The Best Businesses to Start in 2022
2022 is a great time to start a business. The Office for Budget Responsibility has predicted a huge bounce back in the coming year, which will see the economy grow by 7.3%. That means there are many opportunities to find the best funding for a startup and grow your business.
How To Start A Business In 2022
Passion is essential when launching a startup - but, demand is even more important. Your startup should fill a gap in the market. Ask yourself: will people pay for this service or product? Hundreds of people want to start a business in 2022 - think about what will make your business unique.
When you start your business, you need to consider:
Who is your target audience? Working parents? Retirees? Students?
What does this target audience want in 2022? Don’t generalise - be specific. For instance, if your target audience is people aged 18 to 30, think about where they will want to spend disposable income when lockdown restrictions are lifted. Keep the future in mind.
How are you going to monetise your business? In some cases, this is easy - if you’re selling a product, for instance, you can make a profit from the markup. However, in 2022, businesses are becoming increasingly digital and service-based.
What makes your business unique? Every business needs to have a unique selling point. In 2022 there are several gaps in the market. For example, in 2022 people want ways to send gifts to loved ones without having to go to the trouble of going to the Post Office - there’s a gap for a service that delivers presents directly from a warehouse to the recipients’ door.
The Best Startup Ideas
The best startup ideas are ones that respond to current problems and gaps in the market. Be savvy.
Our experts have surveyed the 2022 market, and have found several startup ideas that will excel this year. These startup ideas include:
eBike and eScooter Services and Sales. Cycling became a popular hobby throughout 2020, and its popularity is set to continue in 2022. What’s more, electric bikes and scooters are on the rise: well over 60,000 eBikes were sold in the UK last year, with that figure set to increase by 30%. Combine trend and technology by starting a business that either sells or repairs eBikes and eScooters.
Recruitment Agency. While unemployment has grown in recent months, a huge bounce back is predicted. Companies are going to need help finding skilled workers - start a service matching employees with vacant roles.
Landscape Gardening. Outdoor socialising will continue to be popular in 2022, according to our experts. That means that people want their gardens to look great. This is a relatively low-cost business to start, too. Similar business ideas include Marquee Hire and selling Outdoor Furniture.
Content Marketing Services. Many businesses are in need of a boost after a worsening economy in 2020. One of the best ways to do this is by creating a strong digital presence. Learn about content creation and marketing, and then offer your skills to other businesses.
Event Planning. From weddings to trade shows, events are set to come back in summer 2022. From logistics to location hire, there are plenty of services in the events business that will be in high demand in 2022. Make your events business unique by specialising in a specific area - you could offer sustainable events services, or offer events for a specific community.
Funding Your Startup
There are hundreds of small business grants out there. Your eligibility for a grant depends on your industry, your location, and your funding needs. A grant is different from a loan. A loan is a chunk of money that is eventually paid back to the lender. On the other hand, a grant does not need to be paid back. It is given to businesses to help them invest and grow.
Some grants are location dependent. For example, there’s the South-East MidlandsStart-up Programme, the Northern Impact Fund, and Lincolnshire Grants4Growth, among many more. Check with your local council or search on government websites in order to find grant funding in your area.
To apply for loans and grants, you’ll need to write a business plan. A business plan will outline your future plans and is designed to be read by people who know nothing about your startup. When writing your business plan, you need to think about marketing and management too.
Best Small Business Grants
It’s also good to apply for national grants, too - the more funding you reach out for, the more likely you are to raise what you need to start your business! Our top three are:
Innovate UK Smart Grants Programme. This grant opens for applications until May 2022 and supports Research and Development businesses.
The Seed Enterprise Investment Scheme. This fund specifically helps startups launch their business.
Growth Deal Funding. This provides funds to local enterprises - it’s a great option if you’re starting small and serving your local area.
A great business starts with a great business plan. Whether you’re new to the world of business or you have experience and need advice on taking things to the next level, our expert team can help you make your startup a success.