As the global economy recovers from the effects of the COVID-19 pandemic, the question on every investor’s mind is, ‘what’s the most profitable business idea?’ You need not have stepped into an economics class to appreciate the significance of adequate research before launching any entrepreneurial venture.
At the very least, you’d want to understand your target market to draft compelling marketing materials that appeal to their pain points. You’d also always want to know how capital-intensive your business idea is. Not to mention the legal and tax implications associated with the proposed venture.
Fortunately for you, we’ve done all the homework and uncovered the five most profitable businesses in 2022. Our selection was based on low startup capital, minimal entry barriers, and scalability.
The delivery market grew tremendously during the COVID-19 pandemic. And while the virus is no longer a significant threat, this industry remains optimistic.
What makes the delivery business such an attractive investment idea is that there are numerous services you can specialize in.
You could start small by delivering food and groceries to your local town. As the business grows, you could scale up to clothing and other non-food items.
By continually plowing back profits into the business, you’ll eventually purchase huge trucks and upgrade to delivering office supplies, industrial solutions, and construction machinery.
Another great thing about the delivery business is that it lacks strict price regulations. The prices charged mainly depend on the distance covered, the number of goods delivered, and the nature of the deliveries.
According to projections, global marijuana sales may hit $33.6 billion by 2025. Cannabis also happens to be one of the fastest-growing industries. That makes it another excellent business idea to consider.
First, you’ll need to select the specific cannabis products to invest in. These products are usually based on the cannabinoids obtained from marijuana, the most popular of which are cannabidiol (CBD) and tetrahydrocannabinol (THC).
If you choose to invest in CBD products, select a reputable wholesaler like CBD Genesis. There are tons of products including CBD edibles, topicals, tinctures, vape oils, and delta 8. You can find out more about disposable delta 8 carts.
Secondly, you’ll need to determine how to venture into the marijuana industry. You can choose one or more of the following options:
- Becoming a cannabis grower
- Starting a weed processing plant
- Launching a marijuana retail outlet
- Offering ancillary services, such as packaging materials
- Becoming a cannabis stock trader
- Offering marijuana consultancy services.
Last but not least, check your local cannabis laws. Although the marijuana industry is relatively bullish, the herb remains illegal in many countries worldwide.
Classes are always in session somewhere around the world. That explains why tutoring jobs never go out of season.
Now, there’s a common misconception that tutors must be accomplished scholars. While you need to possess an incredible amount of knowledge in a specific discipline to become a tutor, you need not have attended college or university to excel in this job. Besides, starting a tutoring business allows you to increase your knowledge as there’s always new information to learn every day.
The best way to approach tutoring as a business idea is to assemble a team of fellow tutors. Ensure your team comprises individuals who are knowledgeable in various disciplines. For instance, some of your team members could be experienced in Math and the Sciences, whereas others could be skilled in English, Music, foreign languages, computer programming, etc.
The next step is to sign up for online tutoring services. You can also look for tutoring gigs by reaching out physically to parents and school-going kids within your neighborhood for tutoring gigs.
The final step is to subcontract the gigs to your team of tutors. Depending on how aggressive you are, you could make hundreds of dollars from a tutoring business every day.
Organic Food Business
The past few years have witnessed an increased awareness of the harmful effects of junk and processed foods. These extensive awareness campaigns have seen many people gravitating toward organic foods.
According to recent market projections, the organic food industry will hit $380.84 billion in 2025. That represents a compounded annual growth rate (CAGR) of 14.5%, making it one of the fastest-growing sectors.
Contrary to popular belief, organic food doesn’t only comprise plant-derived products like fruits and veggies. It also includes animal products.
The idea of organic is that the product must have been produced without applying artificial fertilizers, pesticides, or genetically-modified supplements.
A common way to invest in this industry is by starting an organic food restaurant.
Home Improvement Business
However bad the times may be, there will always be people buying homes. Property investors will continue flipping houses even at the height of a real estate crash. That explains why the home improvement industry is ever thriving.
Statistics indicate that in 2020, the housing market will witness the highest growth pace since 2005.
So, starting a home improvement business today may be the soundest investment decision you’ll ever make.
Besides its potential profitability, another reason to invest in the home improvement industry is that numerous services are offered. Examples include interior design, plumbing, electrification, carpentry, and landscaping services.
The above-listed business ideas will not only put more money in your pocket. They’ll also help you grow in knowledge and experience.