10 Profitable MSME Business Ideas to Start in 2021
The year 2020 was a roller coaster ride for businesses worldwide. The pandemic has resulted in the closure of several companies, while others have struggled to keep afloat. Amidst all this, Micro, Small, and Medium Enterprises (MSMEs) have demonstrated resilience and adaptability. Thus, in 2021, the year of revival, starting an MSME venture could be an excellent decision. Here are ten profitable MSME business ideas to consider:
1. Virtual Event Management
The pandemic has transformed the world, forcing events to shift to an online format. Thus, virtual event management is a fantastic opportunity. Organizing events from home requires zero investment in an office or infrastructure. All you need is a stable internet connection, a laptop, and marketing skills.
2. Personalized Gifting
With people being confined to their homes, unique gifting ideas that can be delivered directly to the doorstep have become popular. Personalized gifts such as customized cakes, handmade products, and handicrafts can be sold online with an initial investment in raw materials and a digital marketing campaign.
3. Online Tutoring
The pandemic has disrupted education, with traditional classroom teaching getting replaced with online teaching. Thus, online tutoring has emerged as a lucrative business idea. With a sound background in a subject, one can start by tutoring students online, charging fees per hour.
4. eCommerce Store
eCommerce platforms such as Amazon, Etsy, and Flipkart have made it much more accessible to sell goods without investing in an expensive store. With an initial investment in product purchases, one can set up an online store and sell to customers worldwide.
5. Content Writing
In the digital age, engaging content is essential for any business. Content writing, if executed well, can garner significant revenue. Furthermore, being a creative field, content writing does not require significant investment and can be done from home.
6. Food Delivery Service
The pandemic has restricted people from eating out, leading to a rise in food delivery services. Starting a food delivery service could require initial investment in developing a website and app for ordering but is popular and has excellent earning potential.
7. Social Media Management
Today, social media is an essential aspect of any business. Social media management involves managing brand awareness on various platforms such as Instagram, Facebook, LinkedIn, and Twitter. Social media managers can earn by charging per post, campaign, or monthly retainer fee.
8. Digital Marketing Consultancy
With the rise of eCommerce and online business, digital marketing has become crucial. Starting a digital marketing consultancy with a team of experts can help businesses establish a robust online presence. The team can earn a significant profit by charging per campaign or monthly retainer fee.
9. Home-Based Bakery
Home-based baking is an excellent business idea for those who love to bake. Customized cakes, cupcakes, and artisan baked goods are in high demand, and starting such a business would require an initial investment in raw materials and a digital marketing campaign.
10. Fintech Services
The pandemic has highlighted the importance of online financial services. Emerging fintech services such as online payment systems, mobile wallets, and investment platforms have become popular. Starting a fintech service could require investment in software development, but it has high earning potential.
Conclusion
The above-listed ten business ideas are just the tip of the iceberg. MSMEs should brainstorm and analyze their area of expertise to find a suitable business idea. Starting an MSME venture requires reducing overheads and leveraging technology to get ahead of the competition. Lastly, following the right business model and being future-ready will ensure consistent profitability.
