Investing isn't just for wealthy people, despite the common perception. In fact, there has never been a better time to deploy small amounts of money into the stock market, because thanks to technology, brokerage accounts are easily accessible and fees are at the lowest point in history. 

The stock market has spent much of 2022 on the back foot as investors grapple with the impact of soaring inflation and rising interest rates. But history suggests times like these are the best time to put money to work for the long term.

Here are two small stocks with big growth potential, and they're both trading at steep discounts to their all-time highs. Splitting $1,000 between them could result in a tidy payoff for investors willing to hold over the next five to 10 years. 

1. GoPro

GoPro (GPRO -0.59%) might be a familiar name to many people. The company was founded 20 years ago, and its cameras have set the standard in action sports ever since. It listed on the public markets in 2014 and hit an all-time high stock price of $93.85, but since then it has declined by 93% amid the company's struggle to evolve beyond its original business model. 

But it's in the process of turning things around. GoPro has successfully added new revenue streams and it's generating a healthy profit once again, which could make it a great long-term investment from here.

To complement its innovative cameras, GoPro has added an annual subscription priced at $49.99, which gives loyal customers unlimited cloud storage for their content, the ability to livestream videos, and exclusive product discounts. As of the recent second quarter of 2022, 1.91 million users had signed up, which was a 65% jump year over year. GoPro estimates its subscriber base could be worth over $100 million in annual recurring revenue from 2023 onwards with an extremely high gross profit margin of up to 80% -- more than double the margin of GoPro's hardware business. 

In addition, the company is now making 38% of its sales directly to consumers through the GoPro.com website. Historically, it has relied on large retailers to sell its products, but this new strategy allows GoPro to keep all of the profits from each sale rather than handing some off to the stores. 

The company has generated $149.4 million in non-GAAP net income (profit) from $1.1 billion in revenue over the last four quarters, which translates to $0.92 in earnings per share. It places GoPro stock at a price-to-earnings ratio of just 6.8, which is a 75% discount to the Nasdaq 100 technology index's ratio of 27.2. Put simply, that implies GoPro stock would need to triple just to trade in line with the broader tech market.

2. Redfin

With interest rates on the rise, it's reasonable to expect house prices to stall or even head lower in the short term. Therefore, buying shares in a company that operates in the real estate sector might seem counterintuitive, but Redfin (RDFN 0.77%) is building an innovative business that could thrive in the long run.

The company has put together an enormous brokering business driven by 2,640 Redfin real estate agents covering 94% of the U.S. population (geographically speaking). That level of scale allows it to charge much smaller listing fees of between 1% and 1.5%, far below the industry standard of 2.5%. Customers are flocking to Redfin, and the company estimates its business model has saved sellers over $1 billion since inception, so it's a win for all parties involved.  

To help weather the current economic climate, Redfin continues to focus on verticals like home loans and its unique concierge service, which sellers can use to have their home renovated and staged in preparation for listing. In July, the proportion of Redfin homebuyers who attained a Redfin mortgage hit 15%, nearly doubling from the year-ago period, and triggering growth in originations of almost 500%. 

Redfin is also slowing activity in the riskiest part of its business called iBuying, where it purchases homes directly from sellers with the intention of flipping them for a profit. In the second quarter, it sold 45% more homes than it did in the second quarter of 2021, but it purchased just 17% more. As that spread widens, the company's inventory should shrink over time, leaving it less exposed to broader gyrations in real estate prices. 

Redfin stock has fallen 90% from its all-time high amid concerns about the impact of rising interest rates on home prices. But the company is still putting in a strong financial performance. It generated $1.92 billion in revenue during 2021, which was a jump of 117% compared to 2020. This year, analysts estimate it will top $2.4 billion -- a slower, but strong growth rate of 24.8% in the face of a difficult environment. 

The company is building for the long term, and the housing market will experience a resurgence eventually. That's why right now might be the best time to scoop up some shares.