Have you decided that 2021 is going to be your year? Then you’re probably wondering what are the most successful small businesses. You’re not the only one. This question without a simple answer occupies the minds of thousands of people. Although we also can’t give you the correct answer, we can help you with a few inspiring suggestions. Take a look at our guide on the most successful small businesses in 2021.
People who want to become entrepreneurs are ambitious. They don’t start their own company out of a hobby. Well, some do that too, but the point is – the majority does that because they are tired of working for someone else and want more. However, there’s always a risk, and the chances are 50-50. You can start one of the most lucrative small businesses in the world and still fail because you don’t understand how e-commerce business models work, or you made one of the common mistakes business owners make in the beginning. Having a good idea is not always enough. Keep that in mind while browsing through our list of most lucrative small business ideas in 2021.
What Is the Easiest Business to Start?
The easy answer would be something you’re already good at. It is much harder to jump into something you know nothing about. There are many different types of businesses, from partnerships to limited liability companies and sole proprietorships. And that should be your first step, finding the right structure for your niche or type of services. We also suggest you take a look at some of the common reasons why small businesses fail. It is less painful to learn from someone else’s mistakes, and it will save you a lot of money and time.
Don’t think that the jobs you’ll find on our list of most lucrative businesses are easy to start. It is only easy when you’re well prepared, and you’ve done your research on everything. From what is the best credit card processing company for small business to what is a POS fee or PCI compliance fee. You can get a financial advisor to help you with all that, but you too should be well aware of how everything works. That is when it gets easy. When everything is clear to you, and you know you won’t make a costly financial mistake.
What Are the Most Successful Small Businesses in 2021?
Are you on a hunt for some small business ideas? Well, today is your lucky day because we have several small profitable business ideas you’re going to love. If you’re ready to make an investment, here are our recommendations for you.
1. Marketing Services
Marketing became a crucial thing that can either make or break any company, and marketing experts are in demand. Luckily, many brands and companies decide to outsource their marketing activities, which created a vast field for numerous marketing agencies. If you’re considering this idea, start by approaching smaller companies and businesses that clearly don’t have a marketing strategist and enlighten their way.
2. Bookkeeping and Accounting
Although this is not something revolutionary, it is still in high demand because every company needs this type of service. It is one of those things that can hardly fail (as long as you know what you’re doing.) If you have a CPA license, you should consider starting your own firm and offer to manage the finances of other companies.
3. Pet Shops and Grooming Services
Regardless of the year, everything that is pet-related is always in high demand, but now it seems this industry is booming more than ever. Pets became more than just furry friends we play with. They are now some sort of a fashionable accessory that is also at the same time treated equally as a family member who regularly goes to salons for a blow-dry or a pedicure. A very expensive pedicure.
4. Beard Oils and Other Related Products
Plaid shirts and lumberjack beards are apparently here to stay for a while. If you can’t beat them and don’t want to join them, why not take their money? Believe it or not, men who used to use those 2-in-1 shampoo and shower gel products are now willing to pay extra for special beard oils, combs, soaps, creams, and other products that can keep their beards looking good. This industry became very competitive overnight, but there is still room for more, so carefully research the best PayPal alternatives and set up your online shop.
5. Online Courses
Ok, here’s an “easy” one. Do you have any skills or knowledge you would like to share and earn some money in the process? How about piano lessons? Math hacks? Language lessons? Life coaching? Seriously, anything. You can make a course on pretty much anything and sell it online. Just keep in mind that it all should look professional and that you really give something valuable to your customers.
6. Personal Tutoring
This is another popular service, mainly among parents who want their children to improve at school. Parents are willing to spend so much money just so that their child could have better education and better grades than the son of their neighbor or a friend from work. So if you have any language skills, or you’re good with math, chemistry, biology, or any other subject, get some school books to see what they’re doing and try tutoring online.
7. Wedding Planning
Are you creative, romantic, and well-organized, and it happens you know someone who knows someone who can make pretty much everything possible last minute? Then wedding planning could be a fun and wonderful career for you to pursue. Just keep in mind it is not all flowers and glitter. There can be many tears if a nervous bride decides to change the theme or the color last-minute. It is still very profitable since the wedding day became one of those events that need to be highly instagrammable and picture-friendly.
8. Personal Trainer
Being in shape is also trending, which is a good thing. We should all practice a healthy lifestyle. The good thing is that pretty much anyone can do this. If you’re passionate about the gym, training, and you’re fully committed to such a lifestyle, you can quickly get a job as a personal trainer either at a gym or at the client’s home.
9. Open a Small Computer Repair Shop
Not all computer problems can be solved by simply shutting it down and turning it on again. Sometimes it won’t shut down at all. And since nowadays pretty much everyone has a PC or a laptop, including kids, it is clear that there will be a lot of work for those who know how to repair a computer. Or those who can at least hire someone who knows.
10. Website Designer
Some of the most successful small businesses are working solely online, which means that the website is not just a store. It is a visual representation of the brand, a concept, something that has to be very straightforward and very visually appealing at the same time. And a good web designer who has some coding skills and an eye for aesthetics can earn a lot from a single website. Who needs Shopify alternatives when they can have a custom-built website?
11. Children’s Party Planner
Yep, you’ve read that well. Children’s birthday parties or any other occasion for a celebration are now a big thing. Of course, there has to be a theme, and usually, there will be many balloons, various props, and cute finger food to go along. No mother could resist such a thing, so feel free to go for it.
12. Copywriting and Content Writing
Although these two are very different, they are both very popular and high in demand. Also, it is pretty easy to start doing this. All you need is a bit of talent for writing. There are numerous niches in this industry, so you could be writing about pretty much anything.
13. Food Trucks
Food trucks are becoming pretty popular since the idea of street food evolved from hot dogs and tacos to all kinds of sweets, finger foods, and quick, tasty bites that could be grabbed along the way. It is also a great idea for those who can’t afford to open brick-and-mortar restaurants, and it gives you the freedom to be mobile and locate your truck almost everywhere.
14. Mobile Hairdressers
Hairdressers are one of those jobs that can’t fail unless you give someone a bad haircut becasue they are always in demand. So besides following the latest trends and coloring techniques, how can this industry be improved? How about instead of waiting for clients to come to the salon, you go to them?
15. Poster Printing Business
If you pay attention to some interior design blogs or Instagram accounts, you’ll notice that posters are trending. But not any posters. Artsy posters with abstract art or black and white photography are a real hit. They come in all sizes. You can even offer to frame them, but just be careful with packaging and shipping.
What Is the Best Business to Earn Money?
It is hard to say what will bring you money for sure because even the most profitable small businesses could fail if a person who runs them has no clue about finances or how to build a network of clients. But, if you want to earn some money, our tip is to go with things or services that are always needed. It doesn’t have to be something revolutionary because, at the end of the day, if no one wants to pay for it, it is irrelevant. Therefore, a somewhat safe solution would be a mechanic shop, hairdresser, plumbing, or even dentistry. Think about the services you keep using again and again, and you’ll figure it out.
Tips for Running Profitable Small Businesses
How do some of the most profitable businesses manage to become so successful? Sure, a great idea was there all along, but that is not enough. Let’s take a look at some tips that will help you successfully survive the first few months and stay in the game long enough to expand a business:
- Understand the market,
- Research your industry or niche,
- Analyze your competitors,
- Research reviews of other companies,
- Define your target group of customers,
- Create a financial plan,
- Hire only the right people,
- Be creative and invest in good design,
- Be consistent.
What Merchant Services You’ll Need
Do you know what is merchant service? How to apply for a merchant account, read a merchant statement, or what is even a high-risk merchant account? Many people jump into this just thinking about the profit, without knowing the basics about merchant services and the importance of having the right merchant processing company.
Financial consulting and mobile notary are only some of the merchant services that could ease this entire process for you and introduce you to the world of entrepreneurship. Whether you opt for an online or brick-and-mortar store, credit card processing will have to be a part of it. For that reason, you should know everything about credit card transaction fees, and, of course, how to enable Apple Pay. Find the right merchant service provider, and you’re already one step closer to your goals.
Now You Know What Are the Most Successful Small Businesses
As you might notice, many of these small profitable business ideas can work online, without the need for a traditional brick-and-mortar store. Although this might be weird to some of you, you should look at it as an advantage. The initial capital you need to invest is significantly smaller, and there are fewer legal barriers to overcome. Besides, no matter how good your cash discount program is, most would probably still shop online because it is more convenient. So embrace the technology, and start your business venture.