The Best Small Business Opportunities for 2021
Let us set one thing straight: not all businesses have been created equal in terms of profitability. While there is no shortage of directions you can take as an entrepreneur, it would make perfect sense to look for the most profitable venture available.
To help get your 2021 off to a great start, we have created a list of lucrative business opportunities you can choose from. None of these is a get-rich-quick scheme. However, you are sure to enjoy the following perks: becoming your own boss, a more flexible lifestyle, and of course, consistent income.
Below are some of the best small business opportunities you can look into:
Fulfilment by Amazon Sales
The Fulfilment by Amazon (FBA) program gives sellers the opportunity to market their products through the world’s largest online retail platform. Amazon makes running an online retail business easy and straightforward in exchange for fulfilment and monthly storage fees.
They also pretty much cover everything—storage, packing, shipping, and returns. And yes, even customer service queries. As a seller, you will be responsible for the shipping of your products to the Amazon fulfilment centre. You will also take care of the listing of your product on the Amazon store.
Once listings are already live and you are getting sales, you will receive a portion of the proceeds on a weekly basis. If you are considering starting a product sales business, the Amazon FBA program would be an ideal way to start in the online retail marketplace.
While unfortunate to note, many people don’t consider skilled trades as a career choice. This is in part due to the common misconception that trades do not pay well. But the truth of the matter is skilled tradespeople enjoy fulfilling careers and great pay.
In the manufacturing business alone, an estimated 53% of job openings will be left unfulfilled by boomers by 2028.
The shortages will reach across various trades and create a massive demand for skilled workers in trades such as:
- General construction and carpentry
- Pipefitting, steamfitting, and plumbing
- Electronic and electrical control systems
- Heating, ventilation, air conditioning, and refrigeration (HVAC)
- Machinists and metalworkers
Software Engineering and Development
Software engineers and developers are responsible for creating, testing, and maintaining software on various platforms, from mainframes to mobile devices. According to the U.S. Bureau of Labor Statistics, demand for software developers is expected to rise by as much as 21% by 2028.
Ease of remote access and cloud computing make software development one of the most ideal home-based businesses available. Other well-paid and high-demand opportunities in the information technology sector include:
- Systems analysts
- Network engineers
- Hardware and software technicians
- Security specialists
Meal Kit Sales and Delivery
Over the years, meal kit services have become quite popular with busy people who cannot find time to shop and prepare healthy meals. They are also considered to top choice by those who want to lower their environmental footprint by minimizing their food waste.
The meal kit industry is expected to reach a staggering $11.6 billion in sales by the year 2022.
Most meal kit suppliers avoid large wholesalers and instead source their ingredients from local farms. If you are considering the same thing, you are also creating opportunities for small to midsize ranchers, growers, and seafood suppliers.
Virtual and Augmented Reality
Augmented reality (AR) and virtual reality (VR) is considered a massive leap forward in terms of immersing people in the realistic sensory experience. Nowadays, many software and hardware vendors are working passionately to introduce new VR products to the marketplace.
The VR and AR industry is undoubtedly growing at a fast pace, with the global market expected to expand by as much as 34.5% by 2025. VR has a limitless potential use for business or pleasure. For example:
- Real estate marketing. Imagine looking for a new home and taking an online VR walkthrough right from the comfort of your own home or office.
- Gaming. With new VR titles consistently released on an almost weekly basis, there is no doubt VR is revolutionizing the gaming industry.
- 3D movies. Nowadays, there are movies that are developed in 360-degree VR.
- Training. VR injects a higher degree of realism in training scenarios. Businesses like UPS have launched new delivery driver training programs just using VR.
Remodelling contractors are difficult to find and the great ones have their hands full. Home renovation is one business that has always done quite well even during uncertain economies.
If you are passionate about construction and if you get satisfaction renovating homes, why not consider turning it into a business?
Homeowners spend an average of $7,560 on home improvements annually. That is plenty of business to go around for painters, plumbers, electricians, drywallers, tilers, roofers, and other tradespeople.
Generally, the business of renovating homes is considered ideal by many for several reasons:
- Majority of renovations are carried out on a contract basis
- Start-up capital investment required for machinery and tools is often much less compared to new construction
- Business premises are not needed as work is done at the client’s location
As a remodelling contractor, you have the option to provide services as an individual, general, or subcontractor. You can also specialize in a specific area such as kitchen or bathroom renovations.
You also have the option to take on certain niches such as improving energy efficiency, solar installations, and restoring historic structures.
To succeed as a renovation contractor, you should at least have:
- Hands-on expertise in at least a few of the trades and extensive experience in building construction
- Good connections within the industry so you can call in subcontractors to do specialty work for you when required
- Up-to-date knowledge of both the safety regulations and the local building codes
- Certification and licensing (if required in your jurisdiction)
- Exceptional organizational skills
Think a coffee shop that serves lattes, espressos, and cappuccinos cannot compete with major players in the industry? Think again. The market for high-end and gourmet specialty coffee is growing at a steady rate, making plenty of room for independent shops.
Between 2001 and 2017, the percentage of individuals drinking specialty coffee rose from 14% to 41% so it is safe to assume this niche has a lot of promise.
Over to You
Starting a business is both daunting and exciting. It is a massive undertaking that will entail time, passion, and commitment. Fortunately, there is no shortage of great business ideas you can consider.
Find a business idea that resonates with you, commit to making it work, and you will be running a successful venture before you know it.