6 Small Business Ideas to Attract New Income in 2023
It looks like small businesses are all the rage now, and it’s no wonder. Limited liability companies have many benefits, like the following:
- Limited personal liability
- Management flexibility
- Ownership flexibility
- Less paperwork
- Tax advantages.
So, if you’re an aspiring entrepreneur, why not take advantage of the regulations supporting small businesses and plan a start-up?
Here are six business ideas that will mark 2023.
Dropshipping, one of the most popular small business ideas, can be the ultimate side business. Being a drop-shipper means opening an online store where you sell without physically stocking items. You communicate with the wholesaler, who then ships the goods to the clients.
This type of business reduces shipping expenses and inventory storage. To get started, all you need is an online store.
However, this is a competitive business. In August 2022, TikTok users claimed to gain £8,000 a month. Remember that many individuals sell online, and many of them may be selling the same items you are. If you choose this path, ensure you have other USPs (unique selling points) so that customers choose your business.
Working as a fitness instructor might be a fun option to supplement your income next year. Some people start going to the gym because they want to live a healthier lifestyle and because wellness is frequently promoted.
The first step is deciding what type of instructor you want to be. Would you like to be a personal trainer, a group fitness instructor, or go “hybrid”? Determine whether you’d like to work at a health club, small studio, recreation centre, or from home as a virtual fitness instructor. You may also want to get a degree, since it’s typically a requirement, or even open your own gym.
Exercise equipment accounted for approximately 409,000 injuries in 2021, the most of any category of recreation and sports, according to the National Safety Council. Therefore, if you want to open a gym business, you should consider purchasing liability insurance. According to www.howmuchcompensation.co.uk, if a business is responsible for protecting its clients and breaks its duty of care, which leads to a victim’s injury, accident, damage, harm, or property damage, they might be eligible to make a claim against you.
School is always in session, and owing to the pandemic, hybrid and remote education have created opportunities for the “unschooled” and for individuals who couldn’t attend courses physically. That being said, if you want more income, you can become a tutor. You’ll basically help people who wish to gain further mastery in a specific area or assist those struggling with core concepts.
Here’s a list of subjects in which your tutoring firm could specialise:
- Sciences (physics, chemistry, biology)
- College essay prep
- Foreign languages
- SAT/ACT prep
- Computer science
Because video software removes the need for in-person classes, all you need is a computer, phone, or table, reducing the start-up expenses for this type of firm.
While sales of new clothes fluctuate with economic conditions, fashion resale’s popularity is growing. Second-hand retail was already trendy before the pandemic, being recognised as a smart and stylish fashion choice owing to its vast diversity. Furthermore, the quest for bargains and consequent supply chain challenges aided this business, allowing you to profit from fashion resale today and in 2023.
Consider the costs of this type of business. You’ll have to budget for utility bills and monthly rent if you decide to operate in a physical location. Unless you manage the firm yourself, you may need to hire one or two employees, which means additional costs for things like payroll taxes, salary, unemployment insurance, etc.
To start filling your store, you may need to buy clothes from a garage sale, flea markets, and other thrift shops until you get a constant supply of donations. Consider bringing in some consignment items to fill out your inventory.
Discount stores are fantastic. After all, who doesn’t love a huge discount? These dominated the market in 2022, and things are unlikely to change in 2023.
In this category, you have room to be inventive. Do you want a liquidation store? Or do you want to have an independent dollar store? What about discounted food or used inventory?
Conduct some research in your region to find out if there’s a shortage of certain products. Create a strategy for acquiring inventory and determine whether you’ll buy unsold or damaged inventory from other retailers or work with wholesalers offering discounted merchandise.
Some of the most crucial details you’ll have to consider when making a discount store business plan are the following:
- The location. Are you dreaming of opening a boutique at the mall or choosing a high-traffic place frequented by your target market?
- The offered goods. Will you specialise or sell an assortment of goods, from jewellery to souvenirs to dishware?
- The business structure. Will it be an LLC or a sole proprietorship?
Home improvement services
In 2020, the real estate market saw its highest boom since 2005. Although the housing market has slowed, all new homeowners still need home improvements, creating a need for home renovation services.
New home buyers may need more skills or knowledge to fix home issues and complete renovations. Home improvement may be your niche if you independently repair what’s broken in your home.
Here are some examples of home improvement services:
- Interior design
Most of these fields require training and the proper materials and equipment, so remember that the start-up expenses aren’t quite the cheapest. Plus, this type of company is more prevalent in some geographic areas than others, so you must do your research before creating your start-up plan.
These are just a few successful small business ideas to help you start your own in 2023. One of them might be ideal for you because it’s versatile. All you have to do is determine which business idea suits your needs and style the most and is the best fit for you.
It’s always possible to develop new skills, acquire new knowledge, and get certificates. You have one life, and if you want to make a fast buck, what can stop you?!