A few businesses have steered well during the Covid-19 disruption, some have even made exponential growth, and some new ones have emerged. Here are 10 tried and tested ideas for a new business, that are profitable bets in 2021.
- Millions of job losses around the world due to Covid-19 have taken a toll on the global workforce and businesses.
- Some businesses have been lucky enough to steer clear from the brunt of the pandemic.
- There’s a lot to learn from them on how to have a thriving business in these troubling times.
The pandemic has disrupted lives for all. From losing jobs to losing dear ones, the scale of setbacks is enormous and has affected us differently. However, it also seems to have steered some businesses towards profit. Restaurants/food delivery, eLearning, home improvement, real estate, and the regular street-side retails are booming. Consumer behavior is the reason for this surprising success of a few businesses. Moreover, a year from the onset, market trends have begun to solidify and a few ideas have emerged which are considered good bets by experts even for those looking to open new businesses amid the pandemic in 2021.
The past year has been challenging for every business, whether because of cash flow or lack of customers and orders. While it is true that the success of a business lies in knowledge, experience, hard work, and dedication, the past year has taught us how a pandemic can change the scenario. Whatever the challenges, it is crucial to understand and adapt to changes and thrive. New market trends point out towards some easily observable customer habits and some peculiar new emerging traits. In a new era of subdued economic growth amid the second, third and fourth waves of the pandemic, some tried and tested and some new ideas have emerged for those looking to diversify or start a new business in 2021.
Here are streams of businesses that have steered well and have even made exponential growth amid the surging Covid-19 pandemic around the world.
Top 10 Ideas For Starting A New Business In 2021
With educational institutions shutting down their physical operations, it has given way for e-learning to mature before time. Learning a new skill from the comfort of your home has been the most popular trend. As per a survey conducted by Global Market Insights, the e-learning industry would move past $375 billion by 2026. With online classes, all the technology involved in enhancing online learning has also seen a boom.
The market size of the e-learning industry would cross $375 billion by 2026 and its still far from saturation.
Remodeling/ Home Improvement
The upside of staying indoors and reduced moving around due to the Pandemic has led to people exploring their creative side through DIY projects. Kitchen remodeling, buying appliances, and other related businesses have been seeing a boom. As per the US Census Bureau, an average of 22 percent of homeowners will spend more than $15000 in the coming year on home improvement projects. It means contractors and other home improvement workforce will be pretty busy for some time.
22 percent of homeowners will spend more than $15000 in 2021. That makes up one huge sales pool.Statistic by US Census Bureau
Digital Marketing Services
Almost every business has moved online, and that has led to increasing demand for digital marketing. Digital marketing includes a gamut of activities ranging from website designing, website development, content writing, and content marketing to SEO to Google ranking. Digital marketing has also opened a world of opportunities for freelance work, meaning sites like Upwork and other online market places have become the trend. A significant percentage of the workforce is moving towards freelancing, thereby exponential growth in digital marketing.
Thanks to the Pandemic, everyone with a mobile phone has stepped into online shopping for safety and convenience. Shopping ranging from grocery to retail, every business has set up its shop online. Door delivery, curbside pickup, and a few other safe options are made available with increased COVID -19 cases. Data from the United States suggests that the e-commerce sector grew by 44 percent in 2020.
Customer Experience Consulting
Seamless online customer experience should be the goal of every online business. A website that answers the audience’s questions, enables customers to trust and connect with the brand, and helps customers stay loyal to the brand is a great contributor to grow your business. Poorly written content, marketing campaigns designed with no proper research, a website that was built decades ago, lack of graphics and website design that is not user-friendly are a few things to avoid when designing a website.
SEO Content Services
Search engine optimization enables businesses to improve their ranking on the search engine, thereby enhancing the number of visits to their website organically. Fresh and original content with strategically added target keywords helps the website rank higher on the google search result pages, thereby generating more views.
Brand Awareness and CSR Consulting
Involving in CSR activities, donating for a cause, or helping out in the local shelter to work with the poor and needy can be a great way of connecting with the local audience. Showcasing CSR activities on the website can also work wonders for the business. Hence, many businesses are on the look out for such services which help with CSR at the time of the Covid-19 crisis. CSR experts can now opt to open new consulting businesses of their own as the times demand.
Digital Campaign Specialists
There is no denying the power of email marketing. Old and new customers, target customers, and anyone you would have interacted with should be on your email list. Staying in touch with the previous customers through the email list, generating new customers with Facebook ads are a few other ways of generating potential leads. However, amid untimely saturation in the space due to Covid-19, brands and companies are now unable to compete with rivals without specialized expertise. This is where digital campaign specialists come in. If you’ve championed digital projects and marketing campaigns online, starting out a company in 2021 will be a good business idea to bet on in 2021.
Image Marketing Services
People most trust online reviews. Posting reviews/ testimonials by your customers promote your business and enable you to build trust with potential customers. Each positive review posted by a customer adds to the positive brand image. There are many legitimate ways for customers to achieve these. However, it needs expertise, strategy and dedicated resources to succeed in creating value from such activities. Often companies do not posses any of the above. This is where the specialists come in.
Business and Market Research
Experience and knowledge about a particular business are crucial. However, it is not enough to jump into a business. Choosing the right industry, checking its sustainability, and researching the customer behaviour for that product/ service helps prepare better. Conducting thorough research on similar companies enables you to gain knowledge on that segment and allows you to make well-informed decisions.
Conducting thorough research to understand the customer’s requirements better, going digital, optimizing the content on your website, and a few other tips could enable your business to boom with the changing market conditions.
Market research firms which help businesses identify demand and plug with efficient supply are much needed in the Covid-19 chaos of 2021.
How to have a thriving business during a pandemic?
Finally, choosing the right kind of new business idea is vital to stay successful in the ongoing downturn in 2021. With the next wave of the Pandemic hitting us harder, it is essential to conduct a thorough study on the kind of business and its sustainability before setting up the shop online or not.
There are tons of factors that could contribute to the success of a business amidst a pandemic. However, digital marketing can increase sales and conversions tremendously when utilized well. From posting tips and tricks on the usage of products/ services to optimizing the content on your website. The scope of digital marketing is enormous, and the results are always satisfying whether you are looking to improve visitors to your website or looking to stay connected with your audience. It is time to go a hundred percent digital.