Nicole Snow , a Wall Street Journal and the U.S.A. Today’s bestselling author once said, “A small business is an amazing way to serve and leave an impact on the world you live in.”
The small business industry is flourishing. It’s never been easier to start a small business. The invention of the internet has transformed the world in a big way. It brought the world into a global village where people may interact by simply clicking a button.
It has revolutionized how small businesses are done. Small companies can start and run all online using internet resources such as websites and social media platforms.
With all these online courses you will need for your small company, it’s essential to know what types of small business ideas are there! Many small businesses have been around for years that are now becoming successful online with just a small investment in an e-commerce website or social media marketing.
In a May 2020 survey commissioned by NerdWallet and conducted by The Harris Poll, 37% of Americans said they made more effort to support local businesses due to the pandemic.
“In a November 2020 survey by Union Bank, 72% of Americans said supporting small businesses was more important than getting the best deal. Plus, 43% said they were willing to spend $20 more on an item to support a small or local business.”
So instead of the pandemic making things worse, it’s actually given more opportunity to start a small business.
For those who want to start their own small business but don’t know where to begin, this blog post will provide you with some of the best small business ideas for 2022 and explore why they work so well today.
Factors To Consider Before Starting a Small Business
Before you dive into starting your small business, you should consider a few factors. Analyzing these factors will give you ideas for the right small business to start.
First, make sure you have a clear idea of what you want to do and what services or products you plan to sell. Once you know this, research the industry and see how much competition is out there. Are people buying the products or services you plan to sell?
Next, consider start-up costs for different small businesses. Will you need to purchase any inventory? What are the costs of setting up a website or renting retail space? What will the wage be, and how will you handle payroll taxes?
Another critical factor to consider is your target market. Who are you selling to? What age group, gender, income level, and geographic region? Who is your ideal customer, and where can you find them? How do they like to shop–online?
You’ll also want to make sure you have the financial resources in place to start and sustain your small business. This includes having a solid business plan with accurate financial projections.
Location is another crucial factor to consider before starting a small business. Is the right location available for your business if you’re selling a physical product? If you’re an online-based small business, what’s the reach of your target market? Do you want to stay small in a small town, or would you like to expand and go global?
Once you’ve answered these questions, it will be easier to determine which small business is best for you.
The best small business ideas all have one thing in common: passion. Starting your own small business is difficult, but that’s what makes it so rewarding! If you’re passionate about something, starting your own small company can be very fulfilling.
Finally, you’ll need to make sure you have the time and energy to devote to running your small company. You must be passionate about what you are doing, as it will be difficult to succeed if you aren’t.
The Best Small Business Ideas for 2022
Now that you know what to consider before starting your small business, it’s time to explore some of the best small business ideas for 2022!
Below are a few small businesses that have been around for years but are now becoming successful online with just a small investment.
1. E-commerce Website
“In 2021, more than 1.8 billion buyers visit online stores, which is more than 25 percent of mankind!”
With the invention of the internet, e-commerce websites have become one of the most popular small businesses around.
A simple website and a PayPal account are all you need to sell products online. E-commerce businesses can keep overhead costs low by maintaining a physical location and extensive inventory.
By 2023, eCommerce sales are expected to account for a whopping 22.0 percent of retail sales worldwide (Currently in 2021: 18.1 percent )
Start-Up Cost:
Website design & development prices range from $10,000 to $25,000 for small business. The website price will be determined primarily by:
- Project’s complexity
- Selected platform (Shopify, WordPress, Magento, etc.),
- e-Commerce features
- Type of eCommerce website company you select (the U.S.A based, overseas, in-house, or outsourced)
Typical Costs
- Website Design / Graphics $5,000
- Back-End Programming $2,000
- 3rd Party Integrations $500
- Content Management System $2500
- Hosting $500 / year
- eCommerce Website Maintenance $3,000 / year
- SEO $12,000 / year
**Figures are taken from: https://www.outerboxdesign.com/web-design-articles/ecommerce_website_pricing .
Skills Required:
- Good knowledge of how the internet works and basic coding skills.
- Content Writing, Copywriting, Web design, and excellent knowledge of Marketing.
- A general understanding of SEO (Search Engine Optimization) allows your website to rank on Google for buyers’ keywords.
Competition: Very high
Potential market: Global
The best small businesses are constantly developing to meet the needs of their customers. The internet has made it possible to sell products to people all over the world, so your potential market is endless! If you’re looking for a small business that is constantly changing, then an e-commerce website is a great option.
However, with great opportunity comes great competition. You’ll need to be prepared to work hard and invest a lot of time and money into your e-commerce website if you want to succeed.
2. Blogging
“60% of all internet users read blog posts. With over 4.66 billion users on the web, that roughly translates to roughly 2.8 billion readers.”
Blogging has been around for years, but it’s becoming a very profitable small business. According to Forbes, the top influencers can make up to $150,000 per post!
Building an audience through blogging takes time and dedication, so don’t expect instant success if you decide this small business is right for you. You will need to learn SEO, spend hours creating content, and build your social media following. Once you have an audience, though, it’s gratifying!
You can either start small with a personal blog or launch a company blog on behalf of the small business you’re currently running. Blogs are great for promoting your products or services.
Start-Up Cost:
There are many choices for hosting a blog online, so you will want to do some research before deciding on the best option for you. Prices vary depending on your needs and range anywhere from $50/year up to $ 1000’s per year!
The Minimum First Year Cost to start a blog for profit is $65.40. But if you need to buy a computer and pay for internet package plans, then you can end up paying more than $700 in a year.
The other costs include getting a host ($0 – $20 per year), buying a domain ($0 – $50 per year), and buying a theme ($15 – $60).
While blogging may not seem like one of the best small business ideas, it can be very profitable if you do it right. All you need is an internet connection and something interesting to say about your niche to create a blog.
Bloggers can use various advertising products on their site, including sponsored posts, banner ads, and affiliate links. Blogs can also be supported by selling eBooks or courses in the blogger’s niche.
Skill Required:
- Ability to write engaging content that engages the reader.
- Understanding SEO so your blog can rank high in search engine results pages.
- Basic web design skills, as you will probably need to create a custom layout for your blog.
- Knowledge of social media and how to use it to build an audience.
- Ability to create graphics or videos for your blog posts.
- Business skills, as you may need to negotiate advertising rates or sell products/services on your blog.
Competition: Very High
Potential market: Global
3. Property Management Company
“39% of the national industry market share ultimately goes to the property managers themselves”.
Property management companies provide services to homeowners and renters. They handle everything from finding new tenants, collecting rent payments, repairing properties, evicting tenants that don’t pay their rent or violate rules in the lease agreement (lease violations).
Also, they deal with small repairs like replacing locks/light fixtures/appliances, coordinating contractors for larger projects like remodeling, and issuing security deposits.
Start-Up Cost:
$2,000 – $10,000
Skills Required:
- Bookkeeping and project management skills.
- Knowledge of laws and regulations for property in your state/city.
- Ability to deal with troublesome people, like tenants that don’t pay their rent or violate the lease agreement (lease violations).
- Ability to manage small repairs and larger projects.
- Marketing skills, including the ability to understand demographic information about your market so you can target it correctly with marketing campaigns.
Competition: It depends if you have a small-town property management business, then competition will be low. In large cities, many other property managers compete with you.
Potential Market Size: Small to medium depending on what type of property management business you open (residential or commercial).
4. Meal Delivery Service
“Meal kit revenue worldwide is expected to grow to over 13 billion U.S. dollars in 2022 and is forecast to exceed 20 million by 2026.”
Meal Delivery service is a type of food business where customers can order pre-made, healthy meals and have them delivered to their doorstep. These services are becoming increasingly popular as people become more health-conscious and time-starved.
Start-Up Cost:
$800 – $2000
Skills Required:
- Ability to cook healthy, balanced meals.
- Good organization skills, as you will need to plan and prepare all the meals for the week in advance.
- Customer service skills, as you will interact with customers via phone
- Social media skills, as you will need to create an online presence for your small business.
- Marketing/Business development skills to bring in new customers and increase repeat traffic.
Competition: Medium – many small businesses provide the same services, but if you offer a unique service or product, this small business could be profitable.
Potential Market Size: Small to medium, depending on your geographical location and the type of food you provide.
5. Event Planning
“In 2019, the events industry was valued at $1,135.4 billion and was expected to reach 1,552.9 billion U.S. dollars by 2028, registering a compound annual growth rate of 11.2% from 2021 to 2028.”
Event planning is organizing events such as weddings, birthday parties, baby showers, or corporate meetings/conferences. Event planners handle everything from booking venues and caterers to arranging transportation and décor. They are the middlemen between venues, caterers, florists, etc., and clients who commission them to plan their event(s).
Start-Up Cost:
Small – you can start an event planning business with just a small investment of around $500 or less if you have your own equipment.
Skills Required:
- Excellent organizational skills.
- Strong communication and customer service skills.
- Marketing/business development skills to bring in new clients.
Competition: Low – many people want to plan their own events but don’t have the time or knowledge to make event planning a low-competition industry.
Potential Market Size: Small to medium, depending on your geographical location and the type of events you plan to organize.
6. Virtual Assistant
“The intelligent virtual assistant market size was valued at $ 3,442 billion in 2019 and is projected to reach $44,255 million by 2027 , growing at a CAGR of 37.7% from 2020 to 2027.”
A Virtual Assistant (VA) provides administrative, technical, or creative support remotely to clients from their own home office. V.A.s can specialize in various areas, such as social media management, website development, copywriting, or graphic design.
Start-Up Cost:
Small – you can start a V.A. business with just a computer and internet connection.
Skills Required:
-Strong computer skills, including experience with word processing, spreadsheet software, and online communication tools such as Skype.
-Good organizational skills and attention to detail.
- Customer service skills.
- Strong administrative skills.
Competition: Low – the V.A. industry is still relatively new. Small businesses have many opportunities to grow in this industry.
Potential Market Size: Small to medium, depending on your geographical location and the type of services you offer.
7. Event Photography
“In 2019, the global event photography market was valued at $780 million and is projected to reach a value of $960 million by 2025, registering a CAGR of around +%. The U.S. held the largest market share in 2019.”
Event photographers provide professional photography services for weddings, corporate meetings/conferences, and birthday parties. They capture the moments of the event as it unfolds so that clients can have a memento to remember the occasion.
When you look at the small business market today, event planning is one of the best small businesses to start because it’s low-cost and has many revenue streams, such as catering services décor rentals.
Start-Up Cost:
Small – you can start an event photography business with just a basic camera and some photography skills.
Skills Required:
- Good photographic skills/knowledge.
- Strong customer service skills.
- Marketing/business development skills to bring in new clients.
Competition: Low – many people want to capture their memories through photography but don’t have the time or knowledge to make event photography a low-competition industry.
Potential Market Size: small to medium, depending on your geographical location and the type of events you plan to photograph.
8. House Cleaning
“The global house cleaning market was estimated at $110 billion in 2018 and is projected to grow at a CAGR of +% from 2019 to 2025.”
House cleaners are small business owners who provide residential services, such as dusting, washing floors/windows, vacuuming carpets.
Start-Up Cost:
Low – you can start a house cleaning business with just a few basic supplies, such as vacuum cleaners, mops, and brooms.
Skills Required:
- Good organizational skills.
- Strong customer service skills.
- Detail-oriented.
Competition: Low – the house cleaning industry is highly fragmented, making it an excellent opportunity for small businesses to enter this market.
Potential Market Size: small to medium, depending on your geographical location and the type of services you offer.
9. Personal Chef
“The global personal chef market was valued at $11.03 billion in 2017 and is projected to grow at a CAGR of +% from 2018 to 2025.”
Personal chefs are small business owners who prepare meals for their clients in their own home kitchens. They can specialize in various cuisines, such as Italian, Indian, or Thai.
Start-Up Cost:
Low – you can start a personal chef business with just a few basic cooking supplies.
Skills Required:
- Good culinary skills/knowledge.
- Strong customer service skills.
Competition: Low – the personal chef industry is still in its infancy, making it an excellent opportunity for small businesses to enter this market.
Potential Market Size: Small to medium, depending on your geographical location and the type of cuisine you specialize in.
Final Thoughts:
There are many small business ideas out there, and these 9 best ones are the easiest to start. If you want your business to succeed, make sure that you take all the following steps. You should have a name, registration, insurance, bank account, permit, and keep proper financial records so that you can tell how it is performing.
We hope that launching your own successful business becomes much easier with this information in mind! Which one of these small businesses do you plan on starting? Let us know in the comments below!