With recovery slow after the huge economic impact of the pandemic, and current global upheaval disturbing markets, PLUS the cost of living crisis, it’s easy to see why many people are worried about their jobs, while others know it could be time to change careers to secure their future.
Here are some professions you should consider if you’re looking for a change:
Adult social care is a bigger employment sector than the NHS – and yet there are around 152,000 open vacancies. This number reduced slightly when the Government introduced the Health and Care Worker Visa, but with strict immigration laws in place now, the number of open vacancies remain open as retirement living centres, residential carers, and those working with adults with learning or physical disabilities in independent living homes cry out for support workers.
You don’t need qualifications to get started in many adult social care professions, as training will be provided. Hours can also be more flexible if you want a part-time job, and others might offer accommodation with the role as a live-in carer. If you’re compassionate and like people, adult social work could be for you. Most jobs will require a DBS check – it is worth registering for the annual check update to ensure your DBS is always up to date which makes moving jobs much easier.
2. Architects
This is one of those long-game professions that will pay off big time. Training to be an architect takes seven years – but the end result can be a healthy salary of £80,000 or more.
You can train solely on a university course, or take an architect apprenticeship which gives you work experience and a salary to learn ‘on the job’. Starting salaries for fully qualified architects are around £30,000 quickly rising to £75,000 or above, particularly in London and other metropolitan areas.
Architects are in demand as the UK tries to keep up with the need for more housing as well as improving city centres with public architecture that is accessible and provides pleasant surroundings. It is the type of job that will always be needed, even as we move into a digital age – computers can do the drawings, perhaps, but the vision and skill required will always be human-focused.
3.Programmers and Developers
Software developers and computer programmers are in increasingly high demand as world digitisation shows no sign of slowing down. Companies that previously had openly spoken against tech developments like AI are now investing in the UK and crying out for staff – such as Microsoft’s new centre for AI, which is opening in London soon.
It might seem that getting a computer job while we’re teaching computers how to run without our input is putting yourself out of a future job, but that won’t be the case. AI is a tool that will always need human input at some stage – and we’re still very early stages in the technology development. A software developer starting salary is around £26,000 but can quickly and easily rise to well into six figures for those who show they can handle complex scripts and have good problem solving skills.
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4. Plumbers, Bricklayers, Construction Workers
Professions that can’t be automated, like plumbers and construction workers, are in dire need of new recruits. A recent study by Checkatrade revealed over a million new recruits are needed in the trades to fill the huge skills gap the industry currently faces.
Some of the problem is recent changes to UK immigration law, which has eliminated a large portion of the potential workforce from qualifying and taking up vacancies. Schools are also not promoting the possibilities of apprenticeships to their students, while parents are worried about the stigma of taking an apprenticeship instead of following a university-based further career path and that it might limit their child’s financial opportunities.
These fears are unfounded: the average salary for a qualified contract plumber in the UK is £31,000 – and self-employed plumbers earn around 8% more. Bricklayers can expect to start on around £20,000 rising quickly to an average £46,000. Carpenters and joiners earn an average of £37,000 a year rising to over £50,000 with experience. These salaries also rise considerably if you take further qualifications and specifications, such as being able to operate heavy machinery.
5. Drivers
Logistics companies and local courier services are crying out for drivers. The pandemic saw so many businesses turn to online ordering and delivery – and most have kept it in the years since. Food delivery, for example, is a popular way for many people to earn some extra money on the side a few nights a week – and there are always vacancies because it’s a service that is in constant demand.
There is a national shortage of bus and coach drivers, which impacts travel infrastructure. Since the pandemic, there has also been a shortage of national and international HGV drivers. In response to this, the Government is considering relaxing the age rules from the current minimum age of 21, to allow for recruiting drivers from a wider age range.
Professions in driving don’t have to be something that takes you away from home for a long time – such as bus and coach drivers working relatively regular shifts in a local area on a salary around £30,000 a year. However, if you are prepared to drive longer distances, the salary can be significantly higher: an HGV driver can earn upwards of £50,000 a year.
Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.
When it comes to navigating the complex landscape of group insurance, having the right broker by your side can make all the difference. Group insurance brokers play a crucial role in helping businesses select and manage their employee benefit plans, ensuring they meet both the company’s needs and the needs of its employees. But what sets the best group insurance brokers apart from the rest? In this guide, explore the qualities that define top-tier group insurance brokers and why they are essential for businesses of all sizes.
Expertise and Experience
The best group insurance brokers possess extensive knowledge and experience in the insurance industry. They stay up-to-date on the latest trends, regulations, and products, allowing them to provide informed guidance and recommendations to their clients. Look for brokers who have a proven track record of success and a deep understanding of group insurance plans.
Customized Solutions
Every business has unique needs and priorities when it comes to employee benefits. The best group insurance brokers take the time to understand their clients’ specific requirements and tailor solutions that align with their goals and budget. Whether it’s designing a comprehensive health insurance plan or implementing a cost-effective wellness program, customization is key to meeting the diverse needs of businesses and their employees.
Transparent Communication
Clear and transparent communication is essential for building trust and fostering a positive working relationship between brokers and their clients. The best group insurance broker communicates openly and honestly, providing timely updates, explanations, and guidance throughout the insurance selection and implementation process. They are responsive to their clients’ questions and concerns, ensuring they feel informed and empowered to make decisions.
Strong Carrier Relationships
Group insurance brokers work closely with insurance carriers to negotiate rates, coverage options, and terms on behalf of their clients. The best brokers have established relationships with a wide network of reputable carriers, allowing them to access competitive pricing and comprehensive coverage options for their clients. These strong carrier relationships enable brokers to offer value-added benefits and services that may not be available through other channels.
Proactive Service and Support
Group insurance needs can evolve, and the best brokers are proactive in anticipating their clients’ changing needs and circumstances. Whether it’s conducting annual plan reviews, exploring new coverage options, or addressing unexpected challenges, top-tier brokers are there every step of the way to provide support and guidance. They act as trusted advisors, helping businesses navigate complex insurance decisions with confidence and peace of mind.
Compliance Expertise
Staying compliant with federal and state regulations is a top priority for businesses offering group insurance benefits. The best group insurance broker has in-depth knowledge of regulatory requirements and compliance obligations, ensuring their clients remain in good standing with governing authorities. They help businesses navigate the ever-changing regulatory landscape, mitigate compliance risks, and avoid costly penalties or fines.
Commitment to Client Success
Above all, the best group insurance brokers are deeply committed to their clients’ success and well-being. They prioritize client satisfaction and go above and beyond to deliver exceptional service and results. Whether it’s advocating for their clients’ best interests, resolving issues with insurance carriers, or providing ongoing support and guidance, top-tier brokers are dedicated to helping businesses thrive.
The best group insurance brokers possess a unique combination of expertise, experience, and qualities that set them apart in the industry. By partnering with a reputable broker who prioritizes customization, transparency, proactive service, and client success, businesses can navigate the complexities of group insurance with confidence and achieve their employee benefit objectives effectively.
Every employee and business owner understands the importance of professional development and its benefits on their career. But, some professionals may feel like they don’t have as many professional development opportunities as they’d like which can hinder their progress and even stick them in a job rut. So how can you identify and improve your options?
Ask Your Manager
Often, the most straightforward solution is usually the one that works. If you want to do more with your role or explore other options within your company, asking your manager about employee training opportunities is a great place to start. Any serious company should provide a wealth of growth opportunities for employees who want them and all you need to do is ask. They should recommend options and highlight potential resources to explore.
Enroll In Courses
If your manager isn’t as forthcoming with professional development opportunities as you’d like, you can look at what people above you are doing and their qualifications. From here, you can enroll in online courses to gain the crucial skills required to enjoy exceptional professional development. This approach also gives you the chance to explore other roles. If you’re interested in a data analytics career and feel you have enough base knowledge to excel, there are courses available for you to gain certification, boost your skills, and bolster your resume.
Network With Experts
Sometimes, it’s not what you know but who you know. With resources like LinkedIn, it’s never been easier to network with experts to learn more about the role you crave. Knowing how to network with experts is the first step and helps you get your foot in the door. You can arrange coffee chats or even introduce yourself at events where you may be able to borrow some of their time to have a quick talk about what you can do to develop your career.
Try Things Yourself
No one is going to take the lead for you, so it might be worth simply trying things yourself. Do you want to learn more about HTML and coding? Or how about understanding AI to be more effective at your job? Taking the initiative and trying these things in your free time helps you get to grips with things that can propel your career and ensure you have all the skills and tools necessary at your disposal.
Track Your Growth
Professionals who track their growth are more likely to excel as they have concrete evidence of where they are and can compare it to where they want or need to be. Use software to track your progress, whether you use a spreadsheet or even a notebook, and can see what you’ve learned, and what you know and find it easier to see how much further you have to go to ensure you are in the right place to demand more responsibilities, especially since you have evidence to back it up.
Developing
Professional development opportunities are fantastic to make positive changes to your career. If you feel stuck in a rut or not getting the chances you deserve, these tips will help you showcase your skills and take the initiative to improve where it matters.
Brave Search introduced a new AI answer engine called Answer with AI. It will produce AI-generated answers “synthesized” from multiple sources for any query.
What is Answer with AI. Answer with AI, as the name suggests, uses AI to generate answers to queries directly in the search results. This new Brave Search feature appears above the organic search results.
The format varies slightly, depending on the query type. At the bottom, Brave includes a section called Context, underneath which Brave links to the sources it used to generate its answer. Based on a small number of searches I conducted, Brave tends to pull most of its answers from the top-ranking pages.
How Answer with AI works. When a user enters a query, Brave is using large language models (LLMs), primarily Mixtral 8x7B and Mistral 7B, data from its search results and RAG (retrieval augmented generation) to generate answers nearly instantly.
When will users see Answer with AI. For informational, question-like queries, Answer with AI will be the default experience. For other query types (navigational, commercial, transactional), Answer with AI will be optional – you will click on an Answer with AI button.
What it looks like. Here’s an example search for [what is after gen z]:
And here’s what it looks like for a vanity search:
But it’s not perfect. It thought I was the same person/entity as the former Major League Baseball player who shares my name.
Brave Search size. Brave Search has an index of 20 billion webpages, has more than 1 billion location-based schemas and serves:
27 million queries per day.
10 billion queries per year.
Answer with AI availability. It is available on all platforms (desktop and mobile) for all searches in English, French, German, Italian and Spanish. Searching in any other languages may return answers in English language.
What Brave is saying about AI answers. The big concern among SEOs and content creators is how AI answers in the search results could potentially impact the amount of traffic search engines send to websites. Brave addressed this concern, telling Search Engine Land:
“Brave, as both a browser and search engine, is aware of these challenges. Consequently, we will be monitoring and quantifying the impact of AI-generated content on site visits, and eventually will address the disruptions that could be caused by the drop in traffic.”
Advertisers might be able to purchase ads on Meta’s Threads platform as early as the second half of this year. That’s according to a Digiday (subscription required) report citing multiple sources.
Why we care: Brands and marketers will soon have another way to reach their target audiences. Although Threads isn’t at the level of Facebook or Instagram (2 billion monthly active users), Threads gained 50 million followers in its first 24 hours of launch last year and now has about 85 million monthly active users.
Timing. Meta’s discussions have reportedly focused on the rollout timeline rather than specific logistics about how or where ads will be integrated.
Beta testing for ad options is expected soon, though exact dates remain unknown, according to the report.
Where Threads Ads may appear. Threads ads will likely be integrated into Meta’s ad platform, Advantage+, alongside existing options for Facebook and Instagram.
Initial ad formats are anticipated to include in-feed placements, with potential expansion to trends and topics sections.
YouTube has introduced two new measures in its crackdown on ad blockers. There will either be:
Buffering issues.
An error message saying “The following content is not available on this app.”
Why we care. YouTube is doing all it can to ensure ads are seen by as many of its free users as possible. YouTube’s war on ad blockers will likely lead to disgruntled users who will abandon YouTube altogether. It’s either that or break down and pay for YouTube Premium to avoid excessive advertising. If the latter happens, YouTube will gain revenue, but ultimately that means advertisers will lose reach and exposure.
Enforcement on third-party apps. YouTube is now taking active measures to deter third-party ad blockers directly.
“We want to emphasize that our terms don’t allow third-party apps to turn off ads because that prevents the creator from being rewarded for viewership, and Ads on YouTube help support creators and let billions of people around the world use the streaming service,” according to TeamYouTube.
The story so far. This is the latest action YouTube has taken to curb the use of Ad blockers:
Followed by an anti-adblocker popup that features a timer warning when the next ad will play.
Is YouTube breaking privacy laws? YouTube needs to be careful in how it cracks down on Ad Blockers, as this could be seen as breaking privacy laws. Last October, privacy expert Alexander Hanff filed a complaint with the Irish Data Protection Commission (DPC).
Ad-free experience. The only ad-free experience YouTube promotes is YouTube Premium. It costs $13.99 in the US and £12.99 in the UK.
Paid search advertising revenues reached a new high in 2023 – though annual growth continues to slow, according to a new report.
In total, search accounted for $88.8 billion of a record $225 billion in U.S. digital advertising revenues, according to the IAB Internet Advertising Revenue Report: Full Year 2023, conducted by PwC. That figure represents a $4.4 billion increase over 2022.
Why we care. Paid search becomes more expensive and challenging every year, with less transparency. But advertisers continue to embrace paid search for one simple reason: it drives results for brands and businesses.
Paid search is still king. Search continues to own the largest market share of advertising – 39.5%, but that is down from 40.2% in 2022, 41.4% in 2021 and 42.2% in 2020.
But YoY growth for search advertising is slower than the digital industry as a whole and the majority of other ad formats, according to the report.
The state of digital advertising. Resilient. Advertising continued to grow in a time of high inflation, rising interest rates and job cuts, according to the report. Of note from the IAB report:
Q4 had the highest growth rate – 12.3% – with revenues growing to $64.5 billion. In 2022 the growth rate for the quarter was 4.4%.
Social media ad revenue rose 8.7% YoY to reach $64.9 billion in 2023, with much of that growth coming in the second half of the year.
Video advertising accounted for $52.1 billion, or 23.2% of all advertising revenue, in 2023.
Display advertising revenues remained high in 2023 – $66.1 billion – though YoY growth was 4%, down from 12% growth in 2022.
Retail media networks saw a 16.3% increase in revenue YoY, reaching $43.7 billion.
2024 outlook. It’s “promising,” according to the IAB. Advertisers must, as always, adapt to changing consumer behaviors, consumption channels, privacy regulations and the ongoing generative AI revolution.
The report. You can read the report here (registration required).
The nature of employment has changed drastically in the past several years. The gig economy is on the rise. According to the World Economic Forum’s “Future of Jobs” report, over half the global workforce will engage in some form of freelancing by 2025.
Higher levels of unemployment are prevalent in low- and lower-middle-income countries, while the labor market is tight in high-income countries. Simultaneously, the cost-of-living crisis is causing real wages to decline. Freelance and gig work is seen as a solution to the unemployment problem. More people are also driven to take on extra gigs due to the insufficiency of their incomes.
On the positive side, the freelancing trend is driven by increased access to connectivity, the boom in apps and digital platforms, evolving work relationships between employers and employees, and the growing desire for fulfillment, flexibility, and independence.
Whether driven by necessity or a desire for better working conditions, freelancers are here to stay. Here, evaluate the unique financial planning for freelancers and how they can approach their money management strategically.
With the right approach, freelancers can seamlessly tackle budgeting, tax planning, investing, banking, and retirement planning. Using the right financial products, freelancers can reach their financial goals—improve their savings rate and income and secure their futures—while living on their own terms.
Top Financial Planning Strategies for Freelancers
Freelancers enjoy flexibility in their careers. However, they experience challenges such as unpredictability and insufficiency of income.
They must also deal with self-employment taxes, client payment delays, and collections issues. Other challenges that freelancers face include:
Inconsistent workload
Difficulty with retirement planning
Lack of insurance and emergency funds
Client acquisition costs
Business expenses
Problems in financial planning
Adopting the right approach to managing finances will ease many of these challenges and make freelance careers more fulfilling.
The following financial strategies are ideal for gig workers and freelancers:
Create a Detailed Budget
As a freelancer, you can’t afford to wing it when it comes to expenses. You need to create a detailed budget to manage income and expenses accurately.
However, because of variable pay, it could be challenging to start.
The best way to begin is to estimate average monthly income by reviewing income reports. With at least two years’ worth of income to analyze, you can start identifying your least and most profitable months. Determine your absolute minimum monthly income.
Next, know that there are three types of expenses: fixed expenses, debt expenses, and variable expenses. Identify fixed expenses like utilities, car payments, and rent or mortgage. Allocate a part of your income to variable costs like transportation, entertainment, and groceries. Debt expenses include credit card payments.
Incorporate an emergency fund to ensure unforeseen expenses are covered. Income gaps must also be considered a financial emergency. To provide an ideal financial cushion for lean periods, you must save approximately three to six months’ worth of living costs in a high-yield savings or checking account.
Manage Cash Flow
To manage cash flow properly, you must understand your financial state in-depth. After looking at broader data, look deeply at your weekly balance, costs, dues, and invoicing schedule. You can manage expenses and income using invoicing software automatically setting up recurring bills. Digital platforms can help track dues and client invoice dates to ensure optimal and uninterrupted cash flow.
Use Smart Banking Solutions
Innovative banking solutions can work wonders for the self-employed, providing the tools to help run the business efficiently and assist you as you grow your career. As a freelancer, you must look for a bank account with low fees and minimum balance requirements.
Search for an online high-yield savings account with competitive interest rates to maximize savings. Digital banks often have low to no account fees and a high APY, allowing freelancers to earn more on idle cash while having convenient and flexible access to funds whenever needed.
SoFi’s high-yield savings account can earn up to 4.6 percent APY and offers bonuses based on your direct deposit amount.
In addition, freelancers can look for additional features like integrations with other financial services and solutions like payroll, invoicing, and loans.
Photo by Firmbee.com on Unsplash
Manage Risk and Diversify
Income diversification is a valuable strategy that can help people of all professions, especially freelancers. Projects are typically spread out unevenly throughout the year. Moreover, the economic climate may affect clients’ businesses, resulting in dry spells in the freelancer’s cash flow.
Diversifying income streams helps mitigate the impact of unpredictable circumstances. It prevents you from relying too heavily on a single account.
Freelancers must constantly explore opportunities to learn new skills or upskill, expand their client base, network, and pursue multiple projects simultaneously. Such efforts help to increase earning potential and cushion against economic downturns.
Remember that income does not only come from professional labor. Consider investing in financial instruments like stocks and bonds and alternative investments like real estate. These investments can grow your money as you do your regular work. Be sure to understand the risks and requirements of each investment.
Also, note that your investment strategy must match your risk tolerance and financial goals.
Understand Taxes and Compliance
Freelancers are bringing in significant earnings, so financial planning for freelancers is a must. Globally, approximately 1.57 billion people are freelancers. The popularity of freelance platforms is rising; today, they are estimated to be worth $3.39 billion.
In Canada, 28 percent of adults work in the gig economy, primarily part-time. Moreover, nearly half of these workers say they do not declare their entire gig work income. This situation could pose problems in the future.
Freelance income is taxed. Whether a side gig or a full-time freelance account, it impacts how you file your taxes. Neglecting the nuances of compliance could result in an enormous tax bill.
For as long as you sell a product or service with an expectation of profit, the law in Canada considers you self-employed. Beyond completing your standard personal tax forms, you are also legally required to complete your self-employment income and expenses report to the Canada Revenue Agency (CRA).
If you fall under US jurisdiction, there are generally two types of taxes for freelancers: self-employment tax and income tax. You are responsible for paying the self-employment tax on your earnings.
However, you must also report the same earnings on your tax return. You’ll have to pay income tax for that year’s freelance income.
It is reasonable to set aside about 25 to 30 percent of every freelance check received in a separate savings account to cover self-employment and income taxes sufficiently.
Take advantage of the tax-saving opportunities available for freelancers. As a freelancer, you can claim several tax deductions to lower your taxable income, thus reducing your tax bill.
Freelancers in Canada can claim business expenses to lower tax bills. Claim all eligible costs to maximize tax deductions. Document all expenses, as the CRA may require you to provide proof.
Similarly, in the US, they can claim deductions on “ordinary and necessary” expenses—those you need to operate your business. These include advertising and marketing expenses, computer equipment, software costs, travel, business meals, office supplies, home office setup, and utilities.
Save your original invoices and receipts. Detailed bookkeeping and documentation go a long way in proving these business expenses, saving you money in tax season.
To make it easier to track expenses, open a separate checking account for freelance work. By keeping personal and business expenses separate, you can track business costs more efficiently and reflect them on your income taxes.
If you are still trying to figure out how to navigate your tax situation, which can happen when handling multiple income streams, consult a qualified tax professional.
Plan for Retirement
Retirement is an area freelancers may neglect. Eighty-five percent of Canadians who freelance are concerned about their retirement status.Without access to employer-sponsored retirement plans, it’s easy to overlook or de-prioritize retirement plans.
In Canada, freelancers are required to pay for their Canada Pension Plan (CPP) contributions. Everyone aged 18 to 70 with a $3500 income and up must contribute. Self-employed individuals are on the hook for the employer and employee portions of the CPP.
Canadian employment insurance (EI) contributions are optional, however. EI is helpful if you prefer to receive benefits for emergencies like sick leaves or situations like parental leave.
In the US, freelancers can save for retirement through solo 401(k)s and individual retirement accounts (IRAs). You can contribute regularly to such accounts to ensure that you take advantage of tax-deferred growth on your savings to build a comfortable nest egg.
To develop discipline on your contributions, consider automating them by setting up regular monthly transfers from your online bank account to your retirement accounts.
Get Insured
Many freelancers acknowledge a lack of health insurance and benefits. This is another significant disadvantage of gig work and self-employment. A lack of health insurance means you may have to pay hefty amounts when you get sick. This emergency cost can be devastating for freelancers. To prevent this from happening, freelancers must consider purchasing health insurance and public liability.
Professional Liability Insurance Plus Errors and Omissions Insurance
This type of coverage is relevant to freelancers, no matter their field. Freelancers provide third parties with professional services for fee-based compensation. Accusations of negligence, substandard work, or breach of contract could lead to legal action.
PR professionals, marketing specialists, strategists, IT professionals, web designers, and consultants depend on delivering work at a specified standard. Failure to provide satisfactory work sometimes results in lawsuits. Part of financial planning for freelancers is considering professional liability insurance which ensures sufficient funds for defense costs, judgments, or settlements against the freelancer.
Photo by Faizur Rehman on Unsplash
Cyber Liability Insurance
Cyber liability insurance offers protection of digital assets against malicious attacks and data breaches. Those who depend on the internet to send and receive data with personal information or consumers’ financial information will need to consider this type of insurance coverage.
Commercial Property Insurance
Freelancers who rely on physical locations like small leased offices or property for their businesses will need coverage. This type of financial planning for freelancers applies to floods, fires, theft, and vandalism and protects physical property and related assets.
Health Insurance
In Canada, many companies offer health insurance for the self-employed. Each plan has varied features, so select the best plan that applies to you and your budget.
There are several ways to get health insurance coverage in the US as a self-employed professional or freelancer. Those without employer-sponsored insurance (ESI) or access to a parent’s or employed spouse’s plan can consider health insurance marketplaces, Medicare, Medicaid, military benefits, catastrophic health insurance, and limited benefit plans.
Accessing Health Insurance Marketplaces
The US federal government’s health insurance marketplace was created as a central hub of comprehensive insurance options for small businesses and those without employer plans.
The broader program facilitates private health insurance shopping end enrollment via call centers, in-person assistance, and a website. Qualified health plans (QHPs) refer to all marketplace plans that cover essential medical services. They cannot place annual or lifetime caps on their insurance coverage.
Most US states use the federal site, healthcare.gov. Washington DC, California, and several others operate their platforms, accessible via the main site.
Master the Gig Economy: Be Proactive With Financial Planning
Being self-employed in the gig economy offers numerous benefits. However, freelancers are on their own regarding financial planning, paying taxes, saving for emergencies, and preparing for retirement.
With the right tools, like high-yield bank accounts and budgeting apps, freelancers can take charge of their income and manage their cash flow properly to make room for personal expenses, debt payments, investments, insurance coverage, and emergency funds.
Take advantage of provisions that reduce your tax bill. In a career characterized by variable income, you must avail of every opportunity to save money to compensate for slow months.
Your independence goes hand in hand with more significant financial responsibility as a freelancer. Consider automating many of your payments, digitizing your documentation, and using technology for data analysis to maximize many other functions and streamline your financial management process.
Whether you are in hospitality, real estate, or software development, it is important to know what is happening in your industry and the direction it is heading. This will help you to ensure that you stay competitive and grow your business. To help you on your journey, here are some top industry trends for booming industries that you need to know.
Hospitality
Hospitality itself is a booming industry, which means there are a lot of developments that are being invested in, to improve the industry. It took a hit with the pandemic but skyrocketed after as everyone wanted to get back to normal life. This combination has helped in the development of a lot of technological updates that are coming in 2024 and beyond, and are vital to utilize in your own business if you want to grow.
These updates include having a good website that offers online check-ins, fast online booking systems with automation, and a good customer journey. Many businesses are seeking the support of hotel website design professionals to implement these features to improve their customer experience. Robots are also going to be an industry trend in 2024 and beyond, on the hotel and restaurant floor providing basic support to customers to enhance their experience.
Real Estate
The real estate industry has been one of uncertainty for a while now, since the COVID-19 pandemic, which appears to be the cause of a lot of the economic conditions still to this day. However, there have been some great technological developments because of it, which has helped the industry grow.
Top industry trends for real estate to look out for include virtual reality, which will help estate agents provide an enhanced service to clients with a more immersive experience when touring houses. The real estate industry is also going to see a large increase in the emphasis on sustainability when it comes to properties and their performance to help offset rising interest rates, insurance costs, and more. People are very much interested in important climate issues around the world, especially as risks for homeowners are increasing.
People are also concerned about energy efficiency and the quality of indoor environments. Artificial Intelligence (AI) will be used a lot more, as it can enhance the property search process and real estate industry as a whole, as well as improve how investors can analyze their profits and investments, improve fraud detection, customer experience, showcase opportunities, customize services and help streamline a lot of work.
Software Development
Software development is an industry that is booming in 2024 and will continue to rise in the far future. As more businesses are created, software becomes in high demand. This means more businesses are utilizing technology to help them grow. Software is also growing significantly due to the demand for AI, automation, and the need for better workflows and communications within businesses.
There is a big emphasis on cloud-based software in 2024, with the rise in remote workers since the COVID-19 pandemic, to aid in business profits and collaborative working. It also provides businesses with the opportunity to open up their customer base to a wider network. Systems are being streamlined and integrated, and there is an urgent demand for more software development in cyber security. With the growth of the internet and technology, the risks have also grown.
Make sure you consider these top industry trends when planning your next business moves!
If you’re like most growing businesses, then you understand that you need to be on the ball with your marketing efforts, but you might not have the time to handle it all yourself, nor the budget to expand a whole marketing department just yet. Marketing agencies are there to serve businesses with that precise problem but a little research will show you that there are a lot of them. So, how do you know which is the right marketing agency for you?
Test Their Marketing Knowledge
One of the things about marketing is that, while the principles behind knowing your audience, crafting a strong proposition, and finding a niche for your brand have always remained strong, the methods by which you do that are practically ever-changing. Companies market differently today than they did ten years ago and, in ten years, we will likely have new marketing approaches. For instance, things like link-building and content marketing have been growing increasingly important over certain traditional marketing methods. Take the time to find out whether your choice of marketing agency is keeping up with the changes in the industry, and whether or not they will be able to adapt your own marketing plans as your needs dictate.
Ensure They Have Experience in Your Sector
You want to make sure that the right marketing agency is up to date with the marketing methods and trends that can help you keep your campaign ever-relevant, that’s for sure. However, you also want to make sure that their services are more relevant to you. Agencies that specialise in working with clients in your field and sector are likely to bring a lot more industry knowledge about your customer base, and competitors, as well as the methods that drive clicks, conversions, and calls. For instance, an eCommerce marketing agency is a lot more likely to know about how to build an online funnel driving customers to the sales they’re more likely to make than someone who has never worked in eCommerce. Always stick to those who bring industry knowledge.
Take the Time to Meet Them
Of course, your choice of marketing agency might look good on paper, but you want to get an idea of what it’s going to be like to work with them on a regular basis. As such, take the time to have a sit-down with them and make sure that it’s not just their own marketing pitch to you. Come with a few questions prepared that you can ask them about not just their services, but about their working methods, how they collaborate with their clients, and how they respond to feedback and requests. There’s a certain degree of deference to expertise you need to accept, but you don’t want a marketing team that will stubbornly stick to their guns, regardless of your own wants.
Finding the right marketing agency might sound like picking a needle out of a haystack, initially, but once you start understanding what it is that you’re really looking for, the best answers tend to present themselves a little more clearly. The tips above should hopefully help you see that.
