If you’re considering starting your own business in 2021, you’re in good company. Many people are looking to pivot and try something new in light of the recent economic climate. Self-employment can be a great way to design your working style and develop a satisfying relationship with work. Regardless of whether you’re taking on a new business full-time or as a side gig, the concepts of work and money are inseparable. Work is so much more than just a means of earning money. When your work works for you, you can fulfill many of your needs beyond a salary, and you can gain satisfaction, confidence, and self-worth.
If you’re thinking about starting your own business this year, begin by considering what really resonates with your values and interests. Successful entrepreneurs will tell you that you’ll fail to realize your goals if you’re not passionate about your work.
You’ve likely heard people talk about their “why.” It’s crucial to know why you are launching your business as it will determine your business plan. For example, if you’re launching a business to satisfy a need in the marketplace, your business plan will be very different from meeting a personal need.
As you work through this process, it’s essential to ask: will this business meet my needs financially, intellectually, and emotionally. Accounting for the fact that you need, want, and deserve more than just a living salary will help you get started on the right foot.
Getting Started
If you’re considering starting a small business, you likely have an idea of what you want to sell and who you want to sell to. When you think of the product or service you want to present to the world, think about the skills you can leverage to help other people. Ask yourself: what lights me up? How can I make a positive impact or help bring about a transformation for my clients? Your work experience, unique skills, or passions are what you bring to the table, and your target customer is the one person who can benefit from them.
Here are seven businesses you can launch from home on your schedule. These ideas may inspire you or steer you in another direction. Once you explore the path that resonates with you, match it with what you need to earn and the work-life relationship you want to nurture.
1. Online Courses
Online courses have become very popular in recent years. As people spend more time at home, they’re looking to fill their days by trying new hobbies and building up their skills. You undoubtedly have skills and experience you can leverage. If you’ve achieved results for yourself or someone else, you have a course in you. Are you stumped for an idea? Think about what you’re really good at or what you could talk about for hours. Don’t worry about getting too specific. The most successful courses teach a dialled-in audience a particular skill or step-by-step process to achieve results.
Let’s look at some examples.
Graphic Designer
If you’re a graphic designer, you could create a course for small business owners who don’t have the budget to hire a professional but need to brand their business effectively. All business owners value branding and are willing to pay for something they know will help them market their services.
Professional Organization
Are you exceptionally skilled at organizing? If so, creating a course on organization could be a smart route for you. Many people feel overwhelmed by the thought of arranging their homes or offices. They’re bothered by the disorganization, but they need direction. By teaching clients how to organize, you’re solving a problem and providing a visible transformation.
There are some comprehensive programs on the market to help you nail down your course idea, build an engaged audience, and market it effectively. When it comes to hosting your course, there are many user-friendly programs to publish your course materials and deliver your lessons to students.
Digital Printables
New small business owners rely on pre-designed digital products such as templates, guides, planners, checklists, presentations, and social media templates. Downloadable templates are inexpensive, quick and attract their target audience.
Suppose you like designing in programs like Canva (free) or Photoshop. In that case, you can research the most downloaded type of templates and design some yourself. You can either sell them on your website or create a storefront on Etsy. Etsy is ideal for handling the payments and providing a storefront with a customer service feature if you’re new to selling online.
Digital products don’t have to be business-related. Pre-designed downloadable products include wall art, personal planners, vacation itineraries, wedding signs, and bridal shower games. The possibilities are endless.
Once you create, test and perfect your product, it can become a consistent, passive income stream. As you build your audience through marketing, you’ll have new buyers and return customers looking to see what else you have on offer.
2. Social Media Manager
There’s no escaping the importance of social media marketing to connect with customers. It also happens to be one of the most time-consuming tasks for business owners. They know they need to be active on the platforms, create exciting content, and engage with followers, but they don’t have the time or desire to do it themselves.
Many outsource their social media marketing to social media managers. For people who love to learn and spend time on the platforms, social media management doesn’t even feel like a job!
Savvy social media managers who understand how to capitalize on the platform’s features and understand the algorithm are in high demand. It’s a role that will always be top of mind for entrepreneurs.
3. Money Coach
Do you love to help people understand and manage their money? If so, money coaching is a profitable and fulfilling profession, especially if you like to help people.
While there are many types of money coaches, they all work with clients to get their finances in order by focusing on daily habits and systems. Among other things, they help clients create annual and monthly spending plans, debt repayment plans and guide them on how to reach their financial goals.
Some money coaches, often referred to as financial therapists, go beyond the numbers to help people identify underlying feelings, behaviors and patterns that lead to unhealthy money decisions. They provide accountability and support and teach clients how to take care of their money and their needs.
Depending on where you live, you may require certification to work with clients.
4. Virtual Assistant
Virtual administration is a rapidly growing profession. Small business owners and busy entrepreneurs are increasingly relying on VAs to handle time-consuming tasks, such as working with complicated email management systems, email correspondence, scheduling or marketing tasks.
The hours of a VA vary, and you can choose when you work; however, most VAs need to be available during typical working hours.
Most people who use VAs don’t need full-time help, which opens up the opportunity to work for different businesses and perform various tasks.
5. Educator
The pandemic has called many traditional institutions into question, including education. Some children thrive in a virtual learning atmosphere, and many parents are pursuing this route.
To meet this new demand, many teachers have left the classroom permanently. They are successfully using personalized learning with the help of technology to create a connection between themselves and students, regardless of geography.
If you’re not qualified to be a teacher but have a background in education, you can offer group tutoring services online and host one-to-one sessions virtually.
6. Facebook Ads Manager
Facebook ad management has evolved over the years, and businesses need to take a strategic approach to ads to realize results. Small businesses and solopreneurs often don’t have time to test and optimize strategy, so ad managers who know their way around the platform are in high demand.
Effective ad managers have an eye for scroll-stopping images and copywriting that appeals to the target audience. Most importantly, they understand how to tailor campaigns toward specific audience segments.
If this sounds like an interesting business idea for you, but you don’t have the experience, there are many online courses to hone your skills.
7. Small Business Coach
Do you have experience running a business? If so, now is an opportune time to enter the coaching industry. Many first-time business owners don’t know how to establish efficient systems or add standard operating procedures necessary to grow.
In addition to counselling solopreneurs on running a business, strong coaches also help nurture mindset shifts, especially when it comes to selling, negotiating, and getting people results.
Entrepreneurship can be a lonely road. Coaches can be the trusted sounding board a business owner needs to talk through ideas and refine offers.
Identify Your Skills and Values
Starting your own business can be an excellent way to earn an income and realize personal growth. But before you venture down the entrepreneurial path, it’s essential to do the foundational personal work to set yourself up for success. By getting clear and confident about your way forward, you’ll avoid the stress, worry, unhappiness and deprivation many solopreneurs report suffering. Examining your motivations and identifying your needs will allow you to decide whether taking action on your business will meet your needs and facilitate another level of growth.
