8 Most Profitable Small Business to Open Now
Many people would agree that 2020 was a horrible year. Life as we know it took a 180-degree turn for the worse. The impact of the Corona pandemic on every aspect of life is something many of us would like to move on from.
Thousands of employers and employees had to face the reality that their source of income was gone. Research shows that in 2020, over 255 million people found themselves jobless.
The devastation was present in all economic groups, nations, and regions. In financial terms, it accounts for over 3.7 trillion dollars down the drain.
But, we can look at the effects of the pandemic with a half-glass full mentality. It is true that loss and devastation were going on everywhere. But, there were also some great learnings for everyone.
Businesses had to survive, and many made a shift to the digital platform. Remote working and learning became the order of the day, and the same continues in 2021. People realized that they needed a plan B.
Imagine going to bed knowing that you have a job. The next day the business closes down, and you have no income source.
For some people, it was too much to bear, and many gave up hope. For the more optimistic, it became an opportunity for self-reliance. Take the example of Europe. There was a 35% increase in the number of people going into self-employment.
If the pandemic trends are anything to go by, local employment may be the only option for many people. With that said, it’s helpful to know the most profitable small businesses to open now.
Factors to Have in Mind When Starting a Business
Before starting any business, it helps to have the following in mind.
- Come up with a business plan. It should highlight your goals, plan of action, timelines, and financial implications
- Do proper market and competitor research. A SWOT analysis will show you the strength, weaknesses, opportunities, and threats. Understanding the demand for your services is also critical
- Define your target audience
- Ensure you have the relevant knowledge and experience
- You may need certification and licensing depending on the business
- Ensure you meet regulatory requirements such as taxation
- Decide on your rates and billing systems
Let’s dive into the list of business ideas to consider in 2021.
1. Tutoring Services
Remote learning made it possible for students to continue with their education. But, it came with its challenges for both educators and students.
The reality is learning from home comes with tons of distractions. Teachers may also find it difficult to give enough attention to all the students. The result is that some of the learners may find it challenging to keep up.
Tutoring, thus, becomes a viable business idea in 2021. The prediction for online tutoring in the US is that it could hit $7.37 billion by 2023. The field is very lucrative because it is convenient for both students and teachers.
You can meet the needs of many learners from different locations. Self-paced and personalized learning means that struggling students get the help they need. There is a lot of flexibility in timing and so much more.
To get into the business, you must ensure that you have the necessary qualifications. You may also want to consider getting into a niche that you are most comfortable in. It also helps to have some teaching experience by getting knowledge from teaching programs.
Websites for eLearning
There are some eLearning websites you can register your services on. Such as Udemy, Skooli, TutorEye.com, and Smart Thinking.
The other option is to do it alone. You can advertise your services on a website or social media platforms. Word of mouth referral is also a powerful marketing tool. Get references and testimonials to show that you have satisfied clients.
Decide whether you want to do online or home-based tutoring. In this time of remote learning, the former maybe your best option.
If you go for the online tutoring option, it is crucial to ensure online security. Consider it an investment to install a static residential proxy
With the proxy, you get online anonymity. Third parties will not be able to see what you are doing. You also get data encryption and the ability to bypass restricted content. Finally, web scraping, which is important for research purposes, is possible.
2. Personal Trainer
The Covid pandemic made people more conscious of the importance of health and safety. Due to social distancing, people could not go to the gym. Many took up online training as a way to keep fit. Fitness instructors have seen booming business on online platforms.
You can use tons of channels, including YouTube, Ticktock, website, and Instagram live. The same platforms also provide fantastic advertising opportunities for your services. Startup by finding a niche area that does not have too much competition.
It helps to have relevant certification as proof of your expertise. Come up with something unique about your services to generate relevant interest. Use the available platforms and word-of-mouth endorsements to get clients.
Remember to be consistent and reliable so that you keep your customers. Switch up the exercise routines as much as possible. Clients should always have something to look forward to every day.
People are always looking for tips on how to keep fit. Find out what their main concerns are and respond by using blogs and video content. When you become the go-to source for information, it helps establish your authority. The more people come to you for advice, the higher your chances of building a large client base.
3. Personal Wellness Coach
Personal wellness coaches look beyond the physical aspects. They also deal with emotional health. Counselors, therapists, life coaches, and even yoga instructors fall in this category. There was a rise in mental issues, like depression, during the pandemic.
Research shows that four out of 10 adults in the US reported cases of depression or anxiety. As many as 36% and 32% respectively had issues sleeping and eating. They resorted to alcohol and substance use to cope.
Yet, not everyone wants to take the destructive path when dealing with a crisis. Such individuals will turn to personal wellness coaches for guidance and advice.
You have tons of options available. Such include holistic health advisors and corporate wellness coaches. Others are nutritionists, and herbalists, to name a few.
There are various tools you can use to attract clients. Blog and video content, for example, are excellent ways to show your expertise. As a business grows, you could branch out to other areas. You can, for example, sell products. The other option is to write books for sale.
4. Consulting Business
Consulting is an excellent business idea if you have specialized experience. The goal is to provide advice to the many people seeking such services both online and offline.
The best part is, it is a business you can get into, no matter how old you are. So even those in retirement can continue to earn an income without having to go to an office.
It is vital to have a good reputation, niche area, and tons of contact. Have passion, strive for excellence, and be knowledgeable. It will set you above the competition. Also, ensure proof of relevant licensing and certifications.
Some states will need you to register with the relevant authorities. Keep up with industry trends so that you always know what is happening. Decide on your target market and invest in marketing your business.
You will need a lot of referrals, testimonials, and third-party endorsements. Have a website where you can showcase your portfolio.
Dropshipping is another fantastic business idea. You will be selling goods online, but using a different business model. You do not handle any inventory whatsoever. What you are is a middleman between suppliers and customers. Dropshipping is also not as capital intensive as a business that requires stock.
To get you started, you need to set up an online store. You have many options with e-commerce builders. Such include Shopify, Woocommerce, Bigcommerce, and Wix. You must then decide on the product you want to sell. Focus on niche areas so that you do not have too much competition.
Do competitor research to know what you will be up against. The next step is to look for suppliers who align with your business model. They must agree to package, store and ship the orders to your clients. It is of utmost importance to do due diligence on your suppliers. If they do not provide good service, your reputation could suffer.
The products must also be top-quality to avoid disappointment. Platforms like Alibaba have a large resource base of suppliers that you can approach. Ask as many questions as possible and insist on referrals that you can contact.
Have a plan of how you will get customers. Ad campaigns on platforms like Facebook and Instagram are a good idea. Others are email marketing and search engine optimization. With the latter, the aim is to get visibility on the search engines.
6. Digital Marketing Services
With many businesses going to the online space, there is a greater need for marketing. The competition is intense, and they must look for ways to get visibility. Yet, many companies do not have the expertise to handle digital marketing.
Small businesses do not even have the budget to hire a full-time in-house resource. Many will seek the services of freelancers to handle such tasks.
There are many options with regards to the type of services you can offer. Such include copywriting, SEO, social media advertising, and web design. Others are creative and brand consulting, content creation, and link building.
Your clients will want to see that you have a background in marketing. Continue to educate yourself on the latest digital marketing trends. Focus on niche areas that will give your client’s the greatest ROI.
Think about the avenues you can use for marketing your business. A website is a fantastic place to put up your portfolio. Social media marketing gives you access to a broad audience base. Email Marketing allows for cold pitching, which can generate some fantastic leads.
7. App Developer
The demand for apps is increasing as more people use technology. Think about how many times you use the apps on your mobile phone, for example. Shopping, entertainment, medical, and even legal advice are available at your fingertips.
We can thank the developers who are always looking for ways to make life simpler. The modern customer is very demanding. They are always looking for the newest, most efficient apps.
Companies also work with app developers to create better experiences for customers. A happy customer is likely to remain loyal to a company.
App developers have a lot of opportunities they can explore. You do not even need a formal degree to start developing. But, some level of training and experience is definitely necessary. You also need to learn coding languages and have good knowledge of what the market has to offer.
Work on your elevator speech because you will be doing a lot of pitching. You must have the ability to talk about the USP to investors or interested parties.
8. Career Coaches
Career coaches are now finding themselves more relevant than ever before. A large part of the global population has had to rethink their career options. With so many businesses closing down, there has been a need for reinvention.
If you are here reading this article, you know what we are talking about. You find yourself looking for new jobs or income-generating avenues. But, doing it alone can be challenging and very scary.
As a career coach, you help people figure out the job market. It doesn’t stop there, though. You cover other areas like preparing CVs and candidates for interviews. You become a valuable resource on anything related to jobs or employment.
Like all the other businesses above, it is a good idea to narrow down your offering to a niche area. It helps to have a target audience in mind.
Proof of success in your career path is essential. After all, how can you teach clients what you do not know? Also, market yourself on different platforms such as social media.
Starting a business can be daunting. But it is possible to find success. Have the right plan, a market understanding, and superior products and services.
If you are making a move into the world of entrepreneurship, we wish you the best of luck.