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There is no doubt that starting a business can be tricky. You have to make sure you are as prepared as possible and that there’s something out there waiting for you when your company finally opens its doors. That being said, here are 19 of the best businesses to start in 2021.
The “best business to start with 10k in 2021” is a list of the best businesses to start in the year 2021. With a starting capital of $10,000, these businesses can be started by anyone who has an idea for a new business.
While the epidemic has created hurdles for workers and companies, it has also created game-changing adjustments across sectors, presenting opportunity in resurgent industries. Aspiring entrepreneurs today have a plethora of enticing possibilities for beginning a low-cost, high-profit company from the comfort of their own homes.
Here are 19 of the greatest companies to start in 2021 (industry growth and sales statistics courtesy of IBISWorld unless otherwise noted):
1. Renewable Energy & Utilities
Utilities are defined as household and commercial water, power, oil, and gas in the fullest meaning. However, there’s a lot more here for an entrepreneur than meets the eye. The utilities business was the least impacted by the COVID epidemic, indicating that it was the most robust, sustainable, and steadfast industry in the face of the country’s biggest socioeconomic catastrophe since World War II.
So, where does an entrepreneur fit within the vast, monopolized utilities industry? That would be in the renewable energy industry, which is growing at breakneck pace and provides a slew of advantages.
- Anyone may learn it and become an expert in a short period of time. You don’t need a renewable energy degree or certification to learn about it, implement it, or create a company based on renewable energy concepts.
- You may make money by selling items. An entrepreneur may retail or wholesale renewable and utility-reducing items in a variety of areas as a provider of renewable energy products:
- Landscaping, windows, doors, and skylights, roofs, and solar panels all contribute to lower energy use and utility expenses.
- Thermostats, ducts, and heat pumps are all part of the heating and cooling system.
- Insulation, vapor barriers, weather stripping, and caulking are all examples of weatherization.
- Energy-efficient water heaters, improved power strips, and illumination such as daylight bulbs are all examples of how to save electricity and fuel.
Installation, repair, and maintenance of the aforementioned goods might be part of a renewable energy entrepreneur’s company. Visit the US Department of Energy’s website to learn more about renewable energy and utility goods.
- Make money by selling services. Renewable energy and utility consultancy and sales are the foundations of whole businesses. You may offer renewable energy and utilities knowledge, guidance, and information as a service even if you don’t have a product to sell.
The green and sustainable energy trend in the United States shows no signs of slowing down, and there’s still time to join in on the ground floor. Over the next five years, the utilities industry’s earnings is predicted to expand at an annualized pace of 2.3 percent. It is both economic and humanitarian to work with customers to reduce their influence on global warming while retaining more money in their wallets. Check out Energy Central for additional information about renewable energy entrepreneurship, or have a look at Duke University’s Coursera course.
2. Financial & Insurance Services
The banking and insurance business is vast, offering several possibilities for people from all backgrounds.
Finance and insurance services are another business that has been damaged only marginally by the epidemic. In reality, from 2016 to 2021, industry sales grew at a 2.7 percent annualized pace, only slightly higher than the 2.6 percent annual growth anticipated for the following five years. This is due in part to future projections of higher consumer confidence, greater per capita disposable income, increased corporate profit, and increases in interest rates and credit availability, all of which are beneficial for industry development and sustainability.
Finance and insurance services are reasonably straightforward to supply from a home office, online, or otherwise remotely—not to mention that a good entrepreneur may offer an almost limitless range of services and consumer markets. A company that begins by selling insurance can grow to offer a wide range of financial products and services to a diverse client base, including a variety of insurance types, credit intermediation, lending and banking services, money management, securities services, commodity contract services, and other financial investment advising.
As seen by the $5.2 trillion in industry sales, there is no lack of product, service, or customer possibilities.
3. Management of the company and the enterprise
Through 2026, the company and enterprise management sector is predicted to increase at a pace of 1.6 percent, providing a stable entrance opportunity for new enterprises.
The pandemic has had only a slight impact on employment growth in the Management of Companies and Enterprises sector, which is expected to grow slowly but gradually. And it’s easy to see why: when businesses battled to cope with the epidemic, management consultants and advisors were more valuable than ever.
Another wide category that may be anything you want it to be. Organizational design, human resources, corporate strategy, information technology, marketing and sales, and finance and logistics are among the services provided under this broad umbrella. And, much as with banking and insurance, there’s no limit to the types, sizes, or numbers of firms you may deal with, including big and small enterprises, NGOs, and public sector and government agencies.
With a steady positive growth rate of 1.6 percent from 2016 to 2026, you may contribute your unique knowledge, experience, and abilities to this thriving business.
4. Services for automobiles
There’s no denying that firms classified as “vital” have fared better than the others during the previous year and a half. Growth and opportunity offer themselves to the budding entrepreneur in such enterprises as automobile services. Demand for automotive services is projected to rise at a faster pace than usual for the remainder of 2021, whether due to a pandemic or not. Long-latent vehicular difficulties will appear when some people re-enter the labor or return to the office, forcing drivers to have their cars repaired.
The cost of starting an auto repair or service shop is determined by the equipment, labor, and physical space needed to satisfy demand. Check your local zoning rules to determine whether you can run this kind of company out of your house or garage; if not, you’ll have to buy or rent a structure or an existing store. Get an useful checklist for automotive service firms in your state from your local small business development center (SBDC), such as this example for Ohio Motor Vehicle Repair businesses.
5. Poultry
Chick-fil-A
Our is a company you would not expect to find on this list. As strange as it may seem, the chicken industry has risen up in the past several years. This is due in part to Chick-fil-phenomenal A’s popularity, but also to growing earnings and a trend away from beef in the United States. According to the GrubHub 2020 State of the Plate report, the spicy chicken sandwich grew about 300 percent in popularity in the United States in 2020.
This not only presents an opportunity for independent chicken retail, wholesale, and hospitality, but it also makes a strong case for franchising one of the many popular chicken franchises in the United States, such as Bojangles’ Famous Chicken ‘n Biscuits, Bonchon, Buffalo Wild Wings, Church’s Chicken, Popeye’s, and KFC, to name a few. These expensive franchises may cost up to $350,000 to establish, but there’s something to be claimed for a tried-and-true business concept. Take a look at our restaurant business plan guide and template if you want to start from scratch.
Cleaning and Restoration is number six.
Residential cleaning service franchises are expected to increase in the cleaning business in the future. This industrial sector is predicted to recover at an average annual rate of 1.9 percent through 2025, after sustaining losses.
The cleaning and repair business is worth considering at a time when cleanliness represents safety and excellent health. Residential cleaning services, business and janitorial services, carpet and upholstery cleaning, and catastrophe cleanup are all examples of this. COVID triggered all new “clean” standards among airlines, gyms, car rental firms, hotels, restaurants, and office buildings, implying a slew of new business options for nimble entrepreneurs, in addition to home cleaning and repair. As a consequence of COVID, cleaning industry organisations have developed all-new guidelines and certifications. The expansion of this business is also influenced by rising disposable income and an older population.
Cleaning businesses are enticing to budding entrepreneurs because they can be run from home, have cheap initial expenses, and are very scalable. See our step-by-step guide to beginning a cleaning business.
7. Medical care
Another large sector that may accommodate the talents, education, and experience of a wide range of prospective entrepreneurs is healthcare. This part will concentrate on basic conventional and alternative healthcare since we’ll tackle exercise and nutritional health later.
Medicine as we know it
Traditional in-hospital healthcare, inpatient and outpatient care, ambulatory services, nursing and residential care facilities, in-home care, counselors, psychologists, and social workers, and diagnostic services are just a few of the services offered in this business.
In the aftermath of 2020, there will be no lack of demand for conventional healthcare services, given that many hospitals are still understaffed, and at one time, medical students were being bypassed to aid in servicing COVID patients. The medical area, which is now on a development trajectory, is confronted with an aging population, enhanced efficiency owing to technology, and more investment, all of which promise to support future industry expansion.
Alternative Medicine
The alternative healthcare industry’s required training and education may vary from a quick certification course to a PhD, with services ranging from yoga to chiropractic and osteopathic therapies.
Alternative healthcare is expected to increase at a 2.7 percent annualized pace over the next five years (compared to 1.5 percent for traditional healthcare), as more wellness and preventative treatments are acknowledged by conventional medicine and reimbursed by health insurance. This sector, which includes a broad range of services, employs 250,000 small and medium-sized firms in the United States.
The attractiveness of the alternative health sector is not confined to positive development drivers for practitioners: The profession has little barriers to entry, and practitioners may set up shop in a variety of leased premises for very little money, apart from the requisite permits, certificates, and schooling.
8. Renovating your home
Repair workers, contractors, merchants, shop owners, distributors, consultants, and other sorts of prospective home improvement businesses may all benefit from the home improvement sector. According to IBISWorld, revenue for home improvement merchants climbed by a whopping 13% in 2020, owing to increasing demand from do-it-yourselfers and experts, as well as higher private expenditure on different house upgrades.
As more people roll up their sleeves and turn to YouTube rather than their local construction business, the future market for home repair will skew more domestic. However, several parts of the home renovation business, such as electrical, plumbing, roofing, and flooring, still need expert installation, maintenance, and servicing.
Consider your skills to choose if you’d want to counsel, sell items, or provide services to homeowners and professionals alike, depending on how much you’re prepared to spend. There are also a range of services that appeal to house sellers, and in a thriving real estate market like today, home upgrades benefit both the present and future owners.
For additional information and context, see our guide to marketing a construction firm.
9. Animal Care
If you have a love for animals, all you have to do now is assess your abilities and see how they could convert into a lucrative pet-care company. From 2020 to 2025, this $7.1 billion business is predicted to increase at an annual pace of 8.2 percent. Given that 67 percent of American households have a pet, this makes reasonable. Even better, the typical pet-owning family spends $1,126 per year on their pets.
These figures alone point to an ever-expanding market ripe for new ventures. Pet grooming (including mobile grooming), daycare, pet sitting, boarding, training, pet transportation, and dog walking are some of the simplest pet-related businesses to establish. Any company that requires a lot of space, liabilities, inventory, or personnel (like a veterinary office, a location-based pet rescue, or a pet resort) will need a lot more money than a purely service-based firm.
10. Technical Support
If technology wasn’t already ingrained in our everyday lives, the epidemic has solidified it as our primary means of communication, productivity, scheduling, bill payment, research, and the purchase of products and services. All of these activities are dependent on our gadgets, which include our phones, tablets, and PCs.
Repair services, troubleshooting, setup services, creation of bespoke software solutions and support, planning and integration of software systems, and on-site administration and operations of IT systems are all in demand, depending on how sophisticated your talents are and how deep your expertise is.
While there is a residential demand for these services, the scale of demand in business-to-business opportunities is significantly higher—not to mention that companies like Best Buy’s Geek Squad, Apple Support, and Apple Repair have cornered a significant portion of the residential tech support market. The nicest aspect about establishing a company like this is that all you need are the required computer systems and security to support and secure your company’s operations, goods, and services.
11. Tutoring
When analyzing these company ideas, one decision an entrepreneur should make is whether they want to work as a freelancer on an existing platform (such as Upwork or Fiverr) or develop something from scratch. This decision may be made while starting a tutoring company.
With the popularity of tutoring and educational support services on the increase, and the simplicity of connecting with educators all over the world at the press of a button, there are endless options for an aspiring instructor to list their services on a large database like Tutor.com or Chegg (which together, according to IBISWorld, own about 8 percent of the online tutoring industry market share). Alternatively, depending on whether your services are in person, online, or a mix of both, you may forge your own way as an instructor by developing a reputation, a web presence, a marketing strategy, and a technique, among other things.
It’s always possible to walk before running: begin instructing based on a local reputation and networking. It’ll be fantastic if it expands. If not, you may always rely on a large tutoring database to supplement your income.
Tourism and travel planning are two of the most important aspects of the industry.
Unsurprisingly, the broader travel sector, which includes everything from airlines and vehicle rental services to cruise lines and amusement parks, had a particularly difficult year in 2020. However, tourism in general is predicted to rebound—and then some—at a pace of about 70% in the following year. So, where is the chance? Although the possibility is theoretically dispersed throughout the tourist sector, it might be prohibitively expensive to build a casino or amass a fleet of rental cars. Travel planning, which often entails tapping into all of these tourist industries, is a good small niche for the wanderlust entrepreneur.
Despite major internet rivals like Expedia, the travel agency industry is expected to expand at a 10.9 percent yearly pace through 2026. Not to mention that all you actually need is some guts, strong communication skills, a computer, and a phone to get started. This year, tours and packaged travel reservations make for the greatest part of industry income, accounting for 25.8% of total revenue.
13. Education & Online Courses
Are you a guru in any field? Have you ever considered hosting an online workshop to share your expertise? The obstacles to participating in an online class and contributing your knowledge have never been lower. You may not only select from a range of online platforms, but you can also go it alone with a brand, a website, a YouTube channel, and a message!
This is a low-cost business to start, but the investment will be in sweat equity and the time, energy, research, and instructional design you’ll need to put into these courses. There are also forums for creatives to show-and-tell their artistic interests and on-demand creations to their virtual pupils, so if you’ve ever been compelled to teach a subject in an internet video, now is the time to do it.
14. Ad Management & Social Media
Many companies, big and small, are intimidated by social media, unsure where to begin, or both. As a result, many of them pay others to do it for them. Some organizations hire a social media specialist to handle their brand’s presence on Facebook, Twitter, LinkedIn, TikTok, and other platforms, while others (with a lesser budget) hire a social media expert to handle their brand’s presence on Facebook, Twitter, LinkedIn, TikTok, and other platforms. Because 74 percent of customers use social media to influence their shopping choices, it’s too crucial to call in.
Digital advertising is here to stay; in fact, Generation Z, the newest and youngest market sector, accounts for 27% of the US population, and conventional advertising won’t get you anywhere with them. They react to good Instagram and Snapchat marketing efforts, which, when done effectively, are great digital marketing and social media strategy. To produce a spectacular digital campaign, all you need are social media abilities, marketing and communication skills, as well as the appropriate technology and software.
15. Assistive Technology (VA)
The sky is the limit when it comes to virtual assistance. You may choose your customers and establish your hours as a lone owner, or you can ultimately develop to own a virtual assisting business in which you employ, staff, and rent out your VAs. A virtual assistant, sometimes known as a concierge, helps a small company or entrepreneur with time-consuming, productivity-depleting chores such as emailing, data entering, document editing, scheduling, and invoice sending.
Because we will continue to be tech-dependent and overworked, the VA industry will expand at a steady 2.9 percent each year until 2026. A VA company might be a good choice for an organized, detail-oriented, adaptable, and excellent communicator since it requires low capital investment and shows steady income growth.
Landscaping 16
The sector of outside home improvement, often known as landscaping, is expected to increase at an exponential rate in tandem with the overall expansion of house renovation. Landscape and landscape architecture are predicted to grow at a pace of 2% per year in the next years, thanks to the building boom and the improving economy.
If your labor is your sole service, starting a landscaping company may be fairly inexpensive, but for big and commercial work, you’ll need a deposit to acquire merchandise and employ staff. Even a tiny lawn care firm may pay up to $60,000 in annual income. Start small, build local relationships, and have the expertise to back it all up, and this sector might be a very appealing prospect.
17. Is it better to stay in a bed-and-breakfast or an Airbnb?
The cost of this form of company is determined by how much you’re willing and able to invest in exchange for a profit. A bed-and-breakfast or Airbnb may be run out of your house if the zoning allows it. Purchasing a facility to utilize as a bed-and-breakfast, Airbnb or Vacasa rental unit, home, or apartment might be a significant investment. What is apparent, though, is the industry’s projected annual growth rate of 4.9 percent through 2026, with bed-and-breakfasts accounting for 47 percent of that income.
A bed-and-breakfast may be a lucrative business if you have the land, the entrepreneurial abilities, and a chef in the family. The typical bed and breakfast has six rooms and earns $135,000 per year. The majority of these innkeepers (83%) reside on the premises. An entrepreneur who is also in the market for a new house might easily afford a $135,000 a year mortgage.
Weight Loss Services (18.)
Major weight loss service firms own 87.5 percent of the market share in the weight loss services sector. However, since the remaining market share is split across 23,000 other enterprises, there is still space for small businesses to build a name for themselves provided they don’t mind the competition.
Weight reduction is definitely wanted for the American consumer, with obesity prevalence at 42.4 percent of people in 2018 and tendencies toward weight loss and management applications like MyFitnessPal (estimated 2020 sales of $128 million).
Hair Care Services (19.)
Because starting a salon may be expensive, the phrase “services” was used instead of “salon.” However, even a first-time entrepreneur may rent/operate a booth in a salon loft or run a mobile salon. Personal grooming spending is expected to increase in 2021, and pioneers like Shortcut are harnessing technology to bring styling services to you in the privacy of your own home. The industry’s expected annual sales increase of 5.3 percent reflects this demand.
Mobile hair care, in-home hair care, or a tiny step toward booth-based independence are viable options for entrepreneurship if you already have the certifications and the street cred. Examine chances and trends to see how you may carve out a niche for yourself and build a dedicated following.
Conclusion
There is no manual that can tell you which company concept is the best for you. In the aftermath of COVID, we’ve suggested several healthy, expanding, high-potential businesses to get into, all of which have modest beginning costs.
Remember that beginning and maintaining a business from home is the most lean and cost-effective approach to gather momentum before committing more substantial resources. A tiny, home-based firm would almost certainly need a $5,000 personal investment up front. Almost all of these enterprises can be started and nurtured from the comfort of your own home, and then expanded organically into something larger and more self-sustaining.
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The “19 Best Businesses to Start in 2021” is a list of low-cost business ideas that have high profit. The article also includes the “Must Have” text. Reference: low-cost business ideas with high profit.
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