The Best Industries to Start a New Small Business in 2022

More than 1.4 million people took the leap to start a new business this year. It’s an exciting time to start a new business.

Unfortunately, statistics say that about 20% of those businesses won’t survive past a year. Business owners don’t have a plan, lack cash flow, or choose the wrong product and industry to start a business.

The best industries to start a new business have a few things in common. There is a lot of growth potential and a low barrier to entry. In other words, you can start a new business with few resources.

Which industries should you consider to enter into the world of business ownership? Keep reading to find out.

1. Ecommerce

The pandemic accelerated ecommerce sales to unprecedented levels. Sales levels are going to stay that way for a long time.

This makes it a great time to start an ecommerce business, but it’s harder than ever to break through the noise and competition.

You’ll need to have the right products, a narrowly defined target market, and a strategic marketing plan. Price your products competitively and offer outstanding customer service.

2. Healthcare

The healthcare industry is changing rapidly and your business can respond to those needs. The biggest opportunity is in information technology.

Doctors across health networks rely on technology to share information quickly. The challenge is to keep the data safe.

There are programs that let you gain experience and be educated in two to four years. You can open a business as an IT consultant or provide managed IT services for healthcare.

3. Real Estate

The real estate market has been one of the few industries that really jumped during the pandemic. A large number of buyers are looking to capitalize on low interest rates.

Sellers are waiting out the pandemic and new construction starts got delayed, leading to low inventory levels.
That created a perfect storm. Prices soared by double-digits in many locations across the country. Bidding wars ensued, and many people are priced out of the real estate market.

That’s driving rental demand as well. Here’s where you can profit in the real estate market and learn how to become a real estate agent in Ohio.

The question is do you buy now with low interest rates and high market prices, or do you wait and see if prices come down in 2022?

That’s an important decision that can determine your success or failure as a real estate business.

4. Media

The media industry is no longer comprised of a few major networks and newspapers. Media is all around us, which creates a nice business opportunity for you.

You can become a live streamer, broadcaster, or influencer. Gaming and virtual reality are options to start a media brand.

You’ll need a topic to start with. Travel, a particular game, showing people how to make money are usually good topics.

It’s important to have a content plan and stick to it. Choose the right platforms to broadcast your content and be patient. It takes time to grow an audience.

5. Hospitality

You might be surprised to see the hospitality industry on this list because the industry was hit hard by the pandemic. It’s expected to pick up because of pent-up demand.

Whether you rent a room in your home or start a bed and breakfast, you can make money in the hospitality industry.

The difference makers are the niche you serve and the experience you provide guests. You have to go above and beyond for your guests.

They’ll return, leave positive online reviews, and recommend your business to their friends and associates.

6. Insurance

About 75% of businesses are highly underinsured. Health insurance and property insurance are concerns for the general population.

That’s driving growth in the insurance industry. You can earn a great living by giving people insurance products that they need.

You can start an insurance brokerage or work as an insurance agent. As an agent, you get the training you need while you get licensed.

It’s largely a commission-only position, so you’re essentially running your own business. As you gain experience, you can open up your own agency.

7. Auto Repair

Here’s why the auto repair industry will grow over the next several years. Used car sales skyrocketed over the last couple of years due to the low inventory of new cars.

Those used cars need maintenance and are highly likely to need repairs sooner than new cars. Your auto repair shop can take advantage of that.

The crucial aspect of an auto repair business is management. It’s hard to manage parts inventory, communicate with customers, and have a profitable business. Software programs like Tekmetric, Alldata, and AutoLeap help you make smart management decisions.

8. Storage

This is a part of the real estate market, and it tends to be recession-proof and profitable. The storage industry is going to see steady growth over the next several years.

The key to success is your location. What’s driving the storage market is downsizing and population migration. If you can position your business in a city with a low cost of living, you’ll be positioned for success.

9. Fitness

The fitness industry continues to grow as people try to get healthy. Obesity rates are still high and childhood obesity is a major concern.

You can get certified as a personal trainer in just a few months and start your business. It’s hard to compete against the thousands of other trainers and fitness influencers.

You’ll need to have a very specific audience to work with.

The Best Industries for Business Ownership

There’s never been a better time to become a small business owner. There are many types of industries that will grow and expand over the next several years. It doesn’t cost a lot to get started, either.

The best industries to start a business align with your passion, too. It’ll show up in your work and you’ll have a great business in no time.

Now that you know what the best industries to start a business are, head over to the Business section of this site for tips to market and manage your new business.