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Are you looking to start your own business? Maybe you lost your job due to the COVID-19 pandemic, or the time spent at home has made you want to become your own boss so that you can spend more time with your family.
Thankfully, entrepreneurship is easier than ever.
There is an endless number of fantastic new business ideas, and it’s difficult to narrow them down as it depends so much on your passions and interests. But we’ve compiled a list of 10 trending business ideas, so keep reading and you might just find the one for you!
1. Dropshipping
If you’ve done any kind of research into potential business ideas so far, dropshipping has probably come up more than once. One of the biggest reasons for its popularity is that compared to some other businesses, the barrier to entry is low.
In its most basic form, dropshipping is buying a product from a manufacturer and shipping it directly to your customers. This means that there is no requirement for a large initial investment in stock, and running costs are low since you don’t need to worry about shipping.
It can be as simple as sourcing products, setting up an online store, and marketing it!
2. Sell Upcycled Items
Whether it’s furniture, clothing, or repurposing old items, upcycling is one of the latest trending business ideas thanks to how easy it is to market and sell.
Again, an advantage to this is that you don’t have to buy anything to get started. You’re bound to have items in your house that you don’t use anymore, but that aren’t in bad condition.
But even if you don’t, why not head out to a thrift store and look out for items that you could freshen up and make a profit from?
3. Translation
Do you know a foreign language? If you’re fluent, you could make a lot of money by offering translation services.
There are all sorts of different ways to monetize your multilingual abilities, and there are platforms like Upwork and Flexwork which allow you to get your name out there and grow your business.
4. Freelancing
With remote work becoming more and more accessible because of its necessity during the COVID-19 pandemic, freelance careers have become more and more popular.
Benefits of freelancing include managing your own schedule and working from home. So if you’re the kind of person who is able to motivate themselves, and you have some ability or experience in a chosen field, there are lots of options for you. Let’s take a look at a few popular freelance careers.
Writing
Whether it’s writing blog posts or SEO-optimized copy for websites, or even journalistic pieces, there is a wealth of work out there for you. The challenging part is getting your name out there, but once you have a few clients, you’ll find you can grow from there. Freelance writing could be one of the best new business ideas after covid.
Web Design
The online world is colossal. A company that doesn’t have a web presence is unlikely to do well, but a company with poor-quality web resources is doing itself more harm than good.
If you know how to make websites, or how to make bad websites better, freelancing in this role could be a huge business for you. You could design websites from scratch for a company, or try something that’s become one of the latest trending business ideas.
Website flipping is a similar idea to upscaling tired old belongings. You purchase a website, modernize and improve it, then sell it for profit. It’s a form of investing and can pay huge dividends.
Social Media Management
Perhaps even more crucial to a business than a good website is a good social media presence. Many company directors don’t have the time to invest in posting regularly on social media channels, so may look to outsource the work to freelancers.
You could be posting for a number of different companies throughout the day, earning good money from each because business owners understand that online presence and reputation can make a huge difference to sales.
5. Gaming
Yes, you read that right—you can earn decent money from gaming! Thanks to platforms like Youtube and Twitch, gamers can build an online community of people who are willing to pay money to support you.
While this may seem like an alien idea to the older generations, young people are more than happy to spend a little money in order to get benefits like ad-free videos, special avatars, or extra content.
It’s not as easy as clicking record and waiting for people to show up, though. You need to have a good idea of the kind of content you want to create, and how you are going to connect with your community.
Do you want to do tutorials on how to get better at a game? Or do you just want to play for fun? Establish these kinds of things early and you’ll be able to work towards building a great community.
6. Tutoring
Do you have a skill that you think you’d be able to share with others? Maybe you’re a skilled guitarist, singer, or artist. You may never have considered it before because it’s a hobby, but you could make a living by teaching other people.
If you already have a social media following for your skill, it’s a fantastic opportunity to start your business. And again, thanks to the ease of access to remote work, online tutoring has been booming in the last year.
7. Making and Selling Clothing
Are you a creative person? Have you ever made your own clothes? If you do, you’ve probably done it because you enjoy it and perhaps have never considered making a business out of it.
The great thing about doing something you love for money is that you get satisfaction out of it without it needing to be a big business. But don’t let that stop you from scaling up if you find that you have demand.
For example, if you make shirts and would like to upscale, you might worry that you won’t be able to print large amounts. Thankfully, there are companies that offer custom shirt printing that can do larger-scale printing runs.
8. Rent Unused Space
One of the new business ideas that is a little different from the rest is the potential to use an unused room in your home to earn you some extra money.
The self-storage industry is projected to be worth $53.92bn by 2026, so it’s definitely a worthwhile industry to get into. With so many new businesses popping up due to COVID-19 job losses, people may be looking for somewhere to store stock, or even set up a small office space away from home.
Big business self-storage firms can be extortionate, so it’s fantastic to be able to offer a more affordable option to help support someone who needs it.
Thanks to websites like Neighbor.com, it’s easy to advertise your space. So if you’ve got an empty room in your house, why not let it make you some money?
9. Wedding and Event Planning
Are you someone who loves to plan kids’ parties? Or have your friends noticed your keen eye for style and asked you to help plan their wedding? A career in event planning could be for you.
The wedding industry is a lucrative business and word of mouth is an incredibly powerful marketing tool. All it takes is one person to ask who helped style a wedding and social media can blow up with pictures praising you, which can generate leads.
One point to make here is that it is helpful to be very personable. A wedding is the most important day of some people’s lives and so they will want to know they can trust you.
10. Personal Shopping
The term personal shopping may have some poor connotations. Images of walking around a supermarket with a list of groceries for an old lady spring to mind, but believe it or not, personal shopping can be a high-end business.
Think of it more like a personal stylist—an affluent client like a successful businessperson may not have time to go out and buy the latest trends, but they can afford to pay someone to do it for them.
If you love fashion, love people, and love shopping, this business idea could be a dream job!
Which of These Trending Business Ideas Could Work For You?
The internet has become an incredible resource for people looking to start a new business. The global pandemic has been a struggle for sure, but the mark of a good entrepreneur is their ability to bring something good from a bad situation.
Now is the time to look into some of these trending business ideas and consider if any of them are worth pursuing. Making the choice to act can be the biggest hurdle—once you’ve made your mind up to go for it, it’s a thrilling journey.
If this article has got you excited, check out the entrepreneurship section of the website for more information and advice on similar topics.