If you’re a young entrepreneur, you’ve probably been told to prepare your business for the future. But what changes should young entrepreneurs prepare for? What does the future of work and running a business look like?
Here are three trends that all young entrepreneurs should consider for the rest of 2023 and beyond.
- Start making a plan for AI
Artificial intelligence engines such as ChatGPT and DALL E are making it faster and easier to create content, services, and products as well as take care of our “to-do” tasks for your business. They can be a tremendous benefit but they can also cause unintended harm, particularly as they remake the search engine landscape.
At this point, experts are divided on the ultimate impact AI will have on the economy and society. The one thing that is clear is that no entrepreneur can afford to ignore the impact of the AI revolution.
Take time to continue to learn about new technology and how it can help and/or hurt your business. Take a little time each week to read up on AI, and search for webinars and conferences that you can attend. The time to start (if you have not started already) is now.
- Rising Costs and Prices
Many money and economic experts are making predictions for the rest of 2023 (and possibly 2024) that don’t look great.
The rising cost of living expenses (food, housing, cars, etc.) may cause at least some of your customers to be on a tighter budget.
At the same time, another group of your customers probably still have money to spend on their wants. You can help your business deal with inflation by offering your products or services at different price levels so that customers from different income levels can still enjoy your offers.
- Subscription Offers
You don’t have to be Netflix, Amazon, or a local TV company to offer subscription services to customers. As rising prices squeeze consumers, subscription models for pricing are becoming more popular. For example, content creators such as YouTube creators and bloggers are offering exclusive videos and content to customers who pay using popular subscription sites and apps like Patreon and Substack.
Subscriptions make products and services more affordable at the same time that they allow entrepreneurs to have a more regular source of income. Consumers to get a small amount of services or products each month at a discounted price in return for signing up for continued patronage of a business.
Consider adopting such a pricing policy for your business.
Takeaways About the Future of Work
New technologies, rising prices, and new ways to sell your offers, are quickly changing the way we do business. That’s why it’s important to keep yourself up-to-date on new entrepreneurship trends.
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