Best Business Ideas for 2021 (and beyond)
While running a business involves a lot of risks and responsibilities, unlike a regular job, it has its glee and freedom. However, the Covid-19 Pandemic has kind of moved the entire world, giving heavy jolts to its economy resulting in a significant change in consumer behaviour. In such a situation, launching a business could be very challenging, and that not all ideas can lead to a thriving business. Still, there are a few business ideas that have the least probability of doomed to failure. In this article, we will talk about the top 10 such business ideas that are not just future proof but also recession-proof and pandemic proof. So, let's go through them one by one.
Business Idea#1: Digital Marketing Agency
The ubiquity of smartphones and the Internet of Things has made it critical for businesses to go digital and tap into the platforms where their prospective clients are. With the changing behaviour of the consumers, companies are shifting their marketing budget from conventional to digital marketing. Though digital marketing has become the need of the hour, not every business establishes an expensive in-house digital team. They instead prefer to outsource digital marketing services from an agency or a digital marketing consultant. So, capitalising on this opportunity and launching a digital marketing agency or providing digital marketing services as a consultant is a business idea that will pay guaranteed returns all the way down the line. As far as various digital marketing services are concerned, it includes search engine optimisation, social media marketing, content marketing, paid to advertise, and so on.
Business Idea#2: Online Retailing/ Ecommerce Business
Suppose you consider the current scenario when the Covid-19 pandemic has swathed the entire world-impacting every business drastically. In that case, you will find that many businesses are struggling to keep the doors of their brick-and-mortar stores open after the lockdown days when they could not make even a single sale but had to pay the rent or the utility bills as such. Even many large businesses were sold during this virus era and acquired by other big companies. For example, Reliance acquired Big Bazaar, Hindalco acquired Aleries, etc. However, at the same time, the eCommerce companies, except for a few months, were functional and delivering products throughout the country. With fewer business overheads, an eCommerce business survival isn't difficult even in a tough economy like that of today when you can run your eCommerce business successfully without much human contact.
Business Idea#3: Event Planning
Whether or not the economy is booming, people do not wait to celebrate occasions like weddings, anniversaries, annual business events and retirement parties & so on. If you look at the current situation, even the Coronavirus could not stop them from celebrating most of such occasions. Of course, limitations were there, but people still celebrated the events following the Covid norms. The situation has led to the requirement of even more creative event planning. So, if you are planning to launch a business that will thrive even if the economy takes a turn for the worse, event planning isn't a bad idea.
Business Idea#4: Real Estate Business
It could be better jobs, enhanced living standards, or other development that has led to rapid urbanisation and a lot of people migrating to cities every year. Whatever it could be due to, the trend has increased the need for houses in big cities a lot, creating an excellent opportunity for the realty business owners in India. They can provide various real estate services and achieve good returns on every single penny they invest.
Business Idea#5: Renewable Energy Supply Business
Though several countries still rely mainly on the conventional sources of energy that are hazardous to the environment, the majority of nations are putting more emphasis on using renewable sources of energy to save the environment. If you want to launch a business on a medium scale, then nothing could be a better idea than this. Moreover, by running such a green and clean business, you will also play your part to save mother Earth and nature. The renewable energy supply business has undoubtedly a great scope in India.
Business Idea#6: Solar Energy Supply Business
With most parts of India receiving abundant sunlight throughout the year, launching a solar energy supply business has become an emerging business idea in the country. All you need to do to set up and install solar equipment on the roofs or balconies of the people. It will create solar energy that will be connected to the battery for providing additional power to the house or the building.
Business Idea#7: Outsourcing Business
With a large part of the population in developed countries like America, Canada, Australia working independently, there is a need for the workforce to execute the tasks. However, hiring it locally will only increase the startup expenses and reduce their profit margins due to high operating costs. It has made them outsource the project from developing countries like India, where human resource is not that expensive. Whether it is digital marketing services, customer service, or any other service that can be outsourced, people in India are making a big fortune through an outsourcing business.
Business Idea#8: Healthcare Business
People in India are becoming more and more aware of keeping good health and are proactively taking healthcare services to stay away from healthcare issues. They are going for routine checkups more often as compared to someone and a half-decade ago. Personal Health Care practices are gradually replacing General Health Care practices. In such a situation, launching a healthcare business like a diagnostic centre or so is a great business idea.
Business Idea#9: Consultancy Business
The increasing competition, as well as the spiking complexities in the business field, has made the consultancy business a great idea, for it makes businesses more sustainable and increases profit margins significantly. Based on your skills and interest, you can launch a consultancy business. Let's say for example you can start a recruitment firm, a customer consultancy, an educational consultant agency, or a career consultancy, whichever you like to.
Business Idea#10: Professional Training Centre
This is an era where simple graduation or MBA doesn't help and that all employers want professional skill sets from their employees. The candidates aspiring for a particular job must acquire the respective skill set if they wish to excel. For instance, a marketing professional must be skilled at digital marketing or a software development professional must be proficient at the most demanding programming languages like Python or so. In such situations, launching a professional training centre and providing the most sought after skills training at competitive prices can be a great business idea.
According to Bloomberg, 8 out of 10 entrepreneurs who start businesses fail within the first 18 months, and that not all business idea help you reach the destination you had dreamt of. So, you have to be very meticulous while settling on the business idea you will execute so that whether it is bull or the bear market or anything in between, your business should thrive ceaselessly. Hopefully, the future proof business ideas presented in this article go well with your interest and budget. Implement any of the above-mentioned business ideas and reap maximum ROI (Return on Investment).
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