6 Business Ideas You Can Invest in for 2022

6 Business Ideas with High Growth Potential in 2022

Before you turn your business idea into reality, you need to narrow down what's the best investment for you. Here are a few ideas that may be worth pursuing:

1. Start a pet care services business

Pets are great companions when you get lonely in isolation. Many people either adopted furry friends or paid more attention to their pets during the pandemic, which is why getting into the pet care industry may be a good idea in 2022. Globally, the pet market size is expected to grow over 6.1% between 2021 and 2027. By 2027, the industry will have a projected value of $350.3 billion.

You can take several ventures in the pet care industry, be it grooming, walking, boarding, or training facilities. A product-based business is something you can also explore. You can sell toys, accessories, or food.

2. Build an online fashion boutique

Building an online fashion boutique is an investment venture you can naturally gravitate to if you're a fashion enthusiast. Filipinos have a great interest in buying outfits online. The estimated total revenue of the fashion industry is around $140.1 million.

You don't need to design the clothes yourself. You can start curating pieces from other vendors and resell them on your online store. From vintage dresses to designer accessories, you can create a trendsetting business with low capital.

3. Create digital products and services

Selling digital products and services is a smart small business venture you should invest in during the pandemic. Your business' offers don't have to be tangible. Nowadays, you can earn income by providing digital products like templates, music, e-books, and courses. You can maintain high-profit margins since you won't have any shipping or manufacturing costs.

You just need to figure out what kind of digital product is good enough for people to pay per download. Some examples of digital products you can offer are stock photos and original instrumental beats that you can license.

4. Turn your expertise into a freelance business

The Philippines is one of the fastest-growing markets for the gig economy—with a 35% growth in freelance earnings in 2019. Additionally, reports found that at least 2% of Filipinos are freelancers. So, why don't you get into this booming industry by investing your time, skills, and maybe some equipment?

If you're skilled in writing, graphic design, or photography, you can build a business around your talent. You just need to know how to maximize your income as a freelancer.

5. Provide homemade goods

Another popular online business idea this 2022 is handcrafted goods. If you're good with your hands, you can make DIY candles, soap, or pottery to sell online. Homemade products are included in the creative manufacturing and handmade sector, and the global industry is expected to grow by 20% per year, reaching $1 trillion by 2024.

This idea may seem overwhelming since you need to think about inventory management and shipping. However, don't let this hold you back, as you can always start by making small batches or operating on a per-order basis until you start producing consistent sales.

6. Launch a virtual kitchen

When you think about opening an online business, food isn't the first thing that will come to mind. The food business has always been a popular venture in a brick-and-mortar setup, not online. But because of the pandemic, business models are changing, and virtual or cloud kitchens are becoming the norm.

Virtual kitchens are "restaurants" or commercial kitchen spaces that only offer menu items for delivery and takeout. With this venture, you'll have minimal overhead and location costs since you won't focus on the customer's dine-in experience.

In a virtual kitchen, you need to consider the menu items, kitchen equipment, marketing, packaging, delivery logistics, and payment methods. Once you've sorted that out, you can start cooking.

Build a Profitable Business

With most businesses shifting to the online space, some ventures have little need to manage inventory, source products, and rent spaces. It means that you can invest in a well-functioning business with low capital and keep profit margins high. But before you build your business in a pandemic, you should consider growing your money and preparing for the unexpected.

With BPI AIA's savings and insurance plans, you can start growing your money while protecting your family from emergencies. Get easily insured amidst the pandemic and schedule a virtual appointment with a Bancassurance Sales Executive today.