2021 is the year when so many small business entrepreneurs will experiment with novel business ideas. With the rise in the number of good business ideas, it becomes challenging to figure out the ones worth considering. Thus, this blog highlights 14 profitable businesses that you may consider to kick-start your entrepreneurial journey.
Let's take a closer look:
1. Coffee Shop Business
The coffee industry has witnessed exponential growth in the last few years. A coffee shop business can be extremely profitable if executed properly. Customised good quality coffee in different flavours (hazelnut, blueberry, vanilla) is doing the rounds with coffee lovers. If you too are a coffeeholic, why not give a new direction to your love for coffee and transform it into a profitable business?
You can do it in three different ways- purchase a franchise, invest in an already existing coffee shop business, or start from scratch. Whatever option you select, make sure it incorporates the following:
- A nice location
- Reasonable rent
- High-quality coffee
- Flavour and preparation choices
- Excellent customer satisfaction
- A relaxing ambience
- Multiple sales; include muffins, snacks, cookies, etc.
- Loyalty cards
- An internet connection for the customer's convenience
2. Online Tutoring
Online teaching is an excellent business opportunity for beginners. The best part about this business idea is that it works excellently among all age groups- right from a retired teacher to a college student, anyone can opt for this business opportunity. It can be a rewarding business idea with little to no risks.
Private tutors work in different areas of expertise. All you need is proficiency in your preferred subject, familiarity with e-learning tools, and a passion for teaching. If you're thinking about tutoring, acquaint yourself with no less than a bachelor's degree in the subject you wish to train. Always aim for subjects you are good at. This will not only help you become a better educator but also sharpens your skills. To set up online tutoring, all you need is a stable internet connection. Choose modes like Skype or Zoom to deliver an uninterrupted online session. So, if you're ready to stick around a different schedule, go in for online tutoring.
3. Digital Marketing
Businesses are going digital these days. An online presence is a must, be it for a startup or an established business. Unlike old-school methods of marketing, digital marketing utilised modern methods to connect businesses with their target audiences. Owing to its growing demand, digital marketing has become a necessity and an affordable business idea to embark on.
Get yourself a team of trainers, professionals, and office space. The next step should be onboarding new clients for your business. Craft a strategy around it. This could be in the form of a website, blogs, digital presentation, social media presence, etc. You can also hire a social media marketer who can up your game via various marketing tactics.
4. Content Writing/ Freelancing
At present, almost every business needs content writers. Whether it's about curating a web copy, writing a landing page, or telling a story through a social media post, the demand for copywriters is on the rise. If you're a wordsmith and have the desire to communicate business ideas through an impactful message, freelance content writing is for you.
Starting as a freelancer is simple. Either get on board with a profile on job portals or get yourself introduced via self-promotion. Make use of your connections to get you to work, at least for a starting period. Along with writing, you can also learn SEO, web design, or web development to deliver an all-in-one package in the long run.
5. Food Delivery Service
When the whole world is slowly recovering from an all-time economic slow down due to the pandemic there is one business which has become more popular and profitable than ever - the food delivery business. In the last few years, there has been a major shift in the way people consume food. They have become more health-conscious informed consumers, who scan and test every ingredient that goes into their platter, both health-wise and taste-wise. Hence, considering the demographic, cuisine, and variety is of utmost importance to cater to the complete satisfaction of your target audience. You can set up a website and a food delivery app that makes ordering food easy at any time of the day. Think about unique food types to appeal to customers. Consider different age groups before setting the menu of your restaurant.
If you aim to stay competitive down the line, an online food delivery model is a must.
6. Bookkeeping Services
Bookkeeping is all about dealing with income, payroll, expenses, and formulating tax returns for business owners. If you are well-versed in accounting and bookkeeping skills, this would be a superb business choice.
These days, businesses don't have enough time or resources to manage their bookkeeping processes. Hence, you can get bookkeeping done for such companies and earn a decent amount.
Bookkeeping services involve handling confidential information. This is why having a team of proficient individuals can be helpful. If executed nicely, this could be a profitable investment in the long run.
7. Event Planning
If you're good at organising events and parties, you should opt for an event planning business. Start with mini parties like birthdays or meetings and scale a bit as you get proficient. Later on, you can opt for weddings, mundanes, and other ceremonies, depending on your skillset and experience.
8. Vacation Rental Business
The growth of vacation rental users has shot up in the last few years. A large number of apps and websites have made it easier for customers to book their stay. Thus, if you own a property and would like to utilise it for rental purposes, get started with a vacation rental property business.
This way, you can use your property to venture into a rental business. However, you'll need promotional marketing brochures and other forms of advertising to create business awareness.
Another option you can give a thought to is joining hands with hotels/restaurants. This works like a marketplace where you allow vacation rental users to rent bungalows or resorts.
9. App Development
This is also a profitable business idea for a mid-scale business. The cost of setting up an app development business is low, owing to the drastic rise in the number of app developers and app development tools. So, if you're looking for passive business opportunities, start offering mobile app development services for generating continual revenue.
10. Interior Designing
Interior designing is a profitable yet creative business option. Speaking of interior designing, there are so many areas where you can tap into, like real estate projects, commercial projects, workplace projects, and so on.
Interior designing is a competitive industry. If you have the competency and desire to become a successful interior designer, you may start your own interior designing venture. Define your marketing strategy; decide on a business name, network, and you may start landing clients in this niche.
11. Food Truck Business
Launching a food truck business is an economical yet lucrative business opportunity for beginners in 2021. You would require a food truck based on the kind of snacks and cuisines you would be serving. Dive in your favourite cuisine and sell your cookery talent to consumers with minimum infrastructural investment.
12. Dance Studio
The whopping number of reality dance shows has multiplied the curiosity among all age groups. If you have a commercial space that can be transformed into a dance studio or classroom, you may think about opening a dance business. You can even use the same space for renting to aspiring dancers or YouTubers who need space for shoots.
13. Apparel Boutique
If you're enthusiastic about creating unique styles and can make your audience look dapper on any occasion, opening a clothing boutique is what you should consider. Transform your passion for fashion into a business. Look for the right location, set up a business strategy, and hire trained people. Don't forget to make a list of suppliers to whom you can market your products.
14. Website Support
Every website requires support in various forms. So, if you are a professional who is aware of the pros and cons of website support, you have ample exciting opportunities coming your way. You may be beneficial to people who are looking to resolve the CSS issue. Find security loopholes and a lot more.
Getting started is pretty easy. Create a custom website and list all your important services there. This way, a client can reach out to you directly.
Wrapping it Up
Deciding the right business is entirely your call. You may explore many options, but coming up with small business ideas may be a little difficult. So, see what you are good at and give wings to your dreams!
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Q. What are the things to consider when investing in a boutique business?
Ans. Start with a concise business plan, which you can expand later. You need to decide the medium -- online or offline. There are upsides and downsides to both; ultimately, it's all about the product/service you sell.
Other things to invest in are the brand name, marketing plan, hiring resources, etc. The key is to offer uniqueness in your products, and with an appropriate plan of action, you'll be able to open your boutique shortly.
Q. Is it worthy to have a degree to step into the event planning business?
Ans. Getting into an event planning business does not require a qualified degree. However, you must be equipped with some sound knowledge to at least lay the foundation. If you don't have time to pick up a full-fledged course, learn from industry insights. Market research goes a long way in understanding and operating an event planning business successfully.
Q. What are the tips to start a food delivery business from home?
Ans. Find the right audience to market your food delivery business. Understand your audience, think of their likes and dislikes.
Create a food delivery mobile app and make it easier for your potential customers to operate the app. In short, you should plan wisely, develop the right app, recruit employees, and, most importantly, advertise. The right brainstorming and USPs will only make your food delivery business one of its kind.
Q. Are there any risks associated with the food truck business in India?
Ans. The risks in a food truck business are minimal. Make sure your food truck is properly insured for any accidental damage. However, some work-related mishaps could be avoided if planned and executed the right way.