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- In 2021, the Great Resignation entailed millions of Americans quitting their jobs. Many of these former workers are, for the first time, interested in starting a business.
- Confusion can arise when taking steps towards developing your business.
- Knowing your industry is a necessary precondition for business success.
Starting a business can feel paradoxical – especially at first.
The rewards are ample and worthwhile upon success, which is the ultimate motivation for people to start their business. Nonetheless, the demerits associated with certain errors can cost you a fortune – even your livelihood, if you aren’t careful.
With these two forces pulling you in different directions, confusion can arise when taking steps towards developing your business, which is itself counterproductive.
To bypass all of this counterproductivity, we need to look at the factors entailed in developing a business – especially as they pertain to current business trends.
In 2021, the Great Resignation entailed millions of Americans quitting their jobs. Many of these former workers are, for the first time, interested in starting a business. Surely counterproductivity is the last thing Great Resignators are hoping for in their new ambitions.
If you are starting up your own business in 2022, here are some important things to keep in mind:
Best industries for starting a business in 2022
Not everyone who is interested in starting a business knows which industry they will end up selecting. Knowing your industry, however, is a necessary precondition for business success.
If likelihood of future success is of top priority for you, according to a new study from Small Business Prices, the best industries to go into are:
- Biotechnology
“Biotechnology is expected to see the most expected growth revenue within the next 2 years, with an influx of 144.01%“ - Pharmaceuticals
Drug companies are expected to see a growth in revenue of 140.37% within the next two years - Healthcare Products
Healthcare product companies are expected to see a growth in revenue of 52.62% within the next two years.
These industries are highly technical, and require extended periods specialized training for admission. Likewise, startup costs vary:
- Biotech startup costs begin around $100,000.
- Pharmaceutical company startup costs begin around $880,000 and $1,800,000.
- Healthcare product company startup costs begin at $1,057.
The lowest financial barrier to entry for the top industries growth-wise is in the healthcare product industry, whereas the highest barrier to entry is in pharmaceuticals.
The lowest barrier to entry – in terms of the necessity of formal credentials or expertise – is also the healthcare product industry, as this includes things like sports nutrition and supplementation, which is an industry-low in regulations.
Best countries for starting a business in 2022
According to the same Small Business Prices study, the best countries, based on the number of new registered businesses per year, business survival rate, and gross domestic spending on research and development per year, to start a business in include:
- United States
- United Kingdom
- Australia
- France
- Chile
- Italy
- Spain
- Turkey
- Mexico
- Germany
The highest business survival rate on this list is in the United Kingdom (89.18%). However, the United States tips the scale as the best country to start a business in.
The United States and United Kingdom take spots one and two respectively. Both countries have over 650,000 registered businesses (the USA has 733,825 and the UK 664,974). However, they differ massively on how much they spend on research and development. The USA spends just under half a billion on elevating businesses across their country, whereas the UK spends a considerably lower amount of £38,315 million.
In the U.S., that is, business owners are the most likely to find support for their business through government spending and research programs.
Best cities in the U.S. for starting a business in 2022.
Considering that the best country to start a business in is the United States, it is also worth considering which cities in the United States are best suited for starting a new business in 2022.
According to a recent WalletHub survey the best cities –based on business costs, business environment, and access to necessary resources – to start a business in this year includes:
- Laredo, Texas
- Durham, North Carolina
- Lubbock, Texas
- Orlando, Florida
- Boise, Idaho
- Charlotte, North Carolina
- Raleigh, North Carolina
- Austin, Texas
- Fort Worth, Texas
- Tampa, Florida
For some Americans, this may come as a surprise, as often cited business epicenters include huge cities like New York City, Los Angeles, and Chicago.
While the business environment in these larger cities and access to resources have high ratings, business costs are some of the highest in the nation. A fair amount of people in New York don’t make enough to afford rent, let alone enough for starting a new business.
Conclusion:
With the above-mentioned data in mind, a lucrative idea for starting a business in 2022 might be to start a healthcare product company in Laredo, Texas.
However, any combination of city, country, and industry from those mentioned above are all worthy factors that can contribute to optimizing your business plans for 2022.
Knowing what industry your business will consist in, and where your location will be located are vital components to the success of your business. These are extremely time-dependent factors and are therefore worth considering when planning a startup.
