There has never been a better time to start a business than 2022. With the country continuing to emerge from the financial and infrastructural shocks of the coronavirus pandemic, and with business costs running ever higher for existing and traditional corporate structures, the time is right to disrupt with a smart-minded independent start-up; but what industries are the most lucrative?
Contractors – Home Renovation
One of the most lucrative industries in which to start a business in 2022 is that of home renovation. Offering services as a contractor for household refurbishment projects is a serious money-maker, especially with the increased demand for skilled tradesmen in the aftermath of the coronavirus pandemic. According to a recent study by SGS Engineering, more than a third of homeowners are currently planning a major home renovation – with the average cost of each slated to be over £15,000.
While contracting requires skill and experience in renovation and construction, you as business owner do not necessarily need to have this experience. Instead, you can focus your energy on building a business structure and hiring to fit it – as well as budgeting for and purchasing necessary tools and equipment such as Milwaukee drill drivers and heavy-duty power tools. The study by SGS Engineering further revealed that 35% of people were planning a major renovation for their home, proving there is a considerable market size for you to enter with a new business.
Digital Marketing
With the migration of retail environments to digital spaces, digital marketing has become more important than ever before – resulting in a still-emerging industry with reliably high demand. Starting a digital marketing business is a simple endeavour, with many starting out as sole-trading freelancers in order to build a client base, and then build a brand around that client base.
The first step, though, is to refine the scope of your offering within the digital marketing space. Will you focus in on content marketing and copywriting, or will you specialise in search engine optimisation and pay-per-click advertising? Full-service agencies exist that offer a comprehensive programme of marketing assistance, but as a smaller start-up you could easier make a name for yourself within a specific niche.
Social Media Management
The aforementioned full-service agencies would also have an arm devoted to the management of business social media accounts – itself a separate, but nonetheless crucial, form of marketing online. In the UK, around 28% of internet users utilise social media in order to research brands before making a purchase. As a business, you could handle social media accounts on behalf of brands and other businesses in order to optimise their engagement and improve their sales.
Mobile Food Catering
Lastly, an industry which was making serious strides pre-pandemic was that of mobile catering, or ‘street food’. Independent venues and brands in other hospitality-adjacent industries such as craft beer were pairing well with street food traders pre-pandemic, creating a thriving scene of exciting products that targeted high demand within specific demographics. With food festivals back on the menu for the summer, starting up a new street food concept could pay dividends.
