Entrepreneurship is spiking in the United States. New business applications increased by 24percent in 2020 according to the Census Bureau.
From July 2021-November 2021 we witnessed the Great Resignation, where an average of four million Americans left their jobs each month. According to the U.S. Bureau of Labor Statistics, COVID-19 has changed many people’s working situations, due to layoffs, child care responsibilities, and workplaces closing because of the pandemic. So, what are the best businesses to start in 2022 and how can prospective entrepreneurs secure funding to make their career dreams come true?
“Looking at business trends, we’re seeing a rise in virtual services, like consulting, as well as marketing support through graphic design, writing and social media. COVID-19 has also led to more home improvement projects nationally, so contracting and remodeling businesses will continue to trend in 2022. And other interesting trends include food trucks and ghost kitchens growing in popularity, as well as a need for virtual assistants,” says Raj Tulshan, founder of Loan Mantra, a financial advisory firm that provides strategic services to all emerging, growth and middle market companies. “Once you’ve decided on the type of business you want to start, the financial experts at Loan Mantra can help you secure funding to make your dream a reality.”
Some of the best businesses to start in 2022 include:
- Consulting – Consultants advise companies about professional services, from general strategy and management to specialized areas like human resources, accounting or IT. The way we work is evolving, with more remote and contract workers, as traditional, full-time, on-site workplaces are no longer the norm.
- Marketing services – Many companies are now outsourcing their marketing needs, including graphic design, writing and social media support. Organizations often search for graphic designers to handle their branding needs, including creating websites, logos, banners, posters and other collateral materials. Freelance writers are needed to write web copy, blogs, articles, brochures and more. And now that billions of people are on social media each day, businesses are spending significant money to reach their target audiences through social media platforms. Therefore, this is the perfect time to start a social media business to help organizations increase their social media presence.
- Home improvement businesses – As people have shifted to working from home, many decided to transform their spaces. Harvard University’s Joint Center for Housing Studies predicts remodeling industry revenues will reach $352 billion this year. As many people will continue WFH, home improvement products and services will remain in high demand. Home improvement jobs that will thrive in 2022 include contractors, remodelers, interior decorators and organizers.
- Virtual assistants – As traditional workplaces become increasingly obsolete organizations across all industries will be searching for talented organized virtual assistants. Starting a virtual assistant business will help you meet successful, influential power players from the companies you service, allowing you to grow your professional network and expand your business.
- Food trucks/ghost kitchens – If you’re intimidated by the high startup costs it takes to open a traditional restaurant, consider starting a food truck business or a ghost kitchen. Ghost (or virtual) kitchens offer takeout and/or food delivery only, making them much less expensive than a traditional restaurant. Not surprisingly, they thrived during COVID-19, and will continue trending in 2022.
- Personal training – After many people put on the “COVID 20,” gaining weight during the epidemic, they’re looking for ways to shed the extra pounds. Between new year’s Resolutions and people trying to combat another extraordinarily stressful year, there will be high demand for personal training, health, fitness and wellness businesses in 2022. Now’s a good time to open a yoga studio, personal training business, a nutrition clinic, a spin studio, or gym franchise to help people get fit and healthy.
The financial experts at Loan Mantra offer the following tips to get funding for your new business:
- Plan ahead – Before you apply for a loan for your new business, make sure you have a solid business plan and financial projections for the next five years. Also, be ready to demonstrate your personal financial strength and solid credit history to prove you’re a good candidate for a loan.
- Determine how much funding you’ll need – Each entrepreneur has different needs, so determine what financial solution will best suit you. Your personal financial situation and type of business will dictate the amount you’ll need to start your enterprise.
- Understand how you will be assessed for the loan – Approval criteria will depend on your particulars, including the type of loan you’re applying for, the amount and the lender. Lenders typically look at numerous factors when considering you for a loan, including your credit score, cash flow, assets, business plan, collateral, etc.
- Work with financial experts –Consult financial experts, like those at Loan Mantra, to determine the feasibility of your business idea, your plans, and how you’ll appear to a lender. They’ll help you calculate how much of a loan you’ll need (and qualify for). Financial experts can advise you on all aspects of the loan, including the application process and what types of information you’ll be required to provide.
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