The year 2022 has been met with some trepidation and caution given the happenings of the last two years. There is however a consistent and increasing pulse for entrepreneurship in the island of Jamaica that is proof that all hope is not lost. The Companies Office of Jamaica (COJ) recorded its highest numbers in 2021 with 17,039 business and 4,878 company registrations which shows that the pandemic has brought out the entrepreneurial spirit of many Jamaicans. In an interview with the Jamaica Information Service (JIS), Mr. Harold Davis, Deputy Chief Executive Officer of the Jamaica Business Development Corporation (JBDC) shared that Jamaicans are moving from the panic of the pandemic into their passion. So, as the world continues to pivot there are some key trends that we can look forward to in 2022. These trends might help to bolster existing small businesses or even inspire some to launch out into entrepreneurship.
Digital Marketing is here to Stay
In 2022 we will continue to see the use of digital marketing as an integral part of business ownership. The pandemic has allowed more entrepreneurs to recognise that there is a space for their business online. This is where the customers are and will continue to be and therefore business must be tailored to suit your ideal customers’ online behaviours. We have seen the growth in varying types of digital marketing options such as email marketing, social media marketing, E-commerce and using metrics and analytics to gauge the success of these strategies. It is important for entrepreneurs to assess what are relevant and viable options for their businesses and which platforms are best for them. It can be the social space with Instagram, Twitter or Facebook, or sticking to YouTube with quality video content or hosting an E-commerce website. These platforms and strategies can position entrepreneurs to have great reach in the digital realm and thus see great results for their business. David Cullinan of Entrepreneur Leadership Network notes that in 2022 content is still king and that “content marketing is one of the most important aspects of any digital strategy. Content has become a powerful way to connect with customers, engage them and build their trust.” Other important digital marketing trends include the use of video, influencer marketing and making products sellable online. Entrepreneurs must stay abreast of digital marketing trends and invest resources in figuring out what works for their business in the digital space.
Booming Industries
Despite the chaos of the past two years, there are certain industries and markets that have emerged and entrepreneurs would do well to observe and tap into them. Jamaicans are notorious for their resourcefulness and creativity and Minister of State in the Ministry of Industry, Investment and Commerce, Dr Norman Dunn noted that “Global disruptions have led to economic growth in many markets. These include manufacturing; logistics and distribution; renewable energy; as well as services in the financial, outsourcing, health and legal sectors.”
Entrepreneurs can keep a look out for industries and markets that are emerging as a result of the growth and shifts happening globally. The Statistical Institute of Jamaica (STATIN) reported that the third quarter of 2021 revealed a 5.8{c4a4c9fd52d7181d91bad092704434b898e5ce90f2125a75bd88b17e92ac13f3} increase in total value added for the Jamaican economy. The CARICOM Business reports that a portion of this increase was “attributable to growth in both the Services and Goods Producing Industries. The increase in the Goods Producing Industries was mainly due to higher output levels in Agriculture, Forestry & Fishing.” Entrepreneurs can continue to tap into industries such as these and capitalise on the growth and expansions being experienced within these markets.
Remote Entrepreneurship
The concept of remote work did not come about because of the pandemic but it was however made a mainstream option because of the restrictions of Covid-19, and as a result, more professionals began choosing to become digital nomads. “Digital nomadism is a type of remote working where the worker lives as a nomad. Due to the nature of their job or specialisation, they can work remotely practically from anywhere.” (Finance Online).
The pandemic has caused many corporate businesses to see the value in working remotely and this value has also been seen by upcoming entrepreneurs. Remote work has positioned many small business hopefuls to try their hand at dreams and ideas they have had, as they do not have to give up their traditional jobs since remote work allows for more flexibility. In 2022, it is possible that we will see more individuals opting for remote work instead of building out big commercial workspaces. The increase in digitisation has opened a myriad of opportunities for meaningful work to be done whenever and wherever. Entrepreneurs are also hiring remote workers who can cover digital touchpoints from the comfort of their homes.
International Business Trainer & Coach and Business Writer, Yaneek Page commented on remote working in the Jamaica Observer and said, “Work-from-home, digitisation and digital transformation and how it is that folks are now able to create business operations that are very lean. It does not require a lot of physical manpower and human resources and they are able to deliver services and products to their customers digitally.” This is a consideration that many entrepreneurs may be making in 2022. There are key trends that will mark 2022 and entrepreneurs are being given many opportunities because of the changes in economies. Observing trends can help the entrepreneur to know where industries are heading and provide crucial insights for them to make informed decisions.
In the next instalment, we will explore other trends to look out for this year.
References
https://today.caricom.org/wp-content/uploads/Caricom-Business-January-1-2022-vol-5-n0-1.pdf
