Every year, businesses and entrepreneurs try to focus on what the new business trends of 2021 will be in an effort to capitalize on those trends before others too. This coming year, a few new business trends are starting to emerge, and you’ll surely see them grow as 2021 moves forward.
Working from Home
This is a great place to start because it is so obvious why working from home is becoming so popular. The pandemic of the COVID-19 virus has forced businesses and their employees to take action to avoid catching the virus. It’s common knowledge the virus spreads more easily in groups, so many businesses across the nation are allowing their employees to now work from home.
With the advanced technology that has swept the nation for the last 25 years, this new movement of working from home is much easier than it would have been in the past. There are so many instant methods of communication and business tools available online that it makes complete sense to let people work remotely.
Contract Work
Also related to the COVID-19 pandemic is the rise in contract work taking place. Several industries have been hit hard by the pandemic and had to either close or lay off employees. The restaurant industry is a perfect example of this. If a restaurant server gets laid off, they would have trouble finding jobs at other restaurants because the other restaurants are either closed or are limiting the number of people allowed inside.
What’s the answer? Contract work. These laid-off workers can sign up with a freelancing platform to find work from businesses or individuals. Someone might have great computer skills with a particular type of software and find jobs related to those skills. ‘Help with resumes’ is a popular category, as is translating, help with college papers, editing, and the list goes on. There are many freelancing platforms such as Upwork where someone can find work in most fields with almost any skill.
Personal Protection Equipment (PPE)
Until the COVID-19 pandemic truly gets under control, people will be needing personal protective equipment (PPE). PPE related to the COVID-19 typically includes surgical face masks of various types, surgical gloves, hospital caps and gowns, goggles, and hand sanitizers. As predicted, the number of cases, hospitalizations, and deaths have been increasing as outside temperatures are dropping across the US.
Even though most PPE products are available, PPE is still in high demand right now and should stay that way. There are many stores on Etsy that have taken advantage of this need and literally made millions on their Etsy stores. Others have assumed the role of a PPE broker, and find out who has equipment and needs equipment. They work out the logistics, tack on a profit margin, and rake in the profits. Some have also purchased bulk supplies from China and sell them in small amounts to buyers in the US. Others have simply invested in the companies whose stock is predicted to rise.
Niche Products
Niche products are products sold within a niche market, in a niche market is an area of very specific groups related to anything. Examples of niche markets include gardening, golf, dieting, pets, do-it-yourself (DIY), or just about anything else. For someone who has their finger on the pulse of society, they can sometimes figure out what these can help produce a profit.
As entrepreneurs are becoming more tech-savvy, they are exploring the hundreds of thousands (millions?) of different niches to see which one can be used to make big profits. To get an idea of how many potential nations there are, Amazon sold nearly 120 million separate products in 2019. The tough part is finding one that will potentially be profitable. It helps to find an industry where it’s easy to start a business, it has a low entry barrier, and you can separate yourself from other competitors by focusing on a very specific target audience. Then you try to monetize your chosen niche through a website, blog, podcast, affiliate products, and using your own experience and skill set to sell a product. There are many millionaire entrepreneurs out there who are considered experts in an area and develop a large following of people who are willing to purchase their product.
These four business trends of 2021 are only a small sample of what you’ll likely see trending in 2021. If you find you are looking for a new way to make money or simply any way to make money, one of these trends might be a good fit for you and your current situation. If you find that you need a small business loan to start a business within one of these emerging trends, contact us at Affinity Beyond Capital (ABC). ABC loans are quick, simple, and painless. Call (833) 234-6489 today and talk to one of our expert lending professionals and learn more about our funding programs including small business loans, business lines of credit, merchant processing, commercial loans and more!