Entrepreneurship isn’t something that you should dive into in a hurry. While many people start their ventures knowing what industry they would like to flourish in and what goods and services they wish to sell, some entrepreneurs find it difficult to choose an industry that will not only match their skills but also be profitable. In today’s business climate the risk of failure has increased, which is why entrepreneurs are looking for safer businesses to start. Check out these small business to start in 2021.
Small Business to Start in 2021
If you’re looking for small business to start in 2021, here are a few profitable business options to consider:
With many people practicing social distancing and staying at home, the entire e-commerce industry has flourished. Companies like Amazon, Etsy, and Shopify have reported an uptick in earnings, with Amazon’s earnings tripling. This just goes to show that there’s indeed money to be made in e-commerce, and with the convenience it offers consumers, this trend is likely to continue in the years to come. Statistics on starting an Amazon store shows that kick-starting a business on the platform gives you a 67% chance at making a profit within your first year of opening. This shows how the market is extremely open giving you plenty of room to set up your own business.
However, if you’re planning on setting up an Amazon store from scratch, you have to create a solid business plan, as well as determining the appropriate business structure and outlining costs. It’s also worth noting that due to the deluge of aspiring business owners trying to make it big, you must see to it that what you’re offering is unique and will appeal to a niche market.
While there’s no doubt that you can succeed by selling new goods online, it seems that you can rake in more revenue by joining the so-called “re-commerce industry.” As you can tell by the name, the re-commerce sector refers to businesses that sell pre-loved, vintage items, and currently it’s an industry worth an astonishing $24 billion. Millennials and Gen Z consumers appear to value used items more than brand new products.
With this demographic gaining more purchasing potential, the market is increasingly becoming more passionate about sustainability. If you’re looking to start a re-commerce venture, look to resell clothing and accessories since those items are a hit with the younger crowd. You just have to ensure that they’re quality products, and maybe consider adding finishing touches to make them more marketable.
Catering and Restaurant Management
As previously pointed out by Lisa Anderson, catering and restaurant management is a brilliant idea for people who have a penchant for cooking or baking (or maybe even both). If you happen to love spending time in the kitchen and concocting your own meals you can create your own menu and start a profitable business. The best part is you don’t even have to leave the comfort of your own home to start!
Since you’re already a passionate cook and baker, all you have to do is build your own menu and market it to your friends and family. You can then sell them across your neighborhood. Once you have a consumer base, you can begin investing in better equipment, or maybe even consider selling via a food truck or a small stall.
Content Writing or Copywriting
Everything you read online (including this piece) was written by someone, and it’s likely that the writer behind the article was paid to either entertain or inform. If you have a talent for writing, you can start a content writing business and earn for each article published. The good news is that copywriting covers everything, although the more competitive wages are for website copy, advertisement copy, and commercial content. It is also a very low cost business to get off the ground as you will likely already have a laptop or computer you can use.
It may be tough to score high-paying gigs at first, but you can easily build a portfolio and prove that you’re worth the investment. And when you have the published work to demonstrate your talent, you can go after bigger clients and begin charging more.
2021 is going to be a huge year for business as the world looks to return to normal. To minimize risk and increase your chance of making a profit the above options may help.