In a year that seemed to have no end, 2020 pushed existing business owners to the brink. Despite the struggle of an economy struck by a pandemic, an unexpected beacon of light shone brightly – the rise of the entrepreneurial spirit. theBLOQparq (tBp) is committed to supporting those passionate and resilient individuals looking to create their own legacy and forge a path forward.

By September of 2020, applications for the employer identification numbers (EIN) had surpassed 3.2 million for the year, up more than 500,000 compared to the year before.
Source: NPR

These entrepreneurial endeavors are taking shape in a multitude of ways, transforming the business ownership landscape. Let’s review some of the trends that are causing the entrepreneur population to rise.

Niche Markets

Having a defined customer-centric focus, entrepreneurs embrace the niche marketplace when it comes to their new business. With trending niche markets such as environmental awareness, gaming, LGBTQ+ communities, health and wellness, and remote workers, it’s no wonder niche is a viable way forward. Successful entrepreneurs know how to identify a profitable niche and cater to what is usually an underserved market.

Mobile Businesses

When you think mobile, you may think of the food truck industry, and you wouldn’t be wrong. A fascinating little fact is that the food truck industry is worth more than $2.7 billion today! But there is growth in the non-culinary mobile business trade as well.

Mobile food Truck

Services such as moving, health, beauty, pet grooming, auto detailing, and cleaning are just scratching the surface of the mobile business possibilities. Some have even branched out into pop-up vintage clothing boutiques targeting areas of town where these types of goods would be especially marketable. Think big picture when it comes to mobile!

Social Responsibility

With a growing preference from consumers to buy from ethical brands, entrepreneurs are launching product-based businesses that answer the call to do good. When consumers purchase a product or service from a socially responsible company, they feel like they are doing their part to make a positive difference.

With the social responsibility business structure you are able to build trust, raise awareness, and serve as a catalyst for social change. The key to success involves paying attention to your customers’ issues and the impact your company can make at both a community and global level.

The number of people wanting to start their own business because of dissatisfaction with corporate America grew 27 percent in 2020.
Source: Oberlo

Subscription-based Services

Subscription-based services are picking up steam, and entrepreneurs are leading the charge. The ceiling has lifted on the possibilities from online classes and apps to retail and entertainment options. With the ease of subscription-based endeavors, many entrepreneurs find themselves exploring this option thanks to a steady, predictable income based on automation and low overhead costs.

Green Business

With the green movement gaining traction, a window of opportunity has widened for business owners to offer environmentally-conscious products and services. Although faced with some unique startup challenges, they have great overall success when leveraging technology to create quality, cost-effective products that will lead to a greater, greener world.

Business Ownership Success

When you join a like-minded community of entrepreneurs, it can be one of the most valuable decisions you can make for yourself. At tBp, you’ll find a place to speak freely about life as an entrepreneur and build pivotal relationships with people who can genuinely relate to the same struggles and successes. With tBp’s vision at its core, and a belief in innovation, creation, and a new way of building business, what better a place to call home for your own business.

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