The COVID-19 pandemic presented a flurry of challenges, from finding small business funding, short-term business closures, quarantines, and mask-wearing to sharp declines in storefront traffic and more.
So there is no doubt that many entrepreneurs threw in the towel this year. Despite all of this, the data shows that 2021 will be a great time to go into business for yourself. Let’s take a look at some trends shaping new businesses next year and five of the best entrepreneurial ideas for capitalizing on them.
Small Business Trends for 2021
If you’re considering starting a small business in 2021, there are some trends to consider before making your plan.
First, remote work will continue long after the pandemic is over. If you’re stubbornly holding onto a storefront, you may be able to save on rent in the future. Or, if the storefront will be the center of your business next year, you can shore it up by adding an e-commerce feature as part of your service delivery mechanism. Working in the cloud will be the new normal in the years to come.
Social media will continue to become a primary way to reach customers in all demographic categories. Successful businesses will leverage these tools more on platforms like Instagram, Facebook, LinkedIn, and Twitter.
Freelancing is expanding. Traditional work models are falling by the wayside, as more entrepreneurial-minded workers choose to take their careers into their own hands by making use of the gig economy.
While these are just a few of the trends next year, what are the best business ideas to capitalize on these predictions for the future?
5 Great Business Ideas for 2021
- Lead generation sites are hot right now. You can work with an established company through an affiliate marketing program and set up a keyword-ranked website that generates leads to the company, which then pays you for those leads. It’s a way of generating passive income online with little to no overhead.
- Box subscription services are also popular as a business model. Your clients subscribe to a monthly box of goodies, whether it’s food, pet products, baby items, beauty products, or more. It’s a fun concept for the consumer, who gets a “present” every month, and a lucrative model for the entrepreneur.
- Social media consulting is the perfect small business to attract other small companies. Social media is time-consuming and takes expertise to generate interest and cut through all the noise. But if you’re good at it, you can build a business.
- Food trucks take the restaurant model and put it on wheels. It’s a great option during social distancing because you can bring food to local neighborhoods. It’s a successful business model for the foodie entrepreneur without a static storefront.
- E-commerce should be at the top of your list for a part or all of your business venture next year. If you’re worried about distribution, Amazon’s ready-made service will help you launch without the massive overhead required for your own warehouses.
No matter your entrepreneurial ideas, Benetrends can help you with small business funding with our innovative Rainmaker Plan®. This funding solution allows entrepreneurs to use their own retirement funds, tax-deferred and penalty-free, and can be the sole method of funding or as the capital injection for an SBA loan.
Learn more about Benetrends comprehensive suite of funding options. Download “Innovative Funding Strategies for Entrepreneurs”.