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  • Writer's pictureUHY Haines Norton

What’s a Good Business for 2021?

By Steve Marsten

Happy New Year!

The first question I was asked by a client this year is – what’s a good business to start in 2021? Always are hard question because it comes with many “other questions about the enquirer and what they really want.”

Given the issues we have had with Covid, it got me thinking - there are 7 good business concepts to consider.

1. E-Commerce distribution platforms for small businesses. Australia has experienced considerable eCommerce growth since 2016. The stats look optimistic and though Amazon is still the monolith in this space, in the long run it is predicted that Small Business will be able to manage online sales on their own. Quality of product and service will make the difference.

2. Personal & Small Business Cybersecurity Software. This is definitely a growth area. There were 50 million personal attacks on individuals’ personal profiles and information recently, so there is a fair size market available. Currently there is no telling whether or not we’re completely safe when we go online. That said consumers and business owners are looking to achieve piece of mind and are prepared to pay a premium.

3. Drone-powered security. Since the release of drone technology in 2002, these machines have evolved to more sophisticated innovations with a variety of use including security. They provide largescale surveillance. Drones can be installed with thermal imaging and HD features which provide safer options for individuals personal safety and asset protection. A security drone company needs relatively little capital to set-up.

4. The future of school. If there is one thing that the Covid lockdowns have taught us its that schooling may have to be rethought. With the rise of Artificial Intelligence, IT developers who have a knack for Creating AI using digital voice assistance to solve problems – it’s possible we will be seeing students being immersed in communities using technology to solve community problems. Along with this is a rising demand for soft skills and hard skills that will be essential attributes for them to work in teams and negotiate. Those in the education fields that specialise in IT may want to take advantage of this.

5. Elderly care and childcare services. With the populations of retirees increasing at a growing rate the need for services in this area goes without saying. You may need to consider a competitive edge to pricing in order to be successful. Consequently, the ever smaller working population will mean more families will have both partners working and hence there will be no easing on the childcare sector.

6. Bicycle Services and Sales. Probably not one many expected however with the health-conscious population of today, greener alternatives are gaining traction. Bike use is on the increase and is being encouraged by many sections. Manpower; E-power and motorised are options that should be available.

7. Gourmet Coffee. There is no let up in the consumption of coffee. It is growing every year. All that’s needed is a good location; access to vehicles; foot traffic; & cyclists plus a relaxing homey atmosphere. BUT the coffee needs to be high-quality and served by trained baristas to make it truly profitable! This is where most fall down.

For more information about these concepts ring the team at UHY Haines Norton today on 0749 72 1300.

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