Best business model to chose in 2021.
Pandemic is the new normal that we will face in the future as well, this is what WHO foretold. Apart from global warming, and climate change, pandemic is also a reality. The only business model that fits in this world of 2021 is innovation. Business around the world must be prepared to innovate. Due to today’s ‘hyper competition’ in a globalizing world, companies in all industries worldwide find themselves competing in ever changing environments. Those changes force companies to rethink their operational business models more frequently and more fundamentally, as innovation based solely on new products and aimed towards local markets is no longer sufficient to sustain their competitiveness and survival. Thus, according to me the Innovation Business Model is best post-pandemic business model for 2021 and beyond.
Besides if you do have any questions give me a call: https://clarity.fm/joy-brotonath
Any business model that is sustainable through a pandemic is the only one I would consider. Make sure you start something that won't need bailed out by your government. And with cyber terrorism on the rise your systems better be as secure as possible.
The very first step in this direction would be to get ' Clarity' rest are details
The most promising thing you can do is build a fanatical brand that consumers love and are die-hard fans, so much so, that they gravitate toward purchase and then sharing those purchasing decisions with friends and family. Integrated marketing communications teaches to start with the brand and work your way back to the consumer through thorough marketing research techniques. Your strategy to start a promising business model would be to have fun and come up with an outrageously creative and revenue-dtiven idea.
Rephrase this question by taking an introspective look at your own strengths & identifying how you can bring value to the world at large, or better yet, a segment of the world.
I've made the mistake of following the heard, 'shiny object syndrome' & chasing the hottest new industry. Often times, by the time an industry is hot, someone in a garage has already been hacking away at it for the past 5-10 years and they're well positioned to own a large segment of the market share.
Don't chase fads, trends, & bubbles. Be the guy hacking away in at their business and your time will come.
To answer your question more directly, he increase in the number of people starting their own businesses in the US has surged to a 13-year high. People such as yourself perhaps. Solving a need for these new business owners is a massive opportunity. I feel that providing some fashion of digital services to these new business owners is a nice niche to carve out.
Best of luck :)
To find unicorn-worthy ideas and models, apply the startup studio framework. Because that will help you to explore all angles and you will discover a lot of potential opportunities. Better to have lots of ideas upfront, so you can properly rate them and find the top 1-3 that suits you best.
Go through these questions, steps:
1. What is the most desired, biggest vision you want to achieve? What is your most desired "final feeling", that drives you?
2. Gather all the markets, technologies, trends and topics that interest you. Explore these shortly.
3. Assess where you are: what is the market or topic where you achieved past successes? where is your network? what unique skills you have access to? what is the capital you can mobilize to build a new venture?
4. Identify your most important values, circumstances, constraints, that you are not willing or able to change.
5. Which are the top 3-5 businesses that impressed you in the last few years? Why?
At the intersection of these, there will be still multiple markets, trends, ideas. You can judge and sort them by:
- gut feeling / alignment to your personality
- size of the market, the opportunity
- barriers to entry, e.g. capital needed
I love to do these brainstorm sessions. We used this approach when launching our startup studio in 2015 and creating our batch of first 12 startups. Give me a call if you want me to drive forward the discussion.
Let's rock 2021 and beyond!
The best business models for 2021 are the “Hyperlocal business model” and “Multi-vendor marketplace business model.”
Why Multi-vendor marketplace business model?
The multi-vendor marketplace business model offers a common platform for multiple sellers and buyers to come together to engage in commerce activities through a dedicated website.
This is a popular type of business model for 2021 as due to the pandemic everything is shifted online. Customers prefer to shop online whereas offline stores have started investing heavily in digitalization. The main focus of offline stores is to register themselves on eligible third-party websites to boost their sales and expand their business online.
The advantages of the Multi-vendor marketplace business model are:
- It captures large markets
- It's a zero inventory model that means minimum or no inventory cost
- More scalable as compared to other business models
Why Hyperlocal business model?
The hyperlocal business model is restricted within a defined geographical circumference. It gives the local offline stores an opportunity to shift online. As per this business model the eCommerce store can collaborate with the local vendors to fulfil the orders.
The advantages of the Hyperlocal Business Model are:
- Opportunity to expand
- Increased upselling revenue margins
- Help provide promote delivery/services
There are the top two business models for the year 2021 that are profitable as per the current demand and growth opportunities in the market.
Whereas other than these there are business models that you can consider. That is:
A) Inventory Based Business Model
B) Click and Collect or Buy Online Pick-up in Store (BOPIS) Business Model
For details related to the above-mentioned business models can be found in the article: https://www.fatbit.com/fab/different-business-models-to-launch-online-grocery-business/?=p or https://www.fatbit.com/fab/online-food-delivery-business-models/?=p