Why is 2022 the Right Year to Start a Business?

It’s been more than two years since the COVID-19 pandemic hit the world, and now with the recent variant of the pandemic, it’s clear that the virus isn’t going anywhere. Even though the pandemic has negatively impacted almost everyone, the last two years have been great for small business owners and startups. In the United States, there was a 4.2% increase in the formation of new businesses in the last two years.

Are you thinking about starting a business too? Here are some reasons 2022 is the right year to take the first step.

People Are Interested in Online Shopping

It’s no secret that e-commerce is the hot new trend! The COVID-19 pandemic has changed how consumers and businesses interact, and even people who preferred purchasing in store switched to online shopping during the pandemic. There’s been a 40% growth in people buying on online sites, making 2022 the perfect year to start a business. You can use online platforms, to establish your business without having to build a brick and mortar store first!

People Are Looking for Innovative Products

If you have an out-of-the-box idea to launch a new product or start a new business, you might have hit the jackpot! The increasing use of technology in every industry has encouraged people to buy innovative products.

Surveys show that the general consumer is increasingly interested in trying new and unique products, for instance, automatic cars and smart IoT devices. Therefore, if you have an innovative idea, 2022 is the time to launch it.

Local Shopping is the New Trend

In the past, people preferred buying products from internationally-recognized brands, but that has changed. Consumers are shopping locally in an attempt to support local products and businesses. Many Hollywood celebrities and famous bloggers have even endorsed this trend by partnering with small-scale businesses and using local products. People realize that shopping from their local businesses is sustainable, morally better and saves time. Therefore, 2022 is your year to start a local business!

You Will Face Less Competition

Even though many small businesses have opened in the past two years, they still aren’t enough to fill the vast demand-supply gap that occurred when many businesses had to shut down during the pandemic. The US market still has a massive gap in consumer demand and product supply, which means you will face less competition if you start a business in 2022.

 

Get Business Starting Tips from Financial Expert FINRA Francisco Faraco

Now that you know the benefits of starting a business in 2022, what’s stopping you from launching a new product in the market? For more tips, contact Francisco Jose Faraco, a financial expert and CFA Charterholder in New York. He has worked with many national and international organizations and banks. In addition, he’s currently affiliated with the University of Chicago as a teaching assistant for Financial Mathematics students.

 

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