Business and Recession: 8 Tips and Ideas on How to Build a New Business in 2021

Business and Recession: 8 Tips and Ideas on How to Build a New Business in 2021
Business and Recession: 8 Tips and Ideas on How to Build a New Business in 2021

Pandemic has driven the world to an economical crisis. Stats show that the global economy shrunk by 5.3% in 2020. Also, in Europe 5 million people (maybe more) have lost their job.

But while most businesses have been affected by the pandemic (Lose sales and money), some have thrived, and keep growing. Some types of businesses tend to see massive growth during a recession.

Tips and Ideas on How to Build a New Business in 2021

So you can build a successful business during a recession. But you need to consider a recession-proof business model.

Here are some useful ideas and tips about how to build a new business in 2021

Tips and Ideas on How to Build a New Business in 2021
  1. Freelancing

Probably the best type of business in a recession is freelancing. It is easy, you can work from home, and you don’t have a boss.

During an economic crisis, most businesses are not looking for full-time employees. They are searching for on-demand workers to save money and remain flexible. Also, in most cases, freelancers are working more hours than regular employees.

A freelancing business now is a great back-up option. Also, you can gain valuable experience for the future, work from home, opportunities.

Tips and Ideas on How to Build a New Business in 2021
  1. Online Food Delivery Business

Even during an economic crisis, people still need to eat and drink. This is the reason why food and beverage is one of the most classic-value industries.

You can build an online food delivery business.

You can add your delivery service into the online delivery portals (like Ubereats), and then promote your business through social media.

  1. Reselling Products Online – eCommerce
Tips and Ideas on How to Build a New Business in 2021

In the first half of 2020, Amazon made a profit of 5.2 billion USD. That makes reselling products online an attractive option.

During a recession, many people search for used products because they don’t have the money for new products or they search for bargains or discounts. You can use marketplaces like Amazon or eBay to sell your used products to potential customers. It only takes a few minutes to set up an account and start selling.

You can sell your used books or clothes on Amazon. Then, you can become a professional Amazon seller or start your eCommerce business.

  1. Online Teaching and Courses
Tips and Ideas on How to Build a New Business in 2021

Schools have also been affected by the pandemic, most students now learning at home. If you have in-depth knowledge of a particular topic, you can create an online course and upload it to Udemy or any other online platform for courses.

You can teach anything that you are qualified to do. From fitness classes and writing workshops to cooking and makeup tutorials.

Online teaching is not only a great business model because you can make money with it, but you can gain satisfaction from helping people improve their skills and their life.

Tips and Ideas on How to Build a New Business in 2021
  1. Online Beauty Business

You might think that beauty and self-care are not important right now. But many studies show that people have spent more money on body and skincare products during the pandemic.

Skincare and self-care are important for many people (Especially Women). Since salons and spas are closed, the best alternative is to purchase such products online.

You will need many followers on social media to succeed with your online beauty business. So this business idea is best for influencers who already have a large number of followers.

  1. Virtual Assistance
Tips and Ideas on How to Build a New Business in 2021

These days virtual assistant is a great opportunity to earn extra money or even get a full-time job. During a recession, businesses cut off unnecessary costs. These costs also include expensive workers.

Many companies seek to outsource most of their tasks to virtual assistants. A virtual assistant works online and serves as an administrative assistant to entrepreneurs, CEOs, executives, etc.

  1. Repair Industry

Regardless of the economic crisis, roofs will leak, cars will crash, and doors will break. These are occurrences that do not depend on the economic situation. While this is frustrating for most of us, it is a gold mine for those in the repair industry.

The repair industry always booms during a recession because people often don’t have the money to purchase new items. If you are skilled in furniture, plumbing, mechanic, electric repairs, etc. This can be a profitable business idea.

Tips and Ideas on How to Build a New Business in 2021
  1. Information Technology

We live in the technology era. IT was the fastest-growing industry in the US economy during the Great Recession. With new tech devices invented daily, it is expected that the IT industry will continue to grow in the coming years.

So, if you are tech-savvy, this might be an interesting new business idea to make some extra money.

Many people hope that 2021 will bring a better future. But it’s important to yourself to create your future and your new business. You cannot wait for the future. You need to take action!

Tips and Ideas on How to Build a New Business in 2021

It’s time to create and execute a successful business plan. There are many types of businesses that you could start. You can look for an inelastic product or service that people need these days.

Search for business opportunities in the tech, healthcare, and education industries. The online world has many opportunities. Take a look at freelancing sites and probably you will find a job or a new business idea.