Some individuals enter the world of entrepreneurship with a clear goal in mind; they don’t want to rely just on their check stubs and know that it isn’t enough, they are aware of the market they want to dominate and the strategy they will use to get there. But for many aspiring business owners, it can be difficult to learn how to start a company and decide which industry to invest in.
We’ve put together a list of the most profitable businesses to get you started, taking into account things like industry growth and competitiveness, startup costs and entry barriers, as well as profitability potential.
Any good business idea has the potential to succeed and be profitable with a strong business plan, effort, and drive.
But businesses in low-startup-cost, high-growth fields might have a higher chance of making money. For example, with the development of technology, opening a virtual assistant company is more successful than opening a grocery store.
Even though some of the most successful businesses are operated online, others offer in-person offerings, and some are ideal for entrepreneurs who are constantly on the road. Here is our list of profitable small businesses:
1. Freelance Writing Business
Surely, one of the simplest online businesses to launch in 2022 is freelance writing. You need a computer and a connection to the internet.
Against popular belief, getting started can be done without a degree in journalism, literature, or English. Even non-native English speakers can find success as freelance writers.
If you are knowledgeable or experienced in a particular industry, such as cryptocurrency trading, you may turn that into a business by writing about it or video production for your YouTube channel. You may instruct individuals on how to trade, which exchanges to utilize, and how to use the cryptocurrency portfolio trackers.
Also, since blockchain technology is the future, you can offer blockchain public relations services on your Patreon account. Also, considering that blockchain technology is the future, you can also offer Blockchain PR services.
But if you are inexperienced with the field, looking for rewriting jobs on websites like Fiverr and Upwork is an excellent place to start.
2. Personal Trainers
The U.S. Bureau of Labor Statistics projects that the employment of fitness instructors and trainers will increase by 39% between 2020 and 2030, which is substantially greater than the average for all occupations. However, making a career out of your passion for fitness doesn’t.
Have to entail working for a large corporate gym or incurring the expense of having your own facility where you can coach people. Taking your fitness show on the road by packing a few weights, bands, and yoga mats in your trunk.
Offering private sessions in your client’s homes or promoting group courses at a nearby park or community center are two ways to start a career as a personal trainer. Increasing your clients’ access to fitness could be the key to achieving your objectives together.
3. Car wash services
According to a 2020 Consumer Reports study, new car owners are keeping their vehicles longer due to the growing cost and expanding amenities of new models. Additionally, services like car washes that help customers maintain the value of their automobile investment are anticipated to grow as more drivers keep their automobiles for longer periods of time.
In accordance with the International Carwash Association, 66% of Americans wash their cars an average of 13 times each year, between once and twice per month. The market for vehicle washes is anticipated to grow from $14.7 billion in 2021 to $20.7 billion by 2028.
Providing mobile services could increase the profitability of a car wash firm. Customers who desire a more personalized service and drive a premium vehicle may be willing to pay more for a car wash that comes to them. Additionally, you would save money by operating a mobile car wash and auto cleaning business rather than opening a physical storefront.
4. Virtual Assistant Services
Businesses might benefit from having an assistant who is as adaptable as they are, especially as more employees choose to work from home and teams are dispersed across numerous regions and time zones. You can work as a client’s assistant from New York if your customer lives in Florida, eliminating the necessity for daily meetings in an office.
The average remote virtual assistant earns $63,500 per year in the United States, according to ZipRecruiter.
You could choose your clients and build your own schedule as a virtual assistant. You’ll manage emails, plan meetings, arrange travel, and perform other simple activities to make your clients’ lives and businesses run more efficiently.
Additionally, to launch this business, all you must have is a laptop and a connection to the internet.
5. Vacation Rentals
Renting out space in your house to visitors can be profitable if you reside in a popular tourist region. With the help of websites like Airbnb or VRBO, it’s now simpler than ever to make money off of your extra bedroom or another unutilized holiday home. The average U.S. host earns more than $13,800 annually, according to Airbnb.
Being an Airbnb host is not particularly difficult, and there has been an increase in demand for these kinds of rentals recently. Up from 251.1 million nights in 2020, 356.9 million nights were reserved on Airbnb in 2021. However, before beginning, make sure you verify the laws and regulations in your area. Some cities have laws and restrictions related to Airbnb and other rental services.
6. Food Trucks
According to a 2021 study by Grand View Research, the food truck market is likely to grow to USD 6.6 billion by 2028, continuing its steady growth over the previous five years. Food truck development can be opened for less than one-third the price of a traditional restaurant, and offers geographic flexibility, the opportunity for significant profits, and the freedom to create your own unique menu.
Additionally, food trucks frequently have a unique set of regulations, business license requirements, and safety compliance requirements. You should get in contact with your local health department to figure out what will be necessary since they also seek food business insurance.
7. Video Editor
You may not be aware, but YouTube is the second-largest search engine, right after Google.
This is an obvious sign that people are watching more and more videos, and with this rise in popularity, it is advisable to create videos using inventive slide designs to connect with your audience.
There are therefore many people who will seek your services if you are skilled at video editing. Additionally, you can complete the task more easily since some video editing effects are free.
8. Electronics repair
Over 75% of American adults own a desktop or laptop computer as of 2021, while 85% of Americans own a smartphone, according to the Pew Research Center. Additionally, there is a higher reliance on various technologies as more employees work from home.
This implies that when anything bad happens, people want assistance in resolving it as quickly as feasible. This allows electronics repair a relatively successful business idea. The global electronics maintenance and repair market is anticipated to increase from around $8 billion in 2021 to $9.6 billion in 2026, according to a 2022 analysis from the Business Research Company.
9. Social media management
Customers these days expect businesses to be active on social media and to respond to their service issues there.
Few small business owners have the time or skill to handle every one of their social media accounts, even though many are aware that they need to use social media marketing.
If you’re an expert user of Facebook, Twitter, and LinkedIn and have found every job you’ve ever had through these platforms, you might want to think about using your social media know-how to launch your own solopreneur business, providing assistance to business owners who may need help to manage about there brands’ social media platforms.
There aren’t many fees associated with getting started in this field as long as you are equipped with a laptop, smartphone, and social media accounts. From 2020 to 2030, job growth in this field is anticipated to expand by 11%, which is quicker than average for all other industries.
Teens can make money by assisting others with errands such as grocery shopping, pet grooming, and so on.
It has a low entry barrier, is simple to start, and does not require any capital – a bicycle is all you need to get started.
11. Home Tutoring
Another innovative small business concept worth exploring in 2022 is home tutoring.
The best aspect is that this kind of service can be offered practically online or in person. And virtually everything may be taught, including mathematics, economics, playing piano, sports, etc.
Platforms such as Brighterly or Tutorme can assist in connecting you with customers that are interested in your services.
12. Cleaning services
If you love to clean, you can probably make money doing it. You can provide cleaning services to individuals, apartment buildings and commercial premises with a small team, various cleaning products and transport. The average hourly fee for cleaning services is between 25 and 50 dollars. Cleaning services are simple enterprises with minimal overhead costs; all you need is preparation, dedication and promotion to attract clients.
If you want to stand out from other cleaning companies, consider charging more for premium services, such as exterior power washing or floor waxing. These services may vary between your new cleaning service and established companies that have too many customers to offer this level of cleaning.
Starting a business and finding success with it can be demanding, especially when you have goals or conditions that you have to meet. But at the same time, it’s rewarding because you’re still making money from your small business in addition to the paychecks.