Small business ideas for 2021 and 2022

As the economy continues to improve, many aspiring entrepreneurs are turning their small business ideas into reality. Last summer, during the global pandemic, A record number According to Axios, some Americans have applied for a new employer identification number (EIN) or tax file number.

Although the pace of startups has slowed since then, there is still a lot of activity around startups, which makes 2021 an excellent time to start a business. If you need some help on how to start your own business and what you should start in 2021, you have come to the right place.

Small business philosophy

Hope you have a list of small business ideas that appeal to you. The idea is to identify those ideas that can become profitable small businesses. Generally, it is recommended that start-up entrepreneurs follow their enthusiasm. While this may be effective in some situations, the fact that you are passionate about something does not mean that consumers will care. The most successful companies are those that provide products or services that consumers (whether B2B or B2C) want at a price that consumers are willing to pay.

So, what do consumers want today? Here are some small business ideas that may be worth pursuing.

B2C small business philosophy

E-commerce

NRF (National Retail Federation) predicts that total retail sales in 2021 will increase by 10.5% to 13.5%, reaching between US$4.44 trillion and US$4.56 trillion.But the more important news is non-shops, and Online sales may range from US$1.09 trillion to US$1.13 trillion, An increase of 18% to 23%.

baby products

According to the NPD Group, Parents are buying a lot of products For their children. NPD said that in 2020, the revenue of youth products will be 7.35 billion U.S. dollars, an increase of 6.5% in a year.

The most popular categories are:

• Safety products, including health and beauty products and baby gates. Sales in 2020 will reach 587.5 million U.S. dollars, an increase of 35% over 2019.
• Furniture sales were US$952.1 million, an increase of 17% over 2019. Best-selling products in this category include cribs, cribs, and furniture for children and babies.
• The entertainment category, including active seats/jumpers and swings, had sales of 963.6 million U.S. dollars.

Toy

Toy retail According to a report by the NPD Group, it continues to flourish, with sales in 2020 of US$25.1 billion, an increase of 16%. Many of these sales took place online, and from 2019 to 2020, revenue has grown staggering, with a 75% increase. NPD recommends that brick-and-mortar retailers continue to provide BOPIS (buy online, pick up in store) or curbside pick up options because they provide convenience for busy parents.

Fashion dolls and accessories (+56%), sports toys, including skates, skateboards and scooters (+31%), games (+29%), building blocks (+26%) and summer seasonal toys (+24%) Is the best seller.

New online customers

If you want to open an online store, your target customer market has grown significantly. Doing business online is a good side business idea or family business idea. Washington post Report baby boom Consumers over 65 It is now the fastest-growing category of e-commerce shoppers, joining millions of millennials and Gen Z.

beauty

One of the fastest growing categories in the beauty industry is products aimed at male customers.The male personal care market “has grown exponentially over the past decade and should Reached 166 billion U.S. dollars By 2022,” According to United Market Research.

According to CBS News, global research company Mintel reports More than two-thirds of Gen Z men In the United States, people are interested in genderless beauty products, not just products with traditional masculine packaging (mainly in dark red, green, and black). According to Mintel, “9% of Gen Z men say they use some form of lighter’no makeup’ makeup, whether it’s a tinted moisturizer, BB cream or CC (color correction) cream.”

In general, in the beauty industry, all the buzz is about clean beauty.This Worldwide Clean beauty market Revenue is expected to grow from USD 5.4 billion in 2020 to USD 11.6 billion in 2027.

Clean beauty means that the product is safe and non-toxic.

Home improvement

Probably due to the increase in the number of people working from home, many people decided change Their space, According to the consumer research giant NPD Group. exist In 2020, consumers invested their home improvement dollars in kitchens and bathrooms (income increased by 28%), while overall home improvement revenue increased by 22%, and paint sales increased by 16%.

This means that companies that sell these household products have an opportunity. The prospects for contractors and remodelers are also very optimistic.The Harvard Joint Center for Housing Research released a report on the Leading Indicators of Renovation Activities (LIRA), which predicts that the revenue of the renovation industry will reach US$352 billion This year.

In addition, since many of us will be working from home in the foreseeable future, there is a high demand for entrepreneurs who sell the organization’s products or services.

Food truck/ghost kitchen

If you have always wanted to work in the food industry, but the start-up cost is too high, please consider starting a food truck business or opening a ghost kitchen. Ghost (or virtual) kitchens flourished during the pandemic. They only provide takeaway and/or meal delivery services, and they can usually operate in lower-cost areas in the city.

One Report From industry insiders, QSR MagazineWhen talking about fast food restaurant operators (QSR), he said: “You can see its appeal. Virtual kitchens are streamlined commercial cooking spaces with no dine-in options. As a hub for online delivery and catering orders, they avoid High-quality locations require expensive expansions.

Less high-quality real estate also means more space to accommodate delivery and catering vehicles, which would otherwise compete with customers for parking spaces.

Coaching

There is a great demand for tutoring today, and starting tutoring services is a good sideline concept. Post Code Recruitment According to the report, the average annual sales of private teachers are close to US$45,000.

B2B small business philosophy

All these new startups need help to start and grow their businesses. This means that companies that provide services to other companies (B2B) have many opportunities. The business services required include:

• Accountants and bookkeepers
• Web designer
• Graphic Designer
• Business consultant
• Digital marketer
• Business plan writer
• translation service
• Social media consultant
• Virtual assistant

Enterprise formation

Once you decide which type of business you want to start, you need to pay attention to details.the most important is Choosing a business to form a structure This is correct for you. If you don’t want to merge, the easiest and lowest cost option is to operate as a sole proprietor.If you don’t Register a separate name for your business In your state, your first name and last name will be the name of your company by default.

When you run a sole proprietorship, there is no legal protection between you and the business. This means that you may be sued by unsatisfied customers.

Today, many business owners start to form an LLC (Limited Liability Company), which is regarded as a separate legal entity from its owners, which means that they are immune from personal liability for any debts and claims to the business.If you own a limited liability company, you need to keep your Corporate Finance and Expenses Separated from you or other members of the LLC.

Which is right for you?

Each business structure has its advantages, disadvantages, and tax consequences, so consult your accountant and lawyer before choosing the structure that best suits your company.