Whether consumers are avoiding lactose or alcohol, they still want something that is just as enjoyable as the original product, and grocery shelves are only beginning to see new, equally satisfying offerings.
Brands like Impossible and Beyond Meat captured the attention of Wall Street, but the market is far from saturated. And you don’t necessarily have to invent a new product. Restaurant owners shouldn’t let themselves get lapped by the likes of Burger King and Dunkin’ in offering diners more choices from the grill.
Marijuana may not be for big businesses just yet, but small businesses could succeed where it’s legal.
Why it matters: Another feature of the 2017 tax overhaul was the introduction of new rules for different business structures. For business owners, it may be smart to review how your current structure is treated under the law.
In addition, as more companies like Uber and Lyft come under the scrutiny of state and local regulators, the definition of independent contractor is liable to change and could have broad reaching implications for you or your business.
Stephanie Nadi Olson founded a network of remote-working marketing professionals.
Courtesy We Are Rosie
Adapting to the future of work
Examples: Gig economy, freelancer networks, remote work
Why it matters: People aren’t just leaving cities, workers are leaving salaried jobs in search of more flexible hours and better work-life balance, even at the cost of a pay-cut.
Why it matters: Retailers had a tough year in 2019, with more than 9,300 stores closing. But sites like Amazon, Shopify, Alibaba, and Faire are rolling out more tools for retailers to reach more customers with unique products.
For all the commotion surrounding e-commerce, the vast majority of retail still happens in physical stores, and shoppers are increasingly choosing to buy online and pick up in person.
The right approach may depend on a blend of online and in-store strategies, as customers are looking for more personalized shopping experiences.
Housing and hospitality
Examples: Homes, hotels, shared spaces
Why it matters: We’re grouping the residential and hospitality industries together because they ultimately fulfill the common human need for shelter.
The traditional housing market is undergoing radical change, but people still need a place where they can rest, recharge, and feel welcome.
These sources of capital could be a lifeline for your business when cash is tight, but the regulations and protections are nowhere near as robust as they are with traditional banking. Just make sure to read the fine print and proceed with caution.
Former banker Cate Luzio self-financed her business that offers collaboration space and events geared toward professional women.