Top 12 Successful Businesses to Start in 2022
Businesses with Amazingly Low Failure Rates – Backed by Data
Some people go into business knowing exactly what industry they want to dominate and what type of company they want to launch. However, it can be challenging for many new entrepreneurs to find out how to start a business and what type of business is the greatest fit. It’s difficult to come up with the ideal concept.
Would you like to begin a business, yet are stressed over the high disappointment rates related with new organizations? It’s a substantial concern. As indicated by information from the US Bureau of Labor Statistics, around 20% of US independent companies bomb inside the main year. That number leaps to around half toward the finish of the fifth year, and following 10 years, 66% of organizations have gone under. Those are sobering measurements. However, fortunately there are sure organizations that appreciate amazingly high achievement rates.
Here, I’ve compiled a list of the top 12 most successful businesses to start in 2022, I will cover 12 of the best. Presently let me start by expressing that there is no business that won’t ever come up short. Any venture where you can bring in serious cash will have some gamble related with it. As a matter of fact, there is a notable guideline called the “risk-bring tradeoff back” that expresses that as the potential return rises, so does the gamble. It’s the reason stocks produce a lot better returns over the long haul than an ordinary bank investment account.
Most business people dedicate a ton of time, energy, and cash to sending off their new organization. Assuming that you are pondering beginning a business, it’s critical that you pick one that is probably going to succeed. Perhaps you have an uncommon business mind and can avoid the pattern. Yet, as Katniss Everdeen, I find that having the chances in support of yourself is consistently something worth being thankful for. On that note, let’s get into it!
Number 1-The food truck movement is expected to continue to rise. As the cost of living rises in major cities around the country, it’s getting increasingly difficult for up-and-coming specialized food producers to afford a brick-and-mortar presence in the heart of town, where their consumers are most likely to be.
Food trucks are an excellent answer. You may start a food truck by hitting the road and setting up shop at local events, farmers markets, and town squares—anywhere you can draw a crowd. With a food truck’s minimal overhead and improved geographic mobility, you can transform your grandmother’s legendary dumpling recipe or that bizarre dessert idea into a profitable business.
Keep in mind that larger, trendier towns like San Francisco, Portland, and Boston already have a crowded food truck industry, so a smaller heartland metropolis would be a better fit. Food trucks also have their own set of ordinances, business licences, and safety compliance criteria, as well as the need for food business insurance, so check with your local health department to see what is required.
Number 2- Laundromats. Laundromats enjoy an amazingly low failure rate. According to Laundrylux, laundromats enjoy a 95% success rate over a 5 year period! Again, nothing is guaranteed in business, but that seems tantalizingly close. This is a great recession-proof business that can make you money no matter what else is happening in the economy. After all, people will always need to get their clothes washed and dried. The great thing about a laundromat is that it can be run mostly passively. The machines do all of the hard work of washing and drying the clothes, and your customers do the work of loading and unloading the clothes. You will still need to take care of cleaning the laundromat, making repairs to the machines when needed, and collecting the money from the machines, but even for these activities you can hire people to do them for you.
Mobile Car Wash Services
Number 3- Mobile car wash services are next on our list as one of the most successful businesses to start in 2022. Many individuals would be willing to pay a premium for a mobile car wash that came to them rather than having to travel across town to get to a car wash. This is especially true for those who own high-end vehicles and want more personalized attention.
You would not only benefit from the unique value proposition of being mobile as a mobile car wash and auto detailing service, but you would also save the hefty overhead and initial expense of having a physical location.
Number 4 – This business can go in a variety of directions. You can concentrate on office clients if you wish to work while no one else is. You can concentrate on retail and keep your clients concentrated in one or two blocks. Restaurants have a high demand for daily thorough cleaning and can provide a consistent stream of customers.
Perhaps house cleaning would be more appealing to you. Many times, when it comes to cleaning services, you won’t need to spend a lot of money on advertising or marketing because word of mouth will bring you, consumers.
Rental Property Businesses
Number 5 – Rental Property Businesses. This one is near and dear to me. I am an avid believer in real estate investing and own nine rental properties. They have been the single biggest contributor to my financial success. But don’t just take my word for it. Andrew Carnegie is famously quoted as saying: Ninety percent of all millionaires become so through owning real estate. More money has been made in real estate than in all industrial investments combined. So it should come as no surprise that real estate investing enjoys an enviable 85.3% success rate, according to Advisor Smith, a commercial insurance company who examined statistics from the US Bureau of Labor Statistics. Why is real estate such a great business? You can enjoy cash flow each month, your tenants pay down your mortgage for you, and your properties tend to appreciate over the long term. If you combine these features with the fact that you can buy rental properties with a loan, and use that leverage to increase your returns even more, you have a powerful wealth generator. Plus, your rental property business can be structured to generate passive income. All you need to do is hire a property manager. But you don’t need to. I manage all 9 of my properties myself and only spend between 5 to 10 hours per month. That’s pretty passive in my opinion.
Self Storage Facilities
Number 6 – Self Storage Facilities. If you like the idea of real estate investing, but don’t want to deal with tenants, trash and toilets, self-storage facilities may be a great option for you. According to Rhino Building, a leading builder of self storage facilities, these resilient businesses enjoy a remarkable 92% success rate. And if you want to make your self-storage business as passive as possible, you can start an unmanned self-storage business. Advances in technology make this not only possible, but easy. People can now use their phones to book the storage unit, obtain the code to unlock the unit, and simply move their stuff in. No onsite manager is needed.
Number 7 – Transportation Businesses. With the emergence of e-commerce, the gig economy, and online platforms, it is more lucrative than ever to start a transportation business. If you don’t know what it is, a transportation business is simply a business that delivers goods or people from one place to another for a fee. It can come in many forms, from a full-fledged long haul trucking business to a simple little side hustle driving for Uber on the weekends, and everything in between. And these types of businesses enjoy a very good success rate of 76.4% according to that same article by Advisor Smith. Now, your results may vary, and certain transportation businesses are going to be more risky than other. But on average, you are looking at a really solid success rate.
Vending Machine Routes
Number 8 – Vending Machine Routes. One of my favorite businesses is a vending machine route. With a relatively modest investment, like 3 to 5 thousand dollars, you can buy a vending machine and just get started. Once you have your vending machine, all you need to do is find a well-trafficked location that will generate sales for you. It’s really as simple as that. Start with a single machine. Figure out how the business works and then slowly expand. Before you know it, you can have a vending machine empire that can generate thousands of dollars a month in mostly passive income for you. So, what is the success rate for a vending machine business? A whopping 90% according to Drop’s Vending, a long-standing provider of nationwide vending services. When you combine the low failure rate, affordable startup costs, and simple operations of this business, I think you have a winning formula.
Number 9 – Agriculture Businesses. Agriculture businesses are highly resilient and tend to have low failure rates. These can encompass many different types of businesses, including farms and a host of related businesses. Agriculture businesses enjoy an awesome 88% success rate, according to Advisor Smith. So if you have a green thumb and an interest in farming or other agriculture-related businesses, this may be perfect for you.
Dump Truck Businesses
Number 10 – Dump Truck Businesses. According to Small Biz Trends, the mining industry has the greatest survival rate among all sectors. Of course, starting a mining company is going to be complex and take a lot of capital. But there is a clever little back door way to capitalize on the stability of companies in the mining industry. You can start a dump truck business. If you live near mining operations, there will likely be demand for dump trucks that can haul away coal or other materials being extracted from the mine. The great thing is that you don’t have to spend millions of dollars to start a mining operation. A used dump truck can be bought for as little as $15,000. Not only that, dump trucks are versatile. You are not limited to working with the mining industry. So even if you don’t live near a mine, there can be plenty of demand for your services coming from construction companies, landscapers, real estate flippers, and even residential property owners who need to haul away large amounts of junk. So there you have it – 7 great businesses that enjoy awesome success rates.
Number 11- Although two-thirds of Americans believe they are tech-savvy, the reality is that they frequently require assistance. Some people even make their laptops or other gadgets vulnerable to identity theft and hackers. Unfortunately, when things go wrong, manufacturers’ free customer phone support is frequently unhelpful or fails to remedy the problem.
If technology comes easy to you—and you’re patient—then the most profitable business for you might be going on the road with mobile IT help, at least in your neighborhood. This low-overhead company approach is almost pure profit because all you need is time, transportation, and your own know-how
Number 12 – If you’re proficient in Twitter, live your life on Facebook, and obtained every job you’ve ever had on LinkedIn, you should consider turning your social media skills into a solopreneur business endeavor, providing support to business owners who need help managing their brand’s social media channels.
There’s no denying that launching a social media consulting firm can easily become one of the most profitable small companies in today’s world.
Because digital marketing is such a vital aspect of a brand, it’s crucial that you keep up with changes in your clients’ marketing tactics. Not only does social media management include constantly monitoring for comments and messages, but it also entails scheduling postings with a “set-it-and-forget-it” mentality.
Digital marketing may be the appropriate business for you if you enjoy strategizing and meticulously implementing ideas. You might also pursue a career as an affiliate marketer, which is a type of digital marketing.