With the evolution of business models, what are the sectors that have withstood the test of time, or have become successful recently? In this article, we will explore various models and the reason behind their success.
1 The Tech Business
It is no surprise that business models leveraging on technology, such as software, digital currencies and online platforms have become some of the most successful in the world. For instance, since the rise of cryptocurrency in 2010, the market today has risen to more than $2 trillion after the rise of popular currencies like dogecoin. The technology improvements today have led to the founding of successful companies such as Microsoft, Amazon and Facebook.
Since these companies are thriving amongst the top grossing companies, it is undeniable that embracing and adapting technology into your business would increase the chances of its success. There is no harm adapting with the flow of technology and accepting that automation can make our lives a lot smoother, especially since there is a reduction of human error. In another article, we explore 4 ways to automate your work.
Even if you are considering a business that is not technology related at all, adapting some tools can also lessen your workload. Following the saying “Work smart not hard” by Allen F. Morgenstern, technology could save a huge amount of time for you!
2 Social Enterprises
In the past, businesses would seldom express their stance towards social issues, much less political ideologies. Today, many businesses are starting to openly support and use their business activities as a platform to advocate for heavily debated social issues and the rights of the people. An example is Reddit, a major forum website, changing their logo from orange to black to support the Black Lives Matter movement.
There are, nonetheless, skepticism levelled at companies who treat speaking up for social issues solely as a marketing campaign. While some companies do it superficially with the intention to gain more followers, the people are ultimately aware of which businesses are truly supportive of campaigns for the social rights of marginalized groups. Performative activism by companies have also been boycotted and criticised but businesses who show that they truly support causes through the means of donation or publicly expressing their stance have shown to be much more successful.
Though many people often advise against mixing social advocacy with business, the blurring of the boundaries, especially in the past 10 years, has led to massive unity and growth of various social groups as they feel more accepted in that safe environment. Knowing that a business, however big or small, supports their rights not only makes the social groups feel safe but also empowers them.
3 The Project Based Business
This is a broad category as there are many types of projects including but not limited to:
There are many ways to start a project based business. Firstly, there is a model where a company provides their service to other businesses. For example, a professional marketing business could provide their service to a small company for a set amount of money per marketing project. This business model works if you have a team of professionals working together to take up the projects, and if they cost at least marginally less than the fees you collect.
Secondly, a business could also be the bridge between the company who needs the service and people who can provide it. This model works like an agency where the company connects a freelancer to another company and becomes the bridge between both sides. Thus, the commission is earned from the other company as you help them to source for a freelancer who is willing to work on the project they have issued.
4 The Education Business
In Singapore, the tuition industry has been valued at SGD$1.4 billion. Many parents wish for their children to excel in their academics while juggling extracurricular activities. One of the most profitable businesses would be offering tuition services for students regardless of their age. Just like the project-based model, profits also potentially exist for those who opt to run a business as a tuition agency, connecting students and teachers. Singapore also highly encourages lifelong learning, even subsidising courses for the middle aged to upskill themselves.
There are many pathways for education. The successful businesses typically teach academic subjects such as sciences and languages. However, there are also businesses that teach skills or nurture talents such as music schools and art schools. A professional in any field hoping to start a business with their expertise could hold talks and lessons sharing pointers.
Conclusion: Exploring Business Trends and Industries Today
Regardless which industry a business is in, incorporating automation and technology is extremely important, even more so since working-from-home is the default since the Covid-19 pandemic started.
If you are hoping to start your own business, you might be interested in another article we have written previously sharing some tips to know before starting a business. We hope that this article has been helpful and will inspire some readers to the first step towards starting their own business.