Macro trends and the solo entrepreneur
Not long ago, a friend and I were having a conversation about market research. Well, actually, we're both solo entrepreneurs and were just chatting about our respective businesses. (Yes, we're a bit geeky like that.) She doubted that global or macro trends could really impact her own solo venture, saying, 'How are those big trends relevant to my tiny operation?'
My role with my clients, who are in industries as diverse as educational services, gourmet popcorn, and real estate software, is to demystify market trends and competitive dynamics, showing how they directly influence their businesses—and importantly, what they can do with that information.
One trend I have been seeing for the past couple of years didn’t at first strike me as quite as relevant as it’s turning out to be…that’ll sound weird when I explain it, but just to say that sometimes it takes minute to understand how the world around us can impact solo and smaller entrepreneurs.
That trend is population aging (I know, I know, sometimes we just don’t want to talk about it!). I’m getting older, you’re getting older, everyone is. The thing is, this segment of the population is growing and that’s not forecasted to change for some time. I hesitate to call it a ‘segment’ because it’s not a static group of people, it’s a constantly evolving thing with new people entering it every day.
A quick stat for you:
10% of the world's population is above age 65. In the US, 17.5% of the population is aged 65+.
Let that sink in for a minute. Those are big numbers and that’s a lot of people.
So let’s talk for a minute about how that macro-sized trend might impact your solo or small business.
Every ‘generation’ gets a lot of flak these days, but as groups of people age many also have more purchasing power. They buy things. They do things. Their attitude about aging and health and what they do with their time and energy is vastly different than previous generations at their ages.
For instance, they aren’t retiring in the same ways previous generations did and many aren’t retiring yet at all. They are active and they are working longer, in short, they are very engaged. Here are just two ways this macro trend may apply to your business:
For a variety of reasons, more people in this generation are working longer or starting their own solo or small business. If you teach online marketing, for instance, you could serve the needs and perspectives of this cohort of new entrepreneurs.
They are active. Think more than pickleball here! Travel and group classes and fashion and hobbies and…the list goes on. Do you teach fitness classes? A travel agent? Are you a fashion connoisseur? If your business is in any of these industries, consider the ways your products could serve this niche.
Of course, this isn’t an all-inclusive list, but hopefully turns a few wheels in your head about serving different age groups with your current products and services. A few tweaks to your offers here and there may open up a whole new service niche for you.
As those wheels turn, think back to the 4-step Find Your Wedge process: Create a Starting Point Sentence with this niche in mind. Then, take a look at what’s going on in the market, find some Inspo-Competitors, including market trends in your niche. Use that information to start defining your direction or wedge. And finally, update your Starting Point Sentence with a clearer Wedge Statement.
What macro trends are impacting your business in surprising ways?
-Julie