We are nearing the end of 2022, and it remains unclear how the COVID-19 epidemic, supply chain problems, and labour shortages will affect the ongoing economic recovery, not to mention how inflation and insecurity will add further complications.
Of all, for those with an entrepreneurial spirit, even the darkest of times can spark breakthroughs in thinking. Successful businesses are constantly adapting to changing circumstances, and one of the keys to doing so is identifying untapped client demands and meeting them with innovative solutions.
Through extensive research and consultation with professionals in the field, we’ve identified the most consequential trends, industries, and business strategies for the year 2022. We’ve narrowed the business landscape down to eight overarching trends, located industries poised for rapid expansion, and developed a diverse set of viable business propositions.
It’s easy to find ideas for new businesses online, whether you want to join the health tech boom by creating a care app, make people’s lives easier by starting an online divorce consulting business, or assist them to have more fun while staying sober at social gatherings.
Keeping in touch with customers
As the requirements of consumers are always growing, there will always be a market for services that aid businesses in communicating with their clientele. Three developments that are reshaping interactions between companies and their consumers have been identified in order to help you stay ahead of the curve.
An important goal for both of you is to streamline the delivery process. Businesses that can streamline the supply chain and delivery process will benefit greatly as e-commerce continues to grow in popularity.
Customers today demand customization options that give them a sense of agency in the buying process and provide them with a more human connection than they would get from purchasing a commodity. This can take numerous shapes, but the most crucial part is evoking the desired emotion.
One last consequence of the rise of online shopping has been a heightened awareness of the need to safeguard personal information. Consumers’ awareness of how their data is used is growing, necessitating new safeguards like the General Data Protection Regulation (GDPR). Some firms have found this to be an obstacle, while others, such as those concerned with data privacy and cybersecurity, see it as an opportunity.
Possible businesses that would benefit from tapping into these tendencies include same-day courier services, showroom consultancy firms, and cybersecurity training facilities.
Medical technology is thriving in Nigeria and across the continent of Africa. Attracting major investments backed by solid long-term trends like the ageing of the country. Within this enormous business, there are some subfields that particularly stand out in terms of their potential for future expansion.
During the pandemic, on-demand medication was extremely successful for obvious reasons. Even when we have overcome COVID-19, this increase is likely to continue, as many customers won’t be interested in returning to the traditional method of transacting business alone in person.
The importance of care applications is expected to grow significantly in the near future. It is anticipated that there will be a tremendous increase in the demand for care services; hence, anything that makes the process of organising and providing care simpler is going to be quite popular.
Finally, the growth of telemedicine could fundamentally alter the way in which medical treatment is provided, with subfields such as fertility technology becoming a quickly expanding industry.
Developing care apps, providing training in telemedicine, or assisting in the education of men regarding the important role they play in the process of fertility are three of the most promising business ideas in the area of health technology.
Finance made easy
The majority of individuals view financial matters as, at best, an annoyance, and, at worst, an undesirable but unavoidable burden.
Whether we like it or not, every one of us is forced to navigate the complex world of financial matters such as taxes, business loans, mortgages, and bank accounts.
However, a new wave of companies takes a pretty unique perspective on the situation. Over the course of the past year, a number of startup companies have made it easier for customers to deal with financial matters by reducing the amount of time required for transactions, providing clearer explanations of complex topics, and assisting customers in completing all necessary tasks online.
Some of them are emphasising the importance of financial education, others are working to radically improve the process of obtaining a mortgage, others are making it much simpler to acquire the financing that your company requires, and still, others are assisting individuals in completing the dreaded tax return.
You could join this innovative group by creating a mobile application for financial education, becoming a mortgage broker, or providing accountants with bespoke branding or web design services. Alternatively, you may offer these services.
Making life’s hard decisions easier
For many people, death and separation from a partner are at the top of the list of topics that they would prefer not to dwell on for an extended period of time. On the other hand, these things can sometimes no longer be avoided.
When something like this occurs, there is a significant need for businesses that simplify the process. Customers are desperate for services that are personable, offer understanding and competent assistance, that simplify difficult themes and demystify industry jargon, and break down complex topics.
The process of writing a will can be a bewilderingly complicated one, but new businesses are aiming to make it easier and more streamlined for individuals. These businesses are sometimes referred to as death services. Platforms are being developed by forward-thinking new companies that connect the bereaved with funeral directors and provide direction to individuals throughout the funeral arrangement process.
The decision to divorce should be made with many of the same factors in mind. Again, businesses are attempting to reform an antiquated system by doing things such as assisting couples in completely avoiding the use of attorneys in favour of professionals who can help them reach a mutually agreeable settlement.
Other industries that are ripe for innovation include job searching and insurance, both of which are currently being challenged by new businesses that have developed smarter and more effective methods of doing things.
Consider launching a business that assists individuals during the most trying times in their lives, such as an alternative funeral planning service, a messaging app for divorcing couples, or a reskilling training service. These are just some of the business ideas that fall into this category.
Developing new methods of working
The pandemic has put an end, at long last, to the notion that the majority of people should work in an office from 9 to 5.
It is no longer considered a privilege to have flexible working hours; rather, it is now considered a right. Companies will need to make the necessary adjustments in order to remain competitive for the greatest talent, or else they will bear the repercussions.
However, this also implies that significant cultural shifts are required, and business owners might identify chances to provide additional training, support, and services to organisations that are learning to adapt. As workers continue to acclimatise to the remote lifestyle, there will be a great demand for organisations to enhance their data protection regulations, and cybersecurity training will skyrocket to the top of the list.
When employees are no longer able to work remotely, the office setting itself will need to progress, which will result in excellent opportunities for workplace design consultants. Even more fascinating is the fact that as forward-thinking organisations adapt to the metaverse, virtual reality and augmented reality training as well as product development will become of critical importance.
Emerging businesses have a wealth of opportunities to assist others in adapting to our new ways of working, whether it be through the development of virtual reality (VR) training simulations to enhance performance, the simplification of information technology management for small businesses, or the assistance of businesses in the evolution of their office spaces to meet modern expectations.
Despite the fact that 2022 is rapidly winding down, there are still a lot of exciting prospects for launching a successful new business. It is now abundantly evident that the effects of the COVID-19 epidemic will persist long after the final lateral flow test has been discarded.
As a result of the pandemic, businesses have had to adapt their methods of operation, while employees have been exposed to new modes of working that may become industry standards.
There will be both winners and losers as a result of these shifts, but business owners may differentiate themselves by meeting consumers’ most pressing concerns during this period of turmoil.
It’s up to you to decide which industry to enter and which trends to capitalise on, but we hope that these articles have shown you that good possibilities can be found just about anywhere.
It’s normal to worry about failing when you first launch a business. But you can make a significant difference in 2022 if you have the necessary knowledge, some innovative ideas, and a flexible approach.