The Best Small Business Ideas for 2022

The Best Small Business Ideas for 2022
Looking to start the business in 2023? Deep dive into the best small business ideas for 2023 along with a business checklist. Find out more with Square.
by Square Nov 01, 2022 — 4 min read
The Best Small Business Ideas for 2022

Entrepreneurship in Australia is booming. According to the Australian Bureau of Statistics, in the 2020-21 Financial Year, we saw an increase of businesses by 3.8% – that’s over 87,800 new businesses operating in one year alone.

We looked at several industries to evaluate trends over the past year to help pinpoint ideas for an aspiring business owner. Whether you’re interested in the food industry or the professional services space, here’s a list of small business ideas that can catapult your work in 2022.

Sell your professional services

Professional service businesses are among the most popular industries for new business owners in 2021. Here are some top options to consider:

Break into food, beverage and restaurants

Starting a full-service restaurant might feel like a big task for a first-time entrepreneur, but plenty of business owners have found success with creative ways of breaking into the food and beverage industry before pursuing growth and expansion. Here are some examples of what other businesses are trying:

Go multi-hyphenate

Looking to break into the retail space? Consider a range of offerings, not just one style of product. Small and local businesses have connected with customers over the past year by embracing a multi-hyphenate approach.

One example: A motorcycle-repair-space coffee shop – combining motorcycle expertise and interest with a coffee shop. The best multi-hyphenate retail concepts pull from the passions of their business owners and embrace what they see as needs in their communities.

Sell your creative services

Much like the professional service space, finding ways to sell your creative strengths is a great way to start your first business.

Booming businesses for Gen Z

Gen Z over-indexes on desiring brands that appear young, trendy, funny, bold, and innovative, according to a recent Global Web Index report. They also over-index on valuing brands that help customers improve their image, offer customised/personalised products, run customer communities, support charities, and make customers feel valued.

Here are some business ideas that are attracting a Gen Z audience as well as Gen Z entrepreneurs:

The business checklist that will make your idea into a reality

Starting a business on your own can be a tough grind that requires patience. Before you get going, here are a few things that you need to have in order.

Adequate industry training: In order to enter any industry successfully, it’s important to have extensive knowledge about the business and master the skills needed to be efficient.

A well-thought-out business plan: Your business plan will be the framework of your idea and the more time you put into creating a business plan, the better off you’ll be. Make sure to detail out all components including an executive summary, business description, market analysis, competitive analysis, product plan, business operations, employee and training summary, and financial strategy. These will help you create well-defined goals and actionable steps for your business.

Funding: Starting a business is expensive and most of the time requires outside business funding. A business line of credit or a small business loan are common business financing options to consider. But you should analyse your financial situation before getting locked into a payback plan.

Entrepreneurial drive: Not every industry expert is suited to be a business owner. The drive and motivation you need to go your own way aren’t often taught. Time management skills, organisation, and problem resolution are notable entrepreneurial traits that you should master before starting your own business, and successful entrepreneurs often form habits that help them become successful in their endeavours.

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The Bottom Line is brought to you by a global team of collaborators who believe that anyone should be able to participate and thrive in the economy.

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