The cost of developing your business idea and setting up a new business has never been so low. Digital technology has made starting your own business simple, affordable, and possible. For some businesses, all you need to start is a phone, a computer, and an internet connection.
Coming up with a good business idea is often one of the hardest hurdles. Ideally, your business idea should consist of three things:
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- It should be something you like doing,
- It should be something you are good at, and
- It should be something people would spend on.
Once you can identify a profitable business idea and are willing to follow through persistently, you’ll soon have something to be proud of.
To help you get started, we have put together a list of in-demand and profitable business ideas you can start in the New Year. Number 11 is a new and hot opportunity today. We just had to reveal the secret to you. Keep reading to find out. This post is brought to you by After School Africa. If you are new here, we also have a YouTube channel. Consider subscribing to continue exploring opportunities like this below:
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Let’s start
Table of Contents
1. Freelancing
According to various reports, the way we work now will be changed in the future. The outsourcing business will boom by 2021. A whopping 70% of Americans have adjusted to the COVID-19 realities and are working independently for startups & multinationals. A lot of us have side jobs making money through small businesses online.
Due to the high cost of hiring full-time employees, startups are outsourcing their work to minimize expenses and maximize profits. You could tap into this growing industry and work as a freelance writer, graphic designer, video editor, photographer, and so on. What’s more? It’s flexible and you get to choose when and how you get to work.
2. Sell Hand-made Goods Online
Footwear, knitting, jewelry, natural body cream… there are so many handmade goods out there. Unfortunately, prospective entrepreneurs often overlook this one because it isn’t one of the ‘fancier’ business options. But it is viable, and there is a huge market for it. There is especially a market for these types of goods when they are marketed with your personal story.
For example… let’s say that your baby has sensitive skin, and can’t use regular sunscreen. Maybe he or she breaks out in a rash if they do because their skin is just extremely sensitive. If you can come up with a sunscreen that works that’s non-toxic and safe for your baby’s skin, and made with natural ingredients… That’s a real, viable product! And the fact that you can market it using a real-life story is really powerful. You can end up building a brand of your own.
3. Solar and Inverter Sales and Installation
The world is moving away from fossil fuels and moving towards more sustainable and renewable energy. People are embracing solar energy and are even using it to become completely self-sufficient. Technology is advancing to the point where solar power won’t just be a great source of clean energy; it’ll be an obvious choice for everyone.
Starting a business that provides solar power solutions could be a very clever idea. Most governments offer tax breaks for companies that are developing clean energy products, and this is a huge benefit. A solar power company can provide complete solar installation for homes and businesses to cut down on power bills. You can learn this skill by taking related online or offline classes. This is a business of the future.
4. Ride Sharing Business
Anyone who considers himself or herself a good driver can sign up with Uber or Bolt and make a living driving people around town. While working as an Uber driver may not sound like an exciting career, it’s certainly a great way to put food on the table when you find yourself in between jobs.
5. Beard Care Products
Beards are still a thing and they will probably remain to be for some time. You can start your beard care brand with just a few cheap ingredients that you can buy online. When you manage to make a good product, all you need is a good marketing strategy and bulk manufacturing.
6. Virtual Reality and Gaming Arcade
VR Computing is a huge technological advancement that provides the user with a realistic sensory experience. It’s been expected that by 2021 the global size of the VR market will be more than $40 Billion. A good chunk of that revenue could be in your pocket. Virtual reality is the perfect fit for arcades which could bring new life to the dying business. VR escape rooms and Lounges are expected to experience phenomenal growth. If you are tech-savvy and a gaming fan, this could be your perfect business opportunity in the New Year. To get started, you have to learn how to develop immersive VR and AR experiences. The internet is full of resources and communities of like-minded people to help you along the way.
7. Software Development service
Software developers create, test, and maintain software. The demand for software developers is expected to increase by 17% each year through 2023 with good pay. With computer technology advancement, the scope for software developers looks bright. Besides, most big companies will need networks that are faster, more seamless, and more secure. Providing these solutions through a software company could make a very profitable business.
8. E-commerce store
This is one business that keeps growing each year and will only get bigger in the new decade. There’s been an average annual growth rate of 25.6% in e-commerce sales from 2014 – to 2018. Over the past few years, people have become quite accustomed to shopping online. A unique niche marketplace is introduced every day in the e-commerce business. There are ample opportunities to start a profitable online store to fulfill consumer needs. You don’t need to compete with the countless online stores that deal in clothes, shoes, or electronics; you could open an online food delivery store or even baby items.
9. Affiliate marketing
Don’t have time to create your products to sell? Why not sign up as an affiliate to market other people’s products and make money from home each month?
Affiliate marketers promote the products of other people and earn commissions on their sales. Amazon is currently the most popular platform for affiliate marketing, but there are many international and local alternatives like Jumia and other online stores. Affiliate marketing is often combined with blogging to create a seamless mix of content and promotion. Anyone can start an affiliate marketing business, at little to no cost.
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10. Digital marketing campaign manager
Marketing has gone digital, and it’s the job of digital marketing campaign managers to produce the best results possible. You can start your career as a digital marketing campaign manager by studying freely available online resources and experimenting on your own. You’ll need to understand things like advertising, Search Engine Optimization, landing pages, calls-to-action, and social media marketing. Once you know what you are doing, try cold-calling local businesses, and ask them whether they would be interested in your digital marketing service.
11. Sell Standing Desk and Adjustable Laptop Stand
The most innovative business ideas often start by transforming an everyday product into something different. We all know that sitting all day at the office isn’t the best thing for our health. And that’s why there’s been a rise in standing desks. Since about January 2011, there’s been a sudden and consistent growth in search volume for “standing desks.” There are 15,000 monthly searches for “standing desks”, proving that people don’t want to spend their entire day sitting. I’ve just let you in on a secret. Now you can go run with it. You can resell existing standing tables or start making yours.
12. Drone Videographer
If you like piloting drones, perhaps you should consider working as a drone videographer. You get to go to interesting places, meet cool people, and eventually develop a portfolio that could land you big-ticket jobs. Professional drones are very expensive, but you can start small with a mid-sized drone and a GoPro camera and go from there.
13. Teach Online
The success of Khan Academy, a non-profit educational organization created in 2006 by Salman Khan, has proved the effectiveness of online teaching and paved the way for talented educators and their students. You can sell your expertise as video content on YouTube, or create your website and charge your students on an hourly basis for Skype lessons.
Also, one of the most popular platforms where people can access massive open online courses, Coursera, has more than 15 million users, who are hungry for knowledge. Such online courses go far beyond the traditional high-school curriculum. If you have any skill that you think people might be interested in, nothing is stopping you from giving it a go. All it takes is a web camera, capture software, and basic editing skills.
14. Hostel Owner
You heard that right, you can start your own hotel business right from your home. With services like Airbnb, you can turn your house, garage, or just a single room into a unique accommodation for tourists and travelers from all around the world. The online platform will take care of the initial exposure and will provide a way for owners and clients to conveniently communicate.
No matter what type of business you would like to start or how much money you have to invest, at least a few ideas from this list will match your criteria. Just remember that the idea alone is not enough. It takes hard work. You have to show passion, persistence, and dedication to overcome all challenges as they arise. If you do, nothing can stop you from joining the ranks of successful entrepreneurs and business owners.
Which of these ideas do you find most interesting? Tell about it in the comment section. Thumbs up and share this with friends. If you are yet to subscribe to the After School Africa channel, now is a good time to do that.
Until next time, YOUR SUCCESS MATTERS!
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