Hot Industries for Entrepreneurs in 2022
Without question, the ongoing global pandemic, with all its twists and turns, and triumphs and tragedies, has changed so many aspects of our world. We do many things we always did, but we work, learn, dine, and have fun differently.
All of these changes have shifted many aspects of the economy to the benefit of some industries and the detriment of others. Nearly all sectors, however, have been forced to adapt in major ways including shifting focus to improve convenience, access, prices, and so forth.
With the end of January rapidly approaching, what industries are attractive to entrepreneurs in 2022, particularly small businesses that require investments of less than $150K?
Insurance
The insurance industry is an attractive sector for potential business owners to invest in during the upcoming year.
Insurance agencies and brokerages have seen strong growth over the past two years in a trend that is expected to continue with increased demand for housing, healthcare, and auto markets.1 The ever-changing field is also starting to see increased competition with more online-only insurance businesses.
Start-up costs include the required education and licenses needed to practice and entrepreneurs will also need to determine which area of insurance to focus on.
Delivery Services
Delivery services is an industry that has seen a major boom since the start of the pandemic and is an area that is expected to remain strong long into the future as businesses have seen the convenience these services offer their customers.
While delivery services have been offered by some restaurants for many years, it has now become nearly universal among all dining establishments and expanded to other businesses such as grocery stores, retail stores, specialty shops, and others.
An independent delivery service operation does not require a high investment, with more potential opportunities to be realized through additional resources in marketing and personnel.
Janitorial Services
Another industry that has seen major growth since the onset of the pandemic is janitorial services.
Whether at someone’s home or office, customers are placing an increased emphasis on keeping their spaces sanitized and safe. Furthermore, there are more aging Americans with disposable income who are willing to hire a service to do their cleaning for them.
The cost of starting a janitorial business is relatively low and it is a service that offers strong long-term potential since there will always be things that need to be cleaned. Additionally, there are several franchises that focus on offering janitorial services.
Landscaping Services
Like janitorial services, the landscaping services industry has benefited from the increasing number of aging Americans with disposable income.
Landscaping services can be as basic as mowing grass, or more complex such as planting and maintaining gardens and other lawn features.
Entrepreneurs entering the landscaping services industry can get started with a simple operation that can be easily expanded to include outdoor cleaning, pool cleaning, and even snow removal and salting in the wintertime. Those seeking for an established system and know-how may also find franchises focused on landscaping and related services.
Skill-Based Trades
An unheralded industry with lots of opportunities in 2022 and beyond are skill-based trades including carpentry, welding, plumbing, masonry, and more.
These skilled workers are in constant demand, particularly as home repairs and improvement increased during the pandemic coinciding with more telecommuting and growth in the real estate market.
Start-up costs are relatively low in the skill-based trades with strong demand coupling with high salaries for skilled workers throughout the country. 2
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Mr. Scanu received a bachelor’s degree in Business Administration (Cum Laude) from the University of Florida and an MBA in Management from Bocconi University in Milan, Italy. Mr. Scanu was also a Visiting Scholar at Michigan State University under the prestigious H. Humphrey Fellowship (Fulbright program) with a focus on Entrepreneurship, Venture Capital, and high-growth enterprises.
At present, Mr. Scanu is the managing partner and CEO at Visa Business Plans, a Miami-based boutique consulting firm providing attorneys and investors with business planning services in the areas of U.S. and Canadian immigration, SBA loans, and others.
1: https://www.guidantfinancial.com/blog/top-10-small-business-industries/
