2020 has been a time of uncertainty, especially when it comes to owning or, better yet, starting a business due to the Coronavirus. Many businesses have shut down, and people have been struggling to make ends meet. But this doesn’t mean you should throw in the towel.
When it comes to being an entrepreneur, entrepreneurs are forward-thinkers. Since we soon won’t be living in 2020 anymore, we have to look into the future and see what’s to come for 2021. With a vaccine coming soon but still keeping in mind the COVID-19 nature, the way we live, and the type of businesses being run will be different in 2021.
You have to look at the current and upcoming trends to sustain competitive leverage in the business you choose. You are probably looking over and considering business plans and ideas and thinking about how they might pan out for 2021. Let’s not forget that when it comes to business, it is all about innovation.
Now, let’s take a look at the 10 best businesses to start in 2021, keeping in mind the nature of COVID-19 and how many of these businesses revolve around that.
1- Virtual Doctor Services
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If we are looking at the baby boomer generation, we know that it considers the huge population of the United States. Also, it signifies income that falls under the healthcare of consumer outflows. Let’s face it; the baby boomers could take over the number of newborns arriving in the future.
Survey Data Source from Rock Health
So, a beneficial business to start in 2021 is a virtual doctor company. Creating this would help the baby boomers visit the doctors through the comfort of their own home and not have to leave their houses. By constructing a company that runs virtually, you provide people with a safe and convenient business for them and you (the entrepreneurs).
Average startup costs?
There are different aspects of startup costs for running a virtual doctor service. Firstly, looking at medical devices’ cost for standard primary care services, they can vary from $5,000-$10,000. This would consist of tools like an ENT scope, examination camera, and digital stethoscope.
If you decide to go with the software-based option, you will save money as it is only $1,500 per patient site and not having to pay extra for the remote provider. The cost for hardware type of video conferencing will be more expensive at $10,000 per patient site. Also, this number goes higher with the number of remote provider sites that you require.
With the coronavirus, this would be a great option to have even when the vaccine is available. There are still many unknowns, and restrictions may still be in place, so having a virtual doctor available helps the vulnerable individuals. You can address this type of business as mobility issues that older people deal with when they have to visit the doctor.
To establish this, you will have to have the right computer programming techniques and skills. You may also want to consider producing an app that is easy to use for older people who are independent and don’t live in long term care homes. A good place to start if you want to create an app for your business is the App Sheet.
What skills are required?
- Keeping an open mind
- Getting comfortable with telemedicine devices
- Going back to the basics
- Patience and compassion
2- Virtual Reality
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When the term virtual reality comes to mind, we often think of it in terms of gaming. But, VRs aren’t just for those who love to game. Virtual reality is a technology that offers beneficial elements to corporations like tourism, health, and also education. Virtual reality utilizes the senses to construct an authentic experience.
In addition, the utilization of virtual reality has been universal in numerous sectors. Looking at data compiled by Statista in 2020 indicated that the virtual reality marketplace reached up to a chart-topping $40 billion in profits earned. With this in mind, this showcases a very positive and compelling business opportunity to venture into for individuals that are familiar with Information Technology.
Average startup costs?
Project documentation for VR app development: $700-$3,400, 3-10 days.
The approximate costs for Virtual Reality development will be as follows:
- Basic game for VR – $5 000 – $8 000;
- Online shop in Virtual reality – $15 000 – $25 000;
- A Horror game – $20 000 – $80 000;
- 3Ds Max in virtual reality – $50 000 – $200 000;
- MMORPG – from $100 000
What skills are required?
- 3D Tools are important as several of the earliest VR developers were from the game sector. Evidently, their knowledge of 3D tools such as Unreal and Unity.
- Software Engineering
- Sound design
- Knowledge of programming languages.
Additional resources:
- This YouTube video hyperlink below demonstrates how VR is used in the health sector: Gaming to health care-virtual reality in physical rehabilitation.
- This article focuses on how doctors and nurses turn to virtual reality to acquire new skills to treat people with COVID-19: Doctors and nurses are using VR to learn new skills to help treat coronavirus patients – CNN.
3- Child Care Services
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As we all know, the Coronavirus has caused many businesses and sectors to shut down. Yes, schools and childcare centers were closed for a period of time, but now they have remained open in most parts of the world. Education and childcare are essential.
Data from Child Trends indicates that there are approximately 74 million children from the age of 18 and under that makeup for about 23% of the United States population. This shows that gratifying to this demographic and population shows to be a worthwhile business to commence and get into in 2021. If you are passionate about children and education and love caring for and teaching children, getting into the childcare sector is the right business to dive into for the future.
Average startup costs?
The average start-up cost for starting a child care center can range from $10,000 to $50,000. Licensed child care centers are essential for parents of infants, preschoolers, and school-age children searching for a reputable place with early childhood educators to care for their children.
What skills are required?
- Patience
- Good communication skills
- Decision-making skills
- Physical stamina.
- Interpersonal skills
4- Bike Services
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Nowadays, people take their health more seriously and become more aware of how important their health is, which means making some lifestyle changes. People also want to be more environmentally friendly, which means using a different mode of transportation. This is in high demand, especially in developing countries. In the United States alone, many individuals are shifting to a more eco-friendly and healthier alternative to driving; biking.
Data from People for Bikes indicates that the utilization of bikes in the US has amplified from 47% to 73% in a 10-year span. Looking at New York, more commuters are turning to bicycles versus cars. Looking at things through an economic lens, anything that promotes healthy living and is encouraged by the government is a beneficial business to dive into. In addition, there are many types of bikes to choose from. There are manually powered bikes, but E-bikes are also good options for bikers.
Average startup costs?
One of the initial costs is obtaining any required business license and permits. Depending on your shop’s location and size, opening a bicycle shop can cost as much as $350,000 or as little as $10,000.
What skills are required?
- Knowing the right tools for fixing bikes.
- Business background.
- Knowing how to repair bikes.
- Good customer service skills.
- Knowledge of bikes.
- Good sales experience.
5- Online Counselling
The mental health industry is definitely worth looking into as there is always increasing demand for therapists and counselors. But more specifically, people have been turning to online counseling.
Often referred to as e-therapy, telehealth, video counseling, or e-counseling, online therapy involves a therapist providing psychotherapeutic support over the internet. This assistance can be given in various ways, including email, video conferencing, online chat, or instant messaging.
For some people who experience social anxiety, it is hard to leave their homes. As well, having online counseling makes it more flexible with a busy schedule. Also, with the coronavirus still being an issue, having remote counseling is a great option. These days people aren’t using the title ‘counselor’ as much. Many people are becoming anxiety coaches online and doing it as a side business. This is a little different from online therapy but still works the same. The only difference is that you don’t need to be a certified counselor.
Average startup costs?
Most likely, you already own a laptop or computer. But, if you don’t, you will likely need one for your private practice and can expect to pay in the thousands for a proper one. Your office space might already include the internet, but if it doesn’t, that will cost between $30 – $100 per month for a proper internet connection.
You probably already have some basics in place, like computer skills to build your own website, which you will need for your practice. You can launch a private practice for as little as $500 – $1000 in start-up costs (Professional Association membership, business registration/license, Insurance, website, business cards), and as little as $500 – $750 per month in business expenses (office space, clinical supervision, practice management system, credit card processing fees, marketing, internet).
What skills are required?
- Ability to conduct an assessment with your client to pinpoint troublesome behaviors and disfigured cognitive patterns that coincide with disorders such as:
- Depression
- Panic disorder
- Agoraphobia
- Generalized anxiety
- Social phobia and other phobias
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- Post-traumatic stress
- Obsessive-compulsive disorder.
- Ability to construct a treatment plan to pinpoint problematic behaviors and cognitive patterns relating to the above disorders.
- Ability to analyze for suicidal thoughts and risks or self-harm issues and make the appropriate decision to help.
6- Food Truck
The U.S. fast-food industry is worth approximately $198.9 billion, according to Statista.
If you think that healthy foods and food trucks don’t coexist, mobile vendors are also turning to healthy food options to sell. Running a food truck not only cuts down on costs, but it’s also the more flexible option. Also, it is more COVID-19 friendly as customers would be outdoors, and it involves less interaction.
Average startup costs?
When starting a mobile business, costs will range, but you can anticipate paying between $28,000 and $114,000.
What skills are required?
- Strong work ethic.
- Be prepared for anything.
- Having the customer is always the right approach in mind.
- Patience.
- Know the menu well.
- Positive mindset
- Time Management skills
7- Social Media Management
Although social media management might be a saturated market, it is needed, and best of all, you can do it from the comfort of your own home. Certain businesses require digital marketing services and advertisements to bring awareness to their brand. For smaller businesses, this could mean big bucks for you.
In the beginning, what will be required of you is your knowledge and technical skills to commence. But as your business gets more attention, you will need to bring on other workers with expertise in content creation, marketing, algorithms, analytics, and marketing.
Social media managers are meant to assist clients with comprehending social media and its functionality. For instance, research states that only a minimum amount of sales are actually made through social media, but social media helps develop both trust and loyalty. Building engagement and a bigger following of genuine followers are better goals to focus on instead of sales.
Average startup costs?
- Business License: About $50
- Website domain: About $9-$19 year
- Website: About $3.95-$10.95 a month
- Headshots: About $400
- A smartphone (if you don’t already have one): About $40-$100 a month
- A laptop (Again if you don’t already have one): About $300 and up
- A microphone: About $20-$100
- A camera: About $400 and up
What skills are required?
- Technical skills
- Marketing
- Having and obtaining a business license.
- Know about LLC’s (limited liability companies)
- An understanding of the client’s business and target audience
- Innovative ability to boost engagement and drive sales
- The capability to run paid social campaigns
8- Drone-Powered Security
The release of drones came out in 2002. These remarkable machines have grown to be even more advanced as they contain multiple functions such as delivering food, farming, and security reasons.
Drones also offer surveillance for big areas that aren’t accessible. Also, it offers a more secure approach for protecting people from danger. The good thing about getting into this business is that you only need a small amount of capital to commence with a security drone business.
Average startup costs?
- Computer equipment and software: $500-$2500
- Website and marketing: $5000
- Suitable insurance: $1000
- CAA Certification: About $1000-$2000
- Getting a drone: $1000-$8000
What skills are required?
-
Training & CAA Certification
- Knowledge of marketing and website design
- Knowledge of editing software
- Knowing how to write a business plan
Additional resource:
- Did you know that police officers use drones? Below is a link to a YouTube video of a local police department using a drone to fight crime: Local police department uses drones to fight crime – YouTube
9- Substance Addiction Amenities
Addiction centers that are cost-effective for substance abuse could be a good business to start in 2021. Looking at the National Survey on Drug Use and Health (NSDUH), there are approximately 2.15 million adults that have dealt with substance abuse in the year 2014.
Regarding the illegal and legal logistics of substance abuse, this could mean additional places needed to take care of people looking for treatment. An option could be to open up more centers in the states where people are known for using marijuana recreationally.
If you are looking to start up a rehab center for substance abuse, you can seek financial assistance from state grants, which will lend you a hand regarding funding. Also, feel free to check out agencies like SAMHSA to assist you with starting up your business.
Average startup costs?
Opening a treatment center can be expensive, to say the least. Your biggest investment will be into the property and the employers working at the center. The problem with answering this question is that each center will be quite different. You have to consider; What type of center will you be opening? What level of care? In what states? A big portion of the workability structure is the proforma. The Proforma is what lays out the costs linked with the center.
What skills are required?
- Being able to handle stressful situations
- Being supportive and understanding
- Knowing the right techniques when working with clients
- Knowing how to budget expenses and money
- Hiring good counselors
10- Home Improvement
Do you have a strong passion for interior design? Or maybe you enjoy renovating homes that require some spark and livelihood. This could be a possible business opportunity for you to venture into 2021.
Remodeling contractors are known to be in short supply, especially the really talented ones. Businesses that revolve around home renovation or improvement usually remain successful even when an economy is not doing well (coronavirus).
Looking at individuals that own homes in the United States, they spend roughly $3000 a year just on home improvement, according to Statista.
Specifically, if you are in the carpentry sector, this signals a substantial opportunity for you. All you require is your tools and superior skills and talent to get your business rolling.
Average startup costs?
If you are a part-time remodeling professional, the start-up cost to run a home improvement business will range from $50,000 to $75,000. This is the required startup cost as it will be required of you to have a set of tools, a car for transporting tools and supplies, and the appropriate licensing and insurance so that you can manage your business in your state.
What skills are required?
- Financial management skills
- Communication and negotiation skills
- Time management
- Problem-solving skills
- Networking
Is it a good idea to start a business in 2021?
You may be thinking that starting a business during a pandemic isn’t a good idea. Yes, the coronavirus will be around in 2021, but the vaccine is coming shortly and has been approved. Many businesses have shut down, but if you get into the right business sector, you won’t have to worry about shutting down. Since times are changing, you have to think about what type of business will succeed in the long run.
It is hypothesized that smaller owned businesses will have the capability and tools to take care of online sales on their own in the long run. Credibly, smaller distributors are rising and substantially seeking attention from the marketplace, making it a popular business to start and own in 2021. Evidently, you don’t have to own a big business to be successful. As the old saying goes, ‘Good things come in small packages.’
What are some unique business ideas to start?
Before looking into the top best businesses to start in 2021, you want to think of unique businesses that you can start and make you money. Some ideas are broken dolls that might need some repair or, better yet, TLC (tender, love, and care), head lice removal, and mannequins for sale or rent.
Why follow the crowd and develop such a competitive business when you can get really creative and be unique and do something small but high in demand. These are a couple of ideas that you probably wouldn’t think of, but they are definitely businesses that people would need.
What are the business sectors most profitable for the future?
With the uphill rise of the service economy and more individuals united with the idea of an ‘individual economy,’ that means more people are likely to start their own businesses and be the stars of their own company.
But, to guarantee continuous success, you must go into an industry that will provide you with five-star potential. You can look at it this way, just like searching for the best mortgage for your home that will benefit you in the long run.
Here are some promising sectors you should consider diving into:
- Home Improvement
- Food or restaurant
- Education
- Online shopping
What are some pandemic friendly business ideas?
Starting a business during a pandemic may seem insane or impossible. Still, I can assure you that there are many unique and intelligent pandemic friendly business sector that you can venture into:
- Online consulting business
- Digital marketing agency
- App developer
- Fitness and wellness programs
- Home improvement contractor
- Virtual tutoring agency