The future of businesses is changing fast. COVID-19 has transformed business dynamics which we all have to adapt to survive. Millions of people lost jobs last year, millions more are still getting laid off this year, and experts have predicted 2020/2021 as the worst recession since the great depression in the 1930s. But there’s hope, and for so many reasons, we’ve got to embrace technology. For example, the Internet of Things, and doing business from home. This is the future of work.
Numerous opportunities are offering new business ideas for talented people in the virtual space. So, if you’re looking for top business trends to stay ahead of the pack, you have come to the right place.
Having researched business ideas for 2022, we have narrowed down three crucial niches which you can use to propel yourself for lasting business solutions. Make money easily and stay ahead of the curve.
2020 taught us harsh lessons, and one of those lessons is the ability to adapt to stable future business ideas during tough times.
2022 Top Business Trends
These three business ideas have met the following criteria:
- The business has the potential to make you steady income forever.
- The company is popular, and many people require these services.
- There’s a potential to outsource the business leaving you time to look for other potential.
- opportunities to make money from these online businesses.
1. Starting an eCommerce Business
Many people are familiar with eCommerce but probably have no idea about how it works. But don’t worry. We’re here to sharpen your knowledge and help you get acquainted with this fantastic business opportunity.
eCommerce is simply selling goods or services on the internet. You need a computer, secure internet, a payment system, and a shopping cart interface to start the business.
Businesses must move quickly to stay afloat and beat the competition. Informed consumers have forced brands to evolve, and eCommerce is one of the best options to thrive. After all, you want to start a business and give it time to expand into a physical presence. Online selling is the way to go.
Consider your venture details and research on what sells fast. You don’t want to start with dead stock because nobody’s buying. So be on the lookout for trending items with different age groups.
Also, consider your business niche. Do you have a keen eye for kitchen appliances, fashion, hair products, or technology? Go for what you’re passionate about. It helps to pick out precise products for your customers.
Research indicates that eCommerce sales from pure-play retailers shot up to 34% from March 30, 2020, in the U.S., and new orders increased 52%, according to data, based on more than 1 billion customers and over 200 million orders from 500 businesses.
As you have seen, half the population in the States is turning to online shopping to buy the goods they need out of necessity.Online shopping is currently a way of life. And the demand is increasing.
So, how do you start an eCommerce business?
You need a specific idea of the type of eCommerce business to run.
Trending ecommerce Businesses
A. Wholesaling and Warehousing
This model is not entirely online. It requires a physical warehouse to store your products. You will need a supplier to purchase your inventory. To save on costs, you can start small and create space in your garage to store a limited amount of stock.
Remember, you need to sell what you know.
So first-hand knowledge is critical in this business. Your business partner/supplier will fulfill your orders, but, ultimately, you must be able to discern the products you ordered and repackage these into customized goods for your clients. You will manage inventory, packing, and shipping orders for your customers from your online store.
B. Drop Shipping
You need to set up a simple yet attractive website store and partner with a solid supplier to supply you with your preferred list of orders. The supplier does all the work, from managing inventory, packaging, and shipping purchased goods directly to your customers.
This model requires a reliable supplier/partner. Your customers will buy your brand, so you need to choose your brand carefully. Amazon is a great place to start. They have incredible business opportunities for businesses that partner with them.
C. Manufacturing and Private Labeling
Let’s say you have an excellent idea for an original product, where you can create, design, and label your products rather than reselling products that already exist in the market.
Perhaps you want to produce a new line of unique shampoos, or, if you’re a great designer, you can design and stitch cute kiddies’ clothes or make delicious fruit jam.
Go for what you’re passionate about. You have a skill but perhaps lack the financial muscle to produce large quantities and find customers for your products. This business model works for people like you. You have an innovative product idea. You design your products and need to partner with a manufacturer to make large quantities of your product. It is your job to hunt for the proper manufacturer, leaving you to set up a website to sell your goods and warehouse space to store your goods.
Some manufacturers may save you all the inventory trouble and handle storage and shipping to your customers. With the right merchandise, you can make decent sales over time.
D. White Labeling
This business idea requires creativity. First, you need an attractive website and a brand. You brand existing products. You need to partner with a reliable manufacturer who will produce, store, and ship all your orders to your customers.
White labeling requires you to buy a specific inventory quantity, say, 100 pairs of trending sports shoes or 50 pieces of trending smartwatches. The caution here is that you must purchase inventory when white labeling. Nevertheless, if you have a keen eye for fashion or technology, this is a great niche to tap into.
This model works best for established bloggers. But you can still start from scratch if you’re willing to create an emailing list or online Subscription. You should have a website. Subscriptions work with trust. Your clients recognize your work and are willing to try out a new product.
So, this is more like an expansion venture.
Subscriptions involve marketing a new product to customers in your mailing list at regular intervals. You can create Ad hype up your product, give away a few freebies, and attract more customers at regular intervals. Clients buy the subscription package plans over single one-off orders. Subscription is complex and requires technical skills but offers a steady income stream if you know how to market your products. You need to creatively push your product without offending your customers with numerous emails.
To succeed in the e-commerce business, try and leverage existing services such as deliveries to reduce your overheads.
Choose your niche carefully. Go for what you’re good at naturally to give your customers the best buying experience.
Build your business with a specific product geared toward a narrow audience to meet the particular needs, avoid wastefulness, and disappoint your potential customers.
Grow Your Revenue with the Right Market Research
Here’s a list of essential questions to evaluate your eCommerce business idea to narrow down your market research.
- How many potential consumers are out there?
- Do these customers need your products?
- Can these customers afford your products?
- Who is a significant competitor for your “customers” business?
- Are you solving a problem for your customers better than your competitors?
You can choose to work alone for new business owners, partner with one or more people, or franchise with an existing company.
There are four main business structure types.
For small-scale business ideas, a sole proprietorship is an ideal option for a new business entity. It means that you are solely responsible for running the business and bear all the business profits, losses, and debts.
A partnership is a joint obligation between individuals who share business liabilities including profits. Each partner pays a specified amount of money to start the venture.
Limited Liability Company (LLC) is broader, a little more complex than a sole proprietorship and a partnership business. An LLC allows parties involved limited liability, such as 50% (principal shareholder), 20%, and 30%, respectively. All partners bear taxes involved and flexibility with extra benefits that go along with this arrangement.
Corporation is a company and is considered separate and distinct from its owners. Corporate company has no personal liability. The shareholders/owners, a board of directors and the officers have control over the corporation and they are the decision makers. A corporation conducts business, realizes net income or loss, pays taxes and distributes profits to shareholders.
Licenses and permits
Get to the nearest government offices near you to register for the proper licenses with your State government. Find the proper business permits and tax obligations for each entity on the SBA site. Don’t forget to register for a tax I.D. or EIN, an employer identification number from the IRS.
A strong brand identity builds reputation for your business to effectively compete in the eCommerce industry. Every company requires a brand identity. So, it’s critical to create unique branding choices to boost your business.
Your brand symbolizes how people distinguish your business. Before you create a business brand, make sure you evaluate these questions carefully to help you come up with a powerful, solid brand for your new business idea:
- What are your brand values?
- What identity does your brand project?
- Will your customers get value for their money from buying your products?
- Will your customers enjoy the buying journey with you?
- Do you offer personalized services that customers can’t get anywhere else?
Your answers will control your brand mission. Your overall business idea should transition to a solid business name, an attractive company logo, and professional website design – all the critical elements to building the right brand identity.
Choose a name representing you and your brand accurately to attract the right audience for your eCommerce store. Your business name also defines your website as the official online address where your customers can reach you. So, choose a business name that personifies your brand.
Choosing a Symbol
Your company logo represents your product. It is the face of your company. When done right, your logo is the graphic figurehead that customers identify with when they go online.
Every detail on your logo influences what customers will see in your products or services. Your company logoshould communicate positive vibes – and that it reverberates with your product. So, hire a creative designer to make a great business logo that visually symbolizes your brand.
eCommerce websites are exceptional. They require inventory management, processing payments, and a convenient shipping interface with an attractive product display.Exemplary customized eCommerce websites include; WooCommerce, Shopify, or BigCommerce.
Building the right SEO Marketing Copy
Search Engine Optimization is an algorithm used by Google to rank popular keywords, in this case, product listings, to make them easy to find on the internet web.
If you can’t master SEO, hire an expert copywriter to do it for you at a small fee.Because it plays a massive role in your business on social media, take advantage of all the freebies you can get online to market your online business.
Social media opens up doors to keep your customers updated on new products, polite reminders to visit your website, check out products they like, etc. You also get a chance to build meaningful relationships with your clients as they get to know you personally.
The ideal accounts to engage with include: Instagram, Facebook, and Twitter. If you’re into fashion and design, you can also open a Pinterest account to build relationships with future buyers.
2. How to Start a Consulting Business in 2022
A Consulting business is the perfect exit from active corporate life. You’ve put in long hours for many years, and you’re now skilled in your field/profession. You understand processes, markets, financing, or managing human resources.
In short, you are an expert.
You’re great at your job.
You crave for something more. You want to start your own business, do flexible hours, and work more closely with your customers.
Have you ever thought about making money by giving expert advice?
Consulting is a massive industry. However, it’s not that hard trying to figure what you want to do because you are already an expert in your field of study and work.
According to statistics, companies spend millions of dollars every year consulting firms to cut costs by hiring a full-time employee to do the same job.
If you’re not sure how to get started, you have come to the right place. In this section, we shall help you navigate consultancy as a business.
Choose your niche
The first noticeable thing is to select a niche. Go with what you already know.
But how do you distinguish your services from a sea of consultants in your field?
Find the right customers. Or let the customers find you. So first, you need to establish a website. It could be a static advertising web page or a fully-fledged site with informative articles, blog posts, and a couple of vlogs and podcasts.
There’s a lot to learn. So, stay with me.
Businesses that need expert advice will spend money to pay their fees. But you must assure them that this is the way to go if they follow your advice. That it’s worth it.
Consistent results will get you more business via referrals.Don’t offer the same thing to all your clients. Be smart about how you manage your clients by providing specialized services. Tailor your services and let that add value only to specific businesses.
So how do you remain relevant in a crowded field?
- If you understand your market dynamics, you can identify specialties that will benefit your clients over the long term.
- Investigate potential areas your clients or friends often struggle with and offer workable solutions as experts in the job market.
- Whatever niche you’re perfect at, don’t try to be the right fit when dealing with all your clients. You cannot help everyone that comes asking for professional advice. If it is not within your field of expertise, pass it along to another consultant who will add value to your client. For instance, if you’re in the accounting field, you cannot offer management advice and minimize salary overheads. That is a Human Resources core function.
Here’s a list of some profitable consulting businesses to choose from:
- Business writing
- Career consulting
- Computer programmer
- Editorial services
- Grantsmanship/Proposal writing
- Human resources
- Payroll management
- Public relations
- Supply chain management
- Tax consultant
Now the list is endless, but you get the point, right?
We haven’t ventured into all viable businesses as potential consulting opportunities, but you can take advantage of this list to help you figure out what you need to do.
Remember, even as an expert, you still need special training to improve your skills. You may be good at accounting, for instance, but you are not well versed in report writing. Likewise, you may be an expert in managing payroll or identifying problems within the H.R. management systems, but you’re not a good communicator.
Consulting requires constant communication, and most of all, training. You will need to train a company’s staff on certain types of advice based on your findings. So, exercise comes in handy in this case.
Grow Your Revenue with a Business Model
Secondly, find a suitable business model to work with. A business model helps you fast-track your revenue growth. It also has basic templates such as spreadsheets, guides, and checklists.
Here are examples of consultancy business models to consider.
The sole consultant model
As a solo advisor, you get to do everything by yourself. Of course, you can have one or two assistants to help with the paperwork, but you are the sole driver of your business.
The consulting firm model
Here, you can choose to work alongside other consultants and support staff on a larger scale. It is a good business model for experts handling large corporations. But naturally, larger companies come with a mirage of responsibilities, and so your firm will be expected to deliver projects on time.
If you don’t like managing people, you can partner with other consultants in your field and divide the responsibilities of managing an office.
The product consulting model
In this variation, you come in as an expert to create or design products for your clients. For instance, you can create designer shoes for a fashion company that needs unique shoes. You can also create a learning program for institutions. If companies hire you to design for them solely, it should be contractual to allow you room to expand your client horizon.
Overall, Consulting is broad and potentially lucrative if done right. However, to set up a legal business, you will need to register with your local State for licenses, Tax ID, and any other legalities as required by law.
You also need to set up a professional website to advertise your services. If you can write, prepare your business concepts, and have an editor check your content before uploading it on your site.
You will do a lot of groundwork to convince potential clients that you offer valuable services. If you have a wider friend circle, this shouldn’t be a problem.
Charge competitive fees to run a sustainable business. Set genuine expectations for your clients.
One last thing…
To understand the scope of consultancy as a business, Companies hire experts for the following reasons:
- For expert advice
- to supplement their staff
- to identify problems
- to promote change
- to train skills
- to help companies make tough decisions or influence important decisions
- for new innovative ideas
- to create new products
As a consultant, your services are the core of your profession. Once you know your target market, you’ll know what to offer your new clients.
Finally, a professional website makes your business idea credible and legitimate.
3. Social Media Marketing Business in 2022
Do you have a sizeable number of followers on your social media handles? Then you can start a social media marketing agency with ZERO funds. It is the easiest task to do.
It requires little to no experience, no registration, and no website.
You, however, need a solid business plan to hack it in the long term.
Your main job is to influence your followers to buy products and services you advertise on your social media handles. But you have to be smart about the way you approach advertising to people who know you and those who follow you for the things you post.
Social media marketers have a keen eye for sellable products. But you don’t need any skill to hack it in this industry.
You, however, must be willing to learn the basics of making good profits while you have fun.
Social media influences brands in a major way and businesses have taken advantage of conversations around these brands positively.
One way to make money selling brands is to have the specific brands hire you as a social media brand ambassador or marketing associate.
So how do you do this?
It’s simple, or not so simple.
Let’s say you love gorgeous nails. I mean, you are into well-done nails, great manicures, long nails, and bright colors on your beautiful hands. If you frequently post your nails on social media every time you have them done at your favorite nail spa and get more than 2K likes, you are a social influencer.
Now, if you placed a sleek bottle of your favorite nail polish besides your cute nails and posted that, say on Facebook; you will start a conversation around that product, and people will start asking about where to buy the nail polish or recommendations from your nail spa.
That’s how you can quickly sell a product on social media.
Brands understand this language, and most of them reach out to social influencers to sell their products.
Ultimately building their brand reputation.
Social media enhances the way brands interact with their customers – overtaking traditional marketing campaigns. Consequently, if you are always online and understand how social platforms work, you can easily hack into this niche.
To get into a severe business undertaking on social media and make money from it, you need to reflect on your client base.
- How can you represent them?
- How many followers do you have in total (all social handles combined)?
- Which social media platform works best for you – as a potential social media marketing idea?
Understand how each platform works and how well you can utilize your influence without spending a dime.Consolidate your social profile, and make sure your personal information matches all of your social handles.
- You need consistency and ingenuity for your clients to trust you and buy from you.
- You also need legit accounts with a legit address and telephone numbers.
- You need to protect your accounts from potential scammers who can duplicate your accounts and lock you out for good!
To protect yourself from scammers, avoid using public WIFI or shared devices. In addition, make sure you log out of your accounts and clear your browsing history if you must use shared devices.
Another critical point is that you need to post responsibly as no brand will accept uncouth social conversations around their brand. So always restrain yourself in the manner you respond to your followers.
Marketing your Business
Finally, promote your business as well. If you want a long-term business, you need to follow all the registration processes we discussed earlier, opening an online business.
In a nutshell, a successful social media marketing business requires you to:
- Understand the Industry
- Conduct Market Research on the products you want to market
- Decide which niche to focus on
Therefore, if you would like to start your own social media marketing business in the U.S., you should deploy strategies that will propel you to an even larger audience with time and become popular.
We’ve given you the background to guide you on the best profitable business ideas to go in 2022. Now it’s up to you to decide what niche best suits your expertise and your personality. Whatever form your new business takes, you’re on the right track to be your boss and make money your way, making you eventually join a community of resilient online business folks.