If you want to start a business, the New Year is the perfect time to begin. And if you’re going to start a new business in 2021, it’s crucial to have a basic idea of what types of businesses are trending right now and which ones might be a good fit for your skills and experience. Fortunately, that research has already been done for you by Forbes Insights’ survey of over 1,000 professionals across the globe.
Their 2017 Global Report found that some types of businesses were on the rise while others seemed to be on the decline. Here is an overview of those findings and other resources from Forbes Insights and YouGov Plan & Track.
Virtual Staffing Companies
According to the Forbes Insights report, a slight increase (up 1%) in professionals who plan to start virtual staffing companies in 2021. Those types of businesses could be an ideal opportunity for experts in human resources and recruitment.
Business Consulting Services
Another service that’s trending up is business consulting services, which experienced a 2% rise in the number of people who want to start such a company compared to last year. The U.S., UK, and Germany are all very interested in creating business consulting services firms. Hence, if you have previous experience or expertise in this field, consider making it your own! You can find more information about entrepreneurship opportunities by checking out our post on how to get into small business ownership.
Software Development Services
The third top trend is software development services, gaining popularity since 2016. There was a 3% increase from last year, so it’s clear that professionals are seeing the benefits of offering this service to their clients. If you have abilities or experience with technology and feel confident about your ability to design programs for other people, consider starting a business related to software development.
Digital Media & Publishing
What can we expect from digital media & publishing companies? Well, according to Forbes Insights, there was an 11% decrease in people interested compared to last year. Perhaps some businesses related to this field are on the decline, but you might not want to rule them out entirely as they could still be a great fit for your skills. Check RemoteDBA.com for ideas.
Mobile Application Development
This field also experienced a decrease of interest by professionals, with an 8% decrease since last year’s results. If you have experience or training in mobile apps and feel confident that you can launch such a company on your own, keep this industry in mind when considering what types of businesses to start next year.
Business Process Outsourcing
One interesting trend was the slight increase (2%) in people interested in starting business process outsourcing companies (+7% from 2016). BPOs are among the most popularly started businesses around the world. Hence, if you feel that this is an area where you can excel, consider developing skills related to servicing clients who need help with accounting, bookkeeping, and other administrative services.
The final business trend identified by Forbes Insights is customized/personal services, which experienced a 4% decrease in professional interest compared to last year. If you have experience in beauty products, health & wellness, or cuisine, consider starting a personalized service related to one of these topics (or related to another area where you feel confident).
Freelance Writing & Journalism
A close cousin of blogging, freelance writing is where many people can excel. If you’ve written for magazines, newspapers, or websites before and feel comfortable pitching your work on a piece-by-piece basis, consider launching a freelance writing company in 2021.
Internet Security Services
The number of people interested in starting businesses related to Internet security has increased by 6% since last year (+5% from 2016). This field is expected to experience growth in the coming years, so if these companies are an area where you feel confident, this might be a great opportunity for you.
Organic Farming & Other Agricultural Services
The number of professionals who want to start organic farming or other agricultural services companies has declined by 5% (-7% from 2016). However, with concerns over food safety, pollution, and natural resource scarcity only growing stronger every day, this trend may reverse itself sooner rather than later.
Outdoor Gear & Clothing
Interest in starting a business related to outdoor gear and clothing is rising, with entrepreneurs interested in doing so up by 5% (+4% from 2016). If you have experience in physical fitness, skiing, snowboarding, hiking, camping, or related activity, consider establishing an outdoor gear and clothing company that specializes in products for your niche.
YouGov Plan & Track also found that certain types of businesses grew more popular with specific groups of people, including millennials. For example, 12% more women between the ages 18 and 24 plan on starting an education and training company than they did in 2016 (25%). Additionally, 7% more men between the ages of 18 and 24 plan on starting a business consulting company than they did in 2016 (20%).
Technology has completely transformed the way we live our lives, so it’s no wonder professionals are interested in launching businesses related to technology. Entrepreneurs who understand how these businesses work could be at an advantage when capitalizing on what people want (or will wish to) in 2021.
There are many reasons you might consider starting your own business, including gaining greater flexibility, having the opportunity to set your schedule, and determining where you take your company. Plus, there are plenty of benefits for employees as well; if you’re happy with your current position but wish you were able to afford things like tuition or healthcare, establishing your own business could give you the chance to make your salary go further.
In addition to knowing what type of business you want to start in 2021, it’s also important to think about how much money you’ll need. Once you determine this amount, add it up using the personal loan repayment calculator. Doing so will give you a clear picture of how much money you’ll need once all of your debts are taken.