Part-time Preneurs are consumers who have full-time jobs but also run businesses on the side. See what this new trend means for your business.
Quitting your job and launching your own small business isn’t for everyone. Sometimes people just want to make an extra buck on the side. The spread of co-working spaces, which can feel as ubiquitous as coffee shops in some parts of Bangkok, has enabled the rise of Part-time Preneurs. This new consumer segment is able to spend time in a co-working space at their discretion rather than committing full days to monetizing their passions and skills.
The nature of running a business is morphing dramatically in our growing economy. Early adopters that support these Part-time Preneurs will be able to adapt to the rapidly changing trends among young people and effectively cater to both single-operator and more typically structured business models. See how the trend is developing.
Niche lifestyle e-tailer Naiise took its brand offline in Malaysia with a weekend event held in March 2018, in which it offered participants arts and crafts workshops on how to make dreamcatchers, improve their floral watercolor painting technique, and practice calligraphy. The brand helped fans create their own customized products that could potentially be sold on its website. In addition to creating a new revenue stream for Naiise, the brand encouraged a new wave of Part-time Preneurs to launch their own products on its site.
WeWork and Samsung developed a new combination customer care center and touchdown space in the U.S. The goal of the space is to engage community hubs where members and consumers can work, learn, and innovate together. The spaces host panel discussions, lunch-and-learn events, and even a speaker series.
Banks and other financial institutions could target one-person businesses, offering a hybrid solution for increasingly complicated working lives that potentially include a full-time job, a part-time gig, and personal expenditure. Allowing customers to seamlessly move between these accounts would free up more time to make money instead of worrying about credit or paying bills.
Download the full Consumer Trends report to learn how you can reach Part-time Preneurs and explore other emerging trends.