Nicole Snow, a Wall Street Journal and the U.S.A. Today’s bestselling author once said, “A small business is an amazing way to serve and leave an impact on the world you live in.”
The small business industry is flourishing. It’s never been easier to start a small business. The invention of the internet has transformed the world in a big way. It brought the world into a global village where people may interact by simply clicking a button.
It has revolutionized how small businesses are done. If you are thinking of starting your own business you might want to start by opening a Florida LLC. Small companies can start and run all online using internet resources such as websites and social media platforms.
With all these online courses you will need for your small company, it’s essential to know what types of small business ideas are there! Many small businesses have been around for years that are now becoming successful online with just a small investment in an e-commerce website or social media marketing.
In a May 2020 survey commissioned by NerdWallet and conducted by The Harris Poll, 37% of Americans said they made more effort to support local businesses due to the pandemic.
“In a November 2020 survey by Union Bank, 72% of Americans said supporting small businesses was more important than getting the best deal. Plus, 43% said they were willing to spend $20 more on an item to support a small or local business.”
So instead of the pandemic making things worse, it’s actually given more opportunities to start a small business.
For those who want to start their own small business but don’t know where to begin, this blog post will provide you with some of the best small business ideas for 2023 and explore why they work so well today.
Factors To Consider Before Starting a Small Business
Before you dive into starting your small business, you should consider a few factors. Analyzing these factors will give you ideas for the right small business to start.
First, make sure you have a clear idea of what you want to do and what services or products you plan to sell. Once you know this, research the industry and see how much competition is out there. Are people buying the products or services you plan to sell?
Next, consider start-up costs for different small businesses. Will you need to purchase any inventory? What are the costs of setting up a website or renting retail space? What will the wage be, and how will you handle payroll taxes?
Another critical factor to consider is your target market. Who are you selling to? What age group, gender, income level, and geographic region? Who is your ideal customer, and where can you find them? How do they like to shop–online?
You’ll also want to make sure you have the financial resources in place to start and sustain your small business. This includes having a solid business plan with accurate financial projections.
Location is another crucial factor to consider before starting a small business. Is the right location available for your business if you’re selling a physical product? If you’re an online-based small business, what’s the reach of your target market? Do you want to stay small in a small town, or would you like to expand and go global?
Once you’ve answered these questions, it will be easier to determine which small business is best for you.
The best small business ideas all have one thing in common: passion. Starting your own small business is difficult, but that’s what makes it so rewarding! If you’re passionate about something, starting your own small company can be very fulfilling.
Finally, you’ll need to make sure you have the time and energy to devote to running your small company. You must be passionate about what you are doing, as it will be difficult to succeed if you aren’t.
The Best Small Business Ideas for 2023
Now that you know what to consider before starting your small business, it’s time to explore some of the best small business ideas for 2023!
Below are a few small businesses that have been around for years but are now becoming successful online with just a small investment.
1. E-commerce Website
“In 2021, more than 1.8 billion buyers visit online stores, which is more than 25 percent of mankind!”
With the invention of the internet, e-commerce websites have become one of the most popular small businesses around.
A simple website and a PayPal account are all you need to sell products online. E-commerce businesses can keep overhead costs low by maintaining a physical location and extensive inventory.
By 2023, eCommerce sales are expected to account for a whopping 22.0 percent of retail sales worldwide (Currently in 2021: 18.1 percent)
Start-Up Cost:
Website design & development prices range from $10,000 to $25,000 for small businesses. The website price will be determined primarily by:
- Project’s complexity
- Selected platform (Shopify, Magento, WordPress, etc.),
- e-Commerce features
- Type of eCommerce website company you select (the U.S.A based, overseas, in-house, or outsourced)
Typical Costs
- Website Design / Graphics $5,000
- Back-End Programming $2,000
- 3rd Party Integrations $500
- Content Management System $2500
- Hosting $500 / year
- eCommerce Website Maintenance $3,000 / year
- SEO $12,000 / year
**Figures are taken from: https://www.outerboxdesign.com/web-design-articles/ecommerce_website_pricing.
Skills Required:
- Good knowledge of how the internet works and basic coding skills.
- Content Writing, Copywriting, Web design, and excellent knowledge of Marketing.
- A general understanding of SEO (Search Engine Optimization) allows your website to rank on Google for buyers’ keywords.
Competition: Very high
Potential market: Global
The best small businesses are constantly developing to meet the needs of their customers. The internet has made it possible to sell products to people all over the world, so your potential market is endless! If you’re looking for a small business that is constantly changing, then an e-commerce website is a great option.
However, with great opportunity comes great competition. You’ll need to be prepared to work hard and invest a lot of time and money into your e-commerce website if you want to succeed.
2. Blogging
“60% of all internet users read blog posts. With over 4.66 billion users on the web, that roughly translates to roughly 2.8 billion readers.”
Blogging has been around for years, but it’s becoming a very profitable small business. According to Forbes, the top influencers can make up to $150,000 per post!
Building an audience through blogging takes time and dedication, so don’t expect instant success if you decide this small business is right for you. You will need to learn SEO, spend hours creating content, and build your social media following. Once you have an audience, though, it’s gratifying!
You can either start small with a personal blog or launch a company blog on behalf of the small business you’re currently running. Blogs are great for promoting your products or services.
Start-Up Cost:
There are many choices for hosting a blog online, so you will want to do some research before deciding on the best option for you. Prices vary depending on your needs and range anywhere from $50/year up to $ 1000’s per year!
The Minimum First Year Cost to start a blog for profit is $65.40. But if you need to buy a computer and pay for internet package plans, then you can end up paying more than $700 in a year.
The other costs include getting a host ($0 – $20 per year), buying a domain ($0 – $50 per year), and buying a theme ($15 – $60).
While blogging may not seem like one of the best small business ideas, it can be very profitable if you do it right. All you need is an internet connection and something interesting to say about your niche to create a blog.
Bloggers can use various advertising products on their site, including sponsored posts, banner ads, and affiliate links. Blogs can also be supported by selling eBooks or courses in the blogger’s niche.
Skill Required:
- Ability to write engaging content that engages the reader.
- Understanding SEO so your blog can rank high in search engine results pages.
- Basic web design skills, as you will probably need to create a custom layout for your blog.
- Knowledge of social media and how to use it to build an audience.
- Ability to create graphics or videos for your blog posts.
- Business skills, as you may need to negotiate advertising rates or sell products/services on your blog.
Competition: Very High
Potential market: Global
3. Property Management Company
“39% of the national industry market share ultimately goes to the property managers themselves”.
Property management companies provide services to homeowners and renters. They handle everything from finding new tenants, collecting rent payments, repairing properties, evicting tenants that don’t pay their rent or violate rules in the lease agreement (lease violations).
Also, they deal with small repairs like replacing locks/light fixtures/appliances, coordinating contractors for larger projects like remodeling, and issuing security deposits.
Start-Up Cost:
$2,000 – $10,000
Skills Required:
- Bookkeeping and project management skills.
- Knowledge of laws and regulations for property in your state/city.
- Ability to deal with troublesome people, like tenants that don’t pay their rent or violate the lease agreement (lease violations).
- Ability to manage small repairs and larger projects.
- Marketing skills, including the ability to understand demographic information about your market so you can target it correctly with marketing campaigns.
Competition: It depends if you have a small-town property management business, then competition will be low. In large cities, many other property managers compete with you.
Potential Market Size: Small to medium depending on what type of property management business you open (residential or commercial).
4. Meal Delivery Service
“Meal kit revenue worldwide is expected to grow to over 13 billion U.S. dollars in 2023 and is forecast to exceed 20 million by 2026.”
Meal Delivery service is a type of food business where customers can order pre-made, healthy meals and have them delivered to their doorstep. These services are becoming increasingly popular as people become more health-conscious and time-starved.
Start-Up Cost:
$800 – $2000
Skills Required:
- Ability to cook healthy, balanced meals.
- Good organization skills, as you will need to plan and prepare all the meals for the week in advance.
- Customer service skills, as you will interact with customers via phone
- Social media skills, as you will need to create an online presence for your small business.
- Marketing/Business development skills to bring in new customers and increase repeat traffic.
Competition: Medium – many small businesses provide the same services, but if you offer a unique service or product, this small business could be profitable.
Potential Market Size: Small to medium, depending on your geographical location and the type of food you provide.
5. Event Planning
“In 2019, the events industry was valued at $1,135.4 billion and was expected to reach 1,552.9 billion U.S. dollars by 2028, registering a compound annual growth rate of 11.2% from 2021 to 2028.”
Event planning is organizing events such as weddings, birthday parties, baby showers, or corporate meetings/conferences. Event planners handle everything from booking venues and caterers to arranging transportation and décor. They are the middlemen between venues, caterers, florists, etc., and clients who commission them to plan their event(s).
Start-Up Cost:
Small – you can start an event planning business with just a small investment of around $500 or less if you have your own equipment.
Skills Required:
- Excellent organizational skills.
- Strong communication and customer service skills.
- Marketing/business development skills to bring in new clients.
Competition: Low – many people want to plan their own events but don’t have the time or knowledge to make event planning a low-competition industry.
Potential Market Size: Small to medium, depending on your geographical location and the type of events you plan to organize.
6. Virtual Assistant
“The intelligent virtual assistant market size was valued at $ 3,442 billion in 2019 and is projected to reach $44,255 million by 2027, growing at a CAGR of 37.7% from 2020 to 2027.”
A Virtual Assistant (VA) provides administrative, technical, or creative support remotely to clients from their own home office. V.A.s can specialize in various areas, such as social media management, website development, copywriting, or graphic design.
Start-Up Cost:
Small – you can start a V.A. business with just a computer and internet connection.
Skills Required:
-Strong computer skills, including experience with word processing, spreadsheet software, and online communication tools such as Skype.
-Good organizational skills and attention to detail.
- Customer service skills.
- Strong administrative skills.
Competition: Low – the V.A. industry is still relatively new. Small businesses have many opportunities to grow in this industry.
Potential Market Size: Small to medium, depending on your geographical location and the type of services you offer.
7. Event Photography
“In 2019, the global event photography market was valued at $780 million and is projected to reach a value of $960 million by 2025, registering a CAGR of around +%. The U.S. held the largest market share in 2019.”
Event photographers provide professional photography services for weddings, corporate meetings/conferences, and birthday parties. They capture the moments of the event as it unfolds so that clients can have a memento to remember the occasion.
When you look at the small business market today, event planning is one of the best small businesses to start because it’s low-cost and has many revenue streams, such as catering services décor rentals.
Start-Up Cost:
Small – you can start an event photography business with just a basic camera and some photography skills.
Skills Required:
- Good photographic skills/knowledge.
- Strong customer service skills.
- Marketing/business development skills to bring in new clients.
Competition: Low – many people want to capture their memories through photography but don’t have the time or knowledge to make event photography a low-competition industry.
Potential Market Size: small to medium, depending on your geographical location and the type of events you plan to photograph.
8. House Cleaning
“The global house cleaning market was estimated at $110 billion in 2018 and is projected to grow at a CAGR of +% from 2019 to 2025.”
House cleaners are small business owners who provide residential services, such as dusting, washing floors/windows, and vacuuming carpets.
Start-Up Cost:
Low – you can start a house cleaning business with just a few basic supplies, such as vacuum cleaners, mops, and brooms.
Skills Required:
- Good organizational skills.
- Strong customer service skills.
- Detail-oriented.
Competition: Low – the house cleaning industry is highly fragmented, making it an excellent opportunity for small businesses to enter this market.
Potential Market Size: small to medium, depending on your geographical location and the type of services you offer.
9. Personal Chef
“The global personal chef market was valued at $11.03 billion in 2017 and is projected to grow at a CAGR of +% from 2018 to 2025.”
Personal chefs are small business owners who prepare meals for their clients in their own home kitchens. They can specialize in various cuisines, such as Italian, Indian, or Thai.
Start-Up Cost:
Low – you can start a personal chef business with just a few basic cooking supplies.
Skills Required:
- Good culinary skills/knowledge.
- Strong customer service skills.
Competition: Low – the personal chef industry is still in its infancy, making it an excellent opportunity for small businesses to enter this market.
Potential Market Size: Small to medium, depending on your geographical location and the type of cuisine you specialize in.
10. Transcription Service
A transcription business will entitle you to work from home with a flexible schedule if you have a promising ear and can type swiftly.
Medical transcription services are in high demand as speech recognition technology for healthcare provider dictation becomes more common.
With this small business idea, you can accept as few or as many transcription tasks as you’d like if you don’t want to start all at once or if you have a day job you’d like to keep for the time being.
Consider serving as a licensed transcriptionist and digging into a few specialties to increase your business possibilities and justify charging surplus.
Pros
- Your marketing efforts will be supplemented by online transcribing services.
- You can reach a larger audience without increasing your budget by using online transcribing services.
- On many platforms, transcribed content can be used as blogs, newsletters, eBooks, and articles.
- The transcribed information will be recognized by Google web crawlers for indexing.
- Inbound marketing campaigns benefit from transcribed content.
- Transcribing your audio and video content increases traffic and guarantees that it reaches the widest potential audience.
- For the hearing challenged, transcribed content is a fantastic way to learn more about a topic.
- The greatest technique to make people aware of a given factor is to use online transcription services.
Cons
- Job security- No job is guaranteed, and it’s crucial to stay on top of things and dretch the clients
- Consistently Meeting deadlines with a high level of accuracy and efficiency regularly is required.
- The proficiency to generate high-quality content and invariably fulfill your deadlines are two of the extensively substantial responsibilities of your job.
- Technical difficulties
11. Consulting Services
Consulting is a small business idea that might be a lucrative alternative if you are skilled and passionate about a specific issue (such as business, social media, marketing, human resources, leadership, or communication).
You can start a consulting firm on your own, then expand and recruit other consultants as the business grows.
Pros
- Consultants have the opportunity to progress quickly in their industry.
- You’ll have the chance to assemble an influential network.
- You’re constantly discovering new things.
- Consultants earn a lot of money.
- You get to intend your life around work, rather than the other way around.
Cons
- There can be many movements in the workplace.
- Multiple sacrifices are made in the early stages of a career.
- Wandering can be time-consuming.
- Individuality isn’t necessarily a good thing.
- Let us not overlook the stress.
12. Dropshipping
It’s not facile to learn how to inaugurate a drop shipping firm or any other form of business, for that matter.
Nonetheless, this small business idea is an extraordinary first step into the enterprise world.
You can sell to customers even if you don’t have any commodity on hand.
There is no need to pay for things beforehand, and if you’re serious about the new business, you can create a long-term source of income.
What is Dropshipping?
It is a form of order fulfillment that entitles store proprietors to sell directly to customers without having to keep inventory on hand.
When a client decrees a product from a dropshipping store, it is shipped directly to them by a third-party supplier.
Buyers reimburse the retail price you establish, you pay the wholesale price set by the suppliers, and the balance is profit.
Furthermore, You’ll never have to deal with products or stock up on inventory.
Pros
- Lower startup costs
- Easy to start
- No inventory management
- Flexibility in business operations
- Flexibility in product offerings
- Scalability
Cons
- High competition
- Less control over inventory and shopping
- Low margins
- Limited customizations
- Challenging customer support
13. Personal Shopping
Personal shopping can be a lucrative Small business idea if you have the right talents. Do people frequently commend you on your fashion perception? Do your friends and family turn to you for fashion recommendations?
Prospects who don’t have time to shop for themselves can hire personal shoppers to uncover products for them.
Assessing your client’s clothing, researching websites, and specifying goods that will suit them, are all facets of your responsibilities.
You don’t have to shop offline to launch this business because there is a variety of stuff available on online clothes merchants.
Furthermore, becoming a personal shopper does not necessitate formal certification or degree. If you’re looking for low-cost small business ideas, personal shopping can be a good inclination to explore.
Pros
- You have the choice to start your business from home
- Only a small amount is required for the startup
- Rewarding work
- No maintenance costs
- Customer retains your product as the customer retention rates are high
- High gross margins up to 80%
- Grab and prefer the clients you work with
Cons
- Thronged space
- Work may be capricious
- No safety net
- Chance of charging sales tax
- Finding a suitable niche market and target audience might be more troublesome and time-consuming.
- Work can be redundant
- Impatient customers aren’t pleased with your work or service occasionally
14. Freelance Writing Services
Freelance writing is one of the small business ideas which is unquestionably a simple online business to launch in 2023. All you require is a computer and an internet connection.
You don’t need to have a degree in journalism, literature, or English to get started, contrary to common belief.
To enter into freelance writing, you don’t need to be a born English speaker.
Suppose you have knowledge or experience in a distinctive industry, such as online trading. In that case, you can turn it into a business by writing about it or recording videos for your YouTube channel.
You can educate readers on what online trading is, how to trade on Amazon, Alibaba, and other platforms, which products or businesses to start, and where to wield it.
If you don’t have any experience, rewriting gigs on platforms like Fiverr and Upwork is an excellent place to start.
Pros
- Create your schedule as you are the boss of your work
- You don’t have to drive to bear all the expenses
- Work from anywhere you go. There are no restrictions on sitting in an office
- Control your surroundings
- You can work anytime at day or night
Cons
- No guarantee of the job period
- Client’s can put some pressure occasionally
- A huge issue of job security
- There are some ups and downs in payments from the clients
- No compensation in the way of health benefits or bonus
- You cannot maintain discipline all the time
- You won’t be able to keep discipline all of the time.
15. Agri-Business
Making money from an agriculture business necessitates some business development skills. Create a business strategy that includes market demand research for the items you cultivate and how to get them to market before you decide on a concept.
Most agricultural enterprises require a substantial amount of land and farm equipment to get started, so you’ll also need a proper financial strategy.
The most successful agriculture small business ideas are listed here to encourage entrepreneurs to infer which business to start and make money from, in a short period and with less investment.
16. Flour Milling
With this small business idea, you can start your own flour milling company and transform grains such as wheat, corn, millet, and cassava into flour.
Wheat flour is a highly sought-after product in the baking industry. If you have a modest room that can be set apart for flour milling, you can accomplish it from the comfort of your own home.
If there’s no ample room in your house, rent out a small place and start from there afterward, upgrading as the business grows.
Local farmers can readily provide you with wheat, corn, millet, or cassava, which you can then process and turn into flour.
Cleaning, grading, separating, tempering, and grinding the wheat are used in this business.
17. Livestock Feed Production
Many individuals are inquisitive about animal farming. It’s a small business that includes fish farming, pig farming, poultry farming, and a variety of other options.
You can start making feed for folks to feed their animals if you’re a wise investor. However, you must guarantee that you conduct an extensive study and develop a product that is high in nutrients and promotes abrupt growth and animal health.
Grinding equipment, mixing machines, weighing machines, specialized packing bags, and raw ingredients for production are all required to start a livestock feed production firm.
Pros
- Agribusiness is an alternative investment class
- It furnishes something that people often need
- Inevitable tax benefits can be there
- Allows for diversification
- Handsome revenue
- Everything is in your hand. A hard day of work cultivates a discernible result
Cons
- Success in this business depends on your performance.
- Risk factors (weather, insect infection, unexpected livestock death from diseases) are always there
- It is difficult to find consistent work as assets are not commonly liquid
- It usually necessitates a large amount of debt before any gains can be reaped.
- You can meet high levels of intimate risks
Final Thoughts:
There are many small business ideas out there, and these 9 best ones are the easiest to start. If you want your business to succeed, make sure that you take all the following steps. You should have a name, registration, insurance, bank account, permit, and keep proper financial records so that you can tell how it is performing.
Thousands of entrepreneurs have utilized these business ideas to make money, so you can be confident that you’re investing your time and energy in something that will pay off.
Whether you’re a college student, a housewife, or someone else trying to start a business, keep in mind that there are plenty of ways to make a decent living.
We hope that launching your own successful business becomes much easier with this information in mind! Which one of these small businesses do you plan on starting? Let us know in the comments below!
