Will your business idea be lucrative in 2016?
A large part of starting a business is getting ahead of the trends. While every new year brings game-changing fads for entrepreneurs, some current elements of startup success will remain.
Check out the coming trends in startup content, communication and online business industries for 2016.
Consider a Sharing Model for Your Business
In 2016, sharing is caring. Because the sharing economy, or the system in which private people share products or services, is expected to increase exponentially, placing an even greater emphasis on the social aspect of companies.
“We” is taking precedence over the “me”. Kickstarter stands as one well-known example of a sharing economy company. The company allows entrepreneurs to get money online from tons of people to fuel their startups. Crowdfunding platforms like Kickstarter make it easier for entrepreneurs to get funding and transform their business ideas into real entities.
Content and Communication with Customers
Customer communication as it exists now will continue to hold importance in 2016. Fostering the two-way conversation between your startup and customers remains an important part of creating customer loyalty and connection.
Allowing customers to leave reviews, sharing customer testimonials and responding to comments helps your business to build a stronger relationship with current and potential customers.
As for content, videos still stand as the best type for marketing your startup and its products. According to Get Launched, 70 percent of brands deem video content most efficient among all other types of online content for marketing.
Where It’s At for Your Online Business
We have a slew of videos and music at our fingertips with the prevalence of mobile devices. As a result, headphones have become not only a function but an accessory of style and a status symbol. Get Launched reported the headphones and earbuds industry is expected to hit $13 billion by 2016.
Pure-Ecommerce projects the fitness industry to be promising as well. While it’s in to be fit and consume healthy foods, athleisure clothing largely influences the spike in fitness product profitability. The diverse industry, whose products can range from yoga mats to organic snacks, is predicted by NPD Group to reach $178 billion by 2019.
As younger consumers begin to value experience over materials, outdoor recreation equipment has climbed to the top for lucrative industries next year. Products pertaining to camping, boating, hiking and other activities pair perfectly with consumers’ travels.
Also, according to IBIS World, the coffee industry’s annual revenue reached $13 billion in the United States and is projected to grow 4.5 percent.
Earbuds, hiking shoes and medium roast coffee beans may be hot picks for online startups in 2016, but they aren’t the only ones. Industries like pets, wine and educational products are expected to be lucrative as well.
When you’re starting a business, going in with a plan to succeed is key. Make sure you know which door is the most profitable one to unlock.