Passion is important when you are launching a startup – but demand is even more important. Your startup should fill a gap in the market. Ask yourself: will people pay for this service or product? Hundreds of people want to start a business in 2021 – think about what will make your business unique.
When you start your business, you need to consider this:
Who is your target audience? Working parents? Retirees? Students?
What does this target audience want in 2021? Do not generalize – be specific. For example, if your target audience is 18- to 30-year-olds, consider where they’ll want to spend their disposable income when the restrictions are lifted. Keep an eye on the future.
How will you monetize your business? In some cases, it’s easy – for example, if you sell a product, you can make a profit on the markup. However, by 2021, businesses will be increasingly digital and service-based.
What makes your business unique? Every business needs to have a unique selling proposition. In 2021, there are several gaps in the market. For example, in 2021 people want to send gifts to their loved ones without the hassle of going to the post office – there is a gap for a service that delivers gifts directly from a warehouse to the recipient’s door.
THE BEST STARTUP IDEAS
The best startup ideas are those that respond to current problems and gaps in the market. Be smart.
Our experts have studied the 2021 market and found several startup ideas that will stand out this year. These startup ideas include:
Services and sales of eBikes and eScooters. Cycling became a popular hobby in 2020, and this popularity will continue in 2021. In addition, electric bikes and scooters are on the rise: well over 60,000 eBikes were sold in the UK last year, and this number is expected to increase by 30%. Combine trend and technology by starting a business that either sells or repairs eBikes and eScooters.
Staffing Agency. Unemployment may have risen in recent months, but a big upswing is predicted. Businesses will need help finding skilled workers – start a service that matches workers with vacancies.
Landscaping. According to our experts, outdoor socialising will continue to be popular in 2021. That means people want their yards to look good. Plus, this is a relatively inexpensive business idea. Similar business ideas include marquee hire and garden furniture sales.
Content Marketing Services. Many businesses are in need of a boost after the economy took a turn for the worse in 2020. One of the best ways to do this is to create a strong digital presence. Learn about content creation and marketing and then offer your skills to other businesses.
Event planning. From weddings to trade shows: Events will be back in style in the summer of 2021. From logistics to venue rentals, there are many event business services that will be in high demand in 2021. Make your event business unique by specialising in a certain area – you could offer sustainable event services or events for a specific community.
FUNDING YOUR STARTUP
There are hundreds of grants available for small businesses. Whether you qualify for a grant depends on your industry, location, and funding needs. A grant is different than a loan. A loan is an amount of money that must eventually be repaid to the lender. A grant, on the other hand, does not have to be repaid. It is given to businesses to help them invest and grow.
Some grants are location-based. For example, there is the South-East MidlandsStart-up Programme, the Northern Impact Fund and Lincolnshire Grants4Growth, among many others. Check with your local council or search government websites for grants in your area.
To apply for loans and grants, you’ll need to create a business plan. A business plan outlines your future plans and is designed to be read by people who know nothing about your startup. When you write your business plan, you also need to think about marketing and management.