10 most profitable small businesses

10 Most Profitable Small Businesses to Start In 2022

2022 is in full swing, and with the ongoing global economic turmoil in the wake of Covid-19, employment is a massive concern for many. Avoiding traditional corporate jobs, small businesses have experienced a massive boom. Everyone loves the idea of being their own boss. However, this is not as easy an endeavor as many think.

The 2019 Startup Genome Report suggests that 11 out of 12 startup businesses fail within the first year. From this, we can surmise that the dream of starting your own business needs a lot of effort and planning to become a reality. The first step on this long road is choosing what business to delve into, and many people gloss over this crucial step leading to certain failure.

So, what businesses are the way to go today? The main aspect to assess when looking for prospective businesses is the viability of the business. This includes factors like originality, market networking, financial scope, and like.

Originality refers to doing something original and special in a saturated market to stand out. Why should a consumer choose your product or service over the existing ones? Moving forward, market networking, and research is important. Making a strong contact network within your market opens doors to opportunities for your business and builds trust in your brand. Last, comes the financial aspect– the hardest one. Assessing financial prowess of a business idea is not everyone’s cup of tea. For this bit, it is highly recommended to consult with an outsourced accounting service provider before making the final decision.

With all that said, to help you get started, here are some popular and profitable potential ideas for your next small business venture.

 

E-Commerce

Coming as no surprise to most, e-commerce is by far the most profitable small business to go into. It takes relatively small investment to have up and running, and you are free to sell anything online. Ranging from furniture to clothing, the possibilities are endless. The Quarterly Retail Sales Report 2022 reports 14.8% of all retail sales being through e-commerce. The market for it is massive as everyone wants their goods at doorsteps, and all it needs is a product to sell and a platform to sell on.

Services like Shopify and WordPress are easy platforms to make your own website and market your products, all from your home.

 

Food Trucks

This may come as a surprise to many but yes, Food Trucks are the future of restaurants in 2022. Analysts at Grand View Research project a $6.6 billion rise in the market for food trucks by 2028. With Covid-19, traditional restaurants may never be able to truly recover, and many were forced to close amid lockdowns. Food Trucks, thus, have become a safe and profitable alternative for the culinary industry, offering good food at lower price tags. The low starting cost and versatility in business with respect to location and menu make this a very good choice.

Of course, there are legal documents required to get started such as licenses, but if you are a chef then this may be your road to big profits.

 

Drop Shipping

E-commerce may prove to be too expensive to get started for many but no worries because there is an alternative available. Drop shipping refers to essentially becoming the middleman between consumer and supplier. Instead of purchasing an inventory, drop shipping is about making an online store and marketing products on it. Should a product sell, the supplier delivers it directly to the consumer and you get a commission for making the deal.

 

Personal Training

Exercise and fitness are a big need today, and personal trainers are in high demand. A 39% increase in the employment rate for personal trainers has been projected by the US Bureau of Labor Statistics. It is an opportunity for anyone with health and fitness enthusiasm, expertise or tricks. All it takes is some exercise equipment and self-marketing and you can begin your personal training career today. There are no certifications required, just a good attitude and smart client management and you are good to go!

 

Web Design

Web development is yet another extremely profitable business today. Freelance web designers are always in high demand as every company now needs a website. Using avenues like Fiverr and Upwork, as well as access to millions of free learning resources, being a web designer is easier than ever. All it takes is the dedication to learn and before you know it, you’ll be making some good monies doing web design.

 

Real Estate

This is a complicated one. Real estate is one of the most profitable businesses but it is equally difficult. You could simply buy and resell properties and turn it into a profitable business for yourself, or even get a license and become a professional real estate dealer. Skills like deal making and market analysis are invaluable here and partnering with an Accounting Service is a very beneficial recommendation for this specific business.

 

Tuition and Tutoring

Regardless of world situation, school never stops. Kids are more than ever in need of private tutoring as schools become remote. In this climate, if you possess any expertise in a subject then tutoring is a very profitable prospect. Proof of qualification and recommendations from others is all you really need to get going and make a name for yourself in the education industry.

Graphic Design

Every company and business today wants a sharp and appealing image of their brand. Graphic designers are, thus, in high demand just like web designers, and a good graphics designer can make good money with the right skills and marketing. This is yet another business idea that can be learned and executed for essentially free. Are you proficient in Adobe Illustrator and Lightroom? If so, maybe graphic designing is your golden chance to start your own small business.

Digital Marketing

Digital marketing involves using avenues like social media, influencers, and Search Engine Optimization to market your products. E-commerce-based businesses are digital marketers’ potential clients. In short, the e-commerce business brings in work for the digital marketing businesses and both can profit substantially in this symbiotic relationship.

 

Professional Cleaning

 

A cleaning service may seem strange here, but it is actually a very good market to enter. People always require someone to do the cleaning for them, be it at homes, offices, etc. You can start a cleaning business straight from home, and all you need is cleaning supplies and some good elbow grease. Cleaning is a stable business for which you can always find profitable clients.

 

The Nutshell

In a nutshell, starting a small business today is not easy. Most of them fail, so doing your research on the subject is of paramount importance. This list is by no means the definitive answer to the question, but it can serve as a strategic basis for further research. Keep in mind the three factors we discussed: originality, market networking, and financial assessment, and venture into the world of small businesses for a brighter future.

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