From embracing sustainable technology to nurturing a supportive working environment, here’s how to ensure long-term success in the on-demand or gig economy
With on-demand businesses predicted to contribute £63.25 billion to the UK economy by 2026, the gig economy offers ample opportunity for entrepreneurs that want to pioneer change and make a profit for themselves. However, it’s important to establish the right foundations to ensure long-term success for new ventures in this market.
In light of my experience operating in the on-demand market for nearly 7 years with Laundryheap, here are four rules of thumb to help your venture thrive.
Take care of all employees
The number of gig economy workers in England and Wales has nearly tripled over the past five years, and this figure will continue to grow in line with increased flexible working opportunities. This movement has unlocked a new pool of workers that can be used to streamline your services, but it’s vital to offer enough support to all types of employees – both full-time and those on contracts – in order to retain your talent.
One of the main issues that our partner drivers had when they previously worked with ride-hailing apps or large on-demand conglomerates was that they had to bid and fight for work. By removing competition with fellow employees and ensuring that every partner driver is assigned enough work, we’ve been able to foster a healthy working environment. We have seen great retention with this practice, and still employ workers that have been with us since our inception in 2014.
Constantly look to improve your tech offering
Consumers are always going to favour faster tools and efficient processes when interacting with digital products and platforms. Make sure that your business stays up to date on the latest advancements in your field, and that your services are compatible with new habits and devices.
There’s also a critical need to embrace sustainability, and with new technology comes new opportunities for founders to make a difference. Carbon neutrality is attainable for businesses across the gig economy and is something consumers are increasingly influenced by, so don’t overlook it.
Embrace and complement the wider industries you’re innovating in
Don’t limit yourself to one specific field; make the most of surrounding markets that can also benefit from your product or service offering. Businesses are constantly looking for opportunities to streamline processes , so make sure you’re their first point of call.
Laundryheap isn’t just direct-to-consumer, but also partners with the wider retail and hospitality industries; improving washing and laundering services across restaurants, cafés and hotels. This has unlocked a new playing field for our services, and means we can add new value to more traditional industries.
Never relax
The on-demand market is constantly shifting to accommodate new innovations and regulations. In order to stay ahead of the curve, your offering needs to remain relevant, so never rest on your laurels. Conduct frequent market research to check out what your competitors are up to, and give your team and stakeholders regular opportunities to feed back on any areas that could be worth developing. Companies that stay still get left behind.
