The Most Profitable Types of Start-Ups in 2021
Starting a business is a life-changing process. You get to work for yourself and have only you to answer to. However, creating and building a start-up is requires hard work and dedication. It’s not an easy feat and requires resilience and research. Taking risks is a major part of the game to reach your goal and achieve long-term success. Many a time before starting a business, most entrepreneurs want to know about the most profitable types of start-ups. As a Start-up mentor in Mumbai myself, I am going to share some types of start-ups that I feel are most profitable.
Ecommerce is a very popular and well-used start-up niche. Start-ups come up in the forms of apps, online games, websites etc. This category of a start-up is very popular because it does not require any capital for manufacturing. E-commerce start-ups can be very profitable if it is managed and sourced well. The only areas where start-up funding is required here is reputation management and marketing.
E-commerce businesses can cater to a niche market offering certain products or services to the people and be a local online product. However, it can also be a billion-dollar online platform like Amazon or Alibaba.
Niche Based Blogging
Blogging is now a full-time online business which is very profitable for the individual involved. Starting a blog is very easy and does not require much start-up funding. To blog in a niche base, you must know your material and have in-depth knowledge about the niche. Nice based blogging becomes profitable if you are regular with your blogs and apply SEO optimisation. Once you do that regularly and you see an increase in traffic on your website, you can monetise your blog in numerous ways.
With the onset of the COVID 19 Pandemic, online education has drastically increased. More and more students are looking at online academic courses that they can do to increase their knowledge base. With the improvements in technology this past decade, online education has become very prevalent. This leads to many entrepreneurs looking to start academic online courses because they can monetise off it well.
The business world is a tough one to navigate. If you are new to it, chances are you may not be well versed with the ins and outs of the industry. This is where consulting plays a key role. Starting a consulting business is very profitable. People will pay and have a thirst to acquire your knowledge about the industry you are in. Just take my company Lakhani Financial Services as a reference. My industry knowledge concerning start-ups, angel investors and the start-up world has helped me build this company from the ground up. I now advise start-ups myself in different aspects of the industry to make sure they can gain business angel funding and personal financial planning etc.
Freelancing has become a very up and coming part of the start-up world. With the advancement of technology and with more and more companies shifting their businesses online, there is no end to the jobs freelancers can get. Freelance service agencies can cater to many different services including, digital marketing, content writing, graphic designing, web design and development, etc. If your freelance company provides quality services with on-time submissions you will be sure to get hired. More and more businesses are looking to hire these freelance businesses to complete their digital work. It’s also very easy to increase your customer base if you are thorough and regular with your work. Monetisation in this field happens very quickly.
To Sum Up
Further for any newly formed start-up, the best way to decide if it requires an angel investor or additional start-up funding is by having a complete business plan. Your business plan should also include a One-Page Business Plan. I have developed a one-page business plan for all start-up founders and entrepreneurs. This business plan helps you ideate what you would like to achieve the following year as well as the activities you are willing to give up. It helps you to understand the shortcomings of the previous year as well.
About Devansh Lakhani
Director of Lakhani Financial Services, and a Chartered Accountant, he helps start-ups raise funds from his network of investors. He guides and advises start-ups to scale up by providing efficient sales, marketing, team building, and business management strategies. He has executed fundraising by block deals on the stock exchange and conducted IPOs and right issues on the SME platform to the tune of over Rs. 50 Crore. He is currently working with start-ups from various sectors to help them channelize their business models and investments.