Innovative business ideas to consider for 2023
In this article:
Why start your own business?
The decision to start your own business can be a challenging one. There is a lot of uncertainty involved with working for yourself, but there are also many benefits to having your own business.
When you start your own business, you get the benefit of being your own boss, which means you have the power to make final decisions and control your own income.
When you start a new business, you are rewarded with the opportunity to watch your idea grow into a thriving enterprise.
As your own boss, you can decide what hours your business operates, which hours you choose to work, whether you will hire staff, and when to add or remove products and services.
B2B ideas for 2023
B2B stands for “business to business” and describes a business model where a company is selling goods or services to another business. While the target audience of a B2B business is other companies, their customers often include business-to-consumer (B2C) businesses that use the services and products purchased from the B2B company to serve consumers directly. It is common for a small business to operate as both a B2B and B2C.
Individuals that earn income from affiliate marketing do so by promoting the products or services of other businesses. Successful affiliate marketers may earn an income from promoting products as bloggers, podcasters, social media influencers, or through an online platform like Amazon. Another option is to build your own websites for the purpose of earning affiliate marketing revenue.
Many small to medium size businesses take advantage of outsourced accounting and bookkeeping services because they are a more cost-effective way of managing finances. Virtual bookkeeping businesses require hard work and some industry training, but not a lot of money upfront. A virtual bookkeeper can get started if they have access to the internet and some basic accounting software.
Online shops, or e-commerce stores, are businesses that sell products online. An online store may sell household goods, teas, clothing, books, decorations, jewelry, or any other product you can think of. Popular online shopping platforms include Shopify and eBay. Since these platforms are geared towards small business owners, they offer a lot of help with store set-up, business planning, and credit card processing.
Dropshipping businesses are becoming a popular way to create a passive income stream or build a full-time online career because they allow entrepreneurs to create a store, market products, set prices, and fulfill orders without having to store any inventory. When customers purchase from your store the order is shipped by the third-party supplier, saving time and money for both the supplier and the drop shipper. The profit is earned because customers are paying retail prices on your website, but your business negotiates wholesale prices with the supplier.
Search engine optimization (SEO) experts help companies generate more traffic to their websites by creating new, high-quality website content. SEO experts contracted from a marketing agency or working as independent contractors are in high demand because they have the know-how to attract new customers for their clients. SEO certifications are available through online training courses.
For innovative professionals looking to work in the arts industry, there are several offline and online business opportunities. Typically for someone to be successful in the arts industry, they choose their profession based on passion and talent.
Graphic designers create art in the form of digital images and print work. They may be hired to design websites, logos, marketing material, branded product labels, and more. Graphic designers typically have a bachelor’s degree from a four-year university or have completed a series of online courses. Entrepreneurs wishing to start a graphic designing business can advertise their services on gig sites like freelancer.com and Upwork, by sharing their portfolio of past projects and connecting with new clients.
If you are looking for an innovative business idea and you have a passion for crafts, consider creating a marketplace on Etsy. Selling products you are already making is a great way to create a smart business plan because it requires a low investment to get started. Some examples of popular items on Etsy include jewelry, team gifts, gourmet foods, and t-shirts.
Food and beverage businesses
Entering the hospitality industry can be tough because there is a lot of competition and required startup funding, but you don’t have to open a full-service restaurant to break into the industry. Consider these easier-to-start hospitality careers:
Event planning companies work with their clients to plan and execute a certain event. They may be hired for fundraisers, dinner parties, graduations, retirement parties, and even weddings. Typically, event planners charge a flat fee per event or earn a percentage of the host’s party budget. If you’re considering an event planning career, it’s important to have a skill set that includes attention to detail and the ability to build relationships in the industry.
Food truck owner
Food trucks have become a popular source of entrepreneurial freedom for business owners passionate about food. Food trucks require an initial investment to buy the proper equipment but offer a lot of flexibility and earning potential. Most food truck owners can build a loyal customer base by relying on social media marketing.
Many individuals make their own beer at home. They consider it a hobby, but it is also a great business opportunity. If you enjoy creating unique craft beers and are willing to invest in the necessary equipment, consider selling your beer to local breweries, at festivals, and even through an online delivery service.
Food delivery platforms like Door Dash and Uber have become popular side hustles for many people with access to a car. If you’re looking for the freedom that working for yourself offers, consider delivering food from local businesses to customers who ordered through the app. The application process is quick and easy, and you’ll have the benefit of creating your own hours and controlling your total income.
With the rapid advancements in technology, it’s no wonder tech startups are more popular than ever. If you’re interested in a successful small business in the technology field, consider one of the following business ideas:
As the world relies more and more on technology, there is an increasing need for web designers. Entrepreneurs that offer web design create the layout and design of a website for their clients. Their focus is on making the site attractive to shoppers and customers. A career in web design requires formal training but can grow into a very profitable business. There is not a lot of startup capital required to start a design business and the business can grow by advertising on social media platforms, like LinkedIn. Web designers can also build a business offering online tutoring to beginners.
Mobile App design
For entrepreneurs that have a knack for technology, one of the best small business ideas is app development. If you have the knowledge and passion for apps, consider designing and selling apps from your home or partnering with another freelancer that offers web design to offer packaged products.
Personal service providers
Virtual assistants function like executive assistants, except that their presence is online. As independent contractors, virtual assistants typically work out of their home office and are given remote access to their clients’ work calendars, documents, and schedules online. A virtual assistant business is best for individuals that have experience as administrative personnel or office managers and are ready for the freedom and reward of entrepreneurship. Most virtual assistants are able to find plenty of new clients because of referrals.
If you’re not sure what type of business is right for you and you enjoy cleaning, consider offering your services to friends, family, and neighbors. Cleaning businesses typically grow by word-of-mouth, so it only takes a few good clients to build a full-time schedule.
If you speak a second language, then starting a language translation business may be a lucrative business for you. Translators are requested by online companies, educators, lenders, academic writers, bloggers, and more. Finding clients for a translation business can be as simple as reaching your target market through an email campaign or with a profile on a freelancing website like Upwork or Fiverr.
Financing your new business
To get started with a home business or creative new enterprise, you’ll need to consider the costs. If you are concerned about business financing, consider working with a lender at Biz2Credit to explore the following business loans:
SBA loans are a great option for borrowers that are looking for low-interest rates, can meet the strict approval requirements, and have time to wait on the application process. The loans are partially guaranteed by the U.S. Small Business Administration (SBA) but are issued and funded by lenders, like Biz2Credit.
With business loans, the borrower receives a lump sum of cash upfront and pays back the loan with set repayment terms. Small business loans are a great option for businesses looking for flexible financing for large purchases or to supplement cash flow. Borrowers with all types of credit histories find term loans as a viable solution, although some require a down payment, collateral, or personal guarantee.
Merchant cash advances (MCA) offer a fast-funding solution for businesses that need a large sum of money but do not have the time or the creditworthiness to get approved for a term loan or SBA loan. The loan is secured with future credit card sales and regular payments are made based on a predetermined percentage of the sales.
Line of Credit
A business line of credit is a type of financing where the borrower is approved for a certain amount of credit for a predetermined time. Borrowers can take out the entire sum all at once or make a series of withdrawals up to the credit limit, like business credit cards. Interest is only paid on the amount of funds currently withdrawn. When the balance is paid down, the borrower is free to withdraw the funds again.
The Covid-19 pandemic changed the way the world works. Many professionals transitioned from full-time office jobs to remote work. Whether the pandemic affected your work habits or not, there are many great reasons to start your own company and endless directions you can take. If you’re interested in learning more about financing a great business idea, reach out to Biz2Credit or check out Danny Star’s story of success building a digital marketing agency.