10 Best Business Ideas for 2021

The new year is here, and with it comes the chance to try something new. And what’s newer than trying to start a business in the middle of a pandemic? 2021 offers plenty of business ideas that are likely to succeed with a little bit of skill and a whole lot of tenacity. 

Besides, there’s no shortage of business ideas out there. But the trick is finding one that fits your capabilities the best. That’s why we have gathered a list of business ideas that are best suited to the prevailing online environment of 2021. Pick out one that you like the most, and get started on it today!

• Transcription Service Provider

Not what you were expecting, right? But transcription services are in high demand these days, especially in the medical industry. With the advent of voice recognition technology, medical professionals now need a quick and accurate transcription. So it’s a good time to polish your typing skills and dive into the transcription services industry.

The compensation for medical transcription is about $16 per hour that gradually increases with speed and accuracy. In other words, the faster and more accurately you can type, the more money you will make. The great thing about this business idea is that you can turn it into a full-blown service agency. Once you’ve mastered the transcription skill, you can start taking on more work. Hire other transcriptionists to work for you and create a whole agency!

• Dropshipping Business

COVID-19 has boosted the dropshipping business with the acceleration of online trading trends. The business idea is simple; set up an online store, source products from a wholesaler, and sell them to an end consumer. Your online store acts as an intermediary between the wholesaler and the end consumer. The great thing about dropshipping is that there are plenty of methods to get started. Some of these methods involve Google Shopping or Amazon FBA (we’ll talk more about this later).

Not to mention, you can choose which product to get started with. Wholesalers like Amazon, AliExpress, and Alibaba have thousands of products. You can select any of these to put on your online store and offer to end consumers. You can earn a profit margin of up to 60% on a single product! Here’s a detailed breakdown of the profit margin you can expect to achieve with dropshipping.

• Web Development Services

One of the most common yet lucrative business ideas out there is web development services. Did you know that there are nearly two billion websites on the internet right now? And more are being added every day! So there’s plenty of demand for web development services. This business idea can pave the way for you to develop your web development empire. 

If you already know a bit about web development, then you’re halfway there. Small businesses and startups need customized web development, which is where web development services come in. Front-end web developers can make up to $61,000 a year in the U.S., and there’s plenty of courses on web development, like the one on Udemy, that can help you get started. 

• Offering Products through FBA

FBA stands for Fulfillment by Amazon. FBA is a service offered by Amazon to small scale retailers and traders to reach more customers and expand operations. This business idea centers around Amazon’s fulfillment centers that are present all around the U.S. You ship your product to one of their fulfillment centers and Amazon packs and deliver the product to your end consumer. The best part is, Amazon handles after-sale services and customer support service.

Of course, you’ll have to find a product that you can place in Amazon fulfillment centers. But once you do, there are huge upsides. Sellers with just one or two years of experience earn up to $12,000 a month through FBA. You’ll have to pay a fee to Amazon for storage and customer support services, but it’s well worth the cost with Amazon’s delivery network.

• App Development Services

There’s an app for everything nowadays, but that doesn’t mean you can’t think of a new one. Developing an app may seem daunting, but the rewards are enormous. An app in the top 200 positions on the app stores earns $412 in a day. That’s why this business idea is probably one of the best ones to pursue in 2021. With entire countries on lockdown, app popularity is spiking. It’s quite a time to learn app development and get down to building a lucrative app. You can learn app development from numerous sources including, Flutter, Firebase, and Udemy. 

• YouTube Channel

Yes, one of the best business ideas even in 2021 is starting a YouTube channel. All you need for this one is a Gmail account and an excellent idea for a channel. Successful YouTubers can make anywhere from $3 to $5 for every 1,000 views. And that’s not too bad considering how YouTube is the second largest search engine in the world.

And with the lockdown restrictions still in effect, people are spending more time than ever on YouTube. So if you can start a channel that takes off in 2021, you’ll be able to earn as much as any YouTuber.

• Freelance Content Writing/Marketing

If you are a regular content writer, then freelance content writing and marketing is a useful business idea in 2021. As more and more businesses are moving online, the demand for content writing and marketing is increasing. While content writing isn’t the most technical skill, content marketing is a whole different thing. It involves search engine optimization, email marketing, and social media marketing. You can acquire these skills over time and even start a digital marketing agency once you get the hang of it. 

• Handmade Jewelry Business

Handmade jewelry is a huge untapped market in the U.S. Consumers are moving towards more personalized consumption, and that’s precisely what they get with handmade jewelry. The industry itself is expected to grow at a 5-6% rate over the next decade. This business idea can even be integrated with FBA for deriving maximum profit.

• Virtual Tutoring

Online classes may be a hassle for many, but the trend is picking up, especially as lockdowns continue. 2021 is expected to be a year of virtual interaction, and tutoring is no exception. That’s why if you have a knack for teaching, you might want to take your gig online. You can plan long-term and even start a virtual business for tutoring multiple students online. This business idea is perfect for stay at home parents and college students looking to make extra money.

• Blogging & Affiliate Marketing

Blogging may sound like a worn-out business idea, but it’s still relevant in 2021. A successful blog can catapult your online store and even get you involved in affiliate marketing. Affiliate marketing involves promotion by relevant bloggers and influencers to push a particular product or service. As such, starting a blog could be the first step to getting you interested in the industry and making a career out of it.

Conclusion

Whichever business idea you choose to opt for, the key is to act on it. Don’t just come up with a business idea and sit on it, waiting for the right time. If there’s one thing 2020 has shown us, it’s that life is unpredictable. So leap and get started with your own business today.