One of the most effective ways to grow your startup business is being able to ride the trends happening around you. Of course, it is not that easy, since new ones are popping up each year. To help you out, we list some of the ones you should watch out for in 2023. Find out how you can better take advantage of them for your success.
2023 Startup Business Trends no. 1: The Growth Of Niche Markets
While niche markets are nothing new, they are often overlooked for so-called greener pastures. After all, these markets are usually relatively small and do not produce the desired returns. However, companies are now taking a second look at these niche markets.
Image from Shopify.
That resurgence of interest is mainly due to people’s growing interest in services that best match their needs. The growth of e-commerce and different delivery methods mean that such services are now more accessible to customers. Because of that, customers are now willing to spend more on such services.
The great thing about this growing clamor for niche markets is that new ones are sprouting frequently. That gives you a lot of new opportunities. Some of the biggest niche markets that have appeared in recent years include:
- Gamers
- Remote workers
- Travelers
- The LGBTQ+ community
- Environmentally conscious consumers
Note that different niches can even be borne out from a single industry. That gives your business plenty of opportunities to market itself.
How Your Company Should Take Advantage
Of course, that successful marketing depends on how well you can identify these niche markets. Do note that not all of these specific markets are not equal. While Some might indeed have the potential to become larger, others can quickly become a dud after many promises.
Thus, you need to actively observe how these markets develop. Start by identifying which ones your startup business can readily dive into. Determine how these niches are doing and what you can do to prop them up more.
On the other hand, you also need to pay attention to competitors. This is more significant in niche markets compared to the more general ones. Because of the smaller size, your market share can quickly change because of these competitors.
2023 Startup Business Trend No. 2: Social Commerce
The rise of social media has been one of the most influential developments in the last decade. And it is still spawning some intriguing developments in different fields. One of these is the growth of social commerce.
Image from Shopify.
As the name says, this is conducting business transactions through social media. Ordinary users were the ones who started the trend. They saw social media as an easy way to buy and sell stuff without the hassle other e-commerce platforms have. And it pretty much grew naturally from there.
For startups, social commerce offers a more accessible audience. They can readily come up to people and offer their services more conveniently. However, they will also need to navigate the field more carefully.
How Your Company Should Go With This.
One thing you need to understand when it comes to social commerce is that people don’t like an in your face approach. After all, they are on social media simply to interact with others. Buying on socials often comes secondary to that interaction.
As such, before you engage in such activities, you first need to engage with potential customers on social media. Connect with your social media following so they can gain a lot of value from their engagement with you. Useful info, quick response to inquiries, even just fun conversations. All of these help you establish rapport with them. That makes them more readily accepting of your offers.
2023 Startup Business Trend No. 3: Long-Term Cash Planning
Effectively using funds is a critical part of running a startup business. But that challenge has been highlighted more during the last three years. Sudden large-scale economic disruptions can severely affect the ability of these small companies to fund their operations.
Images from G-Squared Partners.
Thus, many entrepreneurs are looking to long-term cash planning to safeguard their operations. The goal here is to ensure that their funds remain solvent and stable. Businesses now take advantage of different investment mechanisms to ensure that stability.
How Your Company Should Respond
The success of long-term cash planning hinges on the effectiveness of your cash forecasting methods. Here, you will need to deal with both short-term and long-term forecasts. Keep in mind that these two are not separate areas.
Your short-term cash forecasting ultimately serves as the foundation of the long-term forecast. Thus, you should ensure a steady stream of short-term forecasts to help you make more accurate long-term projections.
Virtua Solutions’ virtual assistant team will help you with these short-term forecasts. Our team will keep track of your finances and other relevant metrics. We can then bring all these metrics together into a report detailing your cash outlook. Additionally, Virtua can help you track other business matters that contribute to your expenditures and funding.
2023 Startup Business Trend Nol. 4: Middle Management Evolution
As your startup business grows, you will need to expand your team. That includes adding a new management hierarchy to your organization. The role of that middle management is traditionally to oversee your team on your behalf, and report on their performance.
Image from Financial Times.
However, that role is now changing. With startups now facing new challenges in the business landscape, the middle manager needs to be more involved with the team they are working with. In particular, the manager can often take on the role of mentor and coach for your team. They will also need to serve as leaders who will steer the team towards success.
How Your Startup Can Ride The Trend
The biggest challenge with such an evolution is finding managers that do have the capacity to take on these roles. Hiring in-house ones can take time. Furthermore, they would not come cheap.
Virtua Solutions can help you get access to such managers faster. Our project management team is ready to work with your team. Each of our managers is trained in engaging different kinds of teams. As such, they will be able to connect with your team easily.
We can also help you build the infrastructure needed for team education. That includes things like employee training programs and an extensive resource center. We ensure that this infrastructure is well taken care of for the benefit of your team.
Ride The Right Trends This 2023 And What Your Startup Business Grow
Effectively riding these trends will help your startup business position itself for continued growth next year. But they are not the only ones that you should be prepared for. We are here to help you adapt to these new trends better, Partner with us and get ready to give your company MORE edge.