Sometimes a new venture begins with a small business idea. Other times, the entrepreneurial itch comes first. If you know you want to start your own business—or even think you might—we’re here to help you find your great business idea.
What makes a business one of the best in 2021? Projected market growth and low investment costs. Choosing a business model based on a digital product can also help you cast a wider net when building a customer base and build a business model that’s easier to scale.
So let’s get to it. Here are the best businesses to start in 2021.
The Best Way to Start a New Business
Validating your idea before you pour resources into can save you time and money, in addition to giving you the confidence of knowing you have a tested and proven idea on its way to becoming a successful business. What’s the best way to do that? Start your business as a side hustle. That way you can get a sense of what your potential customers want and build a client base before you quit your job and commit full-time.
1. Ecommerce Store
Ecommerce experienced a massive boom due to the COVID-19 pandemic. At the height of the pandemic, ecommerce experienced 10 years of growth in just 90 days. While this spike in demand has also brought more competition to the market. According to Shopify’s Future of Commerce Report, 150 million people made purchases online for the first time during the pandemic, and ecommerce as a percentage of global retail sales is expected to grow over the next 5 years.
All of this, combined with the minimal startup cost, makes an ecommerce business one of the strongest bets you can make when starting a new business in 2021. Ready to take the leap? Read the guide to learn How to Start an Ecommerce Business.
As we move towards economic recovery, now might be the right time for you to finally start your consulting business. Consulting services are expected to experience a jump in demand as many businesses resume normal—or increased—business operations post-pandemic.
If you’re looking for low-cost business ideas, it can’t get much more appealing than a consulting business. Given that you and your expertise are the product, you can start your business with relatively low overhead. All you need is a solid consulting proposal, knowledge of how to set your fees/where to find clients, and you’re ready to go.
Consulting services experienced a downturn in demand due to the pandemic—with many businesses opting out of regular consulting services in an effort to save costs.
3. Online Course
Online courses can be one of the most profitable small businesses to start. Once you complete the work of creating and marketing your course, the course can become a source of passive income. What’s more, the online education market is expanding at a record pace, and it’s expected to be a $350 billion market by 2025.
The minimal legwork required in maintaining an online course makes it ideal for the aspiring entrepreneur who wants to start their business as a side hustle, either to validate your idea before you dive in or just for extra money while you keep your full-time job.
Sound like a dream? Learn how to make a 7 figure course from scratch.