Trends aren’t just for fashion and hairstyles. As an entrepreneur, you should also pay attention to business trends. Here are a few startup trends you can expect to see in 2016:
The On-Demand Economy Will Continue to Grow
In the on-demand economy, businesses don’t have time to hire and train new people in order to get things done in time and meet the needs of consumers. Hiring independent contractors and connecting with platforms like Upwork will become even more common this year.
“With over 10 million workers now registered on the independent contracting platform Upwork, this represents over a 500 percent increase in just three years. And this shift is expected to continue, due to the fact that both contractors and businesses have a need to connect with each other.”
Finding Capital for Your Startup Isn’t Going to Get Easier
Because 2016 is an election year, entrepreneurs won’t see much change in legislation such as tax reform that will impact businesses. Unfortunately, this doesn’t mean finding capital to fund your startup will get any easier.
“The big question hanging over this year is whether interest rates are going to rise, and if so by how much. Access to capital could get even tighter if interest rates go up anymore. This will increase the cost of borrowing and startups around the country will struggle to get the funding they need through the banks.”
Easier Access to Big Data
As a small business, access to big data may have been unattainable in previous years. With the cost of technology going down, however, small businesses have the opportunity to make up for lost time and get access to more data than ever before.
“The cost of technology, particularly in regards to big data, is going down. It’s making the lives of businesses easier because they don’t have to set aside a lot of money to get the data they need. Startups have access to more complex forms of technology, including automated data gathering platforms. Previously, these sorts of tools were only available to people who possessed a lot of capital.”
What other business trends do you expect see this year?
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