The Malta Independent 15 October 2021, Friday

New Business Trends Every Entrepreneur Should Know About

Friday, 17 September 2021, 09:00 Last update: about 28 days ago

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The latest statistics on business formation in the United States shows, adjusted for seasonal variance, business applications for July 2021 totaled 454,460, up 1.2% from June 2021.

The U.S. as the base to so many global and nationwide businesses, is known to be a competitive country in many ways. When you are looking at how to launch a startup in 2022, you will no doubt need to consider the latest technological trends. It is important to understand what customers desire and what you can do to make your company as appealing as possible.

Here are some of the business trends that emerged in 2021, as well as some that we might anticipate seeing in 2022:

1.       Artificial Intelligence

Artificial intelligence and machine learning are increasingly being integrated into the commercial world. They're changing the way we live and work, and it's only getting more popular. Chatbots are an example of AI in the workplace. A chatbot is exactly what it sounds like: a robot that converses. They connect with customers who have questions about the company, its products, or its general operations, and they provide meaningful answers in real-time. This feature is built right into many social networking apps, and it's also available on websites.

Recent studies suggest that by 2024, the smart office market will be worth $49.7 billion. Artificial intelligence and the internet of things (IoT) are combined in a smart office. You can use it to regulate your lighting and heating and cooling systems. Smart meeting rooms and security are already used by some businesses.

Suggested AI Tool.

2.       Social Media as a Marketing Tool

Social media applications like Facebook and Instagram have been around for a while now. In recent years, the whole idea behind these applications has changed. Starting out as social networking applications, nowadays these applications are used for business purposes. Instagram and Facebook allow users to create a business account and sell products via their platforms. Social media influencers use these platforms to promote products and services. The use of social media influencers for marketing is a trend that keeps growing.

A business may reach billions of visitors through the biggest social networking applications Facebook and Instagram, which can lead to potential clients. The social media marketing industry is fiercely competitive. Entrepreneurs should concentrate on building an organic following. Long-term support and a loyal following come from organic traffic. The purpose of this sort of marketing is to develop brand awareness and establish an audience.

3.       Corporate Sustainability

As more people become environmentally concerned, they are opting for businesses that are committed to long-term sustainability. Consumers that are environmentally conscious would rather pay extra for clothes that last longer and do not hurt the environment in the manufacturing process. And it's not just about the clothes. Organic food and environmentally friendly items are in high demand.

The three pillars of corporate sustainability – economic, social, and environmental – all work together to help businesses adopt more environmentally friendly practices. Businesses must change their mindset from one of maximizing profits at the expense of the environment to one of mutual interdependence and eco-innovation.

4.       Digital Nomads And Remote Working

The impact of the COVID-19 pandemic will be felt for many more years. One of these impacts is remote working. Whilst being forced to conduct business operations remotely, many companies have realized that it is much more profitable to operate remotely. The need for office space has become unnecessary. Rather than acquiring office space and committing to a 9-5 office culture, companies can save a lot of money by hiring freelancers and paying them per hour. The benefits of working from home are numerous. Employee morale benefits greatly from working at your own speed in your own workplace.

5.       Mobile Businesses

Mobile businesses go hand in hand with remote working. Entrepreneurs have found that they can save more money and reach more clients by not committing to set-out locations. Being served at home is very convenient for consumers. Customers can relax at home and have services delivered to them by mobile businesses. This is where beauty treatments come in handy. Rather than having to wait for a manicure, the manicurist comes to them and provides fast treatment. Other mobile company ideas include food trucks, rubbish removal, and cleaning services. All you need are excellent communication skills and a passion for your industry. 

Final take: 

Whether starting or running a business in today’s rapidly changing environment, staying up to date with business trends will help you stay ahead of your competitors. To reach your objectives, you must consider how customers are evolving and how you can adapt. This could signify a shift in strategy or simply extending your business in new and creative ways. Sure, some judgments should be made based on short-term data, but you should constantly have an eye on the future.


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