As the economy continues to recover from the pandemic, many aspiring business owners are ready to turn their small business ideas into reality. This is shown in the recent statistics that over 4.35 million business applications were submitted this year. This is a 24% increase, the highest in the past decade. Are you wondering what business you can start to make the most out of this booming economy? Here are some lucrative small business ideas to consider in 2022.
1. Become a mobile application developer
Becoming an app developer has excellent potential for not only today but the future. This is because today's digital climate is driving the demand for smart mobile and user-friendly applications. If you have knowledge and experience in mobile solutions and other technology-related skills, you should consider building a mobile application development company.
There are several types of applications you can develop. For example, with the growing popularity of Virtual Reality (VR) software, you can consider becoming a VR apps developer. Meanwhile, the AR, VR, and mixed reality market will reach approximately $31 billion in 2021 and $300 billion by 2024.
2. Offer consultancy services
You can start a consultancy business or agency if you have the skills and are passionate about helping organizations improve various aspects of their operations, such as human resources, leadership, business communication, social media marketing, and so on.
Consultancy services are highly lucrative, especially as there are numerous aspects you can focus on to provide practical solutions and advice. Additionally, you can start the consultancy business on your own in the earlier stages before considering hiring other consultants later to grow the business.
3. Open an online store
The advantages of the digital revolution have left many customers preferring businesses that offer convenience. This is probably why many businesses are choosing to operate online businesses instead of traditional stores. Not only does this reduce the cost of setting up your business, but it also allows you to sell regardless of their geographic location.
4. Start home improvement business
Homeowners are always looking for innovative ways to improve their homes. Moreover, many individuals are expected to work from home. There has been a demand for home office space. This has led to an increase in home improvement sales by 22%. If you have an eye for interior design, construction, and other handy jobs such as plumbing and electricals, then you should consider starting a home improvement business. You can focus on offering advice on renovation projects, managing teams, or offering services in specific aspects of the home, like the kitchen or bathroom.
5. Become an owner's representative
Over the years, the use of third-party owner's representatives has steadily increased in all areas of the construction industry. As an owner's representative, you have the task of managing an entire building project on the owner's behalf. This means you have the responsibility of making decisions to ensure the project’s success in accordance with the owner's request. If you've had experience in real estate, starting an owner's representative company is a lucrative business idea. You can comb through various real estate websites to contact various homeowners who could be potential clients.
6. Start a digital marketing agency
Digital marketing services are in great demand as many organizations have seen how this marketing strategy can help reach a wider audience at an affordable cost. There are various digital marketing strategies businesses can use. By setting up a digital marketing agency, you can advise businesses on which strategies can help them achieve their desired goals. You can set up a digital marketing agency that outsources its services to businesses for their marketing campaigns. You can choose to specialize in one form of digital marketing such as content marketing, Search Engine Optimization (SEO), or social media management. Or, you can build a team of various digital marketing experts so you can help your clients build a strong brand identity, an excellent online presence, and SEO-optimized websites at a charge.
7. Freelance content writing
If you have marketing knowledge and are interested in creating content for digital marketing, you can start a small agency consisting of content writers and copywriters. As a content service business, you can provide web content, blogs, image carousels, email newsletters, social media posts, and so on. You can likewise hone your SEO skills or hire a professional to offer expert services to your customers to help them achieve their content marketing goals. This includes smart techniques such as keyword targeting, content SEO optimization, and others. With the enhanced skills and experience you build over time, you can collaborate with larger agencies and connect with better clients.
8. Get a ghost kitchen or food truck
If you have always dreamt of entering the food business, yet the capital needed always seems to discourage you, you can consider starting a ghost kitchen or food truck business. The ghost kitchen or food delivery business has flourished during the pandemic. Such businesses offer food delivery or takeaway services and usually operate in the less expensive areas in the city. An industry insider has suggested that quick-service restaurants are more appealing, and virtual kitchens (ghost kitchens) are simplified commercial cooking spaces with no dining option. You can circumvent the need for costly extensions in premium locations. Additionally, less prime real estate means more space for delivery and catering trucks that may have otherwise jockey parking space with your customers.
9. Offer translation services
The last few months have shown a growing demand for multilingual services, website translation to other languages, and document translations. As a result, you can create a team of individuals with different language skills and provide translation services to niche customers. A translation services business can be profitable and lucrative for you, given a networked business model at national and international levels. A recent US Bureau of Labor Statistics research has proposed translation services among the top three sectors to see exponential demand growth between 2020 and 2030.
Although the startup pace has slowed in recent months, there are still many activities in 2021 startup businesses. There are likewise several lucrative businesses you can start in 2022. This article covers a few of the best ideas to begin your own successful small business.