10 Profitable business to look out for in 2021
Looking for a business to start in 2021? The process and task of deciding on what profitable business to look out for in 2021 go beyond the drive to become an entrepreneur and also to become a successful business owner while considering the potential risks involved.
There are a lot of competitive trends, business ideas, and ventures which can become profitable if they are perfectly optimised. However, there are better businesses that seem more profitable in the future.
As each year passes by, giving room for the dawn of a New Year, proper analysis, surveys, and requisite skills are necessary to set up a business.
Potential entrepreneurs who wish to start up a business in 2021 are meant to ask themselves some important questions; what are the most successful small businesses? Which business is most likely to be profitable in the future? What business will thrive in the future?
Answering these puzzles is key to help you harness future business ideas for 2021.
If you are considering starting a new business that will yield significant profits in the long run starting year 2021, this will be a guide to your business venture.
We have carefully selected and analyzed the top 10 best businesses to start in 2021. This includes the best business that you can start with little money, minor investment, and capital but with huge potential returns.
Read also: 2021 hot products
Getting enlightened about these wouldn’t just help you decide the best industries to start a business but also strategise your mind to set up innovations that will birth future business ideas for 2030s.
Top 10 Profitable businesses to look out for in 2021
Dropshipping has been a major branch of e-commerce posing as a major source of growth to most industries and business startups.
From the use of mail-order catalogs in the 70s to the use of online shopping which began in the 90s, dropshipping has remained a business model that keeps advancing as the years go by.
With businesses going global, and as most individuals find it more comfortable to buy and sell on the internet, the art of virtual trading (Dropshipping) becomes a business that will experience a boom in 2021.
Dropshipping keeps gaining massive acceptance as it is a low-risk business model that involves the sale and delivery of products to customers at a cost-effective rate.
However, before rushing to set up a drop shipping business, there are some things you should take note of.
- Dropshipping Niche
- Drop Shipping products, and
- Dropshipping suppliers.
Intending business owners should discover potential business sites, study market demands, and figure out what products will make higher sales in 2021.
Six products that will make high sales in 2021 include;
- Tech Appliances and Gaming accessories (definitely the PS5)
- Pet Food
- Kitchen Wares
- Clothing and Accessories
As the drive to learn keeps increasing with each day, online tutoring will always remain a lucrative business. eLearning involves the process of launching a virtual classroom where informational materials are transmitted, taught, and delivered by teachers for the enlightenment of the students in participation.
An Elearning platform can be hosted as a multi-firm such as Edx, Udemy or you can decide to run it as a personal enterprise. This will involve deciding on what course you can teach well while carefully studying courses that are in global demand, planning your digital course, design, and launch.
E-learning companies make profits from the registration of students. Setting up a personal e-learning hub might seem difficult as a startup, and then you might consider the option of taking up online tutoring jobs.
An average online tutor is paid $30 (about 15,000 Nigerian Naira) for each hour while pay rates can increase to as high as $50 – $60 (up to 25,000 Nigerian Naira) per hour.
There are a lot of courses to teach, knowledge to impart, demand to make education easy and accessible keeps increasing, making E-learning an innovative business.
Affiliate Marketing involves the art of rewarding marketers for each customer that purchases a product from their sites.
Affiliate marketers are paid a certain commission when clients purchase products from companies that are advertised on their websites or blogs. The income rate and earnings of affiliate marketers have risen from 9% in 2016 to become a booming industry that is worth $12 billion (about 4 trillion naira) in 2020.
The boom in affiliate marketing will increase as each day goes by as long as there are customer needs and there is a buyer ready to sell. Affiliate marketers serve as a mediator (middle man) connecting the buyer to the seller while collecting a fixed commission for the sales.
Nevertheless, the art of affiliate marketing entails skills and expertise and only those who have mastery of the industry will reap many profits from it.
Becoming an affiliate marketer in 2021 starts with;
- Choosing a sales niche
- Running Product Research
- Own a website/Blog
- Choose an affiliate program
- Create SEO web/blog posts that are engaging, attract clients, and drive traffic
- Launch paid ads
Blogging goes beyond the act of writing and publishing articles but the process of optimizing content to build publicity, drive engagements and create sales funnel.
Blogging was initially limited to sharing views, thoughts, and opinions over trends, national issues, entertainment, and innovation. But as the internet world keeps expanding, strategic means of earning increased in the blogging industry.
Bloggers now earn passively through ads that are paid as a measure of Clickthrough rate (CTR), impressions, and through publishing sponsored posts that are paid for, by advertisers that wish to feature in their blogs.
Bloggers are engaged with the responsibility of driving traffic to their websites through optimizing posts, creating service-oriented posts, and sharing them on social media platforms to get the attention of their target audience, but the big break for any blog would be claiming a rank on the search engine, such that Google, Bing, Yandex…organically drive traffic to such a blog pages/platform.
If you are looking to learn blogging, you may want to contact us for a guide.
Mobile App Development
The market surge for app developers keeps advancing as each day goes by. Employers are constantly on the lookout for individuals with a bachelor’s degree in Computer science, Software engineering, computer engineering, or any tech-related course. These days, the demand for mobile app developers goes beyond having a degree, as it now centers on having digital skills and the ability to understand programming languages; using them to create solutions to man’s day-to-day problems.
Mobile app developers are given the task of coding, programming, and producing apps, software, and programs for mobile phones and mobile devices to suit different operating systems.
Mobile app developers are required to create installable software, test and run applications with codes, binaries, assets, through the use of data science, backend services to produce computer applications that will run on mobile devices.
Becoming an app developer starts with having full mastery of programming languages that will be applicable to the now. You must understand which programming language is best for mobile app development and/or the one in demand.
Ten Programming Languages to learn in 2021;
Stock Photography involves the capture, editing, and selling of images, illustrations that are licensed and sold to popular models and companies.
Photographers capture captivating images, design them to perfection, and sell them online at a fixed price decided by both parties.
Images are sold for as much as $50 (between 9,000 and 10,000 Nigerian Naira) for small photos and $600 (about 300,000 Nigerian Naira) for large photos. The business of stock photography requires little or nothing to start-up; all you need is a good camera with at least 12 megapixels depending on the picture print size to achieve perfect picture quality, and good photography skills.
There are some companies that you sell these pictures to, upon confirmation that your shots are good, well structured, and of amazing picture quality.
10 Best Places to sell your photos in 2021;
- Getty Images
- Istock photo
If hunting for photo gigs might seem stressful for you, you might consider selling your photos on a local store, social media platforms like Facebook and Instagram, and on your website and blog. Before diving into stock photography, it is a wise option to discover your niche and explore through its angle.
What photo niches/trends will be trending in 2021?
- Street photography and outdoors
- Social Movements and Activism
- Real Pictures
- Minimalist Images
- Cultural diversity
- Authentic Personal Images
- Vertical Photography
- Aerial Photography
- Retro Photography
Video production involves recording, filming, editing, pre-production, and production of video content.
Videographers make cool money by filming events, covering weddings, music videos, or even documentaries. A videographer can also be paid to shoot videos for a campaign, freelance news reporting, crowdfunding, social shows, or high school events.
A videographer can decide to work as an individual entity, as a freelancer, or be hired by a video firm. V blogs have made it easier for videographers to earn more in easy ways. With a YouTube channel with lots of tutorials and DIY guides, you can monetize your skills to make some money in 2021.
Social Media Marketing
“How can I make money on social media in 2021” has become one of the recurring questions on the web. The use of social media has outgrown chatting, socialization, and intimate communication. Social media platforms can become a huge source of income if well optimized.
You can make money through social media marketing by becoming an influencer and advertising products for brands. You can also engage in selling your products or services on your social media platform; the online market is a Major Street of attention; people will massively purchase your product/services if they could confirm its authenticity. Partnership programs, affiliate marketing, creating, and launching paid ads are other major ways of making money on social media. Just remember, for paid ads, you must have a product, services, or a cause to market to the teeming social media masses.
Poultry Farming is a profitable business in Africa with massive profit returns. You can make up to 60% profit for selling batches of chicken. Poultry farming is structured to produce a wide range of poultry products which include; Chicken, eggs of different birds, sizes, and ages.
The business of animal husbandry involves the grooming and care of domesticated birds like turkey, chicken, and ducks which will produce huge profit returns when they are sold.
The economy of Nigeria is built on Agriculture and it will be a nice idea harnessing the potential of this sector. Poultry farming is a lucrative business move for entrepreneurs if the marketing process is perfectly carried out.
Individuals are meant to decide on what poultry breed you wish to engage in and the marketing strategy you wish to display your product. This will not only serve as a great source of income with a great ROI ratio but also as an employment opportunity.
Transportation is usually considered as an economic activity but it can be monetized to make money and generate revenue.
This might include owning vehicles that move people from place to place, launching a courier service, or a personalized taxi service.
Major transportation companies in Nigeria such as Uber, Bolt, Indriver have created a platform which connects drivers with their users. All you’d need to do is to register on these vehicle marketplaces with your befitting car to start. You don’t own a car? There are means through which you can be linked with car owners looking to lease off their car to drivers while taking weekly/or monthly return (from the car driver) based on agreement. There are also a number of hire purchase businesses/companies in Lagos and other major parts of Nigeria which would finance your car while you pay on installment. As for courier service, it would be brilliant to weigh the odds and study the transportation business model in Nigeria before delving into it.
Creating and launching a profitable business idea in 2021 is a product of strategic planning. Looking for the best business to start with little money might be tricky, but the rewards are plenty if properly planned and unleashed.
Carefully drawing ideas from this guide wouldn’t just give you enough business ideas to kick start 2021, but will help you develop more innovative ideas to build your business.