Starting a new business has always been a leap of faith, and that’s especially true in the unsettled economy of 2021. The world is just beginning to recover from the ravages of the coronavirus pandemic, and even economic experts are far from certain about what the future holds. But behind all of that confusion and potential difficulty, economic opportunity is waiting.
Times of change are when innovative companies and newcomers to the market are often best able to stake their claims. If you’ve had a business idea percolating for a while, why not make 2021 the year that you take the plunge? The seven sectors we’ll discuss below are likely to have another hot year in 2021, and each makes a great business idea for someone ready to venture into the world of small business ownership.
1. Logistics
With online shopping hotter than ever, there’s also a considerable need for reliable freight carriers and brokers. The field requires a lot of hard work and the ability to navigate crucial regulations, such as obtaining a freight broker bond, but the rewards can be impressive for those able to put in the work. The logistics sector has many facets, from truck driving to freight brokerage, to full-service end-to-end logistics. That wide variety of options means there’s plenty of angles available, but it also requires a commitment to selecting a business model that uses your strengths and fulfills a genuine market need.
2. eCommerce Retail
If you’d prefer to be on the seller’s end of eCommerce, starting your own online retail business can also be a profitable and rewarding experience. Starting an eCommerce business is much easier than it used to be, thanks to platforms that provide easy ways to set up your digital storefront right out of the box, and platforms like social media and search engine marketing provide an easy way to reach your target audience.
Above all, remember that an online business is a real business, so fundamentals like a solid business plan and market research are still critical. Remember that most online retailers aren’t trying to outdo Amazon—instead, they’re using business models like drop shipping, reselling, and custom creation to carve out a unique market and a relationship with their customers.
3. Pet Care
Americans are spending more money on their pets than ever before. As COVID-19 subsides, many Americans will likely be going on vacation or going back to the office, potentially making daily pet care a struggle. That’s where business owners like pet groomers, pet walkers, and pet sitters are going to come in handy.
Most types of pet care businesses have relatively low start-up costs and don’t require a great deal of specialized training, but they do require a genuine love for animals and the ability to work with pets that have a variety of needs. Cultivating relationships is everything in the pet care field, whether of the two-legged or four-legged variety.
4. Graphic and Web Design
Many online businesses, both new and long-established, will need to hire experienced graphic and web designers to make sure that their websites are user-friendly and look sharp. Demand will be particularly high for developers with experience in mobile-friendly design. This is a great opportunity for folks who want to strike out into the world of freelancing and be their own boss.
These fields aren’t a walk in the park—competition in freelance markets is high, and dealing with client requests can be challenging—but they offer the opportunity to do fulfilling and interesting creative work that presents new challenges every day, as well as reasonable compensation and lots of market demand.
5. Construction Contractor
Many construction projects that were put on hold due to the pandemic will be back on the schedule in 2021, and construction contractors will be there to see them through. Residential construction is expected to experience the strongest recovery as low-interest rates and permanent working from home spur demand for single-family homes.
Remember that most states require a construction contractor to clear various regulatory hurdles such as obtaining licensure, purchasing a surety bond, and other conditions that ensure that contractors are qualified and trustworthy. Get this process started as soon as possible since it typically takes several months to a year.
6. Online Teaching or Tutoring
Online education is now more mainstream than ever, which means that demand is high for those willing to teach via video chat and other electronic platforms. There are opportunities available in a variety of fields, from math tutors to folks who can teach adult learners job-ready skills such as coding and Web design.
The credentials required for teaching online classes vary widely, but professionals with a degree in the subject they’re teaching are likely to make more money and receive more demand. Whatever your qualifications or teaching strategies, however, it’s important to make sure that you choose a reputable platform that prioritizes the online safety of both students and teachers.
7. Fitness and Nutrition
Some folks used their social distancing time to renew their focus on fitness and nutrition, while others will emerge from quarantine with the desire to get back in shape or improve their diet. Either way, businesses that provide help with these critical aspects of life are expected to be in considerable demand in the coming years.
Occupations like personal trainers have traditionally dominated the fitness and nutrition industry, and these still provide a great opportunity for starting your own business. Today, it’s increasingly possible to achieve a living wage through remote options like teaching online fitness classes or providing personalized online nutrition coaching as demand for such occupations grows.
2021 will be full of new business opportunities, and entrepreneurs who seek them out will find a real chance to make their mark on the world. Like any business venture, risk will be inevitable, but the payoffs have the potential to be even greater.
