It has been nearly two years since the pandemic began in the United States, and one thing is clear… COVID-19 is not going anywhere. Though that thought is scary, the pandemic has created a unique environment that is beneficial for new small business owners, so now just might be the best time to get started.
In the list below, I’m sharing 9 reasons to start a business in 2022. Use it as fuel for your decision, then get moving today!
9 Reasons to Start a Business in 2022
If you are wondering if this is the right time to launch your business, check out all the reasons below why you should start a business in 2022!
1. You’ve Been Soul Searching
The last two years have been a time of reflection for all of us, so likely you have been doing some soul searching as well. Are you living the life you want? Are you happy? Do you have a purpose? If your unrealized dreams are keeping you up at night, and you can’t quiet the voice in the back of your head that keeps telling you to ‘go for it!’ then you have all the signs you need that it’s time to start a business in 2022.
2. E-commerce Is HOT
The pandemic has changed the way we do business. After months of not being able to shop in person, even the most reluctant have joined the online shopping bandwagon, with statistics showing a spike of nearly 40% growth in e-commerce since the start of the pandemic. Chances are there are tons of people online right now searching and shopping for what you want to sell. If you are contemplating an e-commerce business, 2022 is the ideal year to do it.
3. Shop Local Trend Is Growing
In addition, research on post-COVID purchasing behavior shows that consumers are increasingly moving away from malls and big-box stores and shopping locally instead. “The pandemic touched us all at a very human level, and with that came a new appreciation for frontline workers and for our neighbors who were working in our local communities,” says Jill Standish, from Accenture. Accenture research shows that 56 percent of consumers are shopping at neighborhood stores or buying locally sourced products, and other research indicates that more consumers are planning to shop local over the next year.
4. The Market Is Ripe for Innovation
The pandemic has given way to brand new industries, and also entirely redesigned many traditional industries. In essence, there is an open invitation for disruptive ideas and novel products right now, especially as they relate to the changes in work and lifestyle caused by the pandemic. If you have a new idea or an innovative product you want to launch, now is the time to go for it!
5. You’ll Face Less Competition
The COVID-19 pandemic has taken a huge toll on businesses, small and large. Research suggests that there are now 37.5% fewer small businesses open compared to January 2020 (two months before the pandemic struck the US). Since official closure statistics have a lag, how many of these businesses have closed permanently and how many are facing temporary shutdowns is unclear. Regardless, the chances are good that you will have significantly less competition if you start a business in 2022.
6. Space Is Available (If You Need It)
Closed businesses mean more than just less competition. If you need to rent a storefront space for your small business, you’re in a great position to do so right now. Not only are there more options available, but you may even find discounts or be able to negotiate affordable rent.
But maybe you don’t even need a commercial space. According to the Harvard Business Review, the number of digital nomad businesses (those that don’t have a specific location) has been increasing since the pandemic and is projected to grow even further. New technology like collaboration software, productivity apps, and communication platforms have made it possible to work remotely, so this might be an option for your business too.
7. You Have Funding Options
Whether it’s a grant, a loan, or another funding source, help is available to those who want to start a business in 2022. There are so many options, in fact, that the US Chamber of Commerce just posted a huge list of 49 Grants, Loans, and Programs to Benefit Your Small Business to help you sort through it all. The article has links and details for all the funding options from federal, state, and local government as well as the private sector.
8. You’ll Be Set Up for Long-Term Success
Recent news suggests that we are entering a recession, so if you start a business in 2022, you’ll be focused on creating a lean company from the start. This means prioritizing essentials, limiting your spending, and keeping a close watch on your numbers. In other words, you’ll be doing everything RIGHT from the start! The thoughtful way you start and run your business in 2022 will set you up for success as you develop good habits and create a robust long-term plan.
9. You Can Enjoy the Perks NOW
While there are many specific reasons to start a business in 2022, some of the best reasons are evergreen in nature—they are perks to enjoy ANY time you become your own boss. For example:
- Make more money
- Have increased flexibility
- Pursue your passion
- Find your purpose
- Solve customer’s problems
- Build a team/support your staff
- Give back to your community
Why wait to enjoy these awesome privileges when you can start a business in 2022 and experience these perks right away? The market is ready. Your customers are ready. YOU are ready. Get started on your small business adventure today!
Are there any other good reasons to start a business in 2022 that I missed? Add your ideas to the comments below.