Looking for the Best Small businesses to invest in in 2023? Read on for ideas that will help you start and grow a successful business in 2023.
If you’re looking to invest in small businesses in the year ahead, there are a number of factors to consider. First, what industry is the business in? Is it a growth industry that is poised for expansion, or is it a mature industry that may be facing stagnation? Second, what is the financial health of the business? Is it profitable and growing, or is it struggling and in need of a cash infusion? Finally, what is the management team like? Do they have a proven track record of success, or are they inexperienced and untested?
Examine the methods for starting your own business if you find a niche you want to pursue.
With those factors in mind, here are 32 small businesses that we believe are worth investing in during 2023:
32 great small business ideas
If you’re ready to run your own business, consider any of these small businesses to invest in in 2023.
Consulting
Consulting is a great way to make money if you are knowledgeable and passionate about something. You can start your own consulting business, and grow it over time by hiring other consultants who share the same interests as yourself or work in fields related to what’s most important for their clients’ success (like social media).
Online reselling
Those looking for a creative way to make extra money might consider starting an online reseller business. By selling your unwanted clothing on sites like Poshmark and Mercari, you can get started with this side hustle quickly–and turn it into something more than just supplemental income! You could even create your own website where people will be able to buy all of their fashion needs at affordable prices (even if they don’t live near any major cities).
Online teaching
The future of education is now available to everyone with an internet connection. You can teach courses in any subject you are knowledgeable about and earn money from home or abroad as long as your skills match up well against what students need for their course requirements!
Whether it be English language training, yoga classes (yoga!), history lessons on ancient Rome – anything goes at this point because there’s no limit when considering how many different subjects we’ll soon see popping up online thanks largely due demand by learners around the world who want more than just lectures.
Online bookkeeping
In the world of business, there is always a need for accounting and bookkeeping services. The good news? With today’s technology, you can start your own online service from home or anywhere else without any hassle!
Medical courier service
If you own a dependable car and have effective time management abilities, you might want to start your own courier business, more specifically a medical courier business. Transporting medical supplies including lab specimens, prescription drugs, and equipment would fall under your purview as a driver. Starting a courier service on your own or with the help of other drivers are also options.
The healthcare industry is expanding, which is a good sign for medical courier service job stability.
App development
Consider a job in app development if you have knowledge and experience in technology. Many Americans now own smartphones on a regular basis, which has boosted the demand for mobile apps. The popularity of virtual reality software in recent years has led to a need for VR app development as well.
Transcription service
A transcription service will enable you to work from home with a flexible schedule if you have a good ear and can type swiftly. With the proliferation of speech recognition technologies for healthcare provider dictation, medical transcription services are becoming necessary. You can accept as few or as many transcription tasks as you’d like if you don’t want to start right away or if you’d prefer to keep your day job for the time being. Consider becoming a certified transcriptionist and specialising in a few areas to improve your company possibilities and allow you to charge more.
Professional organising
If you enjoy creating functional and comfortable spaces and are extremely organised, you might be effective at teaching others how to do the same. People will pay you to advise them on how to reduce their staff and keep their place organised. Ask your clients if you may take before and after pictures of the spaces in their homes that you have organised in order to market your service. You can then use those pictures to build a portfolio that you can share on social media to draw in additional clients.
Cleaning service
If you enjoy cleaning, you could probably make money doing it. You are able to provide cleaning services to individuals, apartment buildings, and commercial premises with a small team, a variety of cleaning materials, and transportation. The average hourly rate for cleaning services is $25 to $50. Cleaning services are simple enterprises with minimal overhead; all you need is preparation, commitment, and promotion to draw clients.
If you want to set yourself apart from other cleaning businesses, think about charging more for premium services like external power washing or floor waxing. These services might make the difference between your new cleaning service and established businesses that have too many customers to offer that calibre of cleaning.
Freelance copywriting or content writing
You may make a name for yourself as a freelance copywriter or content writer if you have a knack for language and some understanding of marketing. There are several businesses that will pay you to write blogs, site material, or press releases. Your worth will increase if you can assist clients in developing a strategy around particular keywords that their target audience is already utilising in internet searches. The typical hourly rate for independent copywriters is $40 to $50, although those with specialised knowledge may be able to charge considerably more.
The best thing about running a freelance copywriting business is that you can work from anywhere as long as you have access to the internet. You can run this business from the convenience of your home or, if you travel, even while on the go. You may even turn freelance writing into a full-time career if you build a sizable network and receive referrals from pleased customers.
Property Management
You might succeed as a property manager if you have experience in the real estate sector or if you are simply good at managing.
The problem is that there are many property owners scattered throughout the city who lack the time to oversee their holdings. They require a dependable someone to collect rent, repair damaged items, and evict problematic tenants. You might succeed as a property manager if you have experience in the real estate sector or if you are simply skilled at management, especially with the right property management software.
So, by all means, try your hardest if you feel up to the task.
Food Delivery Service
Getting a restaurant off the ground may be difficult and expensive. Too many aspects must be considered, from the restaurant design concept to the utensil colour and pattern selection. Consider creating a meal delivery service if you’ve been considering starting one but lack the funding.
You create wholesome, delicious meals at home and then deliver them to your clients at their places of business or residences.
You could require permission and courier insurance to operate this kind of business, depending on the city’s regulations.
Blogging
Is blogging still a viable source of income today? The quick and easy response is “yes.”
Find a niche with low competition and target it aggressively if you want to thrive with blogging. Without a doubt, persistence and patience will pay off.
College students, stay-at-home mothers, and other entrepreneurs may consider starting a blog.
Aerial Photography
Over the past ten years, the demand for aerial photography has reached previously unheard-of levels. An aerial photography business won’t be a bad option if you are proficient at operating a drone or can pick it up quickly.
Fortunately, a good drone isn’t prohibitively costly; you can buy a great one for yourself from Amazon for as little as $1,500.
Who will be your ideal customers? developers of real estate, engaged couples planning weddings, makers of films and music, and more.
Pet Grooming
Consider beginning a pet grooming business if you enjoy having pets around and grooming them doesn’t seem like much labour. Consider providing home services to maintain your flexibility. In this arrangement, you go to pet owners’ homes to groom their animals while receiving payment for your services.
Your company can reach more local customers by setting up a Google My Business Page.
Home care service
Supporting elders who are housebound and require in-home care can be greatly aided by someone with experience in care and hospitality. Additionally, there will be an increase in demand for this service.
The National Institute on Aging projects that between 2010 and 2050, the number of people 85 and older would rise globally by 351%, while the number of centenarians (those over 100) will multiply tenfold. Many people will require care and support, frequently in their own homes.
Fortunately, you don’t need experience in the medical field to serve seniors and build a prosperous business at the same time, but those talents will also be in demand. Many senior citizens require assistance with a variety of duties, including housing repairs and errands.
After gaining some expertise, you might think about expanding your company to assist seniors in moving from their homes to assisted living facilities by providing services like packing, transporting, arranging, or storing their furniture and belongings.
Translation service
IBISWorld’s study indicates that the translation services sector had a fall in 2020, as did many other sectors. Nevertheless, IBISWorld predicts that the sector will have a “significant increase” over the next five years. This anticipated rise is understandable given how easily accessible English-speaking markets are to entrepreneurs in other nations thanks to the internet.
Due to this development, multilingual speakers now have the opportunity to provide specialized services like document translation and website information translation for usage in other markets. If you speak several languages well, you may have success securing a position in the translation services sector.
Digital Marketing
Given the significance of digital marketing to any brand, you must react to changes in your client’s marketing plans. Social media management is more than just scheduling postings with a set-it-and-forget-it attitude; it also involves continuously monitoring for comments and communications.
Digital marketing can be the ideal career choice for you if you appreciate carefully planning and executing marketing strategies. Another type of digital marketing that you might think about is becoming an affiliate marketer.
Virtual Assistant Service
Many small business owners and solopreneurs require assistance to maintain their enterprises and are willing to pay for it.
Why not take advantage of this chance by providing these busy business owners with virtual assistant services? You can locate clients by using BPOs like 1840 & Company and international marketplaces.
You can assist them with a variety of tasks, including managing appointment scheduling, email sending and replying, client calls, customer service support, and much more.
The nice aspect is that you may carry out all of this work virtually.
You can discover clients by using platforms for crowdsourcing like Upwork, Remote.co, and Indeed.
Web Design Agency
In the early days of the internet, creating a website required the ability to write lengthy, complex programmes. But now, owing to no-code options like WordPress and Wix, everything has changed.
Consider launching a web design company if you enjoy designing things and don’t mind investing time in learning WordPress. During the lifecycle of developing a website, automated web testing occurs. In addition to automated testing, you can also provide web design services. as well as serve as an automation testing business.
You can continue after web design. Expand into more agency positions, including SEO. This SEO firm in London is a fantastic example of how you may get started. Even entirely remote work is possible.
Rideshare driving
Using your car to become a rideshare driver is an option if starting your own business is difficult or risky. You are free to work as much or as little as you like because the rideshare service bears the costs and administrative burden of the business.
The ability to establish a side business that pays well and only requires the desire to take people to their destinations and engage in the occasional polite conversation is made possible by rideshare programmes like Uber and Lyft.
The independence of a small business owner without the demanding workload of running the back-end logistics is what rideshare drivers enjoy.
Real estate
The property market can be confusing for many people. You can assist customers in finding their ideal houses at a price that suits their budget by working as a real estate agent. For many states, being a real estate agent just requires passing an exam and a few months of coursework. Remember that you’ll need excellent social skills even if you have a qualification, so if you’re not a people person, this may not be the path for you.
Dropshipping
Not every business that sells products keeps them on-site. In dropshipping, owners of e-commerce websites delegate the task of order fulfilment to a third party. The third party is probably a wholesaler or another company that manages a distribution centre. Dropshipping is a fantastic company concept if you’re concerned about overhead expenses and available space because of the low inventory and tools required.
Sell Online Courses
Do you possess a talent that you can easily impart to others? Why not start generating income by developing and offering your courses online.
And you may instruct in just about anything, including gardening, copywriting, fixing damaged things, and DIY tricks.
To get started, you don’t need expensive filmmaking equipment; just your smartphone will suffice.
Start with Udemy, Skillshare, and other platforms for creating online courses.
eCommerce
The internet has made selling simpler than ever. Without worrying, you can offer goods to customers on the other side of the world.
An eCommerce business can be very successful if it is run properly. The number of eCommerce companies that have chosen to launch their operations offshore has increased dramatically, according to Offshore Protection.
The success of your business depends on selecting the best eCommerce platform. You may test out WooCommerce, Shopify, Oberlo, and other options.
Online Retail
With more and more consumers shopping online, online retail is one of the fastest-growing industries.
Food Delivery
Busy consumers are increasingly turning to food delivery services to save time.
Home Services
There is a growing demand for quality home service providers from housecleaning to pet care.
Health and Wellness:
Consumers are increasingly focused on their health and well-being, making health and wellness small businesses a good investment.
Personal Services
From personal trainers to stylists, personal services businesses are also seeing strong growth.
Technology
From app development to cloud computing, small businesses in the technology sector are well-positioned for success in the coming year.
Social Media
With over 2 billion active users, social media is a powerful marketing tool for small businesses.
Conclusion
Starting a business and finding success with it can be demanding, but at the same time rewarding.
If you are stuck on ideas, try any of the 32 small business ideas shared in this post.
Already have a business going for you? Let Entrepreneurship Valley help you win more customers and boost your sales.
Frequently Asked Questions
What is the step-by-step process for starting a business?
- Find a business idea
- Write a business plan
- Choose a business structure
- Get a federal tax ID
- Open a business bank account
- Get financing to fund your business
- Get a business credit card
- Build a website
- Decide how you’ll get paid
- Get the right financial software
- Hire employees
- Pay your taxes
- Protect yourself with business insurance
What is a good small business to invest in?
- Dropshipping business
- Selling print-on-demand shirts
- Sell digital products
- Become a blogger
- Sell freelance services
- Create homemade products to sell online
- Media (podcast, YouTube channels, etc.)
- Affiliate marketing
- Pet sitting and products
- Online fashion store
How much do small businesses spend on social media marketing?
The majority of firms spend $200 to $350 each day on social media marketing, yet every business has a unique social media ad strategy. This equates to a monthly income of $6000 to $10,500 and an annual income of $72,000 to $126,000.
What makes for a good work-from-home small business idea?
- Buy products in bulk and sell them online
- Sell homemade products
- Start a dropshipping store
- Start a print-on-demand business
- Offer online services
- Teach online classes
- Productize your service or expertise
- Grow an audience you can monetize
- Buy an existing eCommerce business
- Start a subscription-box business
- Turn your pet into an influencer
- Sell unwanted items
- Play video games
- Sell NFTs
- Become a virtual event planner
- Launch a photography business
- Start a beauty business
- Start an affiliate marketing business
- Start a daycare
- Sell stuff on marketplaces
- Become a social media manager
- Become a virtual personal trainer
- Offer bookkeeping services
- Design websites
- Start a dog grooming business
How do I start a small business from home?
- Come up with your business idea.
- Decide what you’re going to sell.
- Write a business plan.
- Decide on your business’s legal structure.
- Apply for your EIN.
- Set up a business bank account.
- Look into insurance.
- Set up a home office.
How can I start my own business with no money?
- Find a free business idea
- Write a business plan
- Choose a business name
- Launch a website
- Validate ideas with preorders
- Source funding to grow
What would be a good small business to start?
Find the perfect small business idea for your next venture. We’ve organized our list of small business ideas into these categories:
- Most Profitable Business Ideas
- Online Business Ideas
- Low Startup Cost Ideas
- Home Business Ideas
- Passive Income Business Ideas
- Food Business Ideas
- Unique Small Business Ideas
- Mobile Business Business Ideas
- Recession-Proof Business Ideas
- Green Business Business Ideas
- Homesteader Business Ideas
What are the most successful small businesses?
- Food trucks.
- Car wash services.
- Auto repair.
- Personal trainers.
- Newborn and post-pregnancy services.