2009 was a tough year, but 2010 offers a fantastic opportunity for both start-ups and established businesses to make money in a number of different ways.
Whether it is through taking advantage of other business’s misfortune in the recession; providing much-needed short-term business solutions; or altering your business values and beliefs to take advantage of new trends, 2010 is the year in which your business can really get back on track and make you some serious money.
Let’s be honest, 2009 was difficult year for many businesses. While some have experienced profit growth and subsequently expanded, for most it has been a year of consolidation, protection and survival.
However, with the recent news that the end of the recession is looming (even if it’s not here yet), 2010 looks to be a promising year in the world of business.
At the start of every period of growth, experts always identify a series of trends that businesses will move towards. Hot trends tend to mean hot demand – and where there’s demand, there are profits to be made.
We’ve put together what experts have told us are likely to be the top 5 money-making business trends in 2010. Get your business on the bandwagon, and you might find 2010 could turn out to be your most profitable year yet.
Target green to save the environment
Green issues will continue to dominate the political and business agenda for the foreseeable future – and every business can benefit from this. You don’t have to necessarily start selling or providing environmentally friendly products or services, although this could generate interest if applicable to your business. Instead focus on making your business green and using what you are doing as a marketing advantage.
Being an environmentally conscious business can earn many admirers and even set you apart from the competition, allowing your company to win business from equally environmentally sensitive clients. Look for green alternatives in every area of your business. For example, avoid sending invoices through the post and use a digital option via email instead. Businesses that make a genuine commitment to going green often find that the cost savings are more beneficial than the marketing kudos.
Seize the moment: Take advantage of the economic climate
In times of recession – and post recession – everyone is looking to save money wherever they can.
As a start-up you can provide short-term solutions to these businesses looking to save money. For example, by providing staffing solutions to companies that have had to lose employees, or office solutions to companies unable to afford staff to man the phones, there is world of business opportunity available.
And start-ups are not the only ones who can take advantage. It is no secret that people have less money to spend these days, and the last thing a business wants is for customers to stop spending altogether. So where possible, reduce prices and provide the customer with what they’re looking for – a quality product or service that offers full value for money. This will certainly affect your profit margin on each sale; however a higher volume of sales will generate increased turnover and profits in the long run.
24/7 health concerns
Entrepreneurs are at the forefront of the latest money making trend: cashing in on the health conscious among us.
Consumer health concerns are providing a rich opportunity for businesses. Whether it’s through providing a personal service or helping direct people to fast health solutions, this cannot be dismissed.
It’s no surprise that health is now a 24/7 concern for many people. In a society where people get what they want, when they want it, the issue of health is on the agenda.
The NHS might not be able to get its computer systems right, but maybe you can. Is there some way your business can help people access healthcare information from their computer when it suits them? Can you help them get medication round the clock, perhaps by offering a pharmacy collection and delivery service?
Looking after the difficult consumer (they can be the most profitable)
There are a large proportion of people within your target market who are in effect, ahead of the game.
These people are becoming harder to please. They only react to authentic or amusing and clever advertising, are only loyal to brands and companies that consistently provide good products and a good service, and they respond best to those businesses that interact on their level.
Luckily for your business, accessing this sub-target market is not only possible – it’s profitable. By making sure the basics of your business are 100% spot on, satisfying this group of people should not be a problem. For example, make sure your website is accessible on mobile phones as well as computers; provide a knowledgeable service that continues to offer support and assistance; and give them a product that works. These tech-savvy individuals will soon move on if you give them a product and service that fails to deliver.
The internet continues to be the biggest opportunity for any business anywhere. Never before has it been possible for a business to reach so many targeted customers and have an interactive conversation with them.
Web apps (applications) are massive at the moment, and will only be bigger in 2010. By solving problems that technology customers are experiencing, traditional software programs are under real threat. To enter this market is not impossible, but requires creative thinking and a proven solution to technological problems.
And mobile apps are no different. As more people are relying on their mobile phones and the web continues to move to wireless, this industry is there for the taking. Ideas that bring technologies together will dominate in 2010. To help with this, Microsoft, Apple and Google have all launched third-party mobile app markets – so there really is money to be made here.
You don’t need to be a computer developer to put an app together. If you have a good idea and can plan it well, there are plenty of freelance programmers out there who will do the hard work for you. Look on sites like Elance to find the best people around the world.