There is no better time to plan for a business than at the beginning of a new year. The world has seen a lot of changes and turmoil in 2020, which was devastating to many, but picking up the pieces and looking ahead is the only way to move forward. The good news is implementing business ideas nowadays costs much less than it used to a few decades ago, all thanks to the internet.
The downside of this low bar is that the competition is more fierce than ever. This means that before you start a business, you need to make sure you have a full-fledged idea that you can support all the way through. To help you explore your options, we’ll highlight 4 business ideas that you can make happen in 2021.
Digital Products
Everyone is familiar with physical products, but digital services are relatively new to the market. E-learning is one of the digital industries that’s seeing exponential growth, and it’s expected to reach a market cap of $330 billion in 2025. Due to the downfall caused by the pandemic, the entire world has turned to technology and digital services to make up for the loss. Digital services have had an incredible boost that made people recognize their true value, pushing for more investments in this sector. Digital products are much cheaper to procure, distribute, and update. This makes it much easier for businesses and individuals to seize opportunities. Simply being an expert on a specific topic can make you a consultant or tutor, which can net you considerable profit if you’re good at it.
Dropshipping
Dropshipping is one of the major upgrades to online shopping that made a lot of people able to set up shop without worrying about the expenses of conventional shops. Dropshipping operates based on a fulfillment model that streamlines buying products from manufacturers directly instead of going to a third-party; what’s left is that you will take care of collecting the order. If you compare this to other e-commerce models, you’ll find that dropshipping is the most cost-effective way to sell products. Shipping is done by the manufacturer or a third-party, which takes out a lot of hassle that can be involved, leaving you focused on what’s truly important for your business.
The variety of items you can sell is almost endless, especially when you take into consideration that you’re not bound by a specific storage place or inventory. This will help you catch up with trends as quickly as possible, offering endless opportunities for your business to capitalize on if you act fast enough. The supplier can be in another country, where certain products are known to be of higher quality, yet you can still source your products from them. If you want to specialize in office furnishing, it’s possible to find an office furniture manufacturer in Vietnam that can help you source and ship furniture easily. Once your supplier lists an item, you can instantly list it as well, which will help you stay ahead of the competition.
Photography
Technology has enabled almost everyone to take photos whenever they feel like it, but this doesn’t mean that this profession has lost its standing amidst this landscape shift. Skilled photographers are still in high demand, whether it’s through corporates or private events. An interesting path that new photographers take is selling pictures online. There are many stock photo websites that allow you to present your photos and offer the license to use them for a price. No matter what category of photography you specialize in, you’ll be able to find a market for it in the vast lands of the internet. Make sure to secure a niche then consistently develop it to outrank your competitors. It’s important to keep your audience interested by constantly promoting your content on social media, and don’t forget to diversify the revenue sources by using more than one marketplace.
Freelancing
In a world where virtual work is becoming as important as physical work, deciding to freelance is a very wise decision. A lot of people may have a hard time imagining how their life will change when they pivot into a freelancing environment from a 9-to-5 background.
The rise of the gig economy and remote working is allowing workers to dictate their terms of work, making it possible to explore new skills and working opportunities. There are many skills that you can convert into a full-fledged home-based freelancing business, such as web designing, marketing, copywriting, and many more.
There is no better way to kick off the new year’ than starting a profitable business. Fully exploring and researching the above-mentioned ideas can take some time, but rest assured that you can easily turn any of those ideas into a profitable business if you invest enough effort and passion into it.