Hot New Business Ideas for Entreprenuers
If you’ve decided to take the ultimate leap of faith and become an entrepreneur, welcome to the club. You’ll find yourself at home here, and you’ll be surprised at both how easy and how difficult the journey can be.
I’ve been where you are now. It’s daunting to start a new life like that, and it can twist your stomach in knots just thinking about the idea of giving up a perceived safety net with your 9-5 income.
Fortunately, if you’re willing to work the extra hours, you can do both to give yourself a stable income before you make the switch completely.
But first…you’ll need an idea.
That’s where this list comes into play.
In this article from IBuyIReview, I’ll take you through a list of new business ideas for people like you who have an entrepreneurial heart. You might be surprised that many of these ideas are new and unique.
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There's More to a Business Than an Idea Online...
Every business starts out with an idea. There’s truth to that, but if that idea was created in a vacuum, it doesn’t mean that there’s a demand for the solution you are offering. (1)
It might be a great idea to solve a problem that you have, but it might not seem that way to others, which is why it’s important to do your market research before launching a product or service.
These hot new business ideas that you have are only viable if they can hold their own weight, so to speak, which is why this step is essential to any service or product.
By doing your market research ahead of time, you can see whether the new idea is worth pursuing further. This research is meant to help you determine a target audience, target demographic, and demands of the market.
It will help you in funding rounds, should you seek investors, and allow you to develop the product closer to what consumers want and need out of the idea.
Is Your Business Idea Worth Pursuing? - From Small Business Start Up to Money Maker
Leading an entrepreneurial life can be tiring. Often, you will find yourself making business decisions in a vacuum and not getting the type of feedback you need to feel like your idea is worth pursuing. (2) People may be uninterested in the new business concept or discouraging you from taking a leap of faith.
That doesn’t mean it’s not worth pursuing your business idea anyway. Your idea deserves to see the light of day, but only once it has been vetted.
That doesn’t mean asking for arbitrary opinions under the guise of “do you think this will work?” either.
Once you have done the research to see it as a viable idea, that’s when you can decide if it’s an idea worth pursuing.
Make your financial assessments, determine how much work and money it will take to develop the service or product, and when you can expect to be in the pre-launch stage.
Set your goals and make the process as structured as possible. You’ll thank yourself later down the line if you do.
List of Hot New Business Ideas
As we evolve as people, we develop different needs. In this age, technology reigns supreme, but it is a recent innovation, which means there is a lot of new business opportunity to build off of the services and products we already have in our daily lives.
Below is a life of the next hot new business ideas, great for 2021 and on that are likely to survive the trends and continue their popularity for years to come:
1. Lead Generation (Top Pick)
For years, I have made my income by providing small local businesses with qualified, direct leads to their services so they can thrive in an uncertain market.
How do I do it?
No, it’s not dropshipping, ecommerce, blogging, podcast marketing, or any obscure thing like that.
I did it through a little digital marketing magic called Ads, and a great program that taught me how to do it all.
Lead generation is great and all but doing it with SEO can take a long time and a lot of money before you find out if it’s viable or not. With ads, you can directly target the leads you want to send to your clients.
Qualified leads without the hassle sounds too good to be true, but that’s why so many people pass up the opportunity.
I thought it was too good to be true, too, until I started making a reliable income and started living the life I wanted to, all thanks to the course.
Curious about if this would work for you? Get a sneak peek of the goods below:
2. Senior Care
Whether it’s playing chaperone or taking care of chores around the house, senior care is an important part of many people’s lives. There are many avenues you can take with a senior care business type. One avenue is to provide patient advocacy services, helping seniors get the required medical care at a price they can afford.
Another way is by keeping contractors on staff to help take care of daily chores, establishing an online portal and phone line for seniors and their family members to get help, whether it’s transportation services, home repairs, or something as simple as doing laundry. Every little bit helps make their day a little easier.
3. Ride Sharing
Carpooling has been around for a while, and ride sharing is a similar concept, except it’s not just limited to driving to work with your co-workers. Ride sharing is quickly becoming one of the most lucrative ways to make money, especially if you have space in your vehicle for another occupant or two in a city or large town.
This way, you can reduce your carbon footprint all while helping someone get where they have to go. Get the right paperwork filed, and you can start an independent business hiring drivers to get across your city to help provide transportation services to those who need it.
4. Chatbot Funnels
Good at technology and social media? Then you might want to consider starting up a business profile installing and managing high value chatbot funnels for online brands.
People are tired of robocalls, but chatbot funnels are much easier to get through and many customers prefer them to dealing with frustrating technical support.
While support teams may still be on stand-by should the customer want help with something more than what their chatbot can provide, it still reduces the financial and logistical burden on companies who are looking to improve their customer experience.
5. Blockchain Mining
Chances are, you’re familiar with the term “cryptocurrency” and you might even own some bitcoin or Ethereum yourself. These digital coins are a decentralized currency that can be mined through something called the “blockchain”, a digital, billion dollar mathematical resource.
Blockchain mining, if done correctly, can be highly profitable. Just be sure to offset your electricity costs as you’ll want some dedicated server space and cooling if you get into it full-time or on a larger scale. Of course, many people tend to go freelance, but the more hands you have, the easier it will be to make money.
6. Online Privacy Firm
Cybersecurity is a growing industry, and it needs professionals who are willing to help prevent attacks on commercial residential networks. If you have a knack for securing networks, a cybersecurity or online privacy firm may be a good fit for your skills.
If you’d rather stay away from cybersecurity and prevention, but want to provide security services, then secure data storage is another route to take your newfound agency. So long as you have the proper certificates installed on your storage, likely with help from cybersecurity experts, you can provide data storage and dedicated servers for companies who host sensitive data or need a HIPAA-compliant solution.
7. Car Charging Stations
The internet has made its way offline, too. Electric cars are the way of the future, but e-car owners still want a place to charge their vehicles while they’re running errands. If you see this problem in your local area, then you might be able to get permits to install charging stations in popular shopping and commercial districts.
Shoppers would pay for their use of this type of charger while they’re inside and you would take a cut of the profits. Sounds like an easy solution in areas where the city hasn’t quite caught up to the local demand yet.
8. Digital Payment Solutions
If you ask around, you might learn that few people carry cash anymore, increasing small businesses need for digital payment solutions.
Whether you provide invoicing software or point of sale machines, this is a problem that will not be going away anytime soon. You can start your agency type by improving your systems with offers of maintenance and support services to businesses that want it.
9. IT Services
With a growing dependency on internet technology, so grows our need for IT services. If you have a technological background in this type of service, then you might want to consider starting an agency to solve tech problems for businesses and individuals in your local area, or within a specific niche.
You might be surprised at how easy it is to set up an agency like this. The good thing about it being internet-based is that you can do almost everything from the comfort of your computer screen. All you need is an internet connection, audio and visual equipment to take calls from clients, and the know-how to back up your skill and be helpful.
10. eSports
The eSports industry is growing rapidly, and instead of physical, in-person sports like you might be used to, this is an industry around online video games.
There are many ways you can get into the industry, such as providing streaming services, hosting a platform where gamers can build an audience, or being a dot-connector between the gamers and sponsors.
The possibilities are endless, and it may take some creativity to find a place where your business can provide an innovative and unique offering, but it’s out there somewhere, and chances are, people are looking for a better solution to their problems in this relatively new industry, especially in VR.
11. Pet Grooming
Pet grooming is something that a lot of people are looking for, but no one has time to take their pets to the groomers as often as they’d like to. Offering pet grooming services in your local area can be a good way to make money, especially if you make house calls for the busier clientele.
Of course, with enough pets, you’ll have to hire a team to help you, especially if you establish a routine or subscription grooming service. Pet delivery is also an innovative service thanks to busy evening schedules.
12. Rental Real Estate
Real estate has been a popular way to make a personal income since the dawn of time. Or, at least, that’s what I assume. People are always looking for a place to live or rent for a vacation, and once the paperwork is sorted out, becoming a landlord can be a lucrative way of making money in your community.
If you’re going to make real money at it, though, you need to start up a leasing office that handles multiple properties and employs a maintenance team and accountant on staff to handle all of the repairs and financials that are going back and forth between tenants and your leasing office.
13. Home Renovations
Homes have to be renovated periodically so that they do not become an artifact of the past. Home renovation services are popular with both landlords preparing for new tenants, and homeowners who want a more modern look in their home.
This industry has seen a consistent upward trend in popularity over the last decade, and it shows no signs of stopping.
If full home renovations are too much for you, you can start a business specializing in one area of the home, like kitchen remodeling, smart home upgrades, or painting.
14. Home Staging
Do you have an eye for home design and transforming a space from a room to a cozy den or inspiring bedroom?
Home staging is important for real estate agents. The right look is necessary to sell potential buyers on a property, increasing sales by 10% or more.
By starting a home staging business, you can hire helpers to model and propose staging designs to real estate agents, then make the magic happen in real life with the right wall colors, lighting, and home décor.
15. Event Coordination
Event coordination is something that has always been in demand but is now overwhelmed with demand, especially after the pandemic. Everyone has spent the past year daydreaming about events and planning their next big get-together.
This is a lucrative business opportunity, especially if you go in with a partner who compliments your skillset. No matter the type of events you handle, there is always someone who will need a little help. Bonus points if you can provide virtual event planning services as well, as many people are still hesitant to open in-person events to the public.
16. Website Design and Development
Every company needs a website, and each website will be periodically re-designed to suit the company’s branding and update any information that has changed. This is a great business to start an agency in, with a variety of roles that you can fulfill depending on your skillset.
Web design is focused on the aesthetic aspect of each site, while web development is more focused on the technical functionality of websites. You’ll also need a good salesperson and client manager to help keep all of your projects in order.
17. Escape Rooms
Escape rooms are a recent trend that emerged within the last few years, and it shows no sign of dying out. These rooms are set up so a group of people go in, and a story is read, telling them to why they are “stuck” in a room and need to get out. Each person can physically manipulate the room in some way to solve a series of puzzles.
Solve enough puzzles, and you “escape” the room – complete with a celebratory group photo and a timestamp to show off how quickly you and your friends were able to solve each puzzle.
18. Medical Transcription
If you are good at typing and can record detail with meticulous precision, then medical transcription might be the right choice for you. The healthcare industry is always in need of medical transcriptionists who can record accurate data with patient confidentiality in mind.
Because these transcriptions are part of the medical billing process, it pays well. If you start to get overwhelmed with requests, you can start your own agency, hiring other medical transcriptionists to help take the workload off.
19. College Prep Tutor
College preparation can be a daunting thing for students, and tutoring is a lucrative way to help them achieve academic success. You’ve been through the process already, so you know what it’s like. Study up on the strategies and skills they’ll need, and you can help guide them through the process with supplemental education.
Get enough happy students who have passed their exams and you’ll have a great base of reviews to start tutoring full-time if you enjoy it enough.
20. Online Courses
Everyone knows how to do something really well. Someone else out there is trying to learn how to do what you do. It might be a trade skill that you have or a way to make money. In either case, online courses are taking the internet by storm.
Knowledge is power, and it seems like in recent years, people have come to better understand that concept, especially as we turn more towards the internet to learn everyday skills.
It could be something as hands-on as carpentry or mechanics. It could be standard education or a creative skill like painting techniques. No matter what you choose, you have a skill that people are willing to pay for.
21. Graphic Design
Advertisements, product designs, websites, social media posts, and commercials are everywhere. Each one of these final products has a well-paid graphic design behind it, making design choices to help draw the eyes of the consumer and promote the brand that paid them.
Every company has a graphic designer they hire, and many use freelance designers to save money on an employee salary, which is good news for you.
If you have a knack for using photoshop or a similar program and enjoy designing presentations, social media posts, and advertisements, then you might find that graphic design is a fun job that allows you to work from home. Promote yourself correctly and you are setting yourself up to make the big bucks.
22. Meal Planning Services
A lot of people today are busy and don’t have time to think about what meal they’re going to eat next, which is why meal planning services came around. It solved a need that many people needed, but it’s not available everywhere, making it difficult for individuals to reliably get the nutrition they need.
Whether you call the job done after the meal planning phase or if you hire a team to select ingredients, prepare the meals, and deliver to the home or office of your customers, this is a lucrative business that helps keep people fed and healthy daily, allowing them to focus on what they do best.
23. House Flipping
Have some extra cash and looking to scratch your craving for DIY projects? House flipping can be a very lucrative market so long as you buy and sell during the right times. The concept is simple: find properties that are low value, repair and renovate them to increase the value, and sell for high profits!
You can even hire a team of contractors who do the work for you if you’re not someone who enjoys hands-on work. It’s a business that’s easy to structure, and with the right accountant by your side to take care of the paperwork, you can make a significant amount of profit.
24. Amazon FBA
Amazon FBA is not my favorite cup of tea as it can be expensive and difficult to get set up. If you know what you are doing, however, then you stand to make a lot of money with a relatively small amount of work.
This method of digital marketing involves you purchasing inventory and storing it in an Amazon warehouse, then creating listings for your products that sell. The Amazon warehouse workers take care of all the shipping and customer returns logistics for you so you can enjoy the profits, all from the comfort of your laptop. No need to store inventory or hold products yourself.
25. Christmas Light Installation
Have an eye for great Christmas light designs and want to get some hands-on experience with these ideas of yours?
This is a great seasonal business, especially for people who have experience with roofing or gutter work as they’re already used to being close to people’s homes on ladders.
Christmas light installation is much more widely sought after than you might think, with millions of homes lit up for the holiday season across cities in the U.S.
26. Bike Rentals
Especially near popular tourism and vacation areas, people are looking for a more eco-friendly and efficient way to get around than the traditional vehicle rental. Bike rentals can be a fun and inexpensive business to start up and doesn’t always require a brick-and-mortar store.
So long as you have a good system for keeping track of your bikes and charging for damages and late fees, it’s a business that keeps itself afloat rather easily, though it is seasonal.
27. Landscape Designer
If you love landscaping, then you might find your calling as a landscape designer. Get a few certifications, file a business, and buy a few tools and you’ll be ready to start designing residential and commercial landscapes in your local area.
This is a business that can easily grow and scale to where you want it to be. Many landscape designers in large cities make six figures each year on salary by just following their passion. It’s an industry full of inspirations like this that keeps me dreaming about one day opening a gardening business.
It's OK Not to Know What Business Ideas You Want to Do
You might find this surprising, but not every entrepreneur knows what they want to do in the beginning. (4) Though many will claim that it was a sure-fire thing from the start, starting a business is a real struggle that takes grit and determination.
When you are only surrounded by these business owners’ highlight reels, it can be discouraging to have your own struggles. The truth is, when you make it big, it can be difficult to remember the struggles so viscerally, and these business owners aren’t there to give you a pitch on how hard it was for them to start out.
Those owner struggles can feel deeply personal, especially if remembered clearly, so they’ll often skim past those stories in lieu of the “better story” or “more inspiring story.”
Don’t let this discourage you.
Everyone faces hardships, and even the founders of the most innovative companies today struggled to get to the top. Steve Jobs was told that his idea would never work, and Bill Gates was laughed at for his business owner dream ideas.
Still, they believed in what they were doing, and they didn’t give up no matter how many times they wanted to set the project aside.
Need Business Ideas That Are Better? I've Got You...
If you’re curious about how I make my money, you might be surprised to learn that I’m completely open about it and happy to share the details with you.
I’m a firm believer that the ocean is large enough for two fishermen, and I’ve already reached an income where I’m comfortable and living my dream.
If you’re willing to put in a little leg work (and you wouldn’t be looking for new business ideas if you weren’t) this program is the perfect training course for you.
You’ll learn everything that you need to know about the business model this program teaches, but you’ll also be given tools that will help you in other areas of digital marketing.
That’s right… it’s not a one-trick pony.
Want a sneak peek of the training? I’ve managed to secure a demo video for you. Check it out below and tell me what you think afterward.
Worried? There’s no up-front commitment. This demo is completely free, and you’ll be able to speak with the owners of the course before you even purchase the program.
Yup – access to the course owners before you pay a single penny.
That’s not something I’ve heard about any other course offering, which is what originally sold me on trying out the course.
References:
- Syed Balkhi, Got An Awesome New Business Idea? Here’s What to Do Next, https://www.entrepreneur.com/article/322645
- Young Entrepreneurship Council, How Can You Make Sure Your Business Idea Is Worth Pursuing?, https://www.huffpost.com/entry/how-can-you-make-sure-your-business-idea-is-worth_b_5a030635e4b02f3ab3377e94
- Carl Richards, Have a Big Idea? Want to Change the World? Start a Business, https://www.nytimes.com/2017/10/31/your-money/sketch-guy-big-idea.html
- Rieva Lesonsky, 4 Steps to Coming Up with a Greta Business Idea, https://www.forbes.com/sites/allbusiness/2019/03/09/great-business-idea-advice/?sh=1f9933fc737a
I buy and review courses so you don’t have to. Sometimes, I even find courses that are legitimate and worthwhile; and that’s how I accidentally came across one that led me to building a 6-figure business in a little under 5 years. Now, I still review courses because it’s my favorite hobby. 🙂 Learn more about me here.
