It’s no understatement that the Covid-19 pandemic in 2020 disrupted business as usual. Many businesses were forced to adapt and those who couldn’t were permanently closed. On the other hand, some entrepreneurs were able to successfully launch their ideas into action, despite the difficult economic climate.
The post-pandemic world is shaping up to be full of newfound opportunities. Take a look at some of the most promising and profitable small businesses ventures in 2021 and beyond.
10 Most Profitable Business Ideas
|
|
Gym business
Self-care, or taking care of and preserving your health, has been gaining momentum for years – but the Covid-19 pandemic really pushed it to the forefront. A gym business can be a great way to capture this growing market and capitalize on consumers looking to stay fit and improve their overall health and wellness.
One study found that going into a post-pandemic world, 80% of Americans intend to regularly practice self-care. Additionally, the global personal care market is expected to reach $255 million in revenue in 2021 and exhibit an annual growth rate (CAGR) of 5.68%, reaching a projected market volume of $318 million by 2025.
Even though gyms have been popular for years, there are always ways to incorporate a modern twist and entice new customers.
Consider ways to stand apart from the competition by introducing mindfulness classes, food and nutrition classes, cooking classes, wellness retreats, a day spa, a juice bar, lounge areas, and more. If you find yourself strapped for resources, financing can bring your vision into reality.
Blogging
There are 89,409 Google searches per second – and blogging allows you to capture the attention of these users. A blog can be a stand-alone business or a conduit to drive traffic to your existing website.
You generate funds through sponsored posts, advertisements, affiliate links, and more. The best part about blogging is the flexibility to carve out your own niche. You can create a blog on anything from food, home improvement, pets, news, technology, and more. Plus, creating a blog is relatively low-cost compared to other business ideas.
Life coaching
People are continuously looking for ways to manage stress effectively and overcome life’s many obstacles. Some turn to therapy, support groups, friends, family – and others turn to professional life coaches.
Life coaching is a $2.85 billion global industry providing counseling services related to personal growth, relationship issues, career success, and other topics. Life coaching is one of the fastest-growing industries in the world with an average yearly growth rate of 6.7%.
Setting up a life coaching business is fairly inexpensive and approachable. Although many life coaches opt for professional licenses, it’s not a requirement. It’s most important to be a people person, a great listener, and passionate about providing guidance and helping others.
Freelance writing
Content marketing is expected to grow by $418 billion from 2021 to 2025, or at a CAGR of almost 16%. Businesses are increasingly demanding content writers and copywriters to create well-written material that educates consumers and attracts customers.
Instead of hiring a full-time employee or outsourcing to a content marketing agency, many businesses are opting to work with freelancers. Freelancers and the gig economy have exploded in recent years – largely due to an increased desire for workplace flexibility.
Upwork estimates that by 2024, 43% of the U.S. population that can work will either try out or fully transition to freelancing. By 2027, the majority of the U.S. labor force will be freelancers.
If you’re a solid writer, freelancing can be a great way to capitalize on your talents and work for yourself. You’ll need to invest time to grow your skills and clientele base, but otherwise, you only need a laptop to get started.
House cleaning business
House cleaning businesses or maid service companies are always in demand – even more so in a post-pandemic world where working from home has become the norm.
Start by creating a business plan and identifying a specific niche you’d like to serve. You will have to make a capital investment for cleaning supplies, vehicles, business insurance, labor, and a marketing initiative.
Photography business
If you’re talented with a camera and enjoy photography, consider turning your passion into a business. This is a lucrative, flexible, and creative way to bring in some extra cash or even generate a full-time income.
Start by investing in the right equipment. You’ll need cameras, lenses, lightning tools, tripods, photo editing software, and more. You may even want to take a class or two in the beginning to brush up on your skills.
From there, you’ll want to hone in on your niche. Do you want to specialize in events, travel, food, headshots, fashion, commercial, stock images, or another category? Knowing your niche will allow you to identify the clients best suited to your skillset.
Finally, you’ll need to focus on creating your photography portfolio. Make sure it’s a true reflection of your work and your range of content. Keep in mind that most clients will decide whether to work with you based on the photos in your portfolio.
Event planning business
The Covid-19 pandemic has disrupted most events and outings. However, the sector remains strong and poised for a robust recovery. Event planning occupations are projected to grow 18% from 2020 to 2030 – above the average growth rate for other occupations.
An event planning business can help you capitalize on the significant opportunities of weddings, corporate conferences, trade shows, parties, festivals, seminars, and more. You’ll be in charge of arranging a location, food, decor, invitations, transporationations, and other responsibilities.
Massage therapy business
Starting a massage therapy business can be a lucrative opportunity. You’ll be in a position to enhance a person’s health and well-being while simultaneously reducing stress and anxiety. Massage therapy can also help relax muscles and rehabilitate injured muscles.
In order to start a massage therapy business or open up a studio, you’re going to need to obtain a certification and business license first. From there, you’ll have to consider the type of clients you want to attract. For example, do you want to be a casual masseuse or open a luxury day spa?
Depending on the type of massage therapy business you decide to open, your startup expenses could vary greatly. On one hand, you may only need to invest into your certification and table set up. On the higher end, you may need funds to open up a larger, personalized space and hire multiple staff members.
Rental services
People all over the country need to use equipment or vehicles on a one-off basis. You can cater to this demographic by opening up a rental service business where you buy and lease out items or space. This can be anything from Airbnb rentals, cars, bikes, tools, machinery, storage space, and more.
There are a number of different rental service niches – allowing you to get creative and take your pick. Keep in mind that you’ll have to invest in equipment, supplies, or a real estate space suited to your rental services niche. You’ll also have to maintain funds for insurance, maintenance, labor, marketing, and other expenses.
Working Capital Loans to Help You Grow Your Business
If you’re looking to grow your business or expand into a new market, more often than not, you’ll need proper funding to seize opportunities.
National is here to help. We’re passionate about helping small businesses access the financing solutions they need to grow and expand. Our team connects you with over 75 different lenders within our marketplace and helps you find the best personalized options.
Choose between small business loans, business lines of credit, working capital loans, equipment loans, and more. Our Business Financing Advisors will walk you through the process, explain your options, and answer all your questions.
Find out what financing options you could qualify for here.