2020 has been a year that has rocked the foundation of your finances and you are probably thinking of business ideas to pursue this new year to put you in a good financial stance.
Or perhaps, you are thinking of embracing the title of an entrepreneur. Maybe that is not it, you are probably considering starting a side hustle to add to your current source(s) of income. Whatever your reason is, 2021 offers an opportunity to start a business but with so many business ideas that are floating in the business space which do you choose to pursue?
The best business ideas are usually given birth at the intersection of passion, timing, skills, strategic thinking, and planning as well as research. Most of the business ideas for 2021 are centered on the online world. COVID-19 has revealed to us the immense power of the online space.
Pursuing a business may feel risky but it can be highly rewarding. This article provides 10 of the best business ideas to pursue, and make money. Interestingly, most of these ideas have low startup costs. Before we begin our list, here are some 3 helpful tips.
• Most of the best business ideas for 2021 involve an online business model.
• Select a business idea that you are knowledgeable and passionate about. Knowledge will give you insight while passion will drive you.
• Before pursuing any business, make your research. Determine if there is a demand for what you want to provide and define your target audience.
The 10 Great business ideas to pursue
Dropshipping is an e-commerce business model where goods are shipped directly to your customers from a third-party supplier or vendor, without an intermediary. That is, without having money to buy goods or set up a warehouse to store goods, all you have to do is set up an e-commerce platform, and partner with suppliers who are ready to store, package, and ship orders to your customers. So, begin by
1. Setting up your online store with all the products you want to sell.
2. Ensuring customers visit your store, place orders in their cart, and make payments
3. Forward the order to your third-party supplier by providing the necessary customer details.
4. Paying the supplier his price and keep your profits
5. Ensuring the supplier ships the order to your customer
6. Send an email to your customer to let them know their package is on the way.
It is inexpensive and easy. Painstaking research must however be done to find the right supplier.
2. Courier/ delivery
With many businesses moving and springing up online, courier services are in high demand and it is a market that you can tap into. People need to get their products to customers and you can take up that role of helping to deliver the package. If you have a vehicle or motorcycle you can earn that extra income by starting a courier service. Helpful tip, use low-cost fuel-efficient vehicles otherwise you will lose out on making good profits.
Do you have a particular set of skills that you can offer, then freelancing is the way to go. Not being committed to a particular employer allows you to offer your services to several people at a go. So, whether you are a graphic designer, photographer, or writer, you can offer freelance services in any of the aforementioned professions to earn some income.
As a freelance photographer, you can sell your photos on stock photo sites like Adobe Stock Photo and earn a little cash. As a writer or graphic designer, you can offer your services on such platforms as Fiverr or Upworks.
4. Food & Catering
The food business never grows old or stale. People always need to get their belly full and if you are a good cook or a great chef, this is the year to begin your catering service or food vending business. Events are always underway, whether it is a wedding, birthday party, or a festival, you can take advantage of these events and set out your target. There are also a lot of strategic locations to set up your food vending business for maximum impact.
Helpful tip: Use social media to get the word out.
Are you well vexed or an expert in maths, science, or any subjects? Then tutoring is the way to course for action. Schools are yet to re-open but till then there are still a lot of kids, teens, and young adults who require some tutoring and this is where you can put your knowledge to work. Whether you want to go on the route of online tutoring or in-person tutoring, it is an immense opportunity to tap into.
If you have a good ear and can type quickly then this is the job for you.
Transcription services is a great business idea that allows you to work from home with flexible work hours. Companies and individuals are looking for people to transcribe their video interviews, business meetings, and calls. You can offer your transcription services to such companies and individuals. You can also leverage the power of social media to promote your service.
Children are no longer at home, they are all grown-up and taking on a brave new world and thus cannot stick around 24 hours to take care of their aging parents. This is where you can offer your service, assist, take care of the elderly. You can make money doing it.
This business is particularly helpful to those with a background in care and hospitality.
8. Digital Marketing
Online businesses are brazing the internet at record speeds, making it difficult for most businesses to stand out from all the noise or market themselves properly. Digital marketing services are always in demand, and many small and medium scale enterprises are looking for the right digital marketer to help them through the clutter.
If you have knowledge in search engine optimization, social media marketing, and management content marketing, pay-per-click, among others, this is a business opportunity for you.
There are a lot of rideshare platforms that you can sign up to and offer your service. Rideshare platforms like Uber and Bolt provide a great side hustle for many individuals with vehicles. So, if you have a vehicle, you can sign up for some of these platforms and make some extra income.
Start your very own e-commerce website and sell products that people want and need. If you have a place where you can store your products that will eventually be delivered to customers, then setting up your very own e-commerce website is the way to go. Whether your products range from clothing to groceries, find the right target audience, and make your sales online.