Kim Kiyosaki teaching at the Rich Dad office

5 Business Trends in 2020

With trends come opportunities—see what they could mean for your career goals this year

It’s hard to believe that the “twenty-tens” are over and we’re about to enter a new decade. Did the last decade shape up the way you expected? Are there goals you were hoping to accomplish, but didn’t quite get to? Think of the “Roaring Twenties” as a fresh start to re-commit to your business, career, personal and financial goals.

So what will you accomplish when the calendar flips to the year 2020? Put a plan in place and take on action, even if it’s small, that will push you forward. That momentum could be enough to light the fire needed to make a bold move this year.

  1. Shift to a freelance workforce

    It would be hard not to notice the growing workforce shift from traditional employees to a freelance model (aka, gig economy). According to a Gallup study from mid-2018, more than one-third of U.S. workers — or about 57 million people — are in the gig economy. And what’s more, it’s making people happier!

    Just look at these impressive stats:

    • Roughly 94% of self-employed workers believe their job is making a worthwhile contribution to the world,
    • 82% of freelancers and contractors are proud of their career,
    • and 97% of contractors report being much happier than their permanent counterparts.

    No wonder the freelance workforce is expect to jump to 43% by 2020!

    What this means for you:

    If you’ve been contemplating looking for a side gig to help make ends meet, pay off credit card debt, save up for investments you’ve been wanting to explore, or even to take your career in a new direction, then 2020 will be the year to make that happen.

    If you are looking to become self-employed and leave behind your corporate job, you should be seeing many more opportunities of this nature available to you — and no, it doesn’t just mean driving for Uber or delivering Amazon packages. Freelance writers, designers, marketers, web developers, accountants, photographers and countless other skilled workers who enjoy their craft but no longer wish to clock into a traditional job each day may find that being an independent contractor is the solution they’ve been waiting for.

    Plus, freelancing frees you up to pursue side businesses, like investing, more easily because you have control over your own schedule.

    Imagine what you could get done if you weren’t locked into an 8-to-5 situation helping to build someone else’s dream!

    Finally, it’s a great way for new mothers to earn a flexible paycheck without having to rely on full-time office employment.

    Take a look at these five side-hustle ideas before you quit your job. On the flip side, if you own a business, consider switching to a freelance-based model, which allows you to scale up and down based on project and client needs (if having full-time employees tends to break the bank certain months or seasons). The flexibility it affords you to quickly ramp up or down as the market dictates could be the difference between success and failure.

  2. A boom in co-working

    For any skilled worker pursuing self-employment, co-working is an invaluable concept. Most people don’t want to be cooped up in their home office day after day, with little to no social interaction — they want to be surrounded by creative influences, successful go-getters, people who do what they do, and a contagious energy that keeps them motivated and inspired. Thus, coworking spaces were born and are gaining traction every day. Coworking spaces, or shared workspaces, often can be rented by the hour, day, or month and some offer membership programs. They are built to replicate an office-like atmosphere, with private meeting rooms and kitchens, and larger tables for collaboration. There are nearly 19,000 coworking spaces worldwide, with over 80 million square feet of flexible workspace in the U.S. alone.

    What this means for you:

    If you own a startup, this is a great way to save money. But co-working isn’t just about saving money and pooling resources—it’s also an invaluable networking tool. You get to mingle with other like-minded people, potentially landing new clients or collaboration opportunities.

    Plus, being surrounded by what very well could be your competition could fuel your creative juices and bring forth innovative ideas. Sometimes, we need a little push to think bigger, and co-working spaces can provide that nudge. If you run your own business, coworking spaces are also helpful for having a place to meet with clients that looks more professional than your living room or a coffee shop, and you aren’t stuck paying for an office you don’t need most of the time.

    And if you travel internationally for business, you’ll find more than 11,000 coworking spaces in the Asia-Pacific region and nearly 7,000 in Europe, the Middle East and Africa.

  3. Alternative learning credentials

    A couple years back,Jared Atchison of WPForms wrote: “We’re going to start seeing a spike in employers that begin accepting alternative learning credentials.

    Right now, many employers will list a bachelor’s degree as a minimum requirement, but I think a wave of employers will start accepting Coursera, Khan Academy, Udacity and other online courses in lieu of traditional education.” I wouldn’t be surprised if this trend really catches on in 2020, due to the rising cost of traditional higher education. What would the world look like if employers moved to a skills-based hiring model instead of choosing based on their degree or pedigree?

    What this means for you:

    In case you aren’t already familiar with how Robert and I feel about higher education, here’s a quick summary. Robert’s poor dad always told him the best path to success was to go to school.

    His rich dad, on the other hand, didn’t have a college degree, yet he was very rich and successful. Rich dad said, “School teaches you to be an employee. If you want to be rich, don’t count on school.”

    So if you are chasing after a dream, but don’t have a corresponding formal education, don’t let it hamper your forward momentum. There are many online courses you can take to brush up on the industry you’d like to enter and certifications you can pursue.

  4. Consolidation of businesses

    In case you need even more motivation to pursue self-employment in 2020, there will likely be a string of major acquisitions in the coming year. Just look at what happened in the last two years: In 2018, AT&T purchased Time Warner, the Walt Disney Company bought Twenty-First Century Fox Inc., and The Meredith Corporation acquired Time, Inc. And in 2019, United Technologies and Raytheon merged, as did Bristol Meyers Squibb and Celgene. If you don’t think 2020 will follow suit, think again.

    What this means for you:

    For starters, you could find yourself without a job because your role is now redundant or being outsourced to freelancers or contractors. And even if you retain your job, you could end up taking a pay cut, not liking the new culture or your new boss, and having to learn new processes and procedures that make your job harder. That’s why there’s really no such thing as job security unless you work for yourself.

  5. Eco-friendly and social causes take center stage

    So you have a business idea for 2020? That’s fantastic! Does it have an eco-friendly tie-in? Does it have a charitable component or help a topical social cause? Even better!

    With so many people adopting a green lifestyle these days — from plant-based diets to reducing carbon footprints — you’re wise to jump on the bandwagon and tap into the growing customer base attached to it. Plus, you’ll be doing some good for the world, not just your own pocketbook. The same goes for businesses that give back to underserved communities, local artists and social causes that are dividing our nation. Of course, authenticity in your brand is key, so your motives for making a positive difference in the world need to be genuine.

    What this means for you:

    As you start to think of new areas to invest in, side gigs to start, or other ways to achieve your financial independence, look for opportunities to tie into the things that matter to millennials ( their purchasing power is projected to reach $1.4 trillion in 2020) and our planet. Look for ways to have a positive impact on society and make a difference in our world. Consumers want to make more eco-friendly choices, so figure out a way to help them change the way they use energy, think about plastic or re-use clothing.

Original publish date: July 05, 2018