The past years have been promising for startup companies, and the numbers prove it.
- According to the U.S. Small Business Administration, since the early 1980s, the United States has seen an almost 50% increase in small businesses being launched. It means that more and more small scale entrepreneurs are gathering to form the business world. Moreover, companies with under five employees make up more than 60% of all businesses in the country.
- Approximately 50% of startups succeed after a five-year journey, and much of that success is driven by the persistence and motivation of small business owners.
- StartUp Britain’s 2016 research recorded 80 new companies per hour. That number has already exceeded the 70-per-hour new business registrations recorded in 2015.
All these growths aren’t showing any signs of slowing down either, which tells you that you better be ready for some really stiff competition. Here, we give you a roundup of the top trends forecast for this year as you make your own startup’s business plan.
1- Much Ado about AI and IoT
Over the past few years, artificial intelligence (AI) assistants have been introduced such as Amazon’s Alexa, Apple’s Siri, and mind simulation games like AlphaGo. Next-generation cars are also touted to become smarter thanks to AI, while the Internet-of-Things (IoT) is poised to keep us more connected than ever.
Startups that go full blast with AI and IoT projects are most likely to gain market support and approval.
2- Big Things Come in Small Packages
Small businesses are not without advantages compared with their bigger counterparts. The idea is that companies that start small are quick to develop and adapt to current trends. Startups launching in 2017 are expected to stay this course across all industries, especially technology.
3- Health is Wealth
It’s quite easy nowadays to promote wellness and healthy living with all the attention that organic food, fitness trackers, and the likes are getting. Ergo, startup companies need to be more responsive to such endeavors.
4- Long Live E-commerce
E-commerce will remain as a business force to reckon with, given the many entry points developed for businesses trying to sell their goods or services online. The ease and convenience associated with online shopping can definitely pave the way for more new startup ventures regardless of how crowded the market may seem.
5- User Connections
Companies like Airbnb and Uber are hugely popular because of their ability to connect users within their platform. Uber, for instance, allows direct communication between the driver and passenger, taking away unnecessary channels of communication in the delivery of services needed. Startups would do well to implement similar micro economy principles in their own backyard.
These startup trends are but a tip of the iceberg. However, they’re big enough to give you an idea of how competitive, innovative, and exciting the startup market will be. Hopefully, you’re doing your homework well enough to help you brace for that change.