Top 10 Most Profitable Small Businesses to Start in 2022
Small and medium businesses account for 99.9% of all the businesses in the US. Of course, putting a small business idea to work isn’t always easy. But it might be well worth it. Owning a small business provides you with some flexibility and control. You are your own boss and can decide your own hours. Also, you are making significant contributions to the economy.
So, are you thinking of starting up a business in 2022? We’ve put together a list of great business ideas that you could consider pursuing.
Running cleaning services is a great business idea. As a matter of fact, it is one of the most profitable business ideas ever. That’s because offices, houses, malls, schools, and other commercial buildings will always need cleaning. And those white-collar, Ivy League grads dread handling a mop stick.
In the US today, a cleaning business makes between $25 to $90 per hour. If you offer extra services like floor waxing and power washing, you can charge higher fees. This is the right business idea for those considering options with minimal startup costs. All you need is a bucket, mop, disinfectants, and soaps. Furthermore, registration is not absolutely necessary before you start a cleaning service. But you’d have to rely on personal connections and referrals to get jobs most times. When you decide to take on employees, however, you must become a registered legal entity.
Social Media Management
Are you savvy with apps like Facebook, Instagram, or Twitter? You could help individuals and businesses manage their social media accounts. As a social media manager, you could also branch out into a content consulting business. This is one of the small business ideas that generate an average income of over $64,000 annually in the US.
To start a business like this, all you need is a smartphone and some marketing skills. Your natural ability to create catchy captions and clever comebacks will do you some good. Having some graphic design and video editing skills are additional advantages.
If you write well naturally, you can learn a little about marketing and become a freelance copywriter. You could also work as a content writer and write blogs, web content, or press release. Lots of agencies and companies are willing to hire talented individuals on a freelance basis.
Copywriting is a small business idea that doesn’t require much starting capital. You just need an internet connection and a device that you can write with. If you have a good knowledge of Search Engine Optimization (SEO), your services become more valuable.
With each day that passes, the internet grows and it becomes increasingly difficult for businesses to keep up with marketing digitally. A digital marketer is a low-cost option for many small and midsize companies. So they outsource digital marketing duties. As a digital marketer, you are to develop and execute marketing plans. You will need to be great at SEO, and understand how paid advertising works. Affiliate marketing is something you should also consider getting your brain to soak in.
Drop shipping is one of the quickest and cheapest online businesses you can do. It is simple, you set up an online store through any platform and stock it with virtual inventory provided by a third party. The third-party supplier is the original retailer of the goods and has physical access to the inventory. Any product you sell is fulfilled by a third party and you earn some profit or commissions.
Drop shipping is one of the new business ideas that are completely online business ideas. All you need is an online sales platform and all you do is market your product and handle customer service. It has very low overhead costs, with almost zero risk. You take a risk in trusting that the third party fulfills the order satisfactorily.
Your lawn mowing and gardening skills can do more than just get the neighbors jealous. You can start up a landscape business. Landscapers are hired to design, install and maintain gardens and other landscapes. Your business can be a simple mow-and-go service, or it could provide more beautiful and complex landscapes with fountains and mazes. If all you have is basic lawn mowing, pruning skills, and a passion for landscaping, you are good to go. You can learn more complex things along the way.
If you like animals, then pet grooming is the perfect business for you. If you don’t know anything about grooming pets, a dog walking business might be a good place to start. You can also do pet sitting, helping busy pet owners watch their pets. If you don’t think you are up for getting too close to other people’s pets. You may choose to sell pet accessories.
As a small-scale business, you can stand out by making your products customized to be more personal. According to Glassdoor, pet grooming makes about $35,861 per year. So while pet grooming won’t make you an instant millionaire, it is one of the simple home business ideas that can make a great side hustle.
Thrift Clothing Store
If you are the kind of person who enjoys hunting for classy pre-owned fashion items. Perhaps it’s time to own your own clothing boutique. You can find vintage clothing and accessories at cheap prices, spruce them up if need be. And resell them as thrift clothing.
This is one of the small business ideas on our list that has the potential to really hit off. Because more people are clamoring for sustainable fashion these days. Buying thrift clothing is seen as a way of recycling garments and preventing waste. Starting up a thrift store is not expensive, you can host a yard or garage sale. Or you can create an online store and run it entirely as an online business.
Teach Online Courses
There has been a tremendous shift in how learning happens in the past couple of years. Schools and individuals are turning to online learning. You would be amazed to find out that you can teach almost anything online as long as it’s not illegal. From gardening to web development or mathematics, you will find people from all over the world willing to pay you to learn. You don’t need your own website to start teaching online. You can partner with platforms like LinkedIn, Domestika, Udemy, and Coursera.
Keeping fit has always been in style but exercising to get specific results requires you to follow certain processes. Many people who show up at the gym don’t know those methods. You can teach them and get paid. If you are passionate about bodybuilding, a personal training service is an opportunity to raise extra income.
Because of the pandemic, parties and formal events are not what they once were. There’s so much more involved in organizing events these days. So if you are still getting compliments for organizing safe and fun events, a lot of people could use your help.
An event planning business will require that you have decent design, communication, negotiation, and budgeting skills. You can help people organize baby showers, weddings, funerals, company events, and more.
If you are handy with house repairs and work in the real estate industry, you most probably are a good fit for property management. Lots of property owners don’t have the time to manage their properties, especially those with multiple homes (e.g. vacation homes in the woods). They will pay you to oversee repairs, collect rents, and kick bad tenants out. You can earn over $54,000 annually, on average, working as a manager.
How to bring your own business to life:
Starting your own business is interesting but it is no joke. Several local businesses have tried and failed. According to reports by the Small Business Administration (SBA), 90% of small and medium-sized businesses failed in 2019 alone.
From our list of business ideas, you can choose to pursue one vehemently. You can also choose other lucrative business initiatives. You may opt to open a food truck or become a personal chef, running a catering business. Whatever your choice, you need to know how to go from a dreamer with an excellent small business idea to becoming one of the real small business owners in the US. The 4-step process below should point you in the right direction.
1. Choose a Suitable Small Business Idea
You may have skills that put you in a good position for multiple ideas. You could be a good cook with exceptionally good event planning skills. But, you must know that not every good business idea may be a profitable business venture for you.
Consider your own unique circumstances, available capital, personal competencies, business location, and several other factors. The perfect small business idea for you should be something that plays to your area of interest as well as the resources that you have.
2. Establish a Business Entity
Small businesses have to be duly registered as legal entities before the business takes off. Before you registered though you are going to have to decide on the perfect legal structure for your business. The chosen legal business structure will significantly affect your business operation processes, including personal liability, taxes, financing, and much more. So, take the time to ask the right people questions to understand your options. A legal adviser may be really helpful here.
3. Write a Business Plan
Create a business plan no matter how simple your small business idea is. A detailed business plan will help to keep you on track when making decisions. Also, it is one of the documents lenders might request if you ever need business financing. You can quickly search the internet for a good-to-use free business plan template. That should be a good start.
4. Seek Funding
According to research by Guidant Financial, 33% of small businesses owned by Americans reported that lack of financing is the main reason for their failure. Interestingly, securing funding for that coffee shop or whatever business you’re working on has become significantly easy with minimal risk. Upwise Capital can offer fast loans to both an existing business and a freshly baked idea. Simply fill out our business financing application form here to get funding in your business bank account within 48 hours.
Alternatively, many businesses seek out personal and business finances from trusted credit companies to keep their operations going if they’ve exhausted their funding options.
Our team at Upwise Capital is here to assist you with every step of the way to secure whatever funding is needed to help your business grow. If you have any questions regarding how business financing works, please call our team at 77-55-UPWISE or email [email protected]. You can also apply online for financing, so you can get back to work and running your business.
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