While there is no right or wrong time to start a business, now might be a good time to actually go through with it. This 2020 is a fresh start, and year 1 of a new decade. With the number of new companies growing by 8.5% last year, this year will likely see even more new businesses starting out. So, if you are one of those planning to start a new business this year make sure you keep these five trends in mind:
Increase in security concerns
Security will be a chief concern of entrepreneurs in 2020. That is due to UK firms reporting a rise in cyber-attacks in 2019. In total, 55% of companies surveyed were victimised, a sharp increase from the 40% reported cases in 2018. These firms lost, on average, £281,948 due to cyber-attacks (61% higher as opposed to the previous year). These illustrate why fortifying security will be a priority this year. Fortunately, you can consider getting expertise from the likes of Xcina Ltd., a founding member of the UK’s first police-backed digital certification scheme. The firm can help local and national businesses better navigate the world of cybersecurity. In this way, organisations will be better equipped to fend off potential cyber-attacks.
Rise of culture accountability
Startups around the world are known for a culture of working long hours. But that isn’t sustainable, and can be detrimental when it comes to attracting top talent. In 2020, expect more startups to take a more open-minded and transparent approach to work. Home Hero co-founder and CEO Kenny Alegbe approves of this transparency, noting that “With this increasingly ‘open’ interaction between brands and consumers comes an expectation for companies to live up to topical discussions around mental health, diversity, and wellness as a whole.” As a result he expects startups “to invest more in bringing good practices to light (or creating them), as well as making strategic hires in these fields — and marketing this!”
E-Commerce will continue to boom
The days of brick-and-mortar storefronts dominating commerce are dwindling, and e-commerce is taking charge, with a forecast to be a £3.8 trillion industry by 2023. It is a trend that you can leverage for your own business, as going online eliminates the need for a physical location for your startup. More important, perhaps, is the massive UK market you can tap online: 63 million internet users, 45 million social media users, and 39 million mobile social users.
Improved payment options
A Telegraph article on the link between seamless payments and customer loyalty underscores why startups must aim to give customers varied but convenient payment options. This is because customers now expect an omni-channel approach to payments. And the card reader machines featured on FIS Global show how mobile data or Wi-Fi can be used to streamline payment processes for a variety of business models nowadays. This means convenient and quick acceptance of payments anywhere with wireless access. By streamlining payment processes, startups will have another means to cultivate customer loyalty, which is crucial in building a clientele for 2020 and beyond.
Companies have been going green in the last decade, and expect it to pick up even more this year. Barclays found that 75% of UK businesses have reaped commercial benefits from going green, including a drop in business costs. That drop will accelerate if your business qualifies for government grants and tax breaks, like the Climate Change Levy. Not to mention going green generates positive PR, and this dedication to sustainability can indirectly help your bottom line.