Starting a Business in 2021

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Is it possible, or even wise, to start a business in 2021? Most of the world is still dealing with the effects of a black swan of sorts, the COVID pandemic, and the global economy is not in the greatest shape. To hear some tell it, however, these are actually the best conditions in which to start a new for-profit enterprise. Regardless of what the rest of the world is doing, you’ll still need to focus on planning, financing, and choosing a specific field of endeavor. As with just about every other kind of major life decision, planning comes first.

Planning

You need a detailed and written plan before getting started. Even if you’ll be working alone, take the time to create a rough monthly budget, how you’ll find customers, how you’ll pay for startup costs, what tasks you plan to outsource, and other relevant topics related to what you might encounter during the first year of operations.

Paying the Bills

You need to get your personal money situation straightened out before you can successfully start a business venture. For example, if you currently have an inordinate amount of high-interest credit card debt, consider getting a personal loan at a better rate. It’s an effective strategy for wiping out high-cost indebtedness.

Plus, it’s easy to get matched with offers from private lenders online. Nowadays, application forms take just a few minutes to complete, you get instant feedback about your results, and the entire process is quick and transparent. Remember, the main goal with financing is getting the personal side in order so you’ll be able to focus on getting your business venture off the ground. What are some of the most wide-open opportunities for those who are business-minded in 2021? Here are some that have low startup costs and few other barriers to entry.

VA/PS

For solo entrepreneurs, there’s a lot of potential in being a virtual assistant or a personal shopper. The jobs are rather different in day-to-day tasks, but strikingly similar in how you set them up. Additionally, neither one calls for major upfront expenses. As long as you have a computer, a broadband connection, a smart phone, and a web cam, you’re good to go. Likewise, whether you are a virtual assistant or a personal shopper, it’s possible to build up a list of clients slowly until you reach your preferred maximum number of work hours per week. Virtual assistants do a wide range of remote tasks for other entrepreneurs. Personal shoppers buy e-commerce goods, groceries, clothing, and other items for their customers. While most virtual assistants work online only, personal shoppers typically do at least some personal deliveries.

Consulting/Tutoring

Consultants and tutors work primarily online if they want to. In the post-pandemic environment, the vast majority of these entrepreneurs spend their entire work days in front of a monitor or on the phone with clients. Breaking into consulting means you’ll need to already have some marketable skills. Tutors simply need to hold high school or, preferably, college degrees. In addition to standard computer equipment and office supplies, consider purchasing a professional-quality green screen for either of these businesses.