much more than a logo. Additionally, entrepreneurs are increasingly doing more of their own branding as the rise of a “do-it-yourself” attitude soars.
Green is In
Today’s consumers, which are made up vastly of the millennial generation, firmly believe that all corporations and small businesses bear a responsibility to the community and the environment. Millennials value the environment more than any other generation, and they would much rather spend their money with businesses who look after the world they live in.
Entrepreneurs who want to grow in 2017 will hold these same values and continue to incorporate more social responsibility into their branding and business plans in order to connect to the millennial generation.
Efficiency and Innovation are a Must
In the coming years, the idea of “work smarter, not harder” will drastically change the way entrepreneurs and small businesses operate. The baby boomer generation is entering into retirement, and they are taking the popularity of working overtime with them.
Tomorrow’s workforce will seek out creative ways to do the same work in less time without sacrificing quality. They value innovation and process improvement in order to spend more of their free time outside of work rather than in it. Companies that aim to stay alive in the coming years will have to continuously improve and welcome innovation with open arms.
Rise of the Woman
Women entrepreneurs are on the rise. Not only are they making headlines, these powerful women are building empires. They are educated, and their influences reach across many cultures and socioeconomic classes. Women have proven their abilities and are striking out on their own. They are adept at identifying gaps in the market and seizing the opportunities these gaps represent. These women are building plans, getting loans, and growing companies quickly. In fact, an entire ecosystem has developed over the last two years that empowers women who choose to make the entrepreneurial leap. As 2017 kicks off, get ready to see more women starting up and running their own companies as successful entrepreneurs.
Passion for entrepreneurship is strong and will continue to be in 2017. While techniques and trends will continue to evolve over time, entrepreneurs can stay one step ahead by embracing innovation and evolving with the changing demands of the market. Being prepared for what is to come in tomorrow’s fast-paced world is what will set apart the successful entrepreneurs from the ones that are destined to fail.