Starting an Online Business: A Great Idea in 2021!

If there’s one thing that this global pandemic has shown to “budding” entrepreneurs and existing business owners, it’s the power of having an online business! Starting an online business is a great idea in 2021!

One-person businesses to large corporations are seriously re-thinking the expense (or even the necessity) of a “brick-and-mortar” presence. 2021 is an ideal time for you to start an online business!

Working remotely for employees and especially business owners have started people to consider starting an online business.  It has created many opportunities for “side gigs” and operating a successful full-time business solely online. And technology has allowed companies to reach a global audience!

The idea of having a lucrative online business has been around for years because of the Internet.  Today (especially with the presence of social media, the normalcy of online shopping, and the ease of starting an online company), we can run businesses from our homes.

Entrepreneur Magazine (one of the leading print periodicals on all things related to small business owners and their success) has tracked the history and trends of the business world for many years.

They note that many successful companies not only started but thrived during challenging economic and political times! Their online site, Entrepreneur.com, is a fantastic resource for business owners at all levels.

Kelly Wing, Entrepreneur Leadership Network Contributor and CEO and Founder at Ohwabisabi Enterprises wrote the November 2020 Entrepreneur.com article, “Why 2021 Could be the Best Year for You to Start a Company.”

In it, Ms. Wing notes that:

“During the 1957 to 1958 recession, the first Hyatt hotel opened.  Microsoft was founded during the oil embargo recession of 1973 to 1975.  The Great Recession from 2007 to 2009 saw the creation of several startups like Uber as well as the popular vacation rental marketplace Airbnb.” 

“The consumption of online content is higher than ever, making it a great time to start a company.  Consumers’ ever-increasing problems mean they’re seeking more solutions than ever. It’s now become easier and more accessible for everyday people to start businesses such as e-commerce, virtual assistant work, coaching, or becoming a freelance writer, designer or developer.

E-commerce has spiked by nearly 40% in the wake of Covid-19. 

If you think about how your own consumption and purchasing behaviors have changed over the last few years, it’s easier to spot trends in where we are heading in the world of consumption and business.  If you think about what solutions you wish you had, that aren’t currently being met, chances are there are others looking for the same solutions.”

Forbes Magazine, another giant in the world of business-related periodicals, has also lent its’ insight into entrepreneurship for decades. Forbes.com, has an article about the opportunities of starting a business in 2021 holds in her article, “Entrepreneurs, Here’s Why 2021 is the Right Time to Start Your New Business”:

“Contrary to popular belief, 2021 could be a perfect year for starting your company. Here’s why:

Less Competition

Many companies that started 2020 on a good note have shut down due to the pandemic. Others that managed to stay afloat are just now restrategizing. This leaves a huge gap in the market and many opportunities for startups to thrive…

Access to Consumers:

More than ever before, consumers are glued to their devices and online consumption is at an all-time high

You Are Ready

If there is one thing most of us had an abundance of in 2020, it was time. As we spent more time at home, many individuals leaning toward starting a business have been able to devote time to conducting research for their new business or even develop and equip themselves for their future companies

Your Pick of Talent

The pandemic took a lot of people out of their jobs, whether they had to resign or were let go, as demands for safety within certain sectors and positions suddenly went downhill. This means that there are a lot of experienced individuals currently out of work. As you set out to hire for your new business, there will be a larger pool of more experienced workers who are potential employees of your new company…”

Also, Ms. Heyward discusses the access to untapped funding by investors cautious about 2020 and that there are still customers regardless of global economic downturns.

Here’s the Bottom Line:

Starting a business can feel scary, especially if you have limited resources.

However, there are relatively economic ways to do it without “breaking the bank”, or being a technological geek.  Starting an online business that focuses on your talents and passion can be so rewarding.

It’s by no means a “get-rich-quick” scheme.  It’s hard work in the beginning, but so is every business venture.  Ultimately, it will reap the rewards!

I will be exploring aspects of starting an online business and various types of online businesses in upcoming posts. 

Stay tuned!

For further information, read my posts on Financially Abundant Living

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