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5 trends in 2020 that small businesses should be aware of

Find out which business ideas are trending in 2020, and see whether they could affect your business model.
5 trends in 2020 that small businesses should be aware of

Each year brings with it a new set of buzzwords and trending topics for every entrepreneur and small business owner to familiarise themselves with, and 2020 is no exception.

2020’s business trends are worth paying attention to if you're looking to scale up and stay relevant during these unpredictable times, so we've picked out five of the most talked-about trends for you to consider.

Technological advances and environmental awareness are the driving factors behind many of the emerging 2020 new business ideas, and there is hope that they will combine to produce a year of growth and opportunity in the coming months.

1. Biohacking

What may seem like one of the most perplexing business ideas 2020 has to offer becomes much simpler when you take a closer look. Biohacking is essentially an approach to making small changes to your lifestyle in order to improve your overall health and wellbeing.

Why is this important for small businesses? Well, imagine if your employees no longer suffered from sleep deprivation because of biohacking practices and products that help them wind down and sleep deeply, such as eye masks or chamomile tea. Or, if your staff were fuelled by a specially formulated coffee that burns fat and boosts energy in the morning. With biohacking, your employees could become more energised and healthy- which may encourage productivity.

2. Revisiting offline brand building

One of the more traditional small business ideas 2020 has produced is a renewed interest in offline marketing. Following years of emphasis on building a web presence and optimising for search engine visibility, small businesses are remembering the value in returning to the power of face-to-face, real-world interactions and word-of-mouth marketing to grow their brands.

Whilst online marketing continues to be effective for brands throughout the country, many companies are considering expanding their marketing effort by re-investing in events, conferences, meet-ups and novel ways of networking. It’s possible they’ll reap the benefits, as clients and partners show their appreciation for more tangible, memorable interactions with emerging companies and the individuals who run them.

We firmly believe this at Esme Loans, and our team will be exhibiting this year at the NACFB’s Commercial Finance expo 2020 to meet face-to-face with potential and current customers.

3. Clean energy

Making a shift towards clean energy has benefits for your company's bottom line as bills come down, and employee morale and wellbeing also stand to gain from a focus on going green. Many firms are introducing cycle-to-work schemes, car-sharing incentives and public transport discounts to encourage staff to save money and the environment.

Talented new recruits are also increasingly expecting to see clean energy initiatives when they are choosing a place to build their careers- 68% of workers care about energy efficiency in the workplace. For small businesses, this could present an opportunity to showcase your positive eco-friendly policies and stand out from your competition in the job market.

4. Creating apps for the Internet of Things (IoT)

The IoT is a system of interconnected computing devices, such as smart fridges, watches and phones in your home. With more and more homes and workplaces harnessing the power of smart devices, such as voice-activated assistants, small businesses are finding new ways to become part of people's everyday lives by creating apps for the Internet of Things.

With Google and Amazon both using open-source technology in their products, there are opportunities for companies to build apps that cooperate with products like Alexa and Google assistant. Consider whether these technologies present an opportunity that could help you grow your business.

5. The workspace revolution

Taking on your own premises must be a proud moment for any small business, but in 2020 there are many ways to create a space that works for your company. Collaborative working environments, such as co-working spaces and inspiration hubs, are growing in popularity – and for good reason. Increased access to resources and infrastructure, shared support services and vastly enhanced social contact and networking are just three of the ways small businesses are benefitting from a move into a shared or serviced office space this year.

That’s it for our roundup 2020’s trends that small business should be aware of. Whatever your business plans for the year, making sure your company stays up to speed with the latest small business trends could be costly. If you’ve spotted an opportunity to grow your business, a loan could support you with the funds needed to implement change in 2020.

How could Esme Loans help?

At Esme, we make getting a quote for a business loan easy. We provide unsecured loans to businesses from £10,000* to £250,000 over a one to five year repayment period with no set up costs or early repayment fees.

Get your instant quote on our website to see how much your business could borrow without affecting your credit score.

*From £25,500 for sole traders