Many businesses are starting from new after the pandemic. But understanding what to choose can help you in being an entrepreneur and have an inspiring business for yourself.
In 2021, lots of things changed. One of those things is many small businesses are now involved in the online business model.
Start with choosing the idea that you have knowledge about it and feel passionate about the business.
Since Covid 19 changed lots of things regarding how customers consume the services and products.
While you start the new business, take the changes into account, and consider how people are living the new normal.
To know what opportunity 2021 brings for the small business, here is what you need to know.
Opportunities To Consider For Small Business In 2021
The pandemic did change a lot of things but since 2021 is here and people are getting back to business.
There are a lot of opportunities that a small business could use for their benefit. . Not just these are profitable but following the right strategies and understanding the market can make this year the best for you.
Here is the list of opportunities that you can consider for starting your small business in 2021:-
1. Virtual Reality
Initially, Virtual reality is especially for gamers but the technology is offering many more opportunities for different sectors. It includes education, health care, training, tourism, etc.
Using the senses for offering a realistic experience, VRs are getting popular all across the world in different kinds of industries.
Image source: medium
There are potential uses that virtual reality brings such as :
- 3D movies
- Real estate marketing
- Social media VR interactions
- Exercises for team building
According to data that Statistic represented, the VR market can go more than $40 billion in revenues by 2020.
The promise is not just expanding as 2021 started, but also giving much more opportunity for a business that has a background in Information technology.
Well, the global market is going to expand by 34.5% from 2019 to 2025.
2. Medical Courier Services
For those people who have a reliable vehicle, they can consider medical courier services. Well, you are going to need amazing skills in time management too.
Considering the courier services for a small business can be profitable since the healthcare industry is going to expand and already doing it.
Also, the industry is one of the top growing industries all over the world. According to the Bureau of Labor Statistics, the industry has an employment of more than 14.3 million people.
Along with that, there will be 3.2 million jobs created in the coming 8 years.
As per the stats, this is an opportunity to start the business and have stability.
Starting your medical courier services, you will be responsible for the transportation of items reading medicals. It will include equipment, lab specimens, prescription drugs, etc.
You can hire new drives to work with you or start with doing it on your own.
3. Online Teaching & Classes
Covid 19 results shut all the classes, universities, and schools all over the world. The nearly more than 1.2 billion students were out of the classroom. Not just it did dramatic changes in education but also raised e-learning.
Online teaching becomes on-demand and increases the opportunity for lots of businesses to start their ventures.
Since the online business has become an important part, you can use this opportunity for your business too.
Choose the subject you are knowledgeable about, well you don’t have to be professional or advanced knowledge.
You can start your own course and do business all around the world. Or simply choose English for teaching foreign students a new language.
Here you don’t have to worry about the location. You can choose who can enroll in your classes. Or add what kind of courses you can provide to make it more interesting.
4. Sales And Delivery Of Meal Kits
Meal kits are becoming one of the popular trends in the food industry. Also, the increasing popularity is going higher especially for those people who don’t have enough time for preparing their meals. It targets people who want a healthy diet but have a busy schedule.
With this, meal kits are also helping in reducing the waste in food. According to the research, By 2022, the meal kit industry sales will cross $11.6 billion in the US.
Here, customers get a selection of different recipes to choose from. The meal-kit includes the pre-chopped and measured ingredients.
Image source: food+techconnect
With this, it comes with cooking instruction and preparation for the final steps.
The meal-kit gets delivered to the doorstep of the customers on the date they select. The kit includes the calorie counts and other information to keep the dietary requirements in check.
Since the suppliers don’t look for large wholesalers. The chances of small business and opportunities increase in delivery based services, collecting ingredients, etc.
5. Senior Care Related Services
According to the U.S Census Bureau data, the number of seniors citizens is going to surpass the number of kids by 2030.
The shift is not just creating potential opportunities for businesses to start with senior care services but also results in the industry position holding the best business list.
During 2018, the rise in numbers of elders in the US created a huge chance for small businesses to come up with senior care facilities.
When you are competing with established companies, you might come up with something different and consider the pricing too.
6. Food Trucks Or Market On Wheels
Food trucks did a fast growth rate from 2014 to 2019 as the number increased by 6.8%. This market is now outpacing the foodservice sector. Well, the industry is worth over $198.9 billion.
Image source: youeatinnice
For example, the success story of the Clover Truck that runs in Boston. The trucks provide a menu that keeps changing depending on the seasons and also adds vegetarian meals.
They source their ingredients mostly from locals and keep them organic. The business becomes so successful that now they have brick and mortar locations.
Image source: Pinterest
Another example you can consider is Gmonkey that runs an eco food truck. They use biodiesel fuels and serve their vegetarian fare to Durham, Connecticut residents.
7. Gourmet Coffee
The gourmet coffee industry is booming and in the US, the consumption of coffee is boosting higher and higher every year.
For that, the market has lots of opportunities for a new business to begin their business. Well for start, you just need the locations to start the shop. Also, the vehicles, foot traffic as well as cyclists are additional you will need.
Consider starting a coffee shop as an independent business, serving lattes, cappuccinos, etc, and not doing competition against Starbucks?
Even if you start the business, the consumers are there. You can focus on basic things such as :
- Being convenient locations for offering foot traffic, cycling, and vehicles.
- Sevig beverages with high quality along with having a trained staff.
- Offering a pleasant atmosphere for the customers.
The market for high-end coffee especially for specialty and gourmet are having plenty of rooms for the shops.
As the National Coffee Association reported the average percentage in adults that increases the intake of drinking specialty coffee is 14% to 41% daily. The raise was recorded between the years 2001 to 2017.
8. Bike Sales, Rentals And Services
According to the League of American Bicyclists, The community of bikers in the US increased by 43%. The year recorded was between 2010 to 2017.
With the health benefits aside, bicycling is good for the environment too. It makes bicycling the second most popular activity outdoors. Also, lots of people in America participate every year.
Being something that is not just healthy, environment friendly and liked by people, This is also promoted by the government which makes this industry a pretty good opportunity for business purposes.
Besides, there is popularity for the e-bikes that can be peddled with or without using electrical power for assisting.
The expected sales for such bikes are more than 40 million by the year 2023.
Also using a special kit, the regular bikes can be turned into e-bikes.
For the small business, an entrepreneur can use this passion for converting the opportunity for their profit earning business in 2021.
9. Skill Based Trades
Skilled trades are one of the underrated opportunities that business ignores.
In the manufacturing industry, there are more than 53% of job openings left by people and it will go unfulfilled by 2028.
The shortage is increasing the requirements of talented workers that can do the trades. Well, it includes :
- Plumbing, Steamfitting, and Pipefitting
- General Construction
The demand for skilled traders is increasing day by day, using the opportunity to start the business can be the right choice for this year.
Also, there are lots of positive sides which suit the self-employed such as :
- Demand is everywhere. There is no place where skill traders are not needed even if it’s in remote areas.
- The traders go to their business home based as they require to visit sites to perform the work.
- They have high salaries and demand more people to lots of locations.
- Compared to lots of businesses, this one includes little startup capital cost.
10. Home Improvement & Renovation
Remodeling and renovations business is successfully floating deposits having the downturns in economics.
The average budget that homeowners spend on their home improvements is around $3000 every year in the United States.
This is also good for the business related to carpentry. And here you are going to need talent and tools to start the business right away,