Starting your own small business on the side of an existing job is becoming an attractive option to a lot of people. With popular marketplace platforms like Etsy, eBay and Amazon all now available online, it has become much easier for anyone, anywhere to set up and manage a small business operation in their spare time.
However, coming up with an actual idea, and knowing what might be topical in terms of attracting immediate sales can be difficult. In this article, we will look to answer one question in particular: which products should you focus on selling?
Regardless of what you’d like to run your part-time business doing, keeping up to date with the latest trends and technologies is imperative to staying afloat. Look at Blockbuster for example. This 90s’ video rental giant was slain by the rise of streaming services like Netflix and Amazon Prime, simply because it didn’t keep up with what its customers wanted.
Make sure you don’t make the same mistake.
Listed below are some of the hottest products people are searching for right now, as well as some of the latest trends to watch out for.
Source: The Master Switch
1. Wireless speakers
Bluetooth speakers may have been around for years but they’re still an incredibly hot product. In fact, experts forecast the wireless speaker industry to continue growing by 10% annually, reaching an approximate £25 billion by the year 2023.
The rise of artificial intelligence-based speaker systems, featuring Alexa, Siri or Google Assistant, is one of the key reasons behind this projected increase. With the world gradually becoming more and more connected to the internet of things, consumers are now buying smart speaker systems more regularly than ever before. Now could therefore be the perfect time to tap into that market.
2. Wireless charging stations
While on the subject of wireless, another ‘hot product’ which looks set to continue growing in popularity is wireless charging stations. These have been around for quite a while now too but are only starting to increase in popularity because people can actually afford them.
The reason behind this level of popularity comes because of two key things: ease and convenience. In today’s day and age, simplicity stands out; being able to charge devices – whether it be phones, headphones, tablets or even pencils – without the need for numerous power sockets is an incredibly enticing prospect to the everyday consumer.
With this in mind, the global wireless charging market is estimated to be valued at £17 billion by 2022, so convenience is certainly a trend that appears here to stay.
Source: Childsplay Clothing
3. Children’s fashion
Today’s children have grown up accustomed to the internet and the various joys of social media. Therefore, ever since they can remember, they will have had news constantly available to them, as well as the ability to consistently see what they’re friends, family and celebrity interests are up to.
In other words, this level of accessibility makes children more susceptible to urges – an ideal target for the advertising industry and online influencers to take advantage of. So, why not do the same?
Children’s fashion moves quickly after all and, due to puberty, kids soon outgrow the clothes they own. By keeping up to date with the latest fashions and trends, you can stay ahead of the game, selling clothing set to become the fashion of the future. Products like sweaters, ripped denim jeans, sunglasses and hats are all great places to start.
4. Beard oil
This may be one of the more niche ideas on this list, but hear me out. According to recent statistics, the male grooming industry makes approximately $6 billion in sales each year, which means it’s a highly lucrative market to tap into. It was also recently announced that bearded men were seen as more attractive to women as well, so it’s pretty easy to see why male grooming products have become so popular.
Beard oil, in particular, is a cheap product that can be bought and marketed effectively in a small business scenario. With more and more men now deciding to grow beards, there will also be an increased interest in how to maintain them effectively. As such, a large number of potential customers will start searching for beard oil online; have your business ready and waiting for when they do.
5. Mindfulness
OK, so this one is less product-based as such but – over the coming year – mindfulness looks set to take off. Mindfulness-associated anxiety-reducing trends have already been steadily growing over the years, with more than 820,000 web searches for ‘meditation’ each month alone. Therefore, with such a massive audience for this niche already, why not try to identify a gap in the market?
Whether you decide to sell physical products like massage oils or electric massagers, or focus on building an audience through unique a blog, video or podcast, there are a number of different ways to start a side business focused on assisting the mindfulness community.
6. Sustainability
Climate change is a huge issue in today’s day and age and, with that, sustainability has become a pressing concern for consumers. Today’s average consumer now makes their purchasing decisions based on how eco-friendly or sustainable a business or product is. Many existing brands have already had to change their packaging or way of working in an attempt to become more environmentally friendly, and actually demonstrate to consumers they’re a sustainable company to buy from.
With this in mind, your small business idea could think about utilising this trend. Here are a few great ideas to get your started:
• Reusable bags
• Bamboo toothbrushes
• Fruit and vegetables
• Food delivery services
• Eco-friendly shoes and clothing
7. Dogs
Pets are always incredibly popular and that certainly won’t change in 2020. In fact, the pet industry is said to currently be worth approximately $73 billion, making it one of the most lucrative markets there is. Therefore, identifying a gap in this market could lead to substantial profit if handled in the right way.
Setting up your own dog walking or dog sitting business could be a great start, for example. Many dog owners are reluctant to let a stranger walk their dog while they’re out at work, so why not put their mind at ease? By utilising the latest technology in dog trackers and cameras in your bespoke service, you’ll not only put dog owners’ minds at ease, but you’ll also offer a unique service unlike the rest.
As an alternative idea, you could also think about producing and selling your very own eco-friendly dog treats, or learn how to design and produce pet-related accessories.
Source: Cratejoy
8. Subscription boxes
As I mentioned earlier, ease and convenience are two major things every consumer looks for from a business. This is likely why subscription services like Netflix, Gousto, Audible, Dollar Shave Club and Amazon Prime have all taken off in the way they have; giving consumers the option to pay for services on a cheaper, subscription-based basis makes it easier for them to feel in control of their finances, while receiving a product or service that benefits their set of interests.
As we move forward into the new year, the subscription box industry is expected to grow by more than 200% annually. Therefore, whichever type of small business you’re looking to start – whether it be coffee, make up, cakes, personal care, or something else entirely – make sure to offer it on a subscription basis. You’ll probably make a lot more money out of it as a result.
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