Although life in 2021 is gradually returning to normal in most countries, the transformation brought about by the disruptions of the past year is here to stay.
In this article, we’ll cover some of the entrepreneurial trends shaping this new world we live in and how you can leverage it as an aspiring or seasoned entrepreneur.
Business trends to watch out for in 2021
1. Online is the new offline
Businesses that traditionally operated from a brick-and-mortar setup are now taking their business online. While public health safety may have driven this trend, the convenience that this offers is an added benefit that consumers have now become accustomed to.
2. Consumers are going local
Be it travel or shopping, consumer preferences have undergone a major transformation. People are renting out vacation homes in their cities, prefer to buy from local sellers, and support small businesses.
3. Accelerated innovation
There’s been a spurt in new product development to help people navigate this change. More and more entrepreneurs are using their creativity to develop ingenious solutions to solve newly emerging problems.
4. Technology boom
There’s been a spike in the adoption of new technology. Entrepreneurs, artists, and businesses are finding novel ways to use artificial intelligence, automation, virtual reality, and augmented reality to sell their products and services, stream live performances and conduct training sessions.
5. Work from anywhere
This new way of working will continue for some time. A growing number of businesses permit employees to work from home forever since research shows that working from home leads to an increase in productivity.
Best small business ideas in 2021
1. Teach a skill online
The simplest thing to do is to start with what you have, and your skills are a great place to begin. Scores of people are investing in learning new skills. Identify a skill that you’re confident about and create a video course, webinar, or live event around it.
2. Offer virtual assistant services
Solopreneurs and small business owners are known to hire virtual assistants to help them with their daily tasks. You can take online courses to learn more about how it works.
3. Open an e-commerce store
A hot favourite for long, an online store is easy to set up and won’t burn a hole in your pocket. Set up your website or sell on popular marketplaces such as Amazon, eBay, Etsy, and Redbubble.
4. Start a design and marketing agency
More people have forayed into entrepreneurship in the past year than ever before. And so there’s a big market for services such as branding, copywriting, web design, content writing, social media management, SEO, and digital ads.
5. Rent out vacation homes
With the freedom to work from a remote location, there’s a rise in demand for vacation homes. Typically, such customers opt for a longer stay, sometimes even booking a place for months.
6. Offer IT management services
With everything going online, schools, institutions, and small businesses are on the lookout for IT consultants to take care of their digital needs.
7. One-stop-shop for remote worker setup services
Hiring is picking up pace, and businesses need to equip their new employees with laptops, desktops, software, and other tools to work from home. It is where your services would come in. You’d be responsible for supplying the equipment as well as setting up a workstation at the employee’s location, so companies have one less thing to worry about.
8. Start a counselling service
According to industry health reports, there’s a notable increase in people seeking therapy. You could build a team of certified counsellors to get this running off the ground.
9. Focus on health products
Since last year, demand for health products has skyrocketed. Consumers are increasingly opting for organic immunity boosters and other alternatives. This demand will continue to grow in the foreseeable future.
It is a great time to start your own business, i.e. if you haven’t already. The past year has seen the emergence of new business opportunities that were practically non-existent, and these is yours for the taking.
If you’re keen on starting your business but don’t know where to begin, check out the Wealth Dynamics entrepreneur profiling test. It has helped scores of people begin their entrepreneurial journey. This profile test is designed specifically for entrepreneurs. It provides you with a detailed report on your entrepreneur profile, strengths, and the next steps you need to take as an entrepreneur.