Starting a side hustle or turning a passion into a career is becoming more popular, but how can aspiring entrepreneurs ensure there is demand for their services as well as growth potential in their field? LegalZoom analyzed some of the most profitable small business ideas from the Bureau of Labor Statistics’ Occupational Outlook Handbook, and some of them may surprise you. Even better, many of the fastest growing businesses can be launched from your own home!
Here are four of the fastest growing businesses you can start from home today that are projected to grow in 2021:
The COVID-19 pandemic forced a mass transition to online learning for all ages, from kindergarten to postgraduate degree programs, which caused a spike in demand for online tutoring as well as created new opportunities for new and seasoned educators.
Outside of the pandemic, virtual tutoring is expected to grow 8.4% by 2027 due to an increased emphasis on scholastic achievement and the rise of internet access.
A plethora of established online platforms help connect students with independent educators and experts in subjects ranging from basic algebra to English as a second language. Creative minds can also teach things like how to play the piano or paint over a video call.
Startups and small businesses often do not have the capital to bring on full-time experts to solve their complex challenges, but many do turn to consultants. If you have mastered a particular area of expertise like finance, HR, marketing, operations or management, opening a consulting firm is a great way to utilize your past experience.
For example, the outlook for management analysts is projected to grow 11% by 2029 while the outlook for market research analysts is projected to grow 18%, both much faster than average. With businesses from home offering services remotely, that also helps you reach a larger market.
Virtual event planning
If organization and logistics are your passion, consider launching a business as an event planner. Whether you are planning a virtual event or planning an in-person event virtually, the demand for meetings, conferences and celebrations continues to rise.
The job outlook for meeting, convention and event planners is projected to increase 8% by 2029. Past event management or hospitality experience is a major advantage when it comes to coordinating the logistics of larger events, while experience with streaming platforms and collaboration tools is helpful for coordinating virtual events.
Not surprisingly, technical services are at the top of the fastest growing industries. App development is a niche that continues to see massive growth as the rise of mobile use continues worldwide, with a projected 4 billion mobile device users by just 2023.
If you already have a background in programming, consider investing in a coding bootcamp or online course to master one of the most popular languages for app developers, like JAVA, Python or C#.
Use past experience to launch a business from home
As you can see, many of the fastest growing fields require past experience or training, meaning seasoned professionals in a variety of industries looking to gain more control over their work-life balance can feel confident launching their own business.
Consider your background, passions and areas of expertise to build on with continued training or education. Once you have identified the new business venture that aligns with your expertise and shows promising growth, then you can start building the roadmap to launch your business.
The following infographic is provided by LegalZoom