World Dec 27, 2020 01:58 PM EST

Is 2021 the Perfect Year to Start a Business?

By Madz D.

Over the past year, many businesses became on a trend that will undoubtedly accelerate as we turn the calendar into 2021. One of the trends will be the vaccine for the coronavirus. It will definitely pent-up demand for consumers who want to get back to normal as they miss traveling, concerts, and various social gatherings. 

Is 2021 the Perfect Year to Start a Business?
(Photo : Stuart C. Wilson/Getty Images for eBay)
General Views of eBay Headquarters LONDON, ENGLAND - MAY 30: An online shopper uses the eBay website on May 30 in London, England. eBay remains at the forefront of online retail.The original disruptor of the e-commerce world, eBay has come of age "u0096 but it"u0092s still shaking up traditional retail with a global marketplace that welcomes big brands, empowers entrepreneurs and serves 23.5 million customers a month in the UK alone.

Remote work and leaner workforces will also continue to accelerate. Therefore, finding ways to capitalize on both is essential for entrepreneurs. If you are looking for a product to launch or to start a business in 2021, here are three significant trends that would encourage you to keep a close eye, according to Fast Company

1. The growth of remote wellness and at-home health products

A significant push will happen with health and wellness products in 2021. All these businesses quintupled in revenue in the last six months, as per FC. The COVID-19 vaccine will soar with even more sophisticated products. 

According to PRNewswire, a modern certified home care agency, Prime Health Services has launched at-home monitoring of COVID-19 patients. They could track patients' health remotely through MonitorMe technology, an all-in-one health and wellness concierge monitoring program.

The coronavirus pandemic has shown society several ways to take care of ourselves that can be done at home as more people have found it to be a convenient option on certain days.

Read also: 7 Biggest Dominant Consumer Trends in 2020

2. Supply chains diversification

Businesses outsource manufacturing to other countries, but depending on how trade wars continue between different countries and America will impact many companies in the states. Supplying large organizations has many benefits as per Supply Chain Digital. However, many industry insiders have highlighted the increasing advantages of sourcing from smaller and medium-sized enterprises to a diversification of the supply chain.

The emerging trend is the increasing numbers of entrepreneurs starting to realize the risk in having their business reliant on one supply chain or one manufacturing partner. FC encourages you to at least have other supply chain options if you are launching a new venture product. You should also know the possible outcomes of something were to go wrong.

3. E-commerce acceleration

E-commerce establishes itself quickly as the best and easiest way to launch a business or product. According to new data from IBM's U.S. Retail Index, the COVID-19 pandemic accelerated the shift from physical stores to digital shopping within five years. As a result, department stores sought significant declines. In 2020's first quarter, non-essential retailers and department stores declined by 25% and grew to a 75% decline in the second quarter. For entrepreneurs who look for a new product or venture to launch in the world today, starting online is far better and then pursuing any kind of brick-and-mortar distribution later.

Read also: World's Most Expensive 'Weird' Sculptures

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