The 23 Most Profitable Businesses in 2022

The 23 Most Profitable Businesses in 2022

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here’s how we make money.

Some people venture into entrepreneurship with a clear vision: They know what industry they want to conquer and the path they’re going to take to get there. However, for many new entrepreneurs, it can be difficult to figure out how to start a business — plus, determine exactly what type of business is the best choice to invest in.

To help you launch your journey, we’ve compiled a list of the most profitable businesses, considering factors such as industry growth and competitiveness, startup costs and barriers to entry, as well as profitability potential.

40 startup ideas

1. Create educational content or activities

Parents are always looking for tools and activities to keep their kids entertained and engaged. Printable activity guides for different age groups, home-school lesson plans or even virtual nature walks or story time could all be viable startup ideas.

2. Offer virtual team-building

Companies need new ways to boost morale and build camaraderie among remote and hybrid teams. Enter the virtual team-builder. Cheesemongers, mixologists, chefs, magicians, artists, historians, master gardeners — almost anyone can create and offer bonding experiences for virtual companies.

3. Start a meal-prep business

By 2026, more than 217 million people in the U.S. will use online food delivery services. Tap into that market and start a meal-prep service to make people’s lives easier and cater to specialized diets (keto, vegan, Whole30).

4. Create a food waste solution

Creating a startup focused on reducing food waste could not only earn you some serious funding, but also positively change the food system and help save grocery stores and restaurants money.

5. Capitalize on plant-based foods

The U.S. plant-based market is exploding, with sales of plant-based foods doubling in recent years to $7.4 billion in 2021. Creating a vegan supermarket or making meat-free versions of traditional foods could be the ticket to success for aspiring entrepreneurs.

6. Start a drop-shipping business

The e-commerce business model of drop-shipping is especially attractive because it doesn’t require you to purchase inventory upfront. Selling higher-end products with low shipping costs could become profitable quickly if you do thorough competition research.

7. Curate subscription boxes

Subscription boxes are a $22.7 billion dollar business globally, and the industry is still set to grow. Pick a niche, and then curate a collection of specialized goods to deliver unique experiences to consumers. Some subscription boxes focus on makeup; others focus on sustainability. Find the right starting point for you and run with it.

8. Create an airport-centric app

Creating an all-in-one app that allows travelers to navigate unfamiliar airports with real-time information is a relatively untapped startup idea. Though various travel applications exist, an app that shows amenities, TSA line wait times, ground transportation options and airport maps could be useful to passengers.

9. Become a destination wedding planner

The coronavirus pandemic added an extra layer of stress to destination weddings, creating added demand for wedding planners who can help manage wedding and travel logistics, including local guidelines and testing requirements. If you love exploring, are great under pressure and don’t mind working long hours, this could be the startup idea for you.

10. Make local guides

Even if you don’t consider yourself a local expert, creating local guides can get you familiar with your surroundings and help tourists enjoy off-the-beaten-path experiences in your area. Make themed guides, highlight attractions and partner with local businesses for advertising opportunities.

11. Create a local grocery delivery service

A grocery delivery startup can come with minimal setup costs — you only need a vehicle and a cell phone to get started. Help older people or others who are too busy to shop by offering this community-friendly service. You can even approach grocery stores in your area to see if they’re willing to partner with you to get the service off the ground.

12. Start a virtual event planning company

Virtual event planning is a new booming business as in-person gatherings go online or take a hybrid approach. A skilled planner who can ensure all attendees are engaged, regardless of location, will be in high demand for years to come.

13. Sell zero-waste products

Starting a zero-waste company is more than just a trendy thing to do; it can be an ethical, environmentally conscious decision. Selling sustainable products such as reusable bags, bamboo toothbrushes or products with zero-waste packaging could appeal to a growing number of sustainability-focused consumers.

14. Make products for pets

Create innovative pet products to take advantage of the fact that 70% of U.S. households (about 90.5 million families) have at least one animal companion. Look into developing toys, accessories or even clothing for furry friends.

15. Create custom clothing

Selling custom clothing or offering a tailoring service could be your winning startup idea. The custom clothing industry is gaining popularity and offers room for long-term growth.

16. Sell vintage clothing online

Demand for sustainable fashion has helped propel second-hand clothing into a $36 billion industry in the U.S. with projections to double in the next five years. Consider selling thrifted, vintage or upcycled clothing on social media, an ecommerce platform or an app such as ThredUp or Poshmark.

Bluevine Business Checking

Whether you choose from one of these startup business ideas or come up with your own, opportunities abound for entrepreneurs motivated to make money and start an endeavor all their own.

Compare Small Business Loans

Best Startup Business Loan Options for Entrepreneurs

Small-Business Grants: Where to Find Free Money

Disclaimer: NerdWallet strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution’s Terms and Conditions. Pre-qualified offers are not binding. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly.

B2B Businesses

If your skill set lies in that of the digital world, then why not capitalise on the very movement you’re participating in? With a surge of new businesses entering the ring, these start-ups are going to need a little help, well, starting up. As a B2B business owner, you can provide personalised, tailored services that larger agencies perhaps cannot.

COVID shook up the world of employment, meaning many people began to consider what the average working day should look like. As you can run these ventures on your own time, in your own home, they make for great low cost business ideas in 2022.

Graphic design

Many of these B2B services will work hand in hand with each other when building a brand. However, if someone is looking to launch or relaunch their business, one of the first things they should consider is visuals and aesthetic. Small businesses need to be unique and eye-catching.

Social media management

The presence and power of social media in marketing has grown exponentially. Now is the prime time for businesses of all sizes to take advantage and unlock the power of proper social media management.

Many businesses are now recognising the need to hire either freelance or in-house social media managers to manage their multiple channels – in a sector and role that didn’t exist even a decade ago. As an example, the sudden awareness of the market was illustrated in 2020, after social media ad spend jumped by 14% in comparison to 2019.
Consequently, your social skills are golden as every business enters the fight for social engagement.

Web development

As more businesses start to move online, brands need to make sure they have an online presence and it is optimised to compete. Web development is a vital tool in any business’s arsenal, as the majority of sales are led and made through online stores. If their site is slow, not very well optimised, and doesn’t harbour a seamless customer journey, sales fall flat, and businesses lose profit.

The business checklist that will make your idea into a reality

While it sounds simple, starting a business on your own can be a tough grind that requires patience. Before you get going, here are a few things that you need to have in order. Adequate industry training: In order to enter any industry successfully, it’s important to have extensive knowledge about the business and master the skills needed to be efficient.

A well-thought-out business plan: Your business plan will be the framework of your idea and the more time you put into creating a business plan, the better off you’ll be. Make sure to detail out all components including an executive summary, business description, market analysis, competitive analysis, product plan, business operations, employee and training summary and financial strategy. These will help you create well-defined goals and actionable steps for your business.

Entrepreneurial drive: Not every industry expert is suited to be a business owner. The drive and motivation you need to go your own way aren’t often taught. Time management skills, organisation and problem resolution are notable entrepreneurial traits that you should master before starting your own business, and successful entrepreneurs often form habits that help them become successful in their endeavours.

Powerful tools and business solutions: Trying many of these business ideas in 2021 can involve relatively low investment. Without bricks and mortar, the main things you need to consider are invoicing software and a card reader for accepting payments. And although you can do very well without a physical store, you will likely need an online store.

Accept Card Payments Anywhere with Square Reader

Sources:

https://www.nerdwallet.com/article/small-business/most-profitable-business
https://www.nerdwallet.com/article/small-business/small-business-startup-ideas
https://squareup.com/gb/en/townsquare/small-business-ideas
The 23 Most Profitable Businesses in 2022

The 23 Most Profitable Businesses in 2022

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here’s how we make money.

Some people venture into entrepreneurship with a clear vision: They know what industry they want to conquer and the path they’re going to take to get there. However, for many new entrepreneurs, it can be difficult to figure out how to start a business — plus, determine exactly what type of business is the best choice to invest in.

To help you launch your journey, we’ve compiled a list of the most profitable businesses, considering factors such as industry growth and competitiveness, startup costs and barriers to entry, as well as profitability potential.

Most profitable small businesses

Businesses in high-growth industries with lower startup costs , however, may have greater profitability potential. With the rise of technology, for instance, you’ll probably have more success starting a virtual assistant business than opening a grocery store.

Although some of the most profitable businesses are based online, others involve in-person services, and some are a great fit if you’re an entrepreneur on the go. Here’s our list of the most profitable small businesses:

1. Food trucks

The food truck movement has been experiencing consistent growth over the past five years — and it’s expected to continue — with the market projected to grow to $6.6 billion by 2028, according to a 2021 report by Grand View Research. You can start a food truck business for less than a third of what it costs to open a brick-and-mortar restaurant; plus, you have geographic versatility, the potential for high revenue returns and the flexibility to create a custom menu that’s all your own.

Keep in mind that bigger, trendier cities like San Francisco, Boston and Washington, D.C., already have a pretty saturated food truck market (as well as tougher regulations to get started) — so this might be a more successful business in a smaller heartland metropolis.

Food trucks also tend to have their own special set of ordinances, business licenses and safety compliance standards. They also require food business insurance , so you’ll want to contact your local health department to find out what will be required.

2. Car wash services

The rising price and expanded features of new vehicles are causing car owners to keep their cars longer, according to a 2020 study by Consumer Reports. And as drivers keep their cars longer, businesses like car washes that help people maintain the value of their auto investment are expected to keep rising as well.

According to the International Carwash Association, 66% of Americans wash their vehicles somewhere between one to two times per month, with an average of 13 times per year. The car wash market is projected to increase from $14.7 billion in 2021 to $20.7 billion by 2028.

You might make a car wash business even more profitable by turning it into a mobile service. Customers may pay more for a car wash that comes to them, especially if they have a luxury car and prefer a more personalized service. And as a mobile car wash and auto detailing service, you’d avoid the overhead and startup costs of having a physical location.

3. Auto repair

In 2021, the average age of cars and light trucks in the U.S. rose to 12.1 years, increasing from 9.6 years in 2002, according to IHS Markit (now part of S&P Global). People are keeping their cars longer than ever, suggesting there’s significant opportunity in the maintenance and repair business.

Additionally, car owners are more likely to visit a small business for repairs; according to the Auto Care Association, more than 70% of repair business is captured by independent repair facilities compared with dealerships or manufacturer-authorized repair facilities.

If you’re skilled as a mechanic, you might consider an auto repair service as one of the most profitable business ideas. You can offer oil changes, fluid refills, battery swaps, headlight repair and more. And if you’re looking to save on overhead costs, you might make it a mobile service and travel to your customers, performing repairs in their driveway or office parking lot.

4. Personal trainers

Employment of fitness trainers and instructors is projected to grow 39% from 2020 to 2030, much faster than the average for all occupations, according to the U.S. Bureau of Labor Statistics. But turning your love of fitness into a career doesn’t have to mean working for a big corporate gym — nor do you need the overhead of having your own location to train clients. Throw a few weights, bands and yoga mats into the trunk of your car, and take your fitness show on the road.

You can become a personal trainer by offering one-on-one sessions in your clients’ homes or advertising group classes at a local park or community center. Making fitness more available to your clients might just be the ticket to helping both of you achieve your goals.

5. Newborn and post-pregnancy services

Although millennials are deferring parenthood for longer than previous generations, many do eventually want to have kids. In fact, according to an analysis of government data by the Pew Research Center, as of 2018, more than half of millennial women have had a child.

Now, both millennials and Generation Z are considering parenthood, and the need for child-oriented businesses is growing, starting with post-pregnancy and newborn-related services. And as a result, a 2018 Research and Markets report expects the maternity care market in North America to reach over $3 billion by 2023.

40 startup ideas

1. Create educational content or activities

Parents are always looking for tools and activities to keep their kids entertained and engaged. Printable activity guides for different age groups, home-school lesson plans or even virtual nature walks or story time could all be viable startup ideas.

2. Offer virtual team-building

Companies need new ways to boost morale and build camaraderie among remote and hybrid teams. Enter the virtual team-builder. Cheesemongers, mixologists, chefs, magicians, artists, historians, master gardeners — almost anyone can create and offer bonding experiences for virtual companies.

3. Start a meal-prep business

By 2026, more than 217 million people in the U.S. will use online food delivery services. Tap into that market and start a meal-prep service to make people’s lives easier and cater to specialized diets (keto, vegan, Whole30).

4. Create a food waste solution

Creating a startup focused on reducing food waste could not only earn you some serious funding, but also positively change the food system and help save grocery stores and restaurants money.

5. Capitalize on plant-based foods

The U.S. plant-based market is exploding, with sales of plant-based foods doubling in recent years to $7.4 billion in 2021. Creating a vegan supermarket or making meat-free versions of traditional foods could be the ticket to success for aspiring entrepreneurs.

6. Start a drop-shipping business

The e-commerce business model of drop-shipping is especially attractive because it doesn’t require you to purchase inventory upfront. Selling higher-end products with low shipping costs could become profitable quickly if you do thorough competition research.

7. Curate subscription boxes

Subscription boxes are a $22.7 billion dollar business globally, and the industry is still set to grow. Pick a niche, and then curate a collection of specialized goods to deliver unique experiences to consumers. Some subscription boxes focus on makeup; others focus on sustainability. Find the right starting point for you and run with it.

8. Create an airport-centric app

Creating an all-in-one app that allows travelers to navigate unfamiliar airports with real-time information is a relatively untapped startup idea. Though various travel applications exist, an app that shows amenities, TSA line wait times, ground transportation options and airport maps could be useful to passengers.

9. Become a destination wedding planner

The coronavirus pandemic added an extra layer of stress to destination weddings, creating added demand for wedding planners who can help manage wedding and travel logistics, including local guidelines and testing requirements. If you love exploring, are great under pressure and don’t mind working long hours, this could be the startup idea for you.

10. Make local guides

Even if you don’t consider yourself a local expert, creating local guides can get you familiar with your surroundings and help tourists enjoy off-the-beaten-path experiences in your area. Make themed guides, highlight attractions and partner with local businesses for advertising opportunities.

11. Create a local grocery delivery service

A grocery delivery startup can come with minimal setup costs — you only need a vehicle and a cell phone to get started. Help older people or others who are too busy to shop by offering this community-friendly service. You can even approach grocery stores in your area to see if they’re willing to partner with you to get the service off the ground.

12. Start a virtual event planning company

Virtual event planning is a new booming business as in-person gatherings go online or take a hybrid approach. A skilled planner who can ensure all attendees are engaged, regardless of location, will be in high demand for years to come.

13. Sell zero-waste products

Starting a zero-waste company is more than just a trendy thing to do; it can be an ethical, environmentally conscious decision. Selling sustainable products such as reusable bags, bamboo toothbrushes or products with zero-waste packaging could appeal to a growing number of sustainability-focused consumers.

14. Make products for pets

Create innovative pet products to take advantage of the fact that 70% of U.S. households (about 90.5 million families) have at least one animal companion. Look into developing toys, accessories or even clothing for furry friends.

15. Create custom clothing

Selling custom clothing or offering a tailoring service could be your winning startup idea. The custom clothing industry is gaining popularity and offers room for long-term growth.

16. Sell vintage clothing online

Demand for sustainable fashion has helped propel second-hand clothing into a $36 billion industry in the U.S. with projections to double in the next five years. Consider selling thrifted, vintage or upcycled clothing on social media, an ecommerce platform or an app such as ThredUp or Poshmark.

Bluevine Business Checking

Whether you choose from one of these startup business ideas or come up with your own, opportunities abound for entrepreneurs motivated to make money and start an endeavor all their own.

Compare Small Business Loans

Best Startup Business Loan Options for Entrepreneurs

Small-Business Grants: Where to Find Free Money

Disclaimer: NerdWallet strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution’s Terms and Conditions. Pre-qualified offers are not binding. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly.

Pop-up kitchens

Flexible pop-up kitchens really came into their own during the height of the COVID pandemic. With restaurants unable to fully open, ghost kitchens and food trucks were able to bring the food to their customers. These small business ideas are perfect for 2022 and the post-COVID era.
Take advantage of the fact that people may no longer be as confident in visiting in-house restaurants – or those who have simply become accustomed to the new normal of immediacy and convenience.

Food trucks

Ghost kitchens

Ghost kitchens were very popular during the pandemic and continue to thrive today. These pop-up kitchens act as solely online takeaways, so you don’t have to worry about the implications of in-house dining. It is a trend that is here to stay, after people began to appreciate the convenience of having their favourite food whenever and wherever they like.

B2B Businesses

If your skill set lies in that of the digital world, then why not capitalise on the very movement you’re participating in? With a surge of new businesses entering the ring, these start-ups are going to need a little help, well, starting up. As a B2B business owner, you can provide personalised, tailored services that larger agencies perhaps cannot.

COVID shook up the world of employment, meaning many people began to consider what the average working day should look like. As you can run these ventures on your own time, in your own home, they make for great low cost business ideas in 2022.

Graphic design

Many of these B2B services will work hand in hand with each other when building a brand. However, if someone is looking to launch or relaunch their business, one of the first things they should consider is visuals and aesthetic. Small businesses need to be unique and eye-catching.

Social media management

The presence and power of social media in marketing has grown exponentially. Now is the prime time for businesses of all sizes to take advantage and unlock the power of proper social media management.

Many businesses are now recognising the need to hire either freelance or in-house social media managers to manage their multiple channels – in a sector and role that didn’t exist even a decade ago. As an example, the sudden awareness of the market was illustrated in 2020, after social media ad spend jumped by 14% in comparison to 2019.
Consequently, your social skills are golden as every business enters the fight for social engagement.

Web development

As more businesses start to move online, brands need to make sure they have an online presence and it is optimised to compete. Web development is a vital tool in any business’s arsenal, as the majority of sales are led and made through online stores. If their site is slow, not very well optimised, and doesn’t harbour a seamless customer journey, sales fall flat, and businesses lose profit.

The business checklist that will make your idea into a reality

While it sounds simple, starting a business on your own can be a tough grind that requires patience. Before you get going, here are a few things that you need to have in order. Adequate industry training: In order to enter any industry successfully, it’s important to have extensive knowledge about the business and master the skills needed to be efficient.

A well-thought-out business plan: Your business plan will be the framework of your idea and the more time you put into creating a business plan, the better off you’ll be. Make sure to detail out all components including an executive summary, business description, market analysis, competitive analysis, product plan, business operations, employee and training summary and financial strategy. These will help you create well-defined goals and actionable steps for your business.

Entrepreneurial drive: Not every industry expert is suited to be a business owner. The drive and motivation you need to go your own way aren’t often taught. Time management skills, organisation and problem resolution are notable entrepreneurial traits that you should master before starting your own business, and successful entrepreneurs often form habits that help them become successful in their endeavours.

Powerful tools and business solutions: Trying many of these business ideas in 2021 can involve relatively low investment. Without bricks and mortar, the main things you need to consider are invoicing software and a card reader for accepting payments. And although you can do very well without a physical store, you will likely need an online store.

Accept Card Payments Anywhere with Square Reader

Sources:

https://www.nerdwallet.com/article/small-business/most-profitable-business
https://www.nerdwallet.com/article/small-business/small-business-startup-ideas
https://squareup.com/gb/en/townsquare/small-business-ideas