2020 may have been a grim year for business, but the new year has opened up new opportunities for amateur and seasoned entrepreneurs. With new technologies and business models on the rise, disruption is inevitable, and new business ideas will flourish. Along with an increase in demand for established industries, the need for soft skills is also fast increasing, giving creatives and innovators avenues and services to capitalize on.
In this list, you’ll find business ideas that have withstood a global pandemic and are expected to become more popular in the coming years. It also includes ventures that are poised to become more prevalent in 2021 and beyond. You will also find that many of these ideas involve an online business model, and that’s because the pandemic has accelerated the digitization of almost everything, including healthcare, retail, banking, and even addiction therapy.
If you’ve been planning to start a business but don’t know where to start, read this list and get inspired.
1. Landscaping & Home Improvement
With many people staying at home for extended periods, the need to create a more livable and inviting house has increased tenfold. Instead of hitting the mall or going on a holiday, people are spending their money on home and backyard renovations. And this demand will continue to rise as telecommuting becomes the norm. If you have a keen eye for design or have a tested green thumb, it’s your time to put your ideas to work.
2. Bail Bonds
Despite the pandemic, the bail bonds industry has increased by 1.6 percent, with the market size in the US standing at $2.3 billion. The demand for bail bonds service in Salt Lake City, for example, has remained stable and profitable. As people will always need to post bail one way or another, this business model is sustainable, especially in high-demand markets. While it can get saturated in some places, there are strategies to stay ahead of the competition such as using a mix of traditional and online advertising.
3. Elderly Care
The US population is aging, and by 2040, there will be over 80 million Americans aged 65 and older, surpassing the number of children. That means that the need for elderly care services will continue to increase. And a demographic shift always opens up new opportunities for business. These can range from home-based care or nursing homes to assistive devices and age management services.
The extended quarantines and the preference for doing everything from home have also accelerated the telehealth and telemedicine industries. A lot of people hesitate to go to hospitals nowadays due to COVID-19, and health care businesses are shifting some of their services online. Basic consultations, mental health counseling, and health management are in demand, so if you’re a medical professional, it’s best to jump on the bandwagon as soon as possible to stay relevant and competitive.
5. Creative Arts
Soft skills are taking center stage as businesses across industries move their operations online. Creative services such as content marketing, graphic design, social media advertising, and illustration are seeing a spike in demand. And clients are paying more for premium content that will help them stand out in competitive niches. Level up from being a freelancer or corporate employee by starting your own consultancy or creative services company.
7. E-commerce Distribution
The e-commerce industry has become part of daily life in all corners of the globe. But starting an online business is not the only business opportunity for you. Distribution platforms or services, as well as warehousing, and logistics have also increased in demand alongside the rise of online retail. Trucking, delivery, and packaging are great business ideas that will bring you solid returns.
8. AI-powered Services
The growing prevalence of AI in daily applications like computing, security, customer service, appointment booking, and entertainment. Put your tech and coding skills to the test and find a specific niche to focus on, such as developing chatbots for companies, conversational marketing, or home security.
The global pandemic has also created a new generation of entrepreneurs. People are forming startups from their home offices and artisanal food businesses from their kitchens. As such, the need for accounting and financial services will continue to increase. If you’re exploring new ways to expand your expertise and become your own boss, there’s no better time to start your own accounting firm than now.
Colossal shifts in the economy and consumer habits create uncertainty, but they give way for new opportunities. The present circumstances and economic challenges are no excuse for you to put off your plans to start a business. In fact, it’s the perfect time to do so.