
Although the economy still cannot be counted on, there are business sectors that are still booming. So which businesses are growing at the fastest rate in 20022 and 2023? As we look ahead to the remaining portion of 2022 and even have 2023 in our sights, we must reflect on the past couple of years. 2020 signified the start of the Covid-19 pandemic, and many business owners rushed to adapt to social and economic conditions that we had never experienced before. As small businesses and large companies struggled to adjust to a new, ever-changing and unpredictable landscape, 2021 emerged as a year filled with tremendous gains, frustrating setbacks, and an economy that stopped and started as much as an old car. However, as the months of 2022 begin to pass, optimism is starting to grow. While business owners and entrepreneurs everywhere are cautious, they are beginning to notice subtle and not-so-subtle signs of recovery, especially in certain industries.
Some of these periods of recovery accompany technological breakthroughs, such as vaccine rollouts and re-openings of schools and restaurants. In truth, whenever we roll a bit closer back to “normal,” the market takes notice. However, even business optimists have remained guarded as new virus variants have appeared, infection rates have soared again, and businesses have been forced to close, open, and shut down again. To make matters worse, the entire country is dealing with the frustration of supply-chain problems in everything from baby formula to hot sauce. Difficulties finding staff have plagued many companies, and many of us have wondered if we will ever see a return to normalcy and if our economy will ever have a chance to bounce back.
Let’s close the book—at least in this article—on all the doom and gloom reports. We are realists, of course, but there is still reason to embrace positivity. As 2022 proceeds, the year has already revealed some bright spots in specific business sectors and areas. Let’s focus on those and remember that optimism is always the best policy. Indeed, more than one small business owner figured out how to continually stimulate growth and even thrive in the face of some of the most challenging conditions ever faced. Here, we will take a look at the fastest-growing businesses we have seen so far this year. After all, adversity can only make us stronger, right?
11. Home Renovations
While it is already clear that the Covid-19 pandemic negatively impacted many aspects of the construction industry, hope exists in this resilient industry. From supply-chain problems that impacted everything from wood to other materials to tools and technology to investment losses that hampered development, the building and construction industry struggled to find its way through a dark time. In fact, 2020-2021 set a record for the cancellation of small domestic and large commercial projects, in part due to a lack of materials and in part due to a lack of manpower. Wait, there is more to the equation, though, and it is much more promising.
The real estate market has found a way to rebound—in part due to a lowering of interest rates by the federal government—and done its part to buoy the building industry. Plus, as people found themselves stuck inside for months, they began planning home improvement projects. This created an increase in demand and gave a boost to residential building and remodeling jobs. As long as the supplies were there, people flocked to home improvement stores with their masks on in order to keep themselves busy and improve their apartments, homes, and landscapes. They also scheduled larger jobs to be done by professionals, giving the entire industry a boost. While it was sometimes difficult for contractors to juggle an increase in business with a decrease in supplies, they found ways to manage.
In 2020, homeowners spent an average of $13K on home improvements, but experts expect that spending to continually increase through the end of the year, exceeding $380 billion. Likewise, skilled tradesmen are in high demand because homeowners, business owners, and corporations seek improvements that they simply cannot accomplish alone.
If you have recently sought out a carpenter, electrician, contractor, or even landscaper, you are probably already aware that their schedules are overwhelmingly booked up. If your business needs a home improvement boost or your office desperately needs an upgrade, we recommend reaching out to the professionals well before the time you would like the job to be completed. A little research will also help you determine the availability of your needed materials, and the workers you contract should be able to complete the puzzle.
With large-scale construction projects expanding across America’s great cities, job growth itself is increasing, and the cities themselves are improving in terms of infrastructure and more. So while the pandemic caused a troublesome ripple in this fast-growing industry, the construction and building industry has fought back by riding a mighty wave of demand and productivity. This is one business we have our eyes on for 2023 and beyond, and you should too.
10. Health Care in the Home
Before the pandemic began, home health care was a rapidly growing industry. While home health care workers struggled to adapt to the rigors, challenges, and setbacks of an unrivaled public health crisis, the demand for home health care could only grow. We’d like to take a moment to express thanks to home workers and health care workers over the last few years. Like, true heroes, they faced a side of the Covid-19 pandemic that few of us ever had to experience and sacrificed their own health and safety for the good of others.
Now, business-wise, we expect this industry to continue to not only thrive but explode. From traveling nurses to in-home doctors and caregivers, there is no shortage of demand from patients these days. Patients include the elderly, those with disabilities, and even the terminally ill, and those brave and compassionate workers who help them are able to be paid decently and live comfortably in 2022.
As we look to the future, it is true that the pandemic is still on our minds. Home health care workers will continue to be on-call and needed not only for the usual afflictions but also for assistance with the onset of new and emerging variants and new and dangerous diseases and disorders such as Monkey Pox. Also, the US population is in the midst of a generational shift, and as people age and the costs of long-term care centers go up, more and more families are turning to at-home care as a viable and affordable option. In fact, the US population has begun to view this industry in a completely different way, thanks to the pandemic. As more people appreciate the strengths of these caring individuals and their sacrifices, families are more willing to pay increasing rates.
A majority of personal care jobs and home health worker positions do not require a college diploma, so there is a lot of opportunity in terms of who can fill these positions. Also, research tells us that job opportunities for in-home health care workers will grow over the next year to the tune of 30% or more, so we will have our eyes on this industry full of admirable workers for the duration.
9. Care and Services for Our Furry Friends
Let’s face it, Americans have been completely and unapologetically focused on their pets for decades before the pandemic. However, many assert that the pandemic actually caused this obsession to grow, as many of us spent hours upon hours in our apartments or homes with our furry friends. Americans are spending more than ever on their pets, amounting to billions of dollars spent annually. Where is this money going?
One thing that is certain is that the adoption rates of pets are flying high and showing no sign of stopping. Over the past 4-5 years, beginning before the pandemic, the pet industry in the US has almost tripled. It may seem unbelievable, but predictions and research suggest that the industry may grow to upwards of $270 billion dollars over the next 7-to 8 years. Clearly, this industry, while seemingly taking up only a small niche, is showing no clear signs of stopping.
While it may not be apparent to non-animal-enthusiasts, the opportunities within this burgeoning field are seemingly endless. For those who cannot get enough of animals, both familiar and domesticated, and wild, there are positions in animal care and animal service in every capacity imaginable. Entrepreneurs have been busy building their own dog walking services, grooming services, and even online pet supply stores. Those with degrees in the field can become veterinarians and make a competitive salary, while other animal-lovers can find work in kennels, clinics, zoos, shelters, stables, and more.
Similar to the home health care industry, most animal-specific jobs have a relatively low barrier to entry. Many new enthusiasts and savvy entrepreneurs can apply with their high school diplomas and learn through working. Research tells us that this is one field that will be growing for the next few years, by a rate of over 30%, too. While this field is not one that is right for everyone, it only takes an affinity for any kind of animal and a desire to do something different to take the plunge. When you join forces with other pet-crazy people, you will be a key part of one of America’s fastest-growing industries—and you will be doing a service not only to other pet owners and animal lovers but to some of the man’s best friends. We will keep watching this category as it runs, gallops, and crawls its way through the recession and onto easy street.
8. Virtual Events and Meetings
When a frightening pandemic threat—and an impending lockdown—first showed up on our collective radars, one sentence was heard over and over: What is Zoom? In truth, some professionals were already using Zoom or another platform to host and participate in virtual events, but these platforms became a fundamental part of our vernacular, behavior, and overall lives in what seemed like an instant.
Businesses in every sector had to find ways to run meetings, gather, and most importantly, allow workers to continue to put in hours and collect their hard-earned pay virtually. Thus, a virtual work environment was born, as many employees began tuning in from their couches, home offices, kitchen tables, and even bedrooms. In addition, students of all stripes also began navigating virtual meetings, classes, and events, including graduations.
While this industry has seen widespread and considerable growth, there were also many workers who still needed to report to their positions, from bus drivers to teachers to other front-line workers. These brave Americans sacrificed their health to keep the country running.
In terms of virtual events, many business organizations had to hurry to adapt and figure out how to switch to virtual meetings, online conferences, and even virtual hirings and firings. Many workplaces managed to survive thanks to these rapid adjustments, but several were forced to lay people off, downsize, or shut down. However, one business that did not shut down was the online event industry, clearly.
As the pandemic lessens, in-person events have returned to a warm welcome. Yet, virtual meetings, appointments, classes, and seminars remain a new part of the professional landscape, especially in business. We do not expect this industry to lose steam because the pandemic is far from over, and employers and professionals still must offer options for those who are sick, compromised, or even simply unsure of whether or not they have been exposed to the virus. Others are worried about elderly loved ones, or children, so options must be available. In fact, research tells us that over 70% of marketing employees expect to continue working with and hosting events in the virtual capacity for the next year. According to experts in various industries, virtual events and platforms will continue to be a part of our technological landscape for many years to come—perhaps, forever. This has become a widely referenced example of the ways in which the pandemic has changed our society, and if anyone is profiting, it is companies such as Zoom. Perhaps Zoom is hiring?
7. Networks for Nuptials: The Wedding Boom
There are various theories as to why the wedding industry is shining so brightly these days, from the humorous to the philosophical, to the rational and economical. While it is true that many of us were stuck inside, either with our significant others or attempting to survive, and even date, during a pandemic, it is hard to say exactly what happened. We can say with certainty that through the development of capable vaccines and the gradual reduction of pandemic-based restrictions, the wedding industry has not only found its footing but roared back onto the scene.
As many know, people pour significant and sometimes excessive amounts of money into their version of “the perfect day,” and while the wedding industry has never been one to suffer too much, it is enjoying strong, rapid growth. The business of marriage is expected to continue to bloom through 2023 and onward, based not only on the promises and love of new couples but the reemergence of loving partners who were forced to postpone or cancel their nuptials.
In fact, the demand for weddings in 2022 has reached such heights that many businesses cannot keep up with it. Considering the wide variety of small businesses involved in wedding preparations—DJs, cooks and bakers, photographers, ministers, event planners, and more—it might make sense for an eager entrepreneur like yourself to turn his or her attention to the wedding industry. We expect this industry to continue to heat up, which is why we have our eyes on it for 2022 and beyond.
6. Houseplants for Hire
It makes perfect sense that the houseplant industry, and surrounding businesses, have witnessed and recorded a significant watershed moment. The pandemic forced many into lockdown, and spending month after month in the same place forced us to consider our living space from a brand-new perspective. As a result, many individuals decided to decorate their apartments and houses with familiar and exotic houseplants as they searched for a change of scenery, a sense of beautification, or even companionship.
Now, this plant craze has created not only a lifestyle but an industry that is worth its weight in gold. Sources tell us that over 65% of the households in the US own one houseplant, and many younger people are discovering the enjoyment plants can provide daily. This trend is one that we know isn’t going anywhere, which is why we have faith that the plant industry will remain one of the most rapidly growing businesses for years to come. One look at platforms such as Reddit or Pinterest will show that Millenials and Generation Z have fully embraced this trend. Tiktok users and Instagram enthusiasts alike post odes to houseplants and hashtag their at-home displays. When a fad becomes a hit with the younger generation, we know we can count on it carrying on for a while, and spending on houseplants is growing, expected to reach over $25 billion by 2025.
If you are an entrepreneur who is interested in exploring new ideas, why not open up an online plant business? Of course, it will be helpful if you have a passion for seedlings. Why not take advantage of a new and flourishing market, and explore new branches? Growing your own business might be the best idea you’ve had yet because this industry is truly flowering!
5. Tutoring: Saving the World, One Virtual Student at a Time
If there was one aspect of life that the pandemic truly disrupted, it was in-person learning. Millions of students had their lives disrupted for countless years and semesters as virtual lessons replaced traditional education. This created a lasting impact, with many students of all different ages, demographics, and school systems falling behind in their studies or even dropping out altogether. In fact, students in the US are currently 4-6 months behind in their studies, and this loss of learning is felt more substantially by low-income and minority students. Teachers have struggled, too, to embrace virtual learning. Though many of our teachers have devised ways to keep their students’ attention and keep them in class and learning, the challenge has, at times, appeared insurmountable.
While the majority of schools in the US have reopened by now, many of them saw their schedules become disrupted by the onset of various variants over the past year or two. As a result, many students, teachers, and administrators are apprehensive about what is ahead since the field of education has not yet felt a return to the new “normal.”
Luckily, there is a solution to the problem of many students feeling they have missed out on valuable lessons from the curriculum. Academic tutors have come to the rescue for students—and parents—who feel there is now a missing piece in their learning. Parents, school districts, and motivated students are searching for professional individuals who are experts in their field and wish to share their knowledge and help students succeed. Obviously, there is high demand right now for tutoring services from students of all levels, so if you are looking into exploring tutoring as a career choice, do not hesitate.
It is easy to start a tutoring business from your own home, as long as you have the qualifications. A bachelor’s degree should suffice depending on what and whom you teach, though some tutors have higher-level degrees. If you are tutoring college students, for example, they might request that you have a graduate degree in the field. Generally, a BA in arts and sciences or any other field of study should suffice. Now, all you need is the transportation and perhaps a quick review of high school geometry or English! Book appointments from home, network with parents, students, and school administrators, and build a tutoring schedule that works for you. Do you want to tutor part-time, or are you looking for as many hours as possible?
If you prefer to keep things virtual, you are also not alone. Many tutors, inspired by their clients’ concerns about the variants, have been providing extra academic help via the web through Google Hangouts, Zoom, and other platforms. The pandemic has ensured that online learning is here to stay; some students even prefer it now. Look at it this way: instead of driving all over town, you could tutor a student in California and Alabama on the same day, then teach one more lesson to someone in New England at night. Online learning platforms make teaching and learning new skills convenient on a flexible schedule.
If you have any doubts about the demand for this quickly growing field of business, consider that the e-learning market is supposed to more than triple in growth—by only 2027! This is a market that is exploding and shows no sign of stopping, and that is why we have our eyes on this rapidly evolving business, and you should too.
4. Satisfying our Hunger for Delivery
Covid-19, it is safe to say, did not simply create struggles for the restaurant industry—it decimated it. While restauranters did their best to provide creative, outdoor options for dining in and delivery, it was simply not enough for many. Patrons tried to support their neighborhood haunts, but in the same way that music venues and bars suffered, hundreds upon hundreds of restaurants were forced to shutter during the heart of the pandemic. Did this create demand for delivery? Clearly, it started within Americans an insatiable hunger for cuisine of all types, driven by public health circumstances we had simply never seen before.
Even before the pandemic struck unannounced, the food delivery market, driven by services such as Doordash, Uber Eats, and Grubhub, was surging. Covid-19’s onset only enhanced this incredible growth, leading individuals to order food delivery when they would be going out on the town. If you are interested in the food delivery market, you are on the right track: by 2025, expectations and financial projections estimate that this specific online industry will grow by close to 20%, reaching perhaps $200 billion annually. Is it us, or is that a lot of pizza deliveries?
Doordash and the others we’ve mentioned lead the charge current, but new companies are springing up everywhere. If you are an entrepreneur with a passion for food, who wants to be a part of a profitable and growing industry, why not subcontract with Grubhub or another lucrative player? Or, entrepreneurs can work with local restaurants to offer speedier, more inexpensive deliveries. Since Grubhub and the like charge delivery and service fees nationally, why not cut some of those out and see if your new service can find a foothold? While competition reigns supreme in this ever-evolving market, the demand has not slowed. The potential is there if you are intelligent, savvy, and passionate.
Here is another idea: demand for shoppers via Instacart and similar services is also blooming. If you do not mind shopping around, you might be able to quickly climb the ladder to success. There is also an emerging cross-over market; for example, a Doordash driver might be asked to bring a pizza and stop at the market or a CVS on the way. There might be room to challenge the league leaders with the right entrepreneurial idea. Demand for personal shoppers and other fulfillment services is also rapidly rising—up over 70% since 2019—which is another reason we consider this one of the fastest-growing businesses.
3. Getting Fit: In-Person and On The Screen
Another industry that suffered an enormous pandemic impact was the fitness market. There is something about a relentlessly contagious pandemic that makes people simply not want to be close to each other, especially in a confined area while working out. So the idea of “going to the gym” became one of the first lifestyle choices to take a hit, and a few months into the Covid-19 situation, gymnasiums and fitness centers across the country were dark, cold, and closed. From Planet Fitness to Gold’s Gym to the YMCA to more local, personal workout spots, there were suddenly no public options where one could break a sweat.
In response, millions of Americans who felt stuck began exercising at home. Exercise can be a balm for stress, anger, and sadness. Working out releases endorphins, distracts, contributes to a feeling of well-being, helps us sleep better, and keeps us healthy overall. Americans were not about to stop running, lifting, stretching, and doing aerobics—but they needed options. While the sales of at-home exercise equipment rose to the point that there was a shortage, many people also turned to online classes and trainers to whip them into shape. Also, many individuals were eating less healthy options and wanted to burn those new calories. So, in a similar manner to many of these other markets, the industry of at-home workouts, in its many forms, exploded with life.
Over the past year or so, many fitness centers have happily been able to reopen their doors, yet a curious thing has happened. Many of us, tired of traffic or crowds, have fallen in love with a good old-fashioned at-home workout. Digital classes live and taped, in everything from yoga to weight lifting to swimming, have become all the rage. The teachers, fitness experts, and those with degrees in the field have gotten in on the bottom floor and are riding a tidal wave of demand. Many fitness instructors, like teachers, had to teach themselves new technologies and tricks, but a few years later, they were expert online coaches and trainers.
This market is open for business for fitness enthusiasts who are passionate about their bodies, their craft, and most of all, sharing their knowledge. In fact, digital fitness, now a coined term, is expected to grow by over 18% globally by the year 2026. That is a substantial amount of weight to lift!
Additionally, job growth for fitness instructors—both online and in-person—is supposed to rise by over 38% by approximately 2030. Entrepreneurs who are interested do not even need an advanced degree: just a desire to teach, sweat, and help people improve their health. Think about it; you can make an average of $20 per hour to get fit and help others. This online trainers market will continue to grow, and we like the low barrier to entry. That is why we have this quickly growing market on our master list.
2. Creating Top-Notch Digital Content
You are probably aware that creating content in the digital realm is not new. Digital content creators have been on the rise for the last decade, spurred on by the creation of new technologies, the ease of navigating them, and the dominance of social media as a place to share brand-new artistic creations. However, the Covid-19 pandemic created a social climate that pushed us indoors and increased the wane of traditional advertising. Simply put, more people were spending more time at home and online than ever before, and they were not working the entire time. Interested parties also couldn’t walk down the street to check out flyers in a window or learn about a new restaurant by passing by while going out for a walk.
In place of more traditional ads and word-of-mouth methods, digital marketing has taken hold. This means that digital creators are in demand, as companies continually rely on digital campaigns to bring in customers and spread the word about their products. Steady, assured growth is expected in this digital world for the next 3-4 years, and digital creators and interested entrepreneurs are taking notice. The demand stems from businesses of all types and sizes needing assistance with writing, podcasts, video presentations, photography, and graphic design. If you are looking to start a new business and have experience or talent in one or more of these fields, look no further than digital content creation. Better yet, start a small company and hire 2-3 content creators even if you do not. Then, you can match them up with jobs and facilitate the company’s employment and growth.
What’s more, start-up costs for this type of business are affordable. Think about it: you’ll need a computer or two, strong Wi-Fi and phone services, and your chosen software as dictated by your field. Run the new digital company from your home and prepare for an artistic endeavor with a strong promise of rewards. You can thank us later.
1. Cybersecurity: Security for Industry Leaders
With all of this extra time spent online staring at our screens, questions regarding safety and security have quickly arisen. From small companies struggling with IT problems to larger corporations attempting to find remote consulting solutions, everyone is wondering when the next security breach will occur and how to prevent it. News reports of data breaches across the world and in the US have become routine, and many of us have had our identities compromised or outright stolen. It is safe to say that the demand for cybersecurity we can trust is not going anywhere, especially these days.
The market is booming for IT consultants, especially those with a background in security. Professionals with the correct experience and qualifications will be happy to know they will have their choice of jobs right now since many industries require increased security they can trust. If you are an interested entrepreneur but lack the right qualifications, then why not take the time to learn and earn the correct degrees? We predict that this industry will only expand as the years pass, and we spend the bulk of our company time online. Consider all of the valuable data out there, both corporate and personal. It simply must be protected, and you may be able to play a role in that. So, if spending your days online is for you, and consulting solutions and cybersecurity are in your background, this may be the perfect fit.
Follow Your Passion as an Entrepreneur
We hope you have enjoyed this list of the fastest-growing businesses right now. It is impossible to predict the future at such a complex time in our history, but we are certain that these markets will continue to flourish over the next few years. So why not take the leap into one of these fields now while the market is hot? We guarantee that if you follow your passion and let your entrepreneurial spirit guide you, you will not regret it. Good luck.