People start small businesses for various reasons.
For some it is the desire to have multiple streams of income, be one’s own boss and control one’s time or realize other personal dreams and ambitions.
Others could be for a noble cause such as creating emoluments or leaving a legacy.
Whatever your reasons for wanting to start a business, there are lots of small business ideas you can venture into, fully or on a part-time basis. These ideas are profitable and can be done by almost anyone as long as the necessary requirements are met.
Are you thinking of starting a small business in 2023, perhaps as a side-hustle, or as a means to get out of the circle of unemployment?
This article is just for you.
10 Profitable Small Business Ideas
Below is a list of 10 profitable small business ideas you can start in 2023.
While some of these ideas are entirely new or emerged only recently, some of them are businesses that have been improved upon to better meet the changing needs of the world we live in today.
These business ideas have been selected because they do not require so much capital, they are lucrative, and without doubt, you can earn a lot of money doing any.
The market (physical or e-commerce) is highly saturated with product-oriented businesses, such that there is a high demand for the transportation of goods from points of production to their final consumers.
Logistics businesses often serve as the link between the producer/seller and the buyer.
Technological advancement, the internet and of course recent events — like the coronavirus pandemic — has caused a boom in the e-commerce industry and consequently, in the demand for logistic services such that there is more demand than supply.
Research and Markets reported that the global logistics market, as at 2017, was worth $10.32 billion.
Subsequently, a 2021 report from Total Logistics, the global logistics market is predicted to increase by 4.7% all through to 2024.
The lucrative nature of this business is motivating enough for one to consider establishing it as a small business or even as a start-up in 2023.
Based on a report from Research and Markets, the Global Online tutoring market is predicted to reach $18.18 billion in 2028. The market is expected to expand at a CAGR (compound annual growth rate) of 15.6% from 2021 to 2028.
Online tutoring/teaching is not restricted to academics. You can practically teach almost anything, as long as the knowledge is of value to people and it is in demand.
For instance, if you are good at playing certain musical instruments, graphics design, photography, a particular language, etc., then you are good to go.
If you consider yourself pretty good and knowledgeable in a field or at a craft and you think you can teach others the same, then this business idea is a good fit.
This teaching could be pre-recorded in the form of a course hosted online, which people can pick up to study by themselves or it could be live webinars. One of the amazing benefits of this business is that since it is online, you can have students from anywhere around the world.
Knowing fully well that having good products or amazing services is not enough to make sales, modern day businesses and companies are seeking innovative ways to promote and give visibility to their brands, products and services so as to get the right customers. One of such ways is through digital marketing.
Digital Marketing is a marketing strategy that employs the use of the internet and digital technologies to promote products and services. It is simply marketing, however, there is an incorporation of digital tools and tactics.
Digital marketing is such a vast field. It includes — but not limited to:
Search Engine Optimization (SEO)
Social Media Marketing
Affiliate Marketing, etc.
You can simply pick a niche and specialise in it but whichever niche you choose, be rest assured that the opportunities in the digital marketing industry are quite enormous and the pie can go round.
Blogging has grown from being just a hobby, to become a lucrative small business idea.
There are a few ways you can make money while blogging, such as:
Ad Networks — Google Ads
Sale of Digital products(e-books)
Launching an online course, amongst others.
Furthermore, to start a blog you can someday make money from, you need to do these three things:
Pick a lucrative niche — not all niches can be easily monetised
Secure your domain name and host your blog
Create valuable content regularly for your blog readers
Generate traffic to your blog by constantly sharing your blog with your network, encouraging your readers to do the same and of course collaborating with other bloggers/writers.
Having a successful blog requires hard work and patience but ultimately, the effort and wait would be worth it.
This business idea is very suitable for persons looking for a side-hustle or a full-time job. A car, not necessarily yours, good driving skill and good interpersonal relationship skill are the right ingredients needed to succeed at this business.
This business thrives more in urban locations.
Freelance writing could be in the form of writing contents for a company website, blogging, writing academic materials, press releases, or sales copies (copywriting).
With freelance writing, it is very much possible for a person to write for clients in any part of the world and on any subject matter.
Being a freelance writer also affords you the opportunity of having more than one client at a time, working remotely, being in charge of deciding how much work you do, how much you earn and the ability to create time for other important activities.
Speaking of earnings, you can earn so much depending on the class of your clientele and of course your level of expertise. It takes time and effort to build skin in the game though, however, you will agree with me that it is worth it.
A combination of good photography and editing skills, as well as excellent business and marketing skills will produce a profitable photography business. Make it more than just a hobby, learn the business part of it and you would be on your way to having a profitable photography business.
Individuals and Corporate bodies will be in need of designs, logo, product branding and marketing materials, this is where a graphics designer comes in. It is one of those business ideas that guarantees good profits while also allowing for flexibility and being in control of one’s schedule.
Companies and small businesses, in a bid to remain relevant, get on the global landscape and get more customers are resorting to owning quality and functional websites. And today, you do not need to be techy or know anything about coding to build a website. You can easily build a website on Content Management Systems such as WordPress or Wix.
Social Media Management
Consequently, there is a high demand for people with expertise in navigating these social media platforms. Being a Social media manager, a person is in charge of all a company’s or individual’s social media accounts as the sole voice of the brand.
In conclusion, it is important to mention that some of these businesses require that you acquire some level of skill — some do not.
Similarly, owning and running a small business comes with its own challenges too.
Some of which are;
Building a business can be stressful and time consuming. In fact, at the start, you’ll need to work longer hours to see the idea succeed.
Like any other investment, starting a business comes with its own financial risks and uncertainty — these can be limited though if you do your due diligence and take informed risks.
These problems are not to deter you from pursuing your passion of setting up your own business. Rather, knowing what lies ahead only helps you weigh the risks, plan properly and make the right decision.
Wishing you a prosperous 2023
Read our article on “Transitioning From Corporate 9-5 to a Successful Entrepreneur
” and “8 Pillars of Business Success.”
If you are interested in becoming an entrepreneur and starting a lucrative small business in 2023, our consultants are available to provide you with the necessary support and guide you.
Schedule a free consultation today, let’s see how we can work together to help get your idea(s) on track.