New Age Startup Ideas for 2021 and Beyond

New Age Startup Ideas for 2021 and Beyond


Startup Ideas

Coming up with new and good startup ideas is often one of the hardest challenges. 

Ideally, the perfect business idea for you should consist of three things:

  • It should be something you are good at
  • It should be something you like doing
  • It should be something that is in demand, something people would pay for

Find a dozen opportunities and ideas you need to take the final leap and start your business here.

1. Drone Rental

In the last few years, drones have become a trend with a wide audience, from young people looking for fun through remote control piloting to professions using them for film projects and photography. 

One of the biggest advantages of drones is that there are various models available in the market, and one can also customize its characteristics. It includes its motors, materials, accessories, remote control types, and more. Even though most users cannot acquire it easily, some people are willing to get them on rent for hours and even days.

You can start by contacting suppliers and integrate a catalog of versatile models. Simultaneously, you can also start setting up a website and activate social media profiles to make your business known to your target audience. You can target young people, children, families looking for entertainment options, and corporate clients such as agencies and production firms who need aerial videos and shots but have a limited budget (1).

 

2. Blockchain and Cybersecurity

There is a surge in demand for IT services and resources to protect the data. And software and data need to be distributed among several individuals instead of concentrated among a few. It implies that the sector has the potential for tremendous growth and is surely one of the best startup ideas for the future (2).  

Moreover, the blockchain market across the globe could grow to 39.7 billion USD by 2025. Notably, the technology has been around for quite some, and the primary beneficiary is cryptocurrency trading. 

If you are a techie with interest in blockchain, there are a plethora of business opportunities. 

Several skeptics believe that it is an overhyped technology. Still, we believe that it has many attractive features to make a disruption in the market, from healthcare, insurance, banking, tradings, and peer to peer transactions. 

Blockchain enables individuals to build smart contracts with little to no scope for any discrepancy. Blockchain also ensures transparency with a detailed stamp for every transaction. The government can also use the decentralized public ledger to conduct elections.

For tech geeks, cybersecurity also offers an exclusive area. As the online business is surging, there is also a rising threat to cyber attacks to collect sensitive information. If you have a special interest in system engineering, you can form a cybersecurity firm with clients like insurance companies and banks (3). 

 

3. E-commerce Inventory Management

Entrepreneurs with large capital have a growing interest in inventory management. Notably, the ecommerce giant Amazon has recently invested more than 11,400 crores INR in India (4). The growing e-commerce sector is also more interested in making contracts with inventory management houses and warehouses.

Since a wholesale brand establishing its distribution channel is not that feasible, entrepreneurs with real-estate properties in peri-urban areas are working to bridge the demand. There are high chances that these entrepreneurs will receive good returns from the warehousing business.

Additionally, a tech-driven management system would also offer a competitive edge to the business. A business addressing the products’ movement is a viable industry with retail demand surging up and coronavirus vaccines coming up in the market. 

The business involves developing software and hardware to reduce costs and maximize cost. With an efficient system in place and reduced labor cost, inventory management is very attractive for medium to large-ecommerce sellers (5). 

 

4. Robotics and Automation

When we think about the next big thing for the future, robotics and automation are among the first things to come to our minds. We can program these readymade machines to do our work and become part of our daily lives in the next few years. 

In some of the countries, robots are already adopted to do a fixed set of work. For instance, Alexa bot can learn and do some work as our personal assistant. 

There is no denying that once robotics automation would start in full swing in India, many people would lose their jobs. However, it will lead to a cohort of good opportunities for entrepreneurs on the flip side of the coin.  

There are endless opportunities for business people in India, such as developing robots for construction cleaning and entertainment. If you are a techie geek, you can also develop programs for robots according to various requirements. There are also several opportunities for robot maintenance and repair (6). 

Another vision that would soon become a reality is home automation. All our homes will soon be connected with the internet and our appliances that we would be able to operate remotely in the near future. 

However, it would require the home and appliances to convert with IoT enablement. It also needs the integration and programming of all the gadgets at a single business. 

There are several startup ideas in the home automation area, including converting traditional equipment in IoT enabled devices, selling complete home automation solutions, and repairing home automation IoT devices (7). 

 

5. Electric Vehicles

With Tesla officially launching in India and other automakers launching versions of EVs, electric cars on Indian roads are about to become a reality. 

It would open up several business opportunities for entrepreneurs. There are also predictions that an electric car would become a default vehicle of the future, especially with India’s 2030 vision (8). 

Once the electric car starts selling, we look for several business options such as electric car service garage, charging station set up, battery swap, scrapping, spare parts manufacturing, and selling.

 

6. Space Tourism

We consider space tourism as one of the best future startup ideas. What does it mean by space tourism? Well, it means humans traveling to space for recreational purposes. 

In countries like the United States, space tourism has already started. However, only a limited number of individuals are allowed for it. 

Yes, such startup ideas will require a lot of capital and technical expertise. But still, we can’t outlook the tremendous business opportunities it offers. 

Some of these startup ideas include manufacturing space shuttles, manufacturing fuel-related space equipment, selling space-related equipment, risk assessment, and other insurance-related work (9). 

 

7. Fitness Technology

There is no doubt that fitness technology is one of the most promising and evergreen startup ideas. There is a rapid growth in the fitness technology market, with more and more people getting health conscious and using fitness gadgets and apps to track their fitness. 

The technology related to our fitness is advancing with each passing day, and we looked at several areas where the future lies. Some of these include fitness trackers with built-in heart rate monitors and sensors. Smart scales for tracking weight reduction and activities, smart gym equipment, apps and devices for sleep improvement, mirror with AR to become virtual exercise classes, and connected devices for recording and monitoring health parameters. 

Apart from these, there are also several upcoming products in this area, and you can either start trading these products or come up with your unique fitness product (10). 

 

8. AI and Big Data

As long as there are technology businesses, one can’t get away without AI, artificial intelligence, and data analytics. These two technologies are a match made in heaven, allowing businesses to collect a massive data trove and use machine learning to make sense of the data. 

Businesses can use these insights for better target marketing campaigns and find efficiencies in their internal processes. 

Only thanks to big data today, we have a high level of personalization. One can use it to build a customer experience since one would know what their customers want predictably. 

Moreover, AI can also do a lot more than only contextualizing business data. Whether an entrepreneur wants to leverage data analytics and machine learning for finding new efficiencies at work or for marketing purposes, it is more affordable to get started than we might imagine. 

Overall, developing technologies such as AI, AR, VR will soon be adopted by mainstream businesses and consumers, and in a way, it offers tremendous business opportunities for entrepreneurs (11).

 

9. Esports and Online Gaming

Online gaming is one of the most promising and best startup ideas. Indian youth are crazy about online gaming. According to estimates, there are more than 33% online gamers worldwide, and the count is growing every day. 

It is also one of the most lucrative business options since one can make a lot of money via online gaming. One can also make his games, or sell online games or work as an affiliate marketer. 

An eSports franchise contender is also one of the best startup ideas that taps into the never-ending video game market. There is no need for any formal education. One only requires marketing skills, strong work ethics, and a love of gaming. Your hard work and passion will help increase your success odds. 

It is worth highlighting that one can potentially make huge profits with solid marketing strategies and a consistent customer base, which largely depends on its ability to attract customers in this ever-expanding industry (12). 

 

10. Social Media Management

Managing a social media business could be a viable option for those who value their flexibility and time. Social media managers have several duties such as planning, scheduling, and posting content across social media platforms, analyzing, recording, tracking campaign performances, and finding trends. 

In the social media management business, one also gets to work with other influencers and brands to drive leads and improve clients’ business visibility. 

To create a successful social media management business, one needs to know his target audience and learn about every little detail about his niche’s demographic. Ideal clients for social media managers include media spas, design firms, and travel bloggers (13).  

 

11. Skyscraper Greenhouses

As the population and city densities are growing, the land is becoming a scarce resource. It has built the problem of offering fresh fruits and vegetables to people sustainably and cost-effectively. With vertical greenhouses such as skyscrapers with multiple levels of various vegetables and fruits, one could harvest produce for a town or city via buildings.

Additionally, it would also eliminate transport costs, allow fresh foods and take up less space than the conventional farm. Over time, robots could manage each facility’s levels in conjunction with sensors to monitor humidity and temperature to grow better produce.

It is a high-cost startup idea since one would need to buy a building and other infrastructure. However, it would offer a lot of great value to the community and has the potential for a lot of revenue in the long run (14). 

 

12. Biometric Sensors

Biometric sensors are sensors that can scan one’s eye or finger to identify a person specifically. With the growing demand for higher security measures and the Indian government supporting IoT, Internet of Things technology, it won’t be long where people would put biometric sensors in everything. 

The startup idea is to develop and sell these sensors to firms that would install them into their services or products. If you are an entrepreneur, you would need a medium-sized investment to make it happen since you would have to rent and build facilities to manufacture sensors.

Regardless, it has high financial rewards as MNCs would likely want to do business as they will start using biometric sensors more than before (15). 

 

13. International Trade Constancy

As international trade is growing, there is the continued growth in imports and exports. You can play your part to assist the growth by starting a company that helps other Indian startups and businesses to expand their enterprises globally. One can offer his expertise and knowledge about handling and shipping products in the international market. 

The idea is going to keep expanding in popularity as the business grows. Another approach is to help businesses of other countries to trade in India. Interestingly, one would only need a background in international trade since the startup’s cost could be low initially (16). 

 

Capitalize These Trends into Startup Ideas

Several trends are taking off on the internet, and there are expectations that they are here to stay even for the long-term. Entrepreneurs can use these trends as startup ideas and capitalize them in unique and creative ways. 

1. Needle Felting

People post and boast about their latest needle creation, ranging from Baby Youda to pet portraits to Regatta.

The craft entails creating 3D objects by stabbing the wool with a barbed needle. The trend is taking off on the internet with 174 million views on TikTok and more than 920k posts on Instagram with 60k plus monthly searches on Google, according to Keywords Everywhere. 

One could offer guides, tutorials, materials, and DIY Kits monthly to capitalize it. 

One could also offer a range of natural toys for children, mobiles, and collectibles. Several big names are already jumping on similar woven toy trends. For instance, Nintendo (17) is selling their Yoshi’s Wolly World yarn character collectibles. It is based on their Switch game with the same name. 

 

2. Japandi

There are so many trends coming out of Japan, from Kintsugi to visual novels. Japandi is another trend that has been raised from the fascinating Asian island. 

Japandi, meaning ‘Japanese design meets Scandanavian minimalism,’ has observed over 100% increase in Year-on-Year searches on Pinterest. Its Google searches have also skyrocketed with 67k monthly in January from 18k in December last year, according to Keywords Everywhere. 

Neutral color schemes, sleek lines, and calming setups would be on the radars of Pinners everywhere in 2021, according to Pinterest.

Apart from sleek wooden furniture, one can expect to see a surge in demand for bath and bedding collections in neutral tones, minimalist lighting, and Japandi inspired video streams and playlists because of the rising trend (18).

 

3. Tarot Cards

Reading tarot cards is no longer something only for fortune-tellers and spooky psychics. The activity, once a mystical practice, has been rebranded as a tool to develop an intuition for people who believe in divination or only want to learn more about themselves. 

According to Keywords Everywhere, the search interest for tarot cards is at an all-time high during the pandemic, with more than 1 million searches in August. 

The practice is also sweeping social media with more than 2 million posts on Instagram with #tarotreadersofinstagram and over 3 billion views on TikTok under #tarot. 

There are several opportunities in the trend, such as journals and coachings, and specialized and beginner-friendly tarot decks. According to Jungle Scout, such classical decks bring over 82K USD per month on Amazon (19).

There is also a massive space in mobile applications. Only a few decent ones exist, and it is one’s chance to offer a more personalized and social experience based on the trend.

 

4. Music Making

Music makers are surging over 1.5 million subscribers, banding together with r/wearethemusicmakers (20).

Other related subreddits are also boasting impressive numbers indicating opportunities for platforms where people can learn and share modern music. 

An emerging player in the sector is Roli, a US-based startup making new musical instruments, with a total funding amount above 44.1 million USD.

The trend offers several opportunities, such as standalone and easy-to-use devices fit for kids or beginners. One can also offer out-of-the-box starter kits for popular loops, mixes, and effects to bring learners from 0 to 1. 

There are also opportunities to teach how to make and mix music. While traditional music classes are often 1 on 1, one could capitalize on learning opportunities with group-based courses on music production. 

 

5. Baby Proofing

There has been a surge in searches for baby and child safety products during the pandemic. There has been a 5x jump on Amazon for ‘baby safety products’ searches in the last few months, as per Jungle Scout. 

Apart from selling low-tech and high-tech products, there is also room in the market for more comprehensive baby proofing kits and virtual inspectors. One could also empower parents via newsletters, courses, and coaching. 

For Instance, Peanut (21), a London-based social network that focuses on females with 1.6 million users, allows moms to connect, make friends, and seek each other for pieces of advice and support. Previously, they have secured 12 million USD because of the significant surge in online social networking platforms due to the COVID-19. 

 

6. Painting

Worldwide lockdowns have observed many people turning for new hobbies that they can do at their homes. Unlike the rise and fall of baking, the painting seems to be sticking around. 

The trend is gaining traction on several social media platforms, including TikTok, which has more than 500 million views under tag #OilPainting, and over 118 million views under #WatercolorPainting. 

Appealing to the TikTok surges, there is also a clear demand for painting related services and products. In addition to newsletters, tutorials, and kits, one can also consider monthly subscription services. 

One can also take it further by creating a separate line for experts, intermediates, and beginners. There is also an opportunity to collaborate with several TikTok influencers each month to build new designs and drive sales.

 

7. Mushrooms

Sales of mushroom-based products are soaring, and there are several ways entrepreneurs can capitalize on the trend. 

The surge in interest for mushroom coffee is only the tip of a mushroom business, as several markets have begun to legalize the regulated use of mushrooms to treat addiction, depression, and anxiety. 

There are forecasts that the global fungi industry would exceed 86 billion USD by 2025, growing from 53.7 billion in 2019 (22).  

Of course, the culinary demand would power the growth, but another key driver is the rising adoption of mushrooms by the pharmaceutical industries. Previously, there were only a handful of basic supplements, but branded and innovative alternatives are now replacing them. 

Beyond a focus on powders and elixirs, entrepreneurs could also branch out to functional drinks. One could also offer at-home-mushroom grow kits and creating a mushroom farm. 

Another unique concept would be pairing mushroom agrotourism with wild mushroom foraging excursions. Another way to brand-out is to also include value-adds like mushroom pickling, cooking, and preserving courses.

 

8. High-tech Meditation

There is a boom in digital healthcare and mental health startups.  

People are embracing mindfulness and meditation apps, which have a positive influence on mental health. These are now attracting attention from both regulators and tech. 

As these practices are spreading, entrepreneurs and investors would have opportunities to develop more robust mental health tools. 

Advancements in hardware and software have reduced the VR tech cost, and consumers are also getting more comfortable with wearables. These trends give a chance to digiceuticals to disrupt the market with more accessible, personalized, and affordable mental health solutions. 

The nascent digiceutical market has recently started to take off. Big opportunities are emerging thanks to cost reduction and new innovations. There are only a few players out there who are currently focusing on reducing anxiety and stress. 

One could offer a specialized at-home treatment option to cut the rising cost of in-personal therapy. Entrepreneurs can also form partnerships with virtual travel providers, addiction rehabilitation centers, and oncology specialists to develop new treatments and experiences for consumers. 

Moreover, VR could also take meditative practices like tai chi and yoga to the next level. For instance, Tai Chi Trainer XR (23) enables people to fully immerse themselves from home with VR instructors and even classmates. 

One could also develop VR gaming options to use the mind as control and provide a release and increase people’s control over anxiety and stress. There is also an opportunity to developing social tracking platforms that encourage healthy competition in mindfulness. Users could share their progress as their healthy habits take-off. 

 

9. Modular Homes

Modular homes are pre-built residences constructed in a factory. The pieces are then transported to a construction site and then put together, building home much faster than traditional houses. 

While tiny homes are known for making footprints in only a few dozen square feet, modular homes can be larger than 2K square feet. 

Within a few months, a community of modular home enthusiasts grew to more than 35k subscribers last year on Reddit (24). 

According to the Ahrefs data, the ‘modular homes’ term attracts at least 137k searches per month. The top related terms indicate that people are searching for modular homes in their areas. It includes high search interests for ‘modular homes near me,’ etc.

The rising trend around modular homes offers several opportunities. Potential buyers are looking for builders and local suppliers for ‘modern, clean, and fresh interiors.’

 

10. Vernacular

With so many first-time internet users, there is a surge in social media platforms observing tremendous growth only because they offer their services and content in vernacular. 

In recent years, considering the impact of language-driven services, Amazon and Flipkart are getting on the bandwagon to catch up with new players such as Shop101 and Bulbul tv. 

With higher demand for vernacular content on the internet, brands across segments are forced to explore and deliver if they wish to see bigger growth. Storytelling is one of the most effectual ways to engage with customers, and when it is done in the native language, the outcome is unique and personal. 

A testimony for it is the previous campaign of Swiggy called #Swiggystarhunt. It targeted its delivery partners to showcase their talent on TikTok. They had launched the campaign in 11 vernacular languages to grab their attention, resulting in more than 1500 entries from over 400 delivery partners. They had received 44 million-plus organic views pan India and gave Swiggy the boost it earned (25). 

 

11. Voice Search

With mobile devices and voice services such as Alexa and HomePod increasing in popularity, voice search is another area where small businesses can stand out among their competitors. 

If your business is online, there are increasing chances that people would find your website and content via voice search in 2021 and later on. 

Previously, businesses were adapting to the growing use of mobile internet. According to Google, marketers need to adapt to voice searches, which currently make up more than 20% of the total mobile searches. There are expectations that the growth will continue, similar to mobile browsing. 

Digital marketers should change their content strategy to be more conversational and give more clear answers to simple terms. 

You can use a simple technique for your business to answer questions that customers frequently have about your product on the website (26). 

 

12. Chatbots

There is surging demand for chatbots, and more than 50% of consumers prefer using chatbots when engaging with brands since they often get a speedy response. 

A chatbot actively running on the website can answer your customers’ basic questions at all day and night hours, even when you are concentrated on some other task. 

Most small business owners are not using the technology despite its growing popularity.

You can use Chatbots, powered by artificial intelligence, for customer support. It would expand your contact strategy dramatically with a controlled message. It is also worth highlighting that these chatbots have become so lifelike that several customers can’t even tell the difference. 

At the same time, they offer additional benefits of gathering, analyzing, and offering actionable data. You can then use the data to improve your customer experience and more personalization (27). 

 

13. FOMO to JOMO

From the fear of missing out to the joy of missing out, more and more customers are feeling the requirement to switch off from the digital world. The problem of screen addiction is growing, and several leaders are voicing the need for moderation.

It is getting wider traction and more social acceptance. As the trend grows, the ability to build and associate with an experience that aid in digital detox may secure a good opportunity for entrepreneurs and businesses that they can capitalize on. 

The need to advocate a lifestyle that it is okay to slow down in this fast movie world, such as slow foo, healing festivals, and slow travel, is bound to take prominence (28). 

 

List of Low-cost or No-cost Business Ideas

Below are all the low investment business ideas are listed below:

  • Online bookkeeping
  • Language translator
  • Business broker
  • Virtual call center
  • Affiliate marketing
  • Data analysis consulting
  • Digital marketing
  • Niche website owner
  • SEO expert
  • Self-publishing
  • Security services
  • Content writer
  • Blogging
  • Podcasting
  • YouTuber
  • Antique refurbishment
  • Handmade goods
  • Makeup Artist
  • WordPress theme developer
  • Graphic design artist
  • Antique refurbishment
  • Language teacher
  • Online courses
  • Online teaching
  • Guided tours
  • Event planners
  • VR/AR app developer
  • Mobile app developer
  • Energy auditor
  • Career coaching
  • Dog walker
  • Web developer
  • Virtual Assistant
  • Personal Shopper
  • Uber driver
  • Decluttering services
  • Fitness instructor
  • Beard care products
  • Green cleaning services
  • Pick and drop services
  • Pet daycare
  • Medical courier service
  • Sustainable landscaping
  • Respite care
  • Acupuncture business

 

Online Business Ideas for Stay-at-Home

We have taken all of the business ideas for online business, particularly suitable for stay-at-home moms and dads. 

  • Importing OEM gadgets
  • Online store
  • Affiliate Marketing
  • Self-publishing
  • Online bookkeeping
  • Language translator
  • Digital marketing
  • Selling Vintage goods
  • Ghostwriting
  • Resume Writer
  • Niche website owner
  • SEO expert
  • Self-publishing
  • Social media consulting
  • Content writer
  • YouTuber
  • Handmade goods
  • WordPress theme developer
  • E-magazine
  • Meal prep business
  • Event planning
  • Coworking space
  • Subscription service owner
  • Drone videographer
  • Graphic design artist
  • Language teacher
  • Online courses
  • Online teaching
  • Mobile app developer
  • Hostel owner
  • Custom drone builder
  • 3D printing services
  • VR/AR app developer
  • Web developer
  • Virtual assistant
  • Pet daycare provider
  • Beard care products
  • Sustainable landscaping
  • Child care provider
  • Mobile medical app developer
  • Medical marijuana grower

 

List of Startup Ideas for College Students

Here is a list of startup ideas attractive for college and university students.

  • Language translator
  • Niche website owner
  • Language translator
  • Importing electronic OEM gadgets
  • Event planning
  • Local grocery delivery service
  • Food waste solution
  • Selling phone accessories
  • Phone repairs
  • Food truck
  • Meal prep
  • Online store
  • Affiliate marketing
  • Digital marketing
  • SEO expert
  • Ebook writer
  • Selling Vintage goods
  • Ghostwriting
  • Resume Writer
  • Self-publishing
  • Social media consulting
  • Blogging 
  • Home care service
  • Content writer
  • YouTuber 
  • WordPress theme developer
  • Handmade goods
  • Drone videographer
  • Subscription service owner
  • Graphic design artist
  • Online courses
  • Online teaching
  • Language
  • Cleaning service
  • Organizer
  • VR/AR app developer
  • Mobile app developer
  • 3D printing services
  • Web developer
  • Smart home contractor
  • Virtual assistant
  • Dog walker
  • Mobile pet grooming
  • Fitness instructor
  • Sustainable landscaping
  • Starting a podcast
  • Social media influencer

 

List of Startup Ideas for Teenagers and Kids

Considering the prevalence of online learning and internet technologies, kids and teens have more options than ever for launching their startups. 

  • Dog walker 
  • Pet sitting
  • T-shirt printing
  • Lawn care service
  • Home care service
  • Cleaning service
  • Organizer
  • Dog camp
  • Parties for pets
  • Lemonade stand
  • Custom clothing
  • Handmade goods
  • Youtuber
  • E-magazine
  • Blogging
  • Online store
  • Niche website owner
  • Self-publishing
  • Online courses
  • Mobile app developer
  • 3D printing services

 

Driving Business Growth in the New Normal

While the coronavirus pandemic would have an enduring and profound impact on economies worldwide, we cannot overlook the role of innovation playing today and the new normal emerging. 

There is a constant evolution in the consumer priorities and needs, similar to the pre-COVID era, which is, in a way, making room for new innovations. And startups are answering the demand. 

We observe a substantial volume of innovative ideas being tested, indicating a bounce back after a drop in the pandemic’s early months. 

As the competition for customers’ attention online and in-store has intensified, several innovations and breakthroughs have won people’s minds and hearts via ingenuity, expert-level decision making, and marketing savvy. 

There is an elusive recipe for production innovation success; good idea, good product, and good activation. Startups and entrepreneurs need a fine line to separate risk, reward, and resilience and navigate each of them flawlessly (29).

Some businesses have expanded how and when their products are consumed. There are several risks involved in expanding an established brand, and one needs to manage it carefully. About 25% of new product launches contract an existing brand. The key to success is hidden in balancing the core essence of their brand heritage with communication about the new product and its consumption occasion. 

For today’s competition, marketers are using various strategies for innovation. Some of these strategies include fending off competitive pressure, disrupting the category, and targeting a high-engaged core customer target.

Such approaches have made important changes in the market, resulting in startups celebrating big bets and these highly successful and impactful innovations.  

As we are looking at the trends these days, creating tomorrow’s disruptive innovations, we can see an emergence of a few notable themes. The first is approaching the COVID-19 spawned disruption. According to our observations, consumers are bringing in-home convenience to replicate out-of-the-home experiences. 

There is much remains to be seen about the post-pandemic new normal. However, we are sure that innovation would be a key driver of businesses’ growth and viability (30). 

 

Capitalizing on Indian Population Growth

According to a recent UN study of global population trends, India would overtake China to become the most populous country worldwide by 2022. It indicates that India would become overtake China in terms of population six years earlier than predicted previously (31). 

Nevertheless, the forecast has made all of us refocus on the attention to India’s remarkable demographic potential and its impact on the country’s economic development. 

It is time for India to start focusing on the future and find opportunities. Yes, there are plenty of them. But it won’t come to us until we start using the crisis to seriously transform the way we do business. 

It is unimaginable for an average Indian businessman to start a business, run it efficiently, and get into manufacturing, exporting, and getting licenses, obeying the laws, without dealing with a ‘babu.’ It is the elephant in the room that needs an immediate address. 

We talk about the ease of doing business. Still, unless we reduce the paperwork, permissions, corruptions, need for payoffs, constantly changing rules, and over-complicated regulations designed for misuse, we cannot hope to capitalize on the tremendous opportunities ahead of us (32). 

Building a service business is easier than building a manufacturing unit. Especially since the world will not wait for three or four years while we are acquiring permissions and lands to build a new plant. 

Several businesses would drive innovation and growth post-pandemic. It has accelerated digitization by about three to five years. Hence, online businesses can change their business models from making losses to making profits as the demand is increasing on itself instead of heavy marketing and equities.

A whole new variety of online businesses are most likely to emerge. Clearly, education and skills are businesses that would remodel themselves. Similarly, the healthcare industry is also ripe for disruption and innovations via telemedicine, drones for medical delivery, remote diagnostics, and the ability to reach remote areas. 

If we pair it with the increased requirement for better pharmaceutical products, masks, PPE kits, and other types of equipment that we have all suddenly become so familiar with. 

Communications are also changing for the better. It is time we reflect on how a simple technology like Zoom has enabled us to come together in striking ways, and with platforms like Stack in place, we won’t even need emails any longer. 

It is time for every small business to find a way to embrace technology. For instance, during the crisis, every small business and even restaurant quickly changed to become delivery machines. Similarly, every small retailer, service provider, and restaurant can also pivot, modify, and adapt quickly. 

 

What are the Most Successful Businesses?

The small business that involves digital marketing and the website design is among the ones that make the most sales and profit. People are now learning about businesses online more than other avenues today. Hence, finding clients and having a steady income is not that difficult anymore. 

Other businesses such as real estate business and cleaning services also have a high success rate, making sense since people need a home and prefer them clean (17). 

If you are concerned about maximizing your profit with the minimum workload, a good small business from any of these lists of startup ideas has most frequently been successful. 

On the other hand, if you are more interested in incorporating your passion into your work while making enough money to live, a good small business needs you to use your skills and offer you a good work-life balance while also fulfilling you.

You will know better than anyone about which startup ideas would bring you stability, success, and happiness. 

 

How to Start a Business With No Money?

To become a small business owner, you don’t need any money. The first step into having a business with no money is to keep your current job and launch a small business as a side hustle.

Then you can start by developing your business plan, analyzing your customer base, potential challenges, and market. 

It is worth highlighting that home-based businesses are the most convenient and manageable business ideas. You can start many online businesses and companies that need low inventory from the comfort of your home (18). 

 

The Step-by-step Process for Starting a Business

Starting a business can take a lot of work, but with the right tools and guidelines, one can get his company up and running in no time. Even though there are unique specific startup journeys for individuals, there are a few steps any entrepreneur can take to start their business (19). 

  • Pick a business idea and find a niche
  • Analyze the market
  • Create a business plan
  • Assess finances and raise them as required
  • Prepare legal business structure
  • Register the business with the authority and IRS
  • Determine the relevant business insurance policies
  • Hire employees and form a team as the business grows
  • Choose vendors
  • Market and advertise the business

 

Startup Ideas: A Year of New Beginnings

We believe that 2021 could be a year of renewal as the startup ecosystem relook its strategies and see how it can do things differently. 

It also gives us a clean state to reevaluate our goals and take action, such as becoming an entrepreneur. 

Even though 2020 may not be the best year, the new year should give you several opportunities to start your own company (20).

While recognizing an opportunity is only a part of your success, the next important part is to take the first step and start your business. Allow these startup ideas to serve as a guide for its potential, and try to select one that most aligns with your skills and passion.

Which opportunity would you move ahead with today? Let us know in the comments! 

Rucha Joshi is fueled by her passion for creative writing. She is eager to turn information into action. With her hunger for knowledge, she considers herself a forever student. She’s currently working as a content writer and is always interested in a challenge.



Source link

Leave a Reply