1. Alternative lending will continue to grow
Traditional Business Lending has been getting extremely complex over the years and is considered the hardest part when starting up a new business. This has forced startups to look for alternative sources of funding other than the traditional High Street Banks.
2018 saw a boom for alternative sources of funding such as crowdfunding, P2P lending etc. Other than having a higher acceptance rate than traditional banks these new sources of funding have also simplified the process making it easier and simpler to apply for and acquire the required finance. 2019 is expected to see a similar or higher demand compared to 2018, as new businesses pop across the globe so does the demand for finance.
2. Subscription services will continue to skyrocket.
Subscription services have been a new fad over the years, even though the growth for this industry has slowed down over the years it is still growing at 1% per month. Subscription of various boxed services such as food, beauty, apparel remains a hugely popular choice.
The industry is expected to grow, however, with a focus on niche products, subscription services such as Nicely Noted, Pasta Evangelists or Bokksu are subscriptions focused on a niche which have seen a huge demand. Subscription-based businesses grow revenue 5.5 times faster than their IPO counterparts and should be something to look at if you are looking to start your own business. Speak to your accountants or an accountant in London to get a business plan ready before you begin.
3. Augmented Reality.
As per a recent estimate carried out by Goldman Sachs, AR and VR are expected to grow into a $95 billion market by 2025. The highest demand for this technology is currently coming from the Gaming Industry however there is an expectation that it will be used extensively by Corporations and Small businesses as well, nearly three-quarter of small businesses have indicated already that they would be using this technology as per a trend report from Deloitte. With the potential to become such a huge industry there is bound to be abundant opportunities waiting to be explored.
4. A shift towards Remote Working
The rise in technology has reduced the need for employees to work from dedicated office spaces or for business owners to be physically present at office premises all the time. Workplaces will have to think about adopting technology and recognizing new trends to let their employees work and collaborate more effectively while working remotely.
5. Brain Zaps
Humans cannot maintain focus for more than 30 mins, coffee, therefore, plays a massive role in helping brains to focus, however, the effect does not last for nearly as long as zapping the brain with electrical currents. McKinley who works at the US Air Force applied neuroscience division has been experimenting with this and has confirmed that a brain zap could enhance concentration for as long as up to 6 hours, with learning accelerated by a rate of 25%. 2019 might just be the time when brain zapping replaces coffee and coffee shops.
Access to extremely powerful technology is changing how the world works, the Tech sector is growing 2.6 times faster than the rest of the UK Economy according to Tech Nation’s 2018 report. The digital tech sector is worth nearly £184 billion to the UK economy, up from £170 billion in 2016. Being able to execute your idea in this day and age would be the perfect opportunity for businesses as the world is ready for new innovations and improved technology. Starting up with the right focus and a strong foundation can be fundamental to the success of your business idea. Having a professional business adviser on your side can make sure you have the right tools at your disposal.
Clear House Accountants are specialist Accountants in London who work with a vast amount of creative businesses in the UK, we have helped businesses set up realistic Business Plans, precise financial models, tax efficient business structures, effective valuations and affordable compliance packages to keep them on the right side of HMRC.