Starting Your Own Business in 2023
Whether you're interested in running your own business to chart your own financial and professional path or found yourself struggling with employment options in the middle of this unprecedented time, the fluidity of the economic state right now means that you are certainly in good company.
Starting a business in 2023 does not necessarily require a massive savings account or the ability to rent or own office, retail, or other commercial space. This is the prime time to explore that passion project you've been considering or take the plunge in trying out an entirely different career.
Once you've made the commitment to exploring ways to earn money on your own terms, finding the right business idea is a matter of matching up interest with opportunity. Any of the following businesses could prove financially successful if you have the drive and dedication to weather the ups and downs of striking it out on your own.
Flipping Websites
Flipping isn't just for houses on HGTV anymore. Website flipping has become increasingly popular without suffering from any of the constraints of market saturation.
Essentially, the concept of website flipping entails identifying and purchasing an existing website that you intend to improve by updating and upgrading the content or layout.
ou can find websites for sale on exchanges and can re-post your upgraded websites for sale once they have started to turn a profit on the same exchanges.
Pros
- Low overhead
- Simple concept
- No inventory required
Cons
- Requires some web development skills
- Difficult to scale up
Virtual Tutoring
Remote learning is all the rage these days, and that includes inducing rage in parents of school-aged kids who are trying to keep up with their new homeschooling roles with many public schools transitioning to online schooling. With parents having to stay on top of their day jobs and manage the stress of assisting their kids with virtual learning, there is more demand than ever before for online tutoring. If you happen to be an expert in a particular subject, such as chemistry or Spanish, then you can market your services to a specific age and subject range. In addition to tutoring kids, college students are also grappling with remote learning and would be happy to take advantage of virtual support, especially if they are new to online classes.
Pros
- High demand
- Easy to develop referrals
Cons
- Requires specialized subject knowledge
- Difficult to maintain during school breaks
Remote Executive Assistant
In this new era of working from home, many executive professionals are finding themselves overwhelmed with juggling personal, family, professional and social responsibilities without the conveniences of their modern office environment. This is where a virtual executive assistant can be a game-changer. Instead of working for only one company as an assistant, you can put your awesome organizational and communication skills to work by offering your services as a virtual executive assistant on an as-needed or contractual basis. You can avoid the risk of being laid off or dependent only on one employer during these uncertain economic times by expanding your client base.
Meal Preparation and Delivery Services
By now, the novelty of cooking meals from home every day during the shutdowns has probably worn off for most people. With restaurants and bars still not operating at full capacity in some locations across the country, there is a huge demand for meal preparation and delivery services. You can avoid contact while delivering the meals by scheduling delivery times with customers in advance. It may be more efficient for you to focus solely on the meal preparation portion of the business until you are up and running at full capacity. The delivery portion of the business can be subcontracted out if needed.
Pros
- High demand
- Recession-proof
Cons
- Requires kitchen space
- Logistical challenges with delivery
Career Counseling
With employment so uncertain in most industries these days, people from all walks of life are finding themselves in a career transition. If you're the resource that friends and family members turn to for career advice, then you should take advantage of your gift for guidance. Career counseling can take many forms, including personalized online coaching sessions, resume editing and mock interview practice. You can reach a wide audience by advertising your services as a remote career coach and not limiting yourself to a particular industry.
Pros
- Engaging client interactions
- Easy to develop referrals
Cons
- Marketing investment for initial clients
- Requires market research
Coffee Shop
Whether you consider it one of life's greatest pleasures or a morning necessity, coffee is part of most people's daily routine. There has been a boom in demand for gourmet coffee service thanks to the proliferation of Starbucks in nearly every corner of the world. While you may have to invest in a physical location for your coffee service, this type of business is sure to attract regular customers. Keep in mind that the location of your coffee shop is crucial because you ideally want exposure to as many people as possible. Consider applying for a permit for a mobile coffee truck or cart so that you can be as flexible as needed to move your location depending on foot traffic and changing commercial real estate conditions.
Pros
- High demand
- Recession-proof
Cons
- Requires start-up equipment
- Challenges in obtaining permits
Commercial Real Estate Consulting
For those who have a creative outlook and enjoy finding out-of-the-box solutions to business problems, the commercial real estate market just might be calling your name. Many businesses have re-evaluated their physical footprint and need for an office or retail space. This means that there are plenty of commercial properties that are ripe for redevelopment or repurposing over the next several years. Even if you do not have decades of experience in commercial real estate, you may have a knack for visualizing innovative uses for commercial business space. This is a valuable service for businesses looking to expand, move locations, redevelop their existing space or navigate complex zoning issues.
Pros
- Interesting field
- High earning potential
Cons
- Difficult to attract clients
- Requires real estate knowledge
Recreational Rental Services
More people are getting outside and taking advantage of public parks after being shut in their homes and away from their office buildings. This means that there is a growing market for outdoor recreational equipment, such as kayaks, bikes, canoes, boats, tents, trailers, campers, paddle boats, RVs and jet skis. Of course, if you own any of these items, you can easily rent them out to people online. However, a more profitable way to take advantage of this new outdoor recreational craze is to develop an expanded rental service. Whether you decide to purchase the inventory and rent it out or combine resources with others seeking to rent out their outdoor equipment, the possibilities are endless for getting in on this outdoor trend.
Pros
- High demand
- Fun industry
Cons
- Requires inventory
- Seasonal challenges with fluctuating demand
House Cleaning
Even those who aren't neat freaks are finding themselves noticing more and more clutter around their homes thanks to spending more time inside the four walls. Now that so many daily activities that used to be completed outside the house are taking place in one space, many people are finding themselves stressed and ready for help with decluttering or just keeping up with home chores. You can quickly and successfully fill that void by offering remote cleaning services. If you are able to promote your cleaning services as being highly sanitary and health-conscious, then you are likely to have a long list of interested clients in the wake of so much effort spent on sanitizing and thorough cleaning. Most cleaning products are inexpensive to purchase, which means that your start-up costs could be relatively low. This business is perfect for expansion by adding more cleaners and increasing your geographical reach once you get your feet wet.
Pros
- Low start-up costs
- Easy to advertise
Cons
- Low hourly rate
- Requires expansion for significant earning potential
Food Trucks
There has been a wave of food truck popularity in recent months. They are popping up in new places, such as weddings, public parks, parking lots and even neighborhoods. Food trucks are a cheaper and more recession-proof option than opening a restaurant. Instead of staffing a full kitchen and keeping a wait staff on payroll, you can streamline your menu offerings and manage expenses more easily with a mobile food truck.
Pros
- Highly popular
- Flexible business model
Cons
- Requires permits
- Start-up costs for truck and equipment
Wrap Up on Business Opportunities in 2023
At a time when many people are at a crossroads with their careers or are reimagining the "new normal" of social distancing and working from home, starting your own business should seem less intimidating and more exciting than ever before. Without having to commit to a physical location or investing in a large inventory at the outset, new business owners have more flexibility and options in the new virtual landscape.
Choosing a business idea that you can scale up as you are ready is a prudent way to insulate yourself from employment uncertainty and chart your own financial future. Although any of the above business ideas would be profitable with the right execution, the model that will work best for you is the one that combines your interest or skills with a gap in your specific market. Whichever venture you embark upon, take heart in knowing that breaking the mold and working for yourself is certainly on trend for 2020 and beyond.