Get a head start on your New Year’s resolutions with these 8 great small business ideas for 2022!
There are millions of small businesses in the United States, and with each year that passes, there are more. Some of these small businesses fail due to lack of preparation, and some fail due to lack of effort, but regardless of the reason, starting your own business means you’re taking on risk that can pay off big if you do it right. With the new year upon us, why not get started on your New Year’s resolutions early?
1) Consider what you are good at
Do you have an aptitude for learning new things? Are you good at visual arts? Do you like to read and write, or speak in front of groups? Chances are there’s something you’re good at that others value as well. If it doesn’t take up too much of your time, try earning money in your spare time by teaching what you know or performing what you can do. For example, if you love to sing, why not make some extra cash doing karaoke gigs? Or if you’re a whiz at math and statistics, why not tutor high school students who need help catching up before taking their SATs? Teaching is one of many skills that can translate into steady income. You could also turn your hobby into a side gig—for example, if you enjoy writing poetry or making artwork, consider selling them online through Etsy or creating an e-book for Amazon Kindle.
2) Have you always wanted to run your own business?
One of America’s favorite pastimes—if it can be called that—is dreaming about what you would do if you were in charge. Maybe you’ve always wanted to be a restaurateur, or an artist, or maybe even an astronaut? While anyone can dream big, only those who are brave enough to work hard and seize opportunities will ever see their dreams come true. So how do you go from daydreaming to doing? Here are some tips
3) Is running a store something you have thought about doing?
In recent years, e-commerce has grown exponentially, and many people are turning to online stores over traditional ones. However, that doesn’t mean brick-and-mortar shops aren’t still going strong. And what’s more, they can be a fun and rewarding way to get involved in entrepreneurship – especially if you already have retail experience. If running an online store isn’t right for you, consider setting up shop IRL instead. Here are some of our favorite small business ideas for those who want to open a physical storefront:
4) What do people tell you they need?
You want to be completely honest here—the majority of consumers really just want something that solves their problem or helps them get what they want. Do they want an easier way to get groceries? A better shipping experience? Fewer bugs in their software? Solve it, and you’ll find an enthusiastic audience. There are plenty of specific problems people have: look at any Facebook group related to moms or moms-to-be, for example. The trick is finding out what needs people aren’t even aware they have yet
5) Choose Your Niche
It’s important to start a business that you have some sort of passion for, even if it doesn’t seem lucrative at first. While you may not make any money from day one, if you love what you do, chances are good that it will be much easier to stay motivated and continue moving forward. To determine which niche is right for you, ask yourself why you want to open your own business in the first place—what do you hope to achieve? Then, think about what you enjoy doing most and where your skills lie. Are there specific products or services that interest you? If so, those could be potential starting points for brainstorming ideas. And don’t forget to consider how competitive your market is: The more crowded an industry, the harder it might be to stand out as an entrepreneur. Once you’ve got a few concepts in mind, try them out by pitching them to friends and family members—the more feedback you get early on, the better prepared you’ll be when it comes time to launch.
6) Do some research before opening any type of store or business.
If you want to be successful, it is important to do your research before you commit. Learning from someone else’s mistakes can help save you time and money. See if anyone has opened up a similar store in another location that could serve as an example or case study. Talk to people who currently own and operate similar businesses. Find out what they love about their business and what they don’t love so much. Researching a business idea is crucial to its success. The more information you have, the better off you will be when it comes time to open your doors. A little bit of research goes a long way toward making sure your new business idea becomes reality.
7) Check Local Laws
If you’re looking to make extra cash as a side hustle, it’s smart to double-check all local laws and regulations first. Make sure that you understand all local tax requirements, zoning restrictions, licensing rules, and other laws related to your business before you begin operating, notes Woodruff. The last thing you want is to get halfway through setting up your new business only to realize that there are additional licenses or permits required, or that there are certain things you can’t do because of zoning issues. Do your homework so you don’t get hit with any nasty surprises later down the road. You should also keep in mind that some states have different filing and annual fees than others, which might require you to file multiple state applications—or pay multiple annual fees—if you operate in more than one state. It’s also important to know if there are minimum capitalization requirements in your state.
8) Don’t forget the cost of everything from supplies, equipment, advertising, etc.
Startup costs vary widely from one business to another, but it’s always important to look at everything. For example, if you want to open an ice cream shop and make money by selling frozen treats, you’ll need certain items like freezers and packaging supplies. And if you want to create an app that helps people find their car in a parking lot when they can’t remember where they parked it—like Waze does—you’ll need to cover those costs as well. You should also consider marketing costs (such as ads), which can be significant depending on what kind of business you’re starting. It all adds up fast, so be sure to consider every cost before jumping into a new venture. That way, you’ll have a better idea of whether or not your business is likely to succeed.
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