The post-covid era is gradually coming into action as vaccines continue to be rolled out globally. However, most businesses that took a hit from the pandemic are yet to recover or probably shut down completely. Currently, many people and companies are looking for alternative survival solutions as the world resumes normalcy.
This search for profitable ventures will likely continue in the foreseeable future, although it is not guaranteed that everyone will find a profitable business idea. This article will highlight some of the potential niches that new and veteran entrepreneurs can explore to maximize their returns on investment (ROI).
Before jumping into the potential ideas, it is quite noteworthy that there is an ongoing paradigm shift to digital ecosystems. Most profitable ideas spun around remote work – a trend that both small enterprises and large corporations are now adopting. That said, here are some of the profitable business ideas that individuals or businesses can launch in 2021;
Affiliate marketing involves promoting a company’s products in return for a payment mainly paid as commission. This is a business idea that can be launched by both individuals and companies across multiple industries. Existing firms have referral incentives where affiliate marketers earn a commission for onboarding new clients.
To be a successful affiliate marketer, prospects have to establish a strong online presence and build additional communication avenues such as a blog. In doing so, one is more likely to get an affiliate marketing gig from various clients. The crypto market is one of the niches where most projects run lucrative affiliate programs, offering incentives in both fiat and cryptocurrencies.
With the economy gravitating towards distributed ecosystems, gig markets now feature a wide range of soft skills. Ideally, both employers and employees can work remotely and achieve the same, if not better, productivity. This paradigm shift offers a business opportunity for soft and technical skills, including financial advisory, accounting and coding, amongst others.
Prospects looking for a business idea can sell their expertise in the form of a consulting service instead of relying on the local market. For instance, a skilled accountant can create profiles in multiple gig markets to offer accounting consulting services. Some of the popular gig platforms that provide such an environment include Upwork and Fiverr.
While the real estate business has been around for some time, this industry is still the bread and butter of many entrepreneurs. However, a debut into real estate will require a different approach from the traditional narrative of property buying and development. The new opportunities posed by real estate involve scouting top destinations where property prices are on the rise.
One such destination is Toronto, a metropolitan city in Canada whose real estate prices seem to be on an upward trajectory. Entrepreneurs can tap into this growing ecosystem by hiring prominent property managers such as Buttonwood. This real estate management company offers specialized services, including residential property management, residential property rental and commercial property management. Furthermore, investors can also buy or sell their properties through Buttonwood’s sister company.
By now, you have probably come across the word ‘cryptocurrencies’ or ‘blockchain’. This is an emerging financial markets niche where stakeholders interact through decentralized ecosystems – i.e. no central intermediaries such as banks, investment firms or insurance companies. The crypto ecosystem offers open-minded entrepreneurs an opportunity to take part in building the future of finance.
Some profitable business ideas that one can launch in this nascent industry include trading digital assets like Bitcoin and Ether. While it may be similar to forex trading, crypto volatility offers an immense opportunity to capture significant returns. Today, there are several crypto exchanges where you can start trading a wide range of digital assets. Some of the favourable platforms include Binance, Coinbase and Bitfinex.
Dropshipping is a branch of e-commerce that involves selling merchandise without necessarily owning a brick and mortar store. Instead, drop shippers ran online shops where interested buyers can order a wide range of products. The drop shipper takes care of shipment logistics once an order has been made.
This line of business gained popularity in 2020 as the pandemic disrupted physical stores. It is now projected to grow to $591 billion by 2027. Can Mandir, a 20-year-old successful drop shipper, was hosted by Benzinga news in an exclusive interview, where he noted that dropshipping is the future of global shopping.
“The upcoming future is all about online sales. It is especially true about 2020, as it was the most decisive year. The next decades will mark an enormously high sales volume for everyone involved in e-commerce.”
In an era where creatives are being appreciated, graphic designers have an opportunity to tap into the growing market. This line of creativity involves multiple activities, including website, poster and card designing. Individuals and companies can launch local and remote graphic designing services for this niche.
Notably, graphic designers also have to build an online presence to be ahead of other players. This can be done by creating active social media pages and a website to display your work portfolio. In addition, it is essential to specialize in one area of graphic designing as there are many potential niches.
Freelance writing is another prospective area to launch a business idea – both new and veteran writers are in demand across multiple industries. The beauty of freelance writing is that you can choose an area where you feel best suited and gradually build your portfolio. Furthermore, it only requires a working device such as a laptop and reliable internet.
This is one of the business ideas that even university students can launch with little or no capital. Going by the trends, freelance writing in vibrant niches such as healthcare and tech will likely demand more talent to keep producing fresh content for companies and upcoming projects.
As the paradigm shifts to remote work, companies and individuals are now looking for organized assistants across the globe. The current virtual assistant job market allows individuals with high organizational skills to sell this talent online. Some of the virtual assistant tasks include sending out emails and planning calendars for their employers.
Remote virtual assistance is also more lucrative as it allows business owners to work in the comfort of their homes. In addition, you can work with more than one client as opposed to being tied down to the traditional style. That said, virtual assistance is a profitable business idea if done professionally with the help of marketing tools.
Websites are a fundamental communication tool for existing businesses and upcoming startups. They communicate a company’s vision and feature the services/products offered by a specific entity, making them an expensive business need. That being the case, there is an opportunity to venture into website flipping, which involves changing a website’s outlook to sell it to a new entity.
Website flipping presents budding entrepreneurs the chance to buy websites and convert them into a more valuable outlook. For instance, you can purchase a website that appears to be dormant and revamp it through SEO, graphic design and organic content. This business idea can yield a significant yield, should clients find your updated website attractive.
Logistics – Home Deliveries
Home deliveries are another potential niche that one can make a living from. Today, most people prefer goods to be delivered at their doorsteps while avoiding the hustle of going to shop in crowded spaces. This offers an opportunity to build a home delivery business where you shop for clients and deliver the products to their homes.
While some big players already exist, there is still room to build client relationships and debut as a personal shopper. The market may not be as big but still offers a great opportunity to make significant returns.
As the world returns to normalcy, it is becoming evident that the outlook of existing industries will change significantly. This calls for prospective entrepreneurs to identify some of the upcoming trends that are yet to be hyped – more so, those that involve remote work. While this article only features some potential ideas, a paradigm shift to the creative and remote work era is inevitable.
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