This post originally appeared on Entrepreneur.com - #Growing Your Business
See the cultural trends that are leading to big business ideas this year.
3 min read
After an entrepreneur comes up with a business idea, one of their first tasks is to figure out a logo and how they want their brand to look. And because many entrepreneurs lack design skills, they often turn to platforms with template designs like Canva or PicMonkey, or to companies like 99Designs and Design Contest — which connect new businesses with freelance designers who enter “contests” in the hope of landing new clients.
Because 99Designs has so much insight into young companies in the process of creating logos and building brands, they have a bird’s eye view on what industries will likely grow in the coming years. They share these insights in an annual list on high-growth startup industries.
The company bases the results on the number of contests and projects being generated on its platform by businesses in each sector, compared year-over-year and to the previous five years. The data-based results give some interesting insights into what businesses could become a larger part of the cultural conversation in the coming year. The 2018 study, for example, predicted cryptocurrency, cannabis, non-traditional travel (like boutique hotels and Airbnbs) and virtual reality companies would likely see high growth that year.
In 2020, it predicts the high-growth industries will be as follows:
With the explosion of CBD-related companies, it’s no surprise the growing green industry made the list. “Bio-hacking” sounds intimidating, but it actually refers to the growing practice of making small lifestyle changes as a way to scientifically change your body. Intermittent fasting is probably the best known example of bio-hacking, but it also includes things like drinking bulletproof coffee and tracking your sleep cycles with wearable technology. The appetite for optimizing our time, energy and diet isn’t likely to go anywhere, so that prediction is on point.
Related: 6 Ways to Handle Rapid Growth
Rounding out the list are businesses related to astrology and veganism. With the rapid growth of companies like Impossible Foods and Beyond Meat — and the larger cultural conversation around climate change and the impact of eating meat — it’s safe to assume more people will turn to a plant-based or vegan lifestyle. The biggest surprise on this list is the cascade of astrology-related businesses. Once considered a niche industry, it’s become more common to see articles about How To Better Communicate With Your Coworkers, According To Your Zodiac Sign or how to Understand Your Boss by Astrology Sign.
Though it remains to be seen if these industries will explode like 99Designs predicts, chances are they’ll be right on the money.