What type of small business would be best to start in 2022? In other words, which industries have a high upside where the ROI on starting a business is high?
To help you determine what small business is worth pursuing in the new year, we asked entrepreneurs and small business owners this question for their best insights. From financial services to logo and design services, there are several small business ideas that may help you decide which venture to pursue in the new year.
Here are 12 small businesses to start in 2022:
- Financial Services
- B2B Consulting
- Drop Servicing Business
- Coaching Business
- Uncover Your Expertise
- Health and Beauty
- Ecommerce Business
- Wearable Technology Company
- Time Saving Business
- Fitness Business
- Online Teaching
- Logo and Design Service
The financial services industry is constantly growing, so the potential for a great ROI is high with a fintech business. These days, everything can be done on an app or online. So whether you have the right developer experience or you would like to partner with developers, this might be a great opportunity for you as we go into 2022.
Brian Greenberg, Insurist
Consider starting a B2B business, such as a consultancy, design, or printing service. Many aspiring entrepreneurs made the leap into small business during the pandemic and can benefit from partnerships to help them reach their target markets. Leverage your industry knowledge to help these businesses grow and reach their full potential.
Eric Blumenthal, Zoe Print
Drop Servicing Business
While everyone has heard the word ‘drop shipping’ a million times, few people know what drop servicing is. Essentially, it’s a similar business model, except that you sell services created by someone else, e.g., a freelancer instead of physical products. It’s an extremely promising business model for 2022: the financial entry requirements are extremely low, the freelancers looking for a side gig are in abundance, and you do not need any specific knowledge except for basic marketing and sales. All of these make drop servicing a very tempting business model to try next year.
Tytus Golas, Tidio
If you’re an expert in something (job hunting, writing resumes, health & wellness, personal growth, etc.) you should consider starting a coaching business. With a simple, clean website you can start with a few clients, get solid feedback, and hone your offerings through there. Make sure to get client referrals and try to gain business through word-of-mouth. It’s important that you’re as honest as possible while also focusing on any credentials or training that makes you stand out. It may help to hire an outside copywriter to make sure your digital storytelling is on point.
Lisa Odenweller, Kroma Wellness
Also Read: 11 SEO Copywriting Tips for Small Businesses
Uncover Your Expertise
Think about services or products that only you can provide to others, and build a small business around that. If you’re passionate about something within your skill set, build your business around that, and use your passion as you market yourself. Creativity, uniqueness, and sustainability have grown in importance. You can expect a small business centered around providing unique, sustainably-produced products will have a high ROI in 2022.
Nataly Vanunu, Boho Magic
Health and Beauty
The health and beauty industry thrived by providing home healthcare items such as hand sanitizers and soaps. These items were in great demand during the start of the pandemic and will experience even more demand as 2022 approaches. We’re nearing the end of the year, and new strains of the virus continue to emerge, so there’s still cause for fear. Furthermore, the global lockdown jurisdiction has caused customers to transfer their beauty spending to at-home spa services. Personal care goods such as hand sanitizers and soaps, at-home spa rituals such as body scrubs and aromatherapy products, and beauty technologies like smart mirrors and massage guns are among the most popular health and beauty products. These items can be bought online and conveniently delivered to people’s homes, adding to their unique selling advantage.
David Bitton, Doorloop
The best business to start in 2022 is an online business with high returns on the initial investment. E-commerce businesses are the most profitable and easiest to start, and they require very little startup capital. A well-designed website can help you reach millions of potential customers and make more money. However, the most profitable businesses are those that solve problems. If you can identify a problem and come up with a solution, you will have a winning business model. I’d recommend starting an e-commerce business that targets a specific niche. This will allow you to become an expert in your field, which will lead to a competitive advantage. You should also market your business online to reach the biggest audience. If you choose a niche that is growing and addresses a good problem, then you shouldn’t have any trouble making a substantial income in five years.
Becky Moore, GlobalGrasshopper
Also read: 11 Tips for Switching Ecommerce Platforms
Wearable Technology Company
As the owner of a wearable technology company, I might be a little biased here, but I think it is one of the best industries to start a company in 2022. The margins are high, most of the sales can be done through the website, and it is a rapidly growing market. There is a lot of upside in this industry and the technology is constantly improving and introducing new products to market. In a recent study, about 20% of people already wear a piece of wearable technology and we see this number only increasing in the future. This is a great time to jump into the market and introduce a new product that adds value to people’s everyday life. Starting a wearable technology small business in 2022 is a great idea.
Amaury Kosman, Circular
Time Saving Business
You can’t go wrong with starting a business that helps people save time and energy in 2022. People are more conscious than ever of the importance of how they spend their time and who they spend it with. When I was pregnant, preparing a hospital bag, while essential, was time-consuming and took a toll on my energy reserves. It’s why I created Lily + Llama: to help expectant moms check off this big pregnancy to-do so they could focus on having a happy and healthy pregnancy and get introduced to quality products that they’ll find helpful well past the newborn stage.
Michelle Conarty, Lily and Llama
Starting a wellness or online fitness-related business will be a good choice for 2022. Portable home fitness equipment and online fitness apps will gain the most attention from people around the world this year. The reason being, the concept of fitness is drastically changed by the pandemic, which also has changed the way people approach their fitness routines.
People have explored the biggest upsides to working out from home due to reduced gym access, and therefore, they want to invest in wellness and fitness products rather than gym subscriptions. I can bet that the small business of home fitness equipment will acquire maximum recognition and ROI in 2022.
The World Economic Forum showcases the enormous growth of the health and wellness apps, where the download will significantly grow by 46% globally. So, if you are into development, go for creating such apps instead of starting an eCommerce business in this sector.
Jonathan Tian, Mobitrix
Online teaching and classes are rampant right now. You can learn just about anything these days virtually. Teaching has never been more convenient and lucrative.
Yes, the competition is high, but if you couple your teaching with a decent blog and a podcast, you’ll attract a lot of attention.
Make sure your content shows good E-A-T and they’ll be eating out of your hands. You know, Expert, Authoritative, and Trustworthy content.
You can teach people all over the world and never leave your home.
Jennifer Pieniazek, Resume Now
Logo and Design Services
Logo and design services is the most profitable business that you can start in 2022 with a minor investment. Maybe you have a talent for the arts? If that’s the case, you can design logos and other graphics for other small businesses like Appy Pie Design, gaming software, and online platforms. Alternatively, you may be familiar with products such as Publisher or Adobe Creative Suite. Some skilled designers even create unique logos for online gambling companies and assist in creating games or images of free spins with no deposit bonuses. According to research, this is one of the businesses that will have the most profit as in a new era; almost all the businesses are going online. And for an online business, one must have a logo.
Jake Clopton, Clopton Capital