There are over 500 million entrepreneurs in the world. In the U.S., about 310 out of every 100,000 working adults own their own business. As more industries emerge in the world and technology advances, that number is growing.
In 2021, another common factor behind a sudden desire to own your own business could be the uncertainty we recently witnessed in the world. Millions of people found themselves laid off with little or no warning during the pandemic, and if you’re one of them, you may have found yourself wanting to ensure that that couldn’t happen again.
Whatever your reason, if you’ve decided to commit to opening a business in 2021, the first step is deciding what kind of company you should open. You should always consider your unique skills, talents, and abilities when making this decision. If you’ve done that, but still find yourself looking for suggestions, here are a few popular occupations you could try out.
Consider Construction: Why Now Is The Time For Construction Companies
One industry that’s seen a major comeback since work restrictions surrounding the pandemic began to lift is the construction field. During the shutdown, scheduled work was left undone as new work began to pile up. That means that now that everything is up and running, there’s an increased demand for companies to get the jobs done.
Construction is also a great field to consider because there’s always new work to be done. Houses and businesses go up every day, and as long as they do, companies will be needed to build them. That means you have some amount of built-in job security, which can be a rarity these days.
If you’re starting a construction business, do it the thrifty way by renting the equipment you need, like work trucks, to get you started. That way, you can lower your initial start-up costs and give yourself a trial period to see how the business is going to go before investing in expensive purchases.
Try Tutoring: Why Education Is Going Strong
On average, 10% of students use a tutor for their entire school career. The private tutoring industry rakes in over a million dollars a year. That rate is expected to grow by 7.1% by 2026.
All of that, coupled with the fact that many parents are now seeking tutors due to their children falling behind in the 2020-21 school year, means that right now could be a beneficial time to open a tutoring service. Private tutors usually charge between $15 and $40 an hour depending on the subject, skill level, and personal credentials.
Math tutors and foreign language tutors are in particularly high demand, so if you’re considering starting a tutoring service you may do well to focus on those areas. As you expand, you can collect tutors from all subjects to work for your service, but for now, focus on the most popular areas.
Dip Into Digital: Why Digital Marketing Is Stronger Than Ever
There are somewhere between 12 and 24 million e-commerce sites across the globe, and more are being created every day. As more and more shoppers embrace shopping online, the need for high-quality marketing content becomes more apparent. That means that if you have digital marketing skills, you could be poised to make quite the profit.
The average salary for a freelancer doing digital marketing on their own in the U.S. is just over $66,000. If you plan to open a company with other marketers, you can theoretically expect to make more.
You will, however, need computers and various design software that can be quite pricey to maintain. Make sure to take considerations like that into account when creating your budget and estimating your profits.
At the end of the day, your profit margin will depend on the number of clients you get, and how much work they need to be done, as well as the skills of your artists. Take some time to create mock-up campaigns and samples so you can hit the ground running if you plan to dip into the digital world.
Now that you know a little more about the popular business ventures of 2021, you can make a more informed decision about what you’d like to commit to.