Are you contemplating where to invest your hard-earned money in 2023? It’s a fact that small businesses contribute significantly to the US economy. This blog will assist you by unveiling 26 lucrative small business ideas for your next investment move.
Ready to explore, let’s dive in!
Key Takeaways
- Choose a niche for your small business to make marketing easier and avoid wasting time on uninterested customers.
- Consider factors beyond profit when setting prices, such as the value you provide and market demand.
- Approach your small business journey with a mindset of testing, learning, and growing along the way.
- Top small businesses to invest in for 2023 include dropshipping, print-on-demand t-shirt business, book publishing, charitable business, service-based businesses,
How to Choose the Best Small Business Ideas
To choose the best small business ideas, focus on a niche for easier marketing, consider pricing beyond just profit, and test, learn, and grow as you go.
Focusing on a niche for easier marketing
Picking a niche makes your marketing job easier. For example, a pet business is a niche. It lets you talk to dog and cat lovers right away. You know what they want and can give it to them fast.
This way, you avoid wasting time on people who do not like pets. So, choose your place in the market wisely for better results!
Considering pricing beyond just profit
When setting the prices for your small business products or services, it’s essential to consider more than just making a profit. While profit is important for sustainability and growth, there are other factors to keep in mind.
One factor is the value you provide to customers. Understanding what your customers are willing to pay for your offerings will help you set competitive prices that attract buyers. Another factor is market demand and competition.
Researching similar products or services will give you insights into pricing trends and allow you to position yourself effectively in the market. You should also consider any ongoing costs associated with running your business, such as overhead expenses and production costs, so that your prices cover these expenses without putting too much burden on your customers.
Testing, learning, and growing as you go
As you embark on your small business journey, it’s important to approach it with a mindset of testing, learning, and growing as you go. This means trying out different strategies and ideas, gathering feedback from customers, and adapting your approach based on what works best.
By continuously testing new methods and learning from the results, you can make informed decisions that will help your business grow and succeed. Remember that entrepreneurship is a dynamic process, so don’t be afraid to take risks and learn from both successes and failures along the way.
With each iteration, you’ll gain valuable insights that will propel your business forward.
Top 26 Small Businesses to Invest in for 2023
Here are the top 26 small businesses that you should consider investing in for 2023.
Dropshipping business
One promising small business idea to invest in for 2023 is a dropshipping business. With this type of business, you don’t need to worry about inventory or shipping. You simply set up an online store and work with suppliers who handle the product storage and shipping.
This allows you to focus on marketing and customer service. Dropshipping businesses have low startup costs and can be run from anywhere with an internet connection. According to Forbes Advisor, investing in small company stocks, including those related to dropshipping, can be advantageous at this time.
In fact, specific companies like Rex American Resources and AerSale Corporation are mentioned as potential investments. By capitalizing on this growing trend in e-commerce, entrepreneurs can tap into a lucrative industry with high profit potential.
Print-on-demand t-shirt business
The print-on-demand t-shirt business is a great opportunity for aspiring entrepreneurs in 2023. With this business, you can design and sell custom-made t-shirts without the need for inventory or upfront costs.
You simply create designs, upload them to a print-on-demand platform, and they handle the printing and shipping for you. This allows you to focus on marketing your products and building your brand.
The t-shirt industry is booming, with an increasing demand for unique and personalized apparel. By tapping into this market trend, you can create high-quality t-shirts that cater to niche audiences or target specific interests.
Book publishing
Book publishing is a promising small business idea for 2023. With the increasing popularity of e-books and self-publishing platforms, there is a growing demand for new authors and unique stories.
The article highlights that small businesses, including book publishers, play a significant role in the US economy. In fact, over 50 percent of small businesses had to cut costs in the previous year due to inflation impacts.
Despite challenges faced by small businesses in 2023, Forbes Advisor suggests that now is a good time to invest in small company stocks like Rex American Resources and AerSale Corporation.
Charitable business
One of the top small business ideas to invest in for 2023 is a charitable business. With a focus on giving back to the community and making a positive impact, this type of business can attract customers who value social responsibility.
By partnering with local charities or organizations, you can donate a portion of your profits or products/services to help those in need. This not only helps others but also builds goodwill for your brand and sets you apart from competitors.
According to small business statistics, supporting charitable causes can lead to increased customer loyalty and trust. So if you’re looking for a meaningful way to make money while making a difference, consider starting a charitable business in 2023.
Service-based businesses
Service-based businesses are a great investment opportunity for 2023. These types of businesses offer various services to customers, such as virtual event planning, social media management consulting, handyman services, and photography.
Service-based businesses can be started with low startup costs and have the potential for high profit margins. They also cater to specific needs of individuals or companies, making them in demand in today’s market.
With the right marketing strategies and quality service offerings, service-based businesses have the potential to grow and succeed in 2023.
Digital products or online courses
Digital products and online courses are excellent small business ideas to invest in for 2023. With the rise of technology and the increasing demand for online learning, there is a vast market waiting to be tapped into.
Creating digital products like e-books, templates, graphic designs, or software can bring you passive income as customers can instantly download these products. On the other hand, offering online courses allows you to share your expertise and knowledge with others while earning money.
Online courses can cover various topics like cooking, photography, marketing, or even personal development. The beauty of this business idea is that it can be easily scalable and has low overhead costs since everything is done digitally.
According to statistics from 2023, the popularity of digital products and online courses continues to grow steadily. In fact, studies show that over 72% of people prefer learning through online platforms rather than traditional methods.
Additionally, by investing in this field now, you have the opportunity to take advantage of emerging trends in technology and education. Remember that creating quality content and building a strong brand reputation are key factors for success in this industry.
Membership program
A membership program is a great small business idea for 2023. With a membership program, you can offer exclusive benefits and perks to your loyal customers. This not only helps you build a strong customer base but also creates a recurring revenue stream.
You can offer different levels of membership with varying features and prices to cater to different customer needs. By providing special discounts, early access to new products or services, and personalized experiences, you can incentivize customers to join your membership program.
This not only increases customer loyalty but also boosts your profits in the long run. So consider starting a membership program as part of your successful small business venture for 2023.
Affiliate marketing
Affiliate marketing is a great small business idea to invest in for 2023. It involves promoting other people’s products or services and earning a commission for each sale you make.
With the rise of e-commerce, there are plenty of opportunities to join affiliate programs and start earning money online. In fact, Forbes Advisor suggests that this is an opportune time to invest in small company stocks like Rex American Resources and AerSale Corporation.
Not only does affiliate marketing require low startup costs, but it also allows you to work from anywhere with an internet connection. By leveraging your website or social media presence, you can earn passive income through affiliate marketing without needing to create your own products or worry about inventory management.
Virtual event planning
Virtual event planning is a promising small business idea for 2023. With the rise of remote work and digital communication, many businesses and organizations are looking for ways to host virtual events effectively.
As a virtual event planner, you can help clients plan and execute online conferences, webinars, workshops, and more. This can involve tasks such as coordinating speakers, managing registrations, creating engaging content, and ensuring technical smoothness during the event.
The demand for virtual events is expected to continue growing in the coming years, making it a lucrative industry to invest in. According to statistics, over 50 percent of small businesses were forced to cut costs due to inflation in recent times.
Pet business
A pet business can be a great investment for 2023. With more people owning pets and treating them like family, there are plenty of opportunities in this industry. You could consider starting a dog walking or pet sitting service, offering grooming services, or even opening a pet boutique selling unique and high-quality products for pets.
According to small business statistics, the pet industry is booming and projected to continue growing in the coming years. In fact, over 65% of households in the United States own a pet, which means there is a large customer base to tap into.
Additionally, spending on pets has also been increasing steadily, with owners willing to spend more on their furry friends’ well-being and comfort. So if you have a love for animals and want to turn it into a profitable venture, starting a pet business could be the right choice for you in 2023.
Online fashion boutique
An online fashion boutique is a promising small business idea to invest in for 2023. With the rise of e-commerce and the growing popularity of online shopping, there is a high demand for trendy clothing and accessories sold through digital platforms.
Starting an online fashion boutique allows you to curate and sell stylish clothing items to customers worldwide. You can target specific demographics or focus on niche markets, offering unique and curated collections that cater to their preferences.
By leveraging social media platforms and digital marketing strategies, you can reach a wider audience and build a loyal customer base. With the right branding, product selection, and customer service, an online fashion boutique has the potential for significant growth and profitability in 2023.
Handcrafted and homemade goods
One of the small business ideas to invest in for 2023 is selling handcrafted and homemade goods. In recent years, there has been a growing demand for unique and personalized products made with care.
Whether it’s handmade jewelry, candles, home decor items, or knitted accessories, customers appreciate the authenticity and quality that comes with these products. With online platforms like Etsy and social media channels to showcase your creations, it’s easier than ever to reach a wide audience and turn your hobby into a profitable venture.
The market for handcrafted goods is expected to continue growing in the coming years as consumers seek out one-of-a-kind items that add a personal touch to their lives. So if you have creative skills or enjoy making things by hand, starting a business selling handcrafted and homemade goods could be an excellent investment opportunity for 2023.
Monetizing an audience
Monetizing an audience is a great way to turn your followers or online community into a source of income. By building a loyal and engaged audience, you can create opportunities to earn money through various channels.
For example, you can partner with brands as an influencer or affiliate marketer, promote and sell digital products like e-books or online courses, offer membership programs with exclusive content or benefits, or even host virtual events and charge for attendance.
With the right strategy and understanding of your audience’s interests and needs, monetizing your audience can be a lucrative business opportunity in 2023.
App development
App development is a promising small business idea to invest in for 2023. With the increasing reliance on technology and smartphones, there is a high demand for mobile applications.
Developing apps can be a profitable venture as businesses and individuals are willing to pay for custom-made apps that cater to their specific needs. According to small business statistics of 2023, the app market is expected to continue growing, offering immense opportunities for entrepreneurs.
By staying updated with emerging technologies and focusing on user-friendly designs, app developers can tap into this lucrative industry and create successful business ventures.
Child care
Child care is an excellent small business opportunity to invest in for 2023. With more parents returning to work and seeking quality care for their children, the demand for child care services continues to grow.
According to small business statistics, the child care industry is a significant contributor to the US economy. In fact, over 50 percent of small businesses in this sector have experienced growth despite challenges faced in recent years.
Investing in a child care business can be a profitable venture with high potential and long-term stability.
Online coffee shop
An online coffee shop is a great small business idea for 2023. With the growing popularity of specialty coffees, there is a high demand for convenient and high-quality coffee products.
By setting up an online coffee shop, you can reach customers nationwide and offer them a wide variety of coffee beans, blends, and flavors. You can also sell brewing equipment and accessories to cater to all levels of coffee enthusiasts.
With the right marketing strategies and excellent customer service, your online coffee shop can attract loyal customers and generate a steady income.
Handyman services
Handyman services are a popular and profitable small business idea for 2023. With many homeowners wanting to improve their properties but lacking the time or skills to do so, there is a high demand for handyman services.
These businesses offer various home improvement and repair services such as plumbing, electrical work, carpentry, painting, and general maintenance. According to small business statistics of 2023, the construction industry is expected to experience steady growth in the coming years.
This presents a great opportunity for entrepreneurs who have handyman skills or can hire skilled workers to start their own handyman service business. By providing reliable and quality work at competitive prices, handymen can attract customers and build a strong client base.
Photography
Photography is a promising small business idea for 2023. With the rise of social media and online content, the demand for professional photography services is increasing. Many people are willing to pay for high-quality photos for their events, products, or personal branding.
In fact, small businesses in the photography industry have been shown to contribute significantly to the US economy. In 2023, over 50 percent of small businesses had to find ways to cut costs due to inflation impacts.
However, this presents an opportunity for aspiring photographers who can offer competitive prices while maintaining excellent quality.
Social media management consulting
Social media management consulting is a promising small business idea to invest in for 2023. With the increasing importance of social media in businesses, there is a growing demand for professionals who can help companies improve their online presence and engage with their audience effectively.
Social media management consultants provide expert advice on social media strategies, content creation, community management, and data analysis. They help businesses develop targeted campaigns, build brand awareness, and drive customer engagement.
According to Forbes Advisor, investing in small company stocks is opportune right now, making it an ideal time to start a social media management consulting business.
Beauty business
The beauty business is a profitable small business idea for 2023. With the increasing demand for beauty products and services, there are plenty of opportunities to start your own beauty salon or spa.
You can offer services like haircuts, manicures, pedicures, facials, and makeup application. Additionally, you can also sell beauty products such as skincare items and cosmetics. The beauty industry is expected to continue growing in the coming years, making it a promising investment opportunity.
Furthermore, statistics show that the global cosmetic market was valued at over $500 billion in 2021 and is projected to reach $805 billion by 2025. So if you have a passion for all things beauty-related, starting a beauty business could be an excellent choice for you.
Housesitting and pet sitting
Housesitting and pet sitting can be a profitable small business idea for 2023. With more people traveling and needing someone to take care of their homes or pets, there is a growing demand for these services.
It’s an opportunity to provide peace of mind to homeowners while earning income. According to small business statistics, the housesitting and pet sitting industry is expected to grow in the coming years.
In 2023, over 50 percent of small businesses were forced to cut costs due to inflation, making the need for cost-effective solutions like housesitting even more relevant. This business can be started with low overhead costs, and by building a good reputation and providing excellent service, you can attract regular clients who will help your venture thrive in the long run.
Selling phone accessories
One profitable small business idea for 2023 is selling phone accessories. With the increasing use of smartphones, there is a high demand for accessories like cases, chargers, screen protectors, and earphones.
By targeting smartphone users, you can tap into a large market and potentially earn substantial profits. According to small business statistics, the mobile phone accessory industry has been growing steadily in recent years.
This presents an excellent opportunity for entrepreneurs to enter this lucrative market. To succeed in this business, it’s important to offer a wide variety of products at competitive prices and provide excellent customer service.
Subscription boxes
Subscription boxes are a popular and profitable small business idea for 2023. With subscription boxes, customers pay a monthly fee to receive curated products delivered right to their doorstep.
This business model offers convenience and novelty, as customers get to explore new products in various categories such as beauty, food, fitness, or even books. According to statistics, the subscription box industry has been growing steadily over the years and is projected to reach billions of dollars in revenue by 2025.
This presents an excellent opportunity for entrepreneurs looking to tap into this market trend and create unique subscription box offerings that cater to specific niches or interests.
Vending machines
Vending machines are a lucrative small business idea to invest in for 2023. With the growing demand for convenience, vending machines offer a convenient and accessible way to purchase snacks, beverages, and other items on the go.
They require minimal overhead costs and can be placed in high-traffic areas like office buildings, shopping malls, and schools. According to Forbes Advisor, investing in small company stocks, such as those involved in vending machine operations like Rex American Resources and AerSale Corporation, can be a smart move for investors looking for profitable ventures.
So if you’re considering starting your own business with low startup costs and potential for high profit margins, vending machines could be an excellent investment opportunity to explore in 2023.
Investment and asset management
Investment and asset management is another potential small business opportunity for 2023. This industry involves helping individuals and businesses grow their wealth by making smart investment decisions and managing their assets effectively.
With the right knowledge and expertise, you can provide valuable financial advice, create customized investment strategies, and help clients achieve their financial goals. According to Forbes Advisor, this is a favorable time to invest in small company stocks which presents an opportunity for growth-oriented entrepreneurs in the investment sector.
By staying informed about emerging market trends and innovative business concepts, you can position yourself as a trusted advisor in this lucrative industry.
Real estate investment trust
A real estate investment trust (REIT) is a type of company that owns, operates, or finances income-generating real estate. REITs allow individuals to invest in a diversified portfolio of real estate assets without having to directly own or manage the properties themselves.
They offer an opportunity for investors to earn passive income through dividends generated from rental payments and property sales.
REITs can focus on different types of properties such as apartments, office buildings, shopping centers, and hotels. These investments provide potential benefits like steady cash flow, long-term capital appreciation, and tax advantages.
By investing in a REIT, individuals can access the real estate market with relatively lower entry costs compared to buying individual properties. It enables them to participate in the returns generated by large commercial properties without the need for substantial upfront capital or expertise in property management.
According to important facts mentioned earlier: Small businesses are revealed to be a significant contributor to the US economy; Over 50 percent of small businesses were forced to cut costs in the previous year; Forbes Advisor suggests that this is an opportune time to invest in small company stocks; The article also mentions specific small companies like Rex American Resources and AerSale Corporation as potential investments.
Tips for Protecting and Funding Your Small Business Idea
Brainstorm different ways to protect your small business idea and explore the various funding options available to ensure its financial success.
Brainstorming and protecting your idea
Coming up with a great business idea requires brainstorming and protecting that idea. Brainstorming involves generating lots of ideas and narrowing them down to find what’s most promising.
You can do this by thinking about your interests, skills, and market trends. Protecting your idea is important to prevent others from stealing it. You can consider trademarking or patenting your product or service, as well as keeping your plans confidential.
This way, you can ensure that your unique idea remains yours and has the potential for success in the competitive business world.
Understanding funding options
To bring your small business idea to life, it’s important to understand the funding options available. There are several ways you can finance your venture, such as securing a traditional bank loan or seeking out investors.
Crowdfunding platforms like Kickstarter and Indiegogo can also be useful for raising capital. Another option is applying for grants or loans from government programs that support small businesses.
Additionally, you may consider self-funding by using personal savings or borrowing money from friends and family. Whatever route you choose, it’s crucial to carefully analyze the pros and cons of each funding option and determine which one aligns best with your business goals and financial situation.
Conclusion
In conclusion, the list of 26 top small businesses to invest in for 2023 offers a range of profitable opportunities for aspiring entrepreneurs. From dropshipping and print-on-demand to digital products and affiliate marketing, these business ideas show promise in today’s market.
With careful planning and execution, anyone can turn these ideas into successful ventures. So start exploring your options and take the first step towards financial growth and business success in 2023!
FAQs
1. What are some top small businesses to invest in for 2023?
The list of 26 top small businesses to invest in for 2023 includes high-profit ventures, growth-oriented industries, and promising startup ideas.
2. Are there local business opportunities where I can make financial investments?
Yes, localized investments might be found among the 26 top startups and minority-owned businesses highlighted as investment opportunities for 2023.
3. Can low-cost business ideas be profitable too?
Absolutely! Low-cost business ideas often lead to profitable business opportunities because they require less capital upfront but still have a high potential for return.
4. How can I identify promising business ventures or sectors with high potential?
By studying lucrative industries to invest in and monitoring emerging industries, you can spot promising entrepreneurial opportunities like these within the list of top startups for next year.
5. Is it a good idea to put stock investments into small businesses?
Investing equity into growing small businesses is certainly an option worth exploring as it could foster robust returns on your investment portfolio.
