Put yourself at ease by protecting those you love
11 August 2022
Timing is crucial in starting a business, alongside strategic thinking and passion. The start of a new year can be a good time to start investing (if you haven't yet) or to look for new opportunities to invest your time and money in.
Due to the pandemic, business structures have moved online. According to Forbes, online businesses have grown by four to six years during the height of COVID-19. When you consider where to invest in 2022, you need to think about the online space because the new normal will demand flexibility.
It's best that your investment is online, low cost, and something you can start from home. But, how do you know which business ideas have the potential for success—and which don't? We've rounded up a list to help you brainstorm where to invest your money.
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.
You can buy a life insurance at any BPI branch nationwide! Talk to a bancassurance sales executive now!
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Let your loved ones enjoy the fruits of your labor even when you’re no longer around. Build Estate Plus is a unit-linked protection plan that will cover your estate taxes after your passing so that you can ease your family’s burden.
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