A new year brings new ideas. Many business leaders are already looking ahead at possible entrepreneur trends in 2020. Here’s a sneak peek at what to watch for great business ideas and trends in the new year and the new decade.

  1. The riches are in the niches.

It’s tempting to want your business to be all things to all people. But powerful online companies like Amazon and even traditional stores like Wal-Mart and Target already have this market covered.

Many customers still want to buy from a company that specializes in the specific type of product or service they’re interested in. That’s why small companies with a specific focus, or niche, are expected to grow and succeed in the new year.

  1. Look for more partnerships.

A lot of entrepreneurs have awesome ideas. But they aren’t tech savvy. At the same time, a lot of tech savvy people want to start a business. But they aren’t good at the social part of entrepreneurship, such as marketing and networking.

Expect to see more entrepreneurs working with other business leaders to help their business be more well-rounded and work better for their customers.

  1. Video’s power will grow.

Did you know the average person spends 10-20 hours per week watching videos? That’s why entrepreneurs should seriously consider making even short, simple videos as part of their business’ marketing and social media. Such videos can include a short summary of why you started your business as well as short “how to” videos related to your product or service.

  1. Social media will keep its strong presence.

Social media will continue to dominate the online world in the new decade. Newer sites like TikTok and Instagram are expected to continue growing. Also, older sites including YouTube, Twitter and even Facebook are expected to continue being popular with customers from different generations.

So, don’t neglect the more traditional social media sites that you already use for your business. And consider how newer sites might help your business grow.

Final Thoughts

So, there you have it. Use these tips to build your business’ specific niche and work with other businesses. Also, consider using videos and keep a strong presence on social media.

You now know four key entrepreneur trends for 2020 that will give you and your business a head start for an amazing new year!

Photo by Sasha • Stories on Unsplash

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