A List of 10 Small Business Ideas to Start in 2022Oct 07, 2022
Getting a business up off the ground is hard. But sometimes the hardest part is knowing what to start. Here's a list of ideas, keep in mind none of these are meant to give you the impression getting any of these started is easy. It always depends on your interests, your abilities and your overall budget. But it will hopefully give you food for thought.
Keep in mind the following are just ideas. In order to turn them into profitable business ideas, you need to do your research, prepare a business plan (and check out our other post about the steps you need to take to start a business).
1. Going freelance
If you've got a current 9-to-5 full-time job in a particular role for a company (developer, writer, graphic designer, bookkeeper etc.) you could think about launching your own freelance business. This can allow you the flexibility if you're interested in working on a variety of different projects, expanding your creativity, controlling your own time and profit per project. Before quitting your day job, it's worth starting this as a passive income stream. Start building up a client base by taking projects on the side (double check with your employment terms if you're able to do this). Once you think you have enough projects coming in and have built a customer base, it's worth pursing full-time.
This business opportunity is also attractive to those that want to run an online businesses. There are other aspects as a business owner you'll need to take into consideration. You'll need to build out your own website, online presence, figure out how you're going to invoice, process payments, deliver the product/service - mainly building up the infrastructure of the business. There are plenty of resources out there to help you figure this out.
2. Become a virtual assistant
Here's another online business idea. A virtual assistant or VA is someone who provides administrative support from home via the internet. They usually provide general office administration such as email management, calendar scheduling, data entry, content writing, proofreading, customer service, event planning, blog management, invoicing, billing, honestly the list goes on.
The challenge is effectively getting the word out there, you'll need to really make an effort with word of mouth to attract potential customers. Attending small business events and conferences can help with this and having conversations with business owners to understand their needs and explaining how you provide value.
3. Online tutoring business
Online tutors are becoming more popular than ever before. The number of people seeking online tutoring has increased dramatically over the last few years. If you enjoy teaching others and would like to be your own boss then this is a great way to go.
You don't necessarily need a college degree to become an online tutor. In fact, many successful tutors didn't attend university at all. However, it's a major plus if you have some experience working with children. Many parents seek out tutors because they feel their child isn't receiving proper education or have difficulty understanding the material.
4. Launching a business in the trades
The demand for the trades has remained high. Becoming a handyman, woodworker, landscaper or if you are willing to go through the proper programs to become licensed/certified; opening a plumbing, HVAC, carpentry or electrical can be the type of business to bring in a steady stream of income if you're able to build up a client base, and promote your business in your neighbourhood. You'll also need to take into account the seasonality of your business; think of a landscaping business for example - great for spring to fall, but you're out for winter months.
Being able to manage your time, invoicing & billing efficiently and providing great customer service can help you differentiate and stand out from everyone else that offer the same services. Printing door hanger flyers and sticking them on your neighbours' doors can be a great and affordable way about spreading the word.
5. Pet grooming and pet sitting
Evaluate if your neighbourhood is full of pet owners, proper grooming and pet sitting is a great way for pet owners to feel confident in the care of their beloved furry friends.You can find potential customers as your strolling your own pooch in the process, and this business can coincide if you currently work from home, or own another home business that you have as an additional source of income.
Key barrier to entry here is if there is already an abundance of services in the area, or if there are already customers loyal to a service in a geographic area. Do your research and verify if this is a major pain point in your area.
6. Home-based personal trainer
Personal trainers are one of the most sought after types of fitness professionals. They are usually hired by gyms and health clubs to train clients who want to get fit and lose weight. This is a very lucrative industry and one that will continue to grow.
If you love helping people achieve their goals, then starting a personal training business could be right for you. Personal trainers are a great way to keep people motivated, helping them persevere obstacles and maintain healthy habits. This business model can lead to an extremely sticky experience for customers. If people see the value and results from your program, it'll keep them coming back for more. Some personal trainers also have experience in food nutrition and will also provide meal-plans for people depending on their goals.
7. Food truck owner
Food trucks are becoming increasingly popular around the world. The concept is simple: A mobile kitchen where diners can order meals from a variety of cuisines. These mobile kitchens are typically set up in parks, festivals, fairs, etc., and serve a wide range of foods.
Starting a food truck business requires a lot of capital, so it's not something that can be done easily. However, if you love cooking, and want to test something out rather than trying to launch a restaurant, a food truck can be a flexible type of business to get into the culinary world. It's important to crunch the numbers, understand the cost of sourcing ingredients to ensure prices can lead to a profitable business.
8. Got expertise? Launching an online class
Online courses are becoming increasingly popular. People are looking for ways to learn new skills, but don't always have the time to go to classes at universities or community centres. Online learning has become much easier with platforms like Udemy, which allows anyone to create an online course and sell it to others.
This is a great opportunity to turn your knowledge into a product that can make money. You may need to invest some time upfront to build credibility and gain followers, but once you've got those things going, you're good to go.
9. Do you love baking? Try a home-baked goods business
Baking is a fun hobby to pursue, especially when you enjoy creating delicious treats. But what about making these goodies available to others? There are many different ways to do this. Turning your passion for making delicious goodies into a business venture is dependent on you pricing your products right and effective marketing. Social media can be a great way for this especially if your posts make viewers hungry and start craving a relief to their sugar tooth.
There are many different ways to run a successful home-baked goods company, so choose the option that best suits you.
10. Sell crafts on Etsy
Etsy is one of the most well-known marketplaces for handmade items. If you have a creative eye for design, then you might want to consider setting up shop on Etsy. Not only does Etsy offer a platform to sell your crafts, but they also offer buyers a place to browse through other sellers' crafts.
Etsy or other online marketplaces can also be a great place for you to sell digital products. If you're able to make aesthetically pleasing and valuable checklists, guidebooks, worksheets this can be a great side hustle as an additional source of income. This is a hybrid of an online business idea, but if you're creating products you'll need to think about how you're doing to deliver to customers (shipping, mailing, packaging etc.).
There you have it, various business types to think about if you're looking for another source of income. Before quitting your full-time job, you still need to research and plan out how to turn this idea into a reality. We have a post to help you work through this, or feel free to check out our program. We sleep, eat, breathe this stuff and genuinely want to help you in your entrepreneurial journey. There are all kinds of business ideas out there, the key is finding one you know you'll be passionate about.
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