The Great Resignation has inspired many people to leave their current jobs for something better. While some are moving on to better jobs, others are venturing off to start a small business. But it can be hard to decide on the most successful https://talen.id/ business to start.Studies show that half of all businesses fail in the first five years, and starting a business isn’t for the faint at heart. So how do you know if starting a new business is the right path for you? What things should you consider before leaping into entrepreneurship? And what are the most profitable small businesses ideas to start? Read on to discover the top 10 most successful businesses to start this year.
What should you consider before starting a business?
Embarking on the journey to become a business owner can be exciting. But it can also be stressful. Some new business owners are surprised by what it takes to start a successful business. Before quitting your day job, do your research. This can help determine if you have a profitable business idea that you can turn into a successful small business.
Determine your financial situation
Your financial situation will impact whether you can start a new business. If you are the sole breadwinner in your family or have a lot of debt, starting a business will be a large risk for your family. Decide if you can survive without a salary while you grow your business. If not, you may consider building your business as a side hustle while keeping your current job.
You will also want to look at your finances. Do you have enough savings to cover startup costs and pay your bills while you build up your business? According to the SBA, startup costs are estimated from $2,000 to $5,000 for a home-based business. And as a general rule, you should have enough in savings to cover six months of living expenses. Make a list of your expenses and project your sales for the first year to determine how profitable your small business can realistically be.
Research the industry
Conduct research for the industry you want to work in. Understanding the current state of the industry can help you see where you fit into the mix. Is there something in the industry that isn’t meeting customers’ needs? This can help spark a unique business idea.
To perform this competitor research, you can do a variety of things. Do a Google search to see what businesses appear at the top of the search results. Check out competitors’ websites, social media profiles, and annual reports (if they are a corporation). Take a look at what products or services they offer, the size of the companies, and how the brands represent themselves. Look for online reviews, such as on Google Business profiles, to see what customers are saying about your competition. Is there an underserved area you can capitalize on? Dun & Bradstreet has a great company and industry search tool that can help you learn more about top companies in your industry.
Top 5 most successful businesses to start
Need some ideas to spark your new business venture? These top 10 most successful businesses to start in 2023 are a good place to start. While income can range, we’ve also provided an average salary to expect based on data from sites like PayScale, ZipRecruiter, and more.
1. Ecommerce
Worldwide retail ecommerce sales are predicted to reach $6.169 trillion by the year 2023, according to eMarketer. Although brick-and-mortar retail sales have struggled through the pandemic, online businesses have grown. With those trends, an ecommerce business may be a great business idea for you.
Ecommerce is broad, so you will want to think more about what you want to sell and how you want to sell it. Some ecommerce business models include:
Print on-demand
If you have an artistic background, a print-on-demand (POD) business may be right for you. POD businesses are great for those who don’t want to create a physical product or manage inventory. There are wholesale printers that have a variety of products — from T-shirts to mugs to canvases — that you can have your designs printed on for a fee.
2. Virtual assistant
Starting a virtual assistant business is great if you have some administrative experience. The increase in internet users—by 257 million from July 2020 to July 2021—and an increase in online transactions has caused an increase in demand for these jobs. In fact, the virtual assistant market is poised to grow $4.12 million from 2021 to 2028.
Virtual assistants provide a variety of administrative services to businesses and individuals — all from the comfort of their own homes. Although the tasks can vary, many virtual assistants help with answering phone calls, social media posting, managing bookkeeping, transcribing documents, data entry, coordinating travel arrangements, and more.
3. Cleaning service
If you love to clean and organize, starting a cleaning business could be a great opportunity. With more people working from home, many have struggled to manage work, childcare, and keeping their homes clean. The global cleaning service market is expected to grow to $88.9 billion by 2025 (from $60.25 billion in 2019). This has caused a high demand for home cleaning services.
While most residential cleaners need to purchase their own cleaning supplies, the startup costs can be low for basic cleaning tasks or organizing. This is especially true if you want to start solo and won’t need to hire employees.
4. Business consulting
You may want to help businesses grow by offering consulting services. A consultant provides expertise to businesses to meet certain goals. There are many types of consulting businesses, but a consultant usually specializes in one area of a business. Some popular consulting businesses deliver digital marketing services, financial guidance, or business strategy. They provide advice and training, or they may even do more hands-on work.
If you like to help others, starting a business as a consultant may be the perfect opportunity for you. Business consulting is a $250 billion industry, which means it’s a great industry to start a profitable small business.
5. Copywriting
A copywriting business is ideal for those who love to write and have a knack for grammar. Anyone can start a copywriting business with very little startup costs. Many copywriters start as freelancers while keeping a full-time job as they build their business.
Although the writing industry growth is about average (a 9% increase is expected between 2020 and 2030), businesses of all sizes will always need copywriters to help them with marketing. There are many different reasons businesses employ copywriters—they can write copy for ads, brochures, sales materials, websites, blogs, social media, and more. There’s a high demand for skilled copywriters to support content marketing across businesses in all industries.