Wondering if this can be a good time to start your own business? Well, you're not alone. A lot of people are starting their own businesses nowadays and it is never a bad time to start a business provided you conduct a thorough study to establish if your business idea is viable.
If you want to do it, you need to do it right from the get-go, right? Although there are endless directions you could take as an entrepreneur, you want to invest in a business that is profitable during the first year and the years to come.
With technology evolving at a rapid rate, and the Coronavirus pandemic changing almost every aspect of our day-to-day life, there are plenty of new business opportunities.
If you're seeking inspiration for a business idea, we've compiled a list of the best businesses to start in 2021.
List of 10 Best Business Ideas
Needless to say, it is always a challenge to choose just ten businesses from such a large variety of innovative ideas. Here, we've provided a list of the best business concepts to make money. Start planning your future today with one of these creative business ideas and kick-start your journey towards entrepreneurship.
- Food truck/Food court
The United States fast food market is a multibillion-dollar industry worth an estimated $198.9 billion.
Mobile vendors are turning to food trucks or food courts to sell healthy food options. For example, Clover Truck Lab (Boston) operates a fleet of trucks and offers seasonal dishes that use organic foods and vegetarian meats.
Starting a food truck will not only reduce operating costs that come with typical brick-and-mortar food joints, but it is a more versatile option for places with high foot traffic, like in food events and festivals.
- Supplements business
If you're passionate about sports nutrition or health supplements, you can put your passion and knowledge to good use by starting your own supplement brand.
Although there are many factors to consider before establishing a new brand, it is definitely not a business open only to large businesses. A supplement business allows you to easily adopt emerging trends so you can remain competitive in the market and gain new customers. And you don't have to manufacture the products; you can outsource them from a manufacturer and start your private label softgels brand. You only need to focus on branding and marketing.
Dropshipping refers to the process of meeting the customer needs that do not require products in stock. A person who operates a dropshipping business will, instead, forward the customer's order to the producer or a supplier. The supplier or manufacturer will then ship the goods directly to the consumer.
That way, the difference between the selling price and the cost price will be the earnings for the person who operates a dropshipping business. A dropshipping business is one of the best businesses to make money.
- Pet business
The pet industry has plenty of opportunities for all sorts of business ideas. This industry is worth almost $100 billion.
You could start either a product or service-based pet business. This includes selling pet food, toys, and accessories or providing training, grooming, or walking services. If you want, you can offer both products and services.
- Online tutor/ coaching services
Online tutor or coaching services is yet another option to consider as it requires low investment and generates high income. To start an online coaching business, you have to be knowledgeable about the subject. You also need to create a personal website or a YouTube channel.
Online teaching might require additional tasks of designing an online site and creating quality videos, but the income generated is definitely worth the extra effort you put into it.
- Import/Export business
An import and export business is a great opportunity for anyone who is passionate about it and prepared to join the international industry for guaranteed growth.
Since globalization is now at its peak, an import and export business is a business idea with great potential for growth. Additionally, it can be a great business idea for anyone who enjoys traveling and wants to discover different places.
- Printing and selling-on-demand t-shirts
Just like dropshipping, a print-on-demand business puts stock, shipping, and delivery in the hands of a third-party vendor. Unlike dropshipping businesses, however, printing on-demand t-products focuses on customizing them with your own logos and designs to produce something unique.
T-shirts, skirts, hoodies, hats, tote bags, phone cases, and more can be considered. You can create witty slogans that resonate with your target audience.
There are different print-on-demand platforms that you can use, most of which can be incorporated into your online store for smooth order fulfillment.
- Freelance writer
If you are a gifted wordsmith, you can work as a freelance writer. You can add to your value by helping clients create their content marketing strategies. Whether you decide to write web content, blogs, or press releases, there are plenty of individuals and firms ready to pay for your freelance writing services.
Freelance writing is a wonderful business opportunity, and you only need a stable internet connection and computer. This is something you can do from the comfort of your home or even on a beach while on vacation. If you build a large network and get referrals from happy clients, you can even make writing your full-time job.
- Social media management
Although this might be a flooded market, it is always rife with opportunities. Different businesses need digital ads and marketing services to promote their products and services.
At first, you need technical skills and expertise to start a social media management business. But over time, you can hire a team of experts for areas like algorithms, analytics, content, and marketing, among others.
- Digital products and courses
Digital products such as templates, music, and courses are different from other business ideas discussed on this list. Unlike those other business ideas, digital products are not tangible items, and there are no manufacturing or delivery costs expected, so your profits can be huge, making it one of the best small businesses to start.
The key is determining what makes a best-selling digital product. You need to make it useful or beneficial enough to persuade your customers to pay to download it.
Thanks to the combination of third-party vendors, technology, and the ability to easily test different ideas online, it is now easier than ever to start a business and make profits without worrying about renting space, sourcing products, or managing inventory. The best small business ideas discussed here can even be mixed in various ways to build a business that's truly yours.