7 Best Types of Businesses to Start in 2023
Are you looking for a profitable and rewarding business idea to start in 2023? If so, you are not alone. Many people dream of becoming their own boss and creating a successful venture that can provide them with income, satisfaction, and flexibility. But what are the best types of businesses to start in 2023?
In this article, we will explore seven of the most promising and lucrative business opportunities that you can pursue in the next year. These are businesses that have high demand, low competition, and strong growth potential. Whether you are interested in e-commerce, online education, digital marketing, or something else, you will find a business idea that suits your skills, passions, and goals.
Here are the seven best types of businesses to start in 2023:
1. E-commerce store
E-commerce is one of the fastest-growing and most profitable industries in the world. According to Statista, global e-commerce sales are expected to reach $6.5 trillion by 2023, up from $4.2 trillion in 2020. This means that there is a huge opportunity for entrepreneurs who want to sell products online. You can start an e-commerce store by choosing a niche, sourcing products from suppliers, creating a website, and marketing your store to your target audience. You can also use platforms like Shopify, Amazon, or Etsy to simplify the process and reach more customers.
2. Online education platform
Online education is another booming industry that offers a lot of potential for entrepreneurs who want to share their knowledge and expertise with others. According to Research and Markets, the global online education market is expected to grow at a compound annual growth rate (CAGR) of 9.23% from 2019 to 2025, reaching $319.167 billion by 2025. You can start an online education platform by creating courses, videos, podcasts, ebooks, or other digital products that teach people a valuable skill or topic. You can also use platforms like Udemy, Skillshare, or Teachable to host and sell your courses.
3. Digital marketing agency
Digital marketing is one of the most essential and in-demand skills for any business in the 21st century. According to Mordor Intelligence, the global digital marketing market is expected to grow at a CAGR of 17.4% from 2020 to 2025, reaching $640.2 billion by 2025. You can start a digital marketing agency by offering services such as SEO, social media marketing, content marketing, email marketing, web design, or PPC advertising to clients who need help with their online presence and visibility. You can also use platforms like Fiverr, Upwork, or Freelancer to find and connect with clients.
4. Podcast production company
Podcasting is one of the most popular and engaging forms of media consumption today. According to Edison Research, there were an estimated 88 million podcast listeners in the US in 2019, up from 32 million in 2014. This number is expected to grow even more in the coming years as more people discover and enjoy podcasts on various topics and genres. You can start a podcast production company by creating your own podcast or helping other podcasters with their audio editing, distribution, monetization, or promotion. You can also use platforms like Anchor, Podbean, or Buzzsprout to host and distribute your podcast.
5. Virtual assistant service
Virtual assistants are professionals who provide administrative, technical, or creative support to clients remotely. According to Grand View Research, the global virtual assistant market size was valued at $2.6 billion in 2019 and is expected to grow at a CAGR of 12% from 2020 to 2027. You can start a virtual assistant service by offering services such as data entry, bookkeeping, research, scheduling, customer service, or social media management to clients who need help with their daily tasks and projects. You can also use platforms like Zirtual, Fancy Hands, or Belay to find and work with clients.
6. Personal fitness trainer
Personal fitness trainers are professionals who help people achieve their health and fitness goals by providing guidance, motivation, and instruction on exercise and nutrition. According to IBISWorld, the personal fitness trainer industry in the US generated $10 billion in revenue in 2019 and is expected to grow at a CAGR of 1.5% from 2019 to 2024. You can start a personal fitness trainer business by getting certified as a trainer, creating a website or social media profile, and offering your services online or offline to clients who want to improve their physical well-being.
7. Home improvement contractor
Home improvement contractors are professionals who perform various tasks related to renovating or remodeling homes or buildings. According to IBISWorld,
the home improvement industry in the US generated $99 billion in revenue in 2019 and is expected to grow at a CAGR of 1.6% from 2019 to 2024. You can start a home improvement contractor business by getting licensed and insured, acquiring the necessary tools and equipment, and offering your services to homeowners or property owners who want to upgrade or repair their living or working spaces.
These are some of the best types of businesses to start in 2023. Of course, there are many other business ideas that you can explore and pursue depending on your interests, skills, and resources. The key is to do your research, plan ahead, and take action.
Best Type of Business to Start: The Rise of Online Businesses
One of the most profitable and popular types of businesses to start in 2023 is an online business. Online businesses have many advantages over traditional brick-and-mortar businesses, such as low startup costs, high scalability, global reach and flexibility. According to Shopify, some of the best online business ideas to start are dropshipping, print on demand, digital products, affiliate marketing and virtual assistant.
Dropshipping is a business model where you sell products from third-party suppliers without having to handle inventory, fulfillment or shipping. You only pay for the products you sell, which means you don’t have to invest in inventory upfront. Print on demand is similar, but instead of selling physical products, you sell customized designs on products like t-shirts, mugs, posters and more. You can use platforms like Shopify or Printful to create your own online store and print your designs on demand.
Digital products are products that can be downloaded or accessed online, such as ebooks, courses, software, music and more. You can create your own digital products or sell other people’s products as an affiliate. Affiliate marketing is a type of performance-based marketing where you earn commissions for promoting other people’s products or services on your website or social media. You can use platforms like ClickBank or Amazon Associates to find products to promote.
Virtual assistant is a service-based business where you offer administrative, technical or creative support to clients online. You can perform tasks like email management, data entry, booking appointments, social media management and more. You can use platforms like Upwork or Fiverr to find clients and set your own rates.
The Demand for Essential Services
Another type of business that is likely to be profitable in 2023 is essential services. Essential services are services that people need regardless of the economic situation, such as utilities, healthcare, finance and insurance. According to NerdWallet, some of the most profitable essential service businesses are:
– Utilities and renewable energy: This includes businesses that provide electricity, gas, water, waste management and renewable energy sources like solar and wind. These businesses have high demand, low competition and stable revenue streams.
– Finance and insurance: This includes businesses that provide financial advice, accounting, bookkeeping, tax preparation, insurance brokerage and more. These businesses have low overhead costs, high profit margins and recurring customers.
– Healthcare: This includes businesses that provide medical care, dental care, veterinary care, home health care, telehealth and more. These businesses have high demand, high growth potential and loyal customers.
– Cleaning and restoration: This includes businesses that provide cleaning services for homes and offices, carpet cleaning, window washing, mold removal and more. These businesses have low startup costs, high demand and repeat customers.
References:
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https://web.stanford.edu/~rkatila/new/pdf/KatilaSEJ12.pdf
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https://www.forbes.com/advisor/business/best-business-start-little-money/
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