Editor | 12 February 2021
Business ideas with the biggest earning potential in 2021

Business ideas with the biggest earning potential in 2021

Coronavirus disruption contributed to an uptick in the number of new business registrations in 2020 and experts predict more of the same this year.

Obviously money isn’t everything when it comes to entrepreneurship. Many people start businesses because they want more freedom or independence or because they are passionate about a side-project or product, but if your new business venture doesn’t make any money, then it’s not going to be sustainable.

So what kinds of businesses are going to make you money? Here is our list of businesses with the biggest earning potential.

Ecommerce and dropshipping

Getting into retail used to be very expensive. You’d have to find and dress your premises, employ some shop assistants and buy all of your stock.

Ecommerce has changed everything. Thousands of Brits sell online using platforms like eBay, Depop and Shopify to reach millions of customers. And if you decide to dropship, you don’t even need to spend anything on the products that you sell.

While the costs associated with getting into ecommerce are low, the earning potential is off the charts. Earlier this year the BBC profiled a furloughed 20-year-old who has been able to make up to £12,000 per day during lockdown using drop shipping.

Become a virtual tutor

With most of the country’s children out of school again, parents are desperate for their children not to fall behind (and many just want some distraction-free time to work).

If you think you know your favourite subject well and you’re good with kids then it could be a great time to cash in on virtual lessons.

With many parents looking to entertain as well as teach their children, you might be able to get away with some non-traditional subjects like drawing, comedy, computer coding, guitar, cooking, writing and public speaking. 

Homemade treats

The demand for home-delivered treats like cakes, brownies, cookies and pre-prepared ready meals or recipe boxes has skyrocketed during lockdown.

Although much of the market has been cornered by existing bakeries, cafes and restaurants, lots of keen cooks have started their own catering businesses from home.

You’ll need to make sure you jump through a few legal hoops, including registering with your local authority. But other than this all you need to do is make a mouthwatering food product and market it effectively through social media.

SEO

The popularity of digital marketing as a field has exploded in recent years, but one of the best niches to go into is in providing search engine optimisation (SEO) services to businesses.

The job, which involves some technical skills, some creative skills and a healthy measure of patience, is difficult to learn and very hard to do well.  But if you can master it, then the payoffs can be huge.

Getting a business to rank in the top spot on Google for a popular keyword can bring in so much revenue that smart owners are willing to pay a premium for top talent.

Don’t be put off by tiresome legal and administration work if you’re starting a business in 2021. Cloud-based accountancy software and expert, low-cost help from a specialist digital firm can take the pain away from starting a business. For more information or specialist advice, speak to a member of the CloudAccountant.co.uk, call: 0808 281 0303.