Why your 2023 make-money plans might fail – Today, we will discuss how and why I think your new business plans for the year might fail. Beyond being optimistic, there’s a great need to re-examine your goals now that the year begins. Despite the challenges of COVID, the pandemic also spurred innovation and entrepreneurship, with many businesses adapting to new circumstances and developing new products and services to meet changing consumer needs. In addition, E-commerce and online businesses saw significant growth as more consumers turned to online shopping and remote work became more common.
In the coming years, projections for the business and entrepreneurship world will likely be influenced by ongoing pandemic recovery efforts, changes in consumer behavior, and continued technological innovation. Can you see why your 2023 make-money plans might fail already? Let’s discuss this further.
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New Groundbreaking Industries You’ve not Looked at
One of the significant reasons many businesses fail this 2023 is because they have failed to consider the life-changing impact of the pandemic on society. Here’s a quick look at some industries that the pandemic gave rise to:
Online grocery delivery: With people staying home to avoid the virus, the demand for online grocery delivery services has skyrocketed. The pandemic has led to the emergence of new players in the market and the rapid expansion of existing services.
Telehealth: With healthcare facilities overwhelmed by COVID-19 patients, telehealth services have become increasingly popular for people to receive medical advice and care remotely.
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E-learning: With schools and universities closed, e-learning platforms have seen a massive surge in demand. This has led to the emergence of new players in the market and the rapid growth of existing platforms.
Contactless payments: Many businesses have adopted contactless payment systems to reduce the risk of virus transmission. This has led to the growth of mobile payment platforms and new payment technologies.
Remote work: With many businesses implementing work-from-home policies to reduce the virus’s transmission risk, remote work has become more popular than ever before. This has led to the growth of technologies and services that enable remote work, such as video conferencing and collaboration tools.
Some Statistics That Would leave you Wondering
Business closures: According to Yelp’s Local Economic Impact Report, as of August 2021, there have been over 163,000 business closures in the United States since the start of the pandemic.
Job losses: The pandemic has resulted in significant job losses worldwide. In the US alone, more than 22 million people lost their jobs at the height of the pandemic, and while many jobs have returned since then, there are still about 5 million fewer jobs than before the pandemic.
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E-commerce growth: The pandemic has led to a surge in e-commerce sales as more people have turned to online shopping. In the US, e-commerce sales grew by 44% in 2020, reaching $861.12 billion, according to eMarketer.
Remote work: The pandemic has also accelerated the trend toward remote work. In the US, the number of people working remotely increased from 31% in mid-March 2020 to 51% in mid-April 2021, according to Gallup.
Supply chain disruptions: The pandemic led to significant disruptions to global supply chains, in turn giving rise to shortages of various products and materials. According to a survey by ISM, over 90% of US companies experienced some supply chain disruption in 2020.
Small business impact: The pandemic has particularly hit small businesses. A survey conducted by the National Federation of Independent Business as of August 2021 reported that 32% of small businesses struggled to make rent or mortgage payments, and 21% reported having laid-off employees.
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Why You Should Change your trajectory: Planning not to fail this 2023
At the beginning of this post, I pointed out why a business might experience setbacks, maybe even failure, this year. Here are a few things to consider at the beginning of the year and even in subsequent years:
Adapting to changing circumstances: The world is constantly evolving, and adapting to new possibilities is crucial. Changing your trajectory can help you adjust to changes in your personal or professional life, such as a new job, a move to a new city, or a shift in your priorities.
To take on new challenges: If you’re feeling stuck or bored in your current situation, changing your trajectory can be a way to challenge yourself and try something new. This could involve taking on a new project, pursuing a new hobby, or traveling to a new place.
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To pursue a more fulfilling life: Ultimately, changing your trajectory can help you create a more fulfilling life. By setting new goals, exploring new opportunities, and taking risks, you can discover new passions and find greater meaning and purpose in your life.
The need to be in less competitive fields
While the pandemic has created challenges for many individuals, it has also provided an opportunity to reflect and reevaluate career paths. Pursuing a career in a less competitive field may be a good option for those seeking greater job security, flexibility, a sense of purpose, or a better work environment.
Greater job security: Individuals may prioritize job security over other factors during economic uncertainty. Pursuing a career in a less competitive field may offer more excellent job stability and security, as there may be less competition for available positions.
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Flexibility: Many people have had to adapt to new work arrangements during the pandemic, such as working from home or taking on additional responsibilities. Pursuing a career in a less competitive field may offer more flexibility and work-life balance, allowing individuals to manage their personal and professional responsibilities better.
Helping others: The pandemic has highlighted the importance of healthcare, social services, and other fields that focus on helping others. Pursuing a career in these fields may appeal to those who want to make a difference and contribute to their community.
Better work environment: Highly competitive fields can be intense and stressful, leading to burnout and dissatisfaction. Pursuing a career in a less competitive field may offer a more relaxed and supportive work environment, which can improve job satisfaction and overall well-being.
Conclusion
Conclusively, why your 2023 make-money plans might fail highlights groundbreaking measures you can take this year and in the years ahead. The pandemic remains a game-changer across multiple industries and a significant player in today’s economy. So, reconsider your plans today by moving to a less competitive industry, adopting the new industries sprung up by the pandemic, or even brilliantly incorporating them into your business.