Welcome to my list of the best business opportunities in 2022, chosen from a variety of industries.
Most of these opportunities can even be operated as home-based businesses.
If your goal in life is to become very rich , chances are you won’t get there as a small business owner. But you will have the opportunity to generate a healthy income, be your own boss and make all the decisions.
You could have a more flexible lifestyle as building something from scratch can be very rewarding in itself.
So here’s my pick for the best small business ideas based on current demographics and business trends:
1. VIRTUAL REALITY
Virtual reality (VR) computing is a breakthrough in immersing the user in a realistic sensory experience.
Hardware and software vendors are working hard to bring new virtual reality products to market, and the industry is growing at a rapid rate. According to statistics, by 2020 the global size of the virtual reality market will exceed $40 billion.
The potential uses of virtual reality for business or pleasure are virtually limitless, for example:
- 3D movies – watch a movie in 360 degrees VR
- Real Estate Marketing – Imagine searching for a new home and being able to take a virtual tour online through an advertised home from the comfort of your desk.
- Gaming – VR – is revolutionizing the gaming industry, with new virtual reality titles released almost weekly
- Team building exercises – team building events with a virtual reality group experience
- Virtual reality interaction in social networks – friends will be able to interact in a virtual space online
- Training – VR can inject a much higher degree of realism into training scenarios. Many companies (such as UPS) are launching new delivery driver training programs that use RVs.
- Meditation – VR is ideal for personalized meditation
- “Escape rooms” and VR lounges (where groups of people get together to play VR games or go on VR adventures or solve group puzzles) are experiencing phenomenal growth.
If you are tech-savvy and interested in technology, virtual reality could be the business opportunity for you.
2. SPECIALIZED SERVICES
It is unfortunate that some parents today have a tendency to discourage their children from considering skilled trades as a career option, in part due to the mistaken belief that they are underpaid.
In fact, skilled services are generally well paid and enjoy satisfying careers.
It has been estimated that 40% of today’s tradesmen will retire in the next decade, creating a huge demand for talented workers in trades such as:
- Carpentry and construction in general
- Plumbing, pipe fitting and steam fitting
- Electrical and electronic control systems
- Heating, ventilation, air conditioning and refrigeration (HVAC)
- Machinists and Metallurgists
The nature of specialized services makes them ideal for self-employment :
- High salaries and high demand for experienced services in most places
- Most businesses can be operated as home-based businesses since the work is done at the customer’s job site.
- Compared to many businesses, startup capital costs are relatively low for most specialized services, and most cannot be automated to any degree, ensuring future job security.
- The ability to move to other jurisdictions where demand is stronger. Many experienced workers take advantage of opportunities in remote or overseas locations to earn much higher compensation levels.
Why not take advantage of the demand and consider one of the skilled trades as your next business opportunity?
3. SOFTWARE ENGINEERING AND DEVELOPMENT
Software engineers and developers create, test, and maintain software on a variety of platforms, from mainframes to mobile devices.
According to the US Bureau of Labor Statistics, the demand for software developers is expected to increase by 17 percent each year through 2023, and the median salary in 2014 was slightly over $100,000 per year.
The nature of the software development industry makes it ideal for contract employment. Many software engineers start out as salaried employees and eventually become independent contractors.
Cloud computing and ease of remote access make software development an ideal home-based business.
4. SERVICES FOR CHILDREN
There are business opportunities in a variety of areas in the children’s services market , including:
- Quality preschool education, including environmentally focused offerings such as outdoor preschools
- Art classes and events
- Tutoring in critical skills such as reading, math and English
- Fitness instruction such as tennis, swimming, soccer, or golf lessons
If you enjoy working with children and have educational training and/or experience, why not turn it into a business?
5. HOME RENOVATIONS
If construction is in your blood and you think you’d enjoy making your clients’ home renovation dreams come true, why not turn it into a business?
Ask just about anyone who needs home (or business) repairs or renovations: remodeling contractors are hard to find, and the good ones are always busy.
Home renovation is a business that always seems to do well, even in times of economic uncertainty.
Statistics show that the average homeowner spends no less than about $1,000 per year on home improvements, generating a great deal of business for carpenters, painters, installers, roofers, tilers, and other tradesmen.
The home renovation business is ideal for self-employed people for several reasons:
- Most renovations are done by contract
- The initial capital investment for tools and machinery is usually much less than that required for new construction
- No business premises are required as the work is done at the client’s location, making remodeling a perfect home business.
Remodeling contractors provide services in different ways:
- As individuals, where the contractor performs most or all of the work
- As general contractors, who hire and supervise the employees or subcontractors who perform the work
- As specialists in a particular area, such as bathroom or kitchen renovations, or niches such as restoring historic buildings, improving energy efficiency, or solar installations
To be a successful renovation contractor, you must have:
- Extensive experience in residential or building construction, with practical experience in at least one of the trades and knowledge of the others
- Good contacts within the industry, so if necessary, you can call on subcontractors to get specialized work done in a timely manner (such as architects, structural engineers, licensed electricians, plumbers, tilers, etc.)
- Up-to-date knowledge of local building codes and safety regulations
- Licensing and certification if required in your jurisdiction.
- Good organization skills
6. BICYCLE SALES, SERVICE AND RENTAL
Due to the health and environmental benefits, it is no wonder that cycling has become the second most popular outdoor activity in many cities around the world.
According to peopleforbikes : Bicycle transportation service
in the United States has grown 47 percent nationwide and 73 percent in the largest cities in a 10-year period. North American cities are trying to increase the number of people using bikes instead of cars to get to work.
American citizens spend $81 billion on cycling annually, generating 770,000 jobs. Anything that is healthy, popular, good for the environment, and heavily promoted by the government is a very good business bet.
In addition to motorized or pedal-only bikes, electric bikes have become very popular. Electric bicycles can be pedaled without electric power or use electric power to assist, with sales expected to reach close to 50 million units by 2022.
Regular pedal bicycles can be converted to electric bicycles with a kit that enables the replacement of the front or rear wheel hub with one that contains a small electric motor and adds a battery and wiring.
If cycling is your passion and you want to become an entrepreneur, this may be the perfect business opportunity for you.
7. CARE SERVICES FOR THE ELDERLY
Elder care services continue to rank as one of the best business opportunities.
Demographics play an important role. The first baby boomers reached the age of 65 in 2011. The entire baby boom generation will be 65 by 2030. Seniors will make up 1/4 of the entire population in many cities around the world.
Unfortunately, while they are expected to live longer lives than previous generations, they are also expected to spend more years with the disease, according to a report on the health of the elderly by the nonprofit United Health Foundation.
Fortunately, baby boomers are a wealthy demographic compared to previous generations. For the most part, they can afford the services necessary to maintain their lifestyles.
Many seniors have health and/or mobility issues and are increasingly uncomfortable with not being able to drive their own vehicles.
They may find it difficult or impossible to take care of household chores, such as gardening, cleaning, cooking, or taking care of their pets. Others travel extensively and require home stay or pet sitting and property maintenance services.
Overall, there are plenty of opportunities for entrepreneurs who want to take advantage of the elder care trend. If you are not interested in starting your own business from scratch, there are several senior care franchise opportunities available.
8. BODY DECORATION SERVICES (PIERCINGS AND TATTOOS)
According to statistics, the tattoo industry generated $3 billion in revenue in 2014 and continues to grow rapidly:
- 40 percent of American households have at least one member with a tattoo, up from 21 percent in 1999
- 22 percent of millennials have at least one tattoo
- 30 percent of people between the ages of 25 and 39 have tattoos and 40 percent of adults between the ages of 30 and 39.
- Tattoos are also popular among middle-aged adults: 30 percent of those between the ages of 40 and 49 have at least one
Most tattoo artists learn the trade through an informal and rarely professional apprenticeship (usually three years or more). For health and safety reasons, some jurisdictions require certified expertise.
If you have artistic and creative skills, becoming a tattoo artist can be an excellent business opportunity.
9. COUNSELING AND THERAPY
The field of mental health is another profession that is experiencing increased demand for services. The BLS expects the need for marriage and family therapists to grow 41 percent by 2020.
The nature of mental health counseling makes it well-suited for private practice.
Many professionals in the field make the professional decision to start their own consulting businesses. However, this usually requires extensive schooling and often a postgraduate degree.
10. FINANCIAL ADVISOR / PLANNER
Financial advisors/planners are expected to be in high demand with a projected growth rate of 30 percent through 2026.
Studies in Canada indicate that only 20 percent of Canadians trust their math and money skills in what they do. refers to planning for a secure financial future, according to a 2011 survey.
Becoming a financial advisor/planner typically requires a bachelor’s degree and additional training in securities management, leading to licensing/certification.
But this is another business that is riding the demographic wave. A large group of baby boomers is headed for retirement, and they will need help with their finances. Financial advice and planning is an ideal business opportunity.
11. Coffee Shop
Think an independent coffee shop that serves espressos, lattes, and cappuccinos can’t compete with Starbucks? Think again.
A new coffee shop recently opened in town and has been buzzing with customers since day one. The owner attributes his success to:
- Being in a convenient location for vehicles, bicycling, and pedestrians
- Offering a pleasant atmosphere, including an outdoor patio
- Serves high-quality beverages made from small-batch specialty coffees, served by properly trained baristas for consistent product
- It is not trying to compete with fast food outlets by selling brewed coffee.
If you have a passion for specialty coffee, why not make it your next business opportunity?
12. MARKETS ON WHEELS: FOOD TRUCKS
Most people have the view that food trucks serve traditional fast food like hamburgers, fries and hot dogs, but there is no reason why mobile vendors can’t sell good, healthy and nutritious food as well.
The hugely successful Clover Truck, for example, runs a fleet of trucks that offer a seasonally changing menu serving vegetarian meals made from locally sourced, organic ingredients (and they actually serve French fries).
If you have a knack for creating tasty, nutritious food and a desire to “stay on the road,” why not consider a mobile food truck as a business? Learn how to start one.
PREPARED? GET THE NECESSARY EDUCATION, SKILLS AND TRAINING
There are no shortcuts to starting your own business. You will need to acquire the necessary academic credentials and/or the skills and training to take advantage of some of these opportunities.
Working as an employee or trainee in your chosen field for a period of time before becoming self-employed can give you the training, business skills, and experience needed to start your own business.
It can allow you to make a name for yourself and develop a client list so that you already have potential clients when you start your own business.
DEVELOP A SOLID BUSINESS PLAN
There are many reasons why having a solid business plan is a good idea. An essential component of a business plan is market research. Going through this exercise will tell you if your business idea is really feasible in your locality.
Having a business plan is also essential if you need start-up capital, such as financing from a bank or attracting capital from investors.
When you have your business plan and initial capital, select a winning name for your business and register it in your city.
Decide what type of company works best for you.
Do you want to be a sole proprietor or start a company?
Obtain any required business licenses or permits and register to file taxes if required in your city. Insure what you have to insure and then start promoting your business.