New business ideas for 2021 Times may be tough but there are still opportunities for going it alone
2020 has been one of the toughest years in history for businesses around the world. The emergence of Coronavirus at the start of the year followed by lockdowns, social distancing and ever-tightening travel restrictions have put an unbearable load on some companies, with many businesses closing as a result.
However, while business forecasts are undoubtedly somber over the coming months, that shouldn’t stop you from following your dreams and starting a new business. So long as you have the right idea – and remain realistic that growth might, in the short-term at least, be a little stunted – there is no reason not to indulge your entrepreneurial spirit and try out your business concept.
Furthermore, the traditional security offered by employment looks ropey at best while COVID-19 is still here – meaning now might be a better time than ever to take the leap and start your own venture. Here are three areas expected to make it big through the coming years.
E-commerce has been growing exponentially for the last few years but 2020 was undoubtedly the year it exploded. With lockdowns confining populations at home, more and more of us moved online for our shopping – everything from the typical weekly shop right up to cars and other similarly high-priced items. With improved encryption and security technologies now commonplace, there is no limit to what people can safely spend online.
These days you can buy virtually anything on the internet, so before starting your company you’ll need to thoroughly research your market area. Remember, finding that other companies are already doing what you want to do is not necessarily a bad sign – at least it points to the fact there is a demand for your proposed service – but do try to avoid highly-congested areas.
To start up online, as a bare minimum, you will need to decide a business name (and check the domain name is free), install an e-commerce-enabled website (or hire an agency to develop it for you), source products and work out your delivery channels.
Alternatively, if these new business ideas are not quite you and you don’t want the hassle and responsibility of selling goods, you could also look at setting up a blog-type site and look to make money through affiliate marketing (taking a commission from sales), advertising, subscriptions or influencer marketing.
Prospects with CBD
Since it was legalized in most territories around the world, there has been a massive growth in CBD products as a new business idea and place of opportunity – everything from vapes, sweets, shampoos and drinks. Trade in CBD products is big business and globally the market is expected to be worth around $20 billion by 2024. Moreover, the popularity of the product continues to grow and is becoming more mainstream as an increasing number of physicians slowly begin to identify its potential healing qualities.
Opportunities within the CBD industry include selling other manufacturers’ products (e.g. online or in a physical store/coffee shop) or extracting/distilling CBD yourself. Sites like pdx.gold sell all the equipment you’ll need to get started with your own production facility.
Low-risk/low-cost business ideas
Clearly, there is an inherent risk attached to starting any business and often the start-up costs alone are enough to dissuade prospective entrepreneurs. Given the current COVID-19 climate, there are many convincing arguments for starting small anyway – testing the water, then perhaps developing your ideas further.
Low-risk ideas that most certainly won’t break the bank include starting up your own hand-crafted gifts company, opening a handyman/woman company, freelancing or becoming a virtual assistant. In terms of freelancing, there are hundreds of websites where you can sign up and start offering your skills (e.g. freelancer.com) or to find out more about becoming a virtual assistant, try following the hints and tips in this guide.
Of course, when thinking about new business ideas there is unfortunately normally a correlation between the amount of risk you take and the returns you’ll make, but a low-risk business idea might just see you through some of the leaner times expected over the coming months and provide opportunities for expansion thereafter.