Most people start their journey as entrepreneurs for one main reason, the need for freedom. After the life-altering COVID-19 pandemic, many are looking for that kind of flexibility and the satisfaction that comes with it.
Some questions naturally come to mind after hearing about the high risk for failure. What are the most profitable businesses? Is there a list of the top 10 most successful businesses to start in 2023? What are the best businesses to start?
While some have a clear idea of what they want to do in the business world, others do not really know where to begin. Our list of most profitable small businesses can serve as a starting point.
Starting your own business is like riding a roller coaster. There are highs and lows, and every turn you take is another twist. The lows are really low, but the highs can be really high. You have to be strong, keep your stomach tight, and ride along with the roller coaster that you started
Lindsay Manseau, photographer and entrepreneur
To find the right profitable business ideas, it is necessary to take issues like the possibility of growth, startup costs, and competitiveness into consideration.
Before covering the most profitable small business ideas, it is worth looking at the industries that offer the highest profit margin in 2023.
Top industries with the highest profit margins
Of course, high-profit margin businesses are the types of opportunities that not many people can resist.
The tax preparation software developer industry offers a 54.3% profit margin in US, according to a compilation from IBISWorld.
For maids, nannies, and gardeners, the profit margin is 51.7%.
The notion of the industry can seem too vast to some extent, that is why it is crucial to zero in on low-cost business ideas with high profit.
List of most profitable small business ideas
To find the best small business to start in 2023, the first real step toward success is to have a concrete plan. The online world has become more prominent, and many small ventures do start on the web.
However, the outside world should not be put aside because great opportunities still exist there too.
1) Start offering virtual assistant services
By launching this business, you are basically self-employed, can make up your own schedule, and choose the clients you work with. Your job is to complete administrative tasks for clients everywhere.
Everything can be done remotely. Therefore, it is possible to live in Texas and have clients in California or New York. Virtual assistants make $63,500 per year in the US.
If you are looking for low-cost business ideas with high profit, this opportunity should be on top of your list. All you need to begin this adventure is a laptop or desktop computer and a decent internet connection.
2) Launch a social media management business
Like the previous venture, the startup cost can be minimal. However, it is necessary to have some knowledge of all things social media.
If you master Facebook and know your way around Twitter and LinkedIn, it is possible to launch your own company and offer your services to small businesses.
Social media plays an important role in modern marketing these days. But, most small businesses do not have the resources to handle it on their own.
Therefore, it is possible to find some success in this market. To start, you will need a computer, the internet, and a smartphone. In short, the initial investment is within reach.
Moreover, this is an industry that is growing. So, the prospects might be really interesting.
3) Become a marketing copywriter
Launching a business as a marketing copywriter should be on your radar if you are good with words. Small businesses are paying decent money to people who can use words wisely to help them in their marketing efforts.
Content creation is a sector that is growing fast. Starting the business will not require a significant investment, and you will work as an independent contractor.
This way, you will be able to maximize your profit once you start getting clients.
4) Start a graphic design business
Technology is a sector that offers different sets of possibilities when it comes to profitable business ideas. Small businesses are always looking for talents who can produce images that tell the story of their products.
That is why this is an area worth exploring. Businesses are investing a lot of resources in images that can help their brand be unique against the fierce competition.
If you have talent, knowledge, and can stand out, launching a graphic design business could be worth exploring.
5) Launch an IT support business
There is a need for technology everywhere, and the big companies are not able to handle every aspect of this market. If you are good with tech, you can offer support in your area.
A mobile IT support venture might be the right fit for you, if you are patient, master the internet, and can fix computers. Profit is on the horizon because startup cost is minimal.
6) Get a food truck
Food trucks do require a certain investment. Moreover, the market is saturated in big cities like New York City, Boston, San Francisco, and Washington, DC. But, experts say that this is a market that will hit $6.3 billion in 2028.
For a food truck, you only need about 30% of what is required for a restaurant. This means there is more room for profit. There are some hurdles, though, in terms of regulations.
However, if you can find the right location, big profits can soon become a reality.
7) Offer car wash services
In populated areas, they seem to be everywhere. There is a reason for that. People are keeping their cars longer, which means they need more maintenance.
The car wash market was worth $14.7 billion in 2021. This number is expected to hit $20.7 billion in the year 2028.
Profit is possible, and if you can offer specific services that are tailored for certain clients, the sky is the limit. To reduce the initial investment, mobile car wash services might be the better way to go.
8) Start an auto repair business
Just as for the car wash business, auto repair is a market that is booming. Car owners are doing their best to avoid the expenses that are associated with new vehicles, so maintenance is now crucial.
Moreover, you can keep costs low by offering mobile services. This will help launch the business. This move is a great way to build a client base before trying bigger and better things.
It is important to know that car owners tend to favor small businesses. Therefore, your venture starts with a unique advantage.
9) Become a personal trainer
In 2023, there is more focus on physical and mental well-being. The need for fitness instructors is growing, and they will keep on doing this in the foreseeable future.
Suppose you can make fitness a reality for certain people; it is possible to find success in this market. Of course, it is essential to approach this venture in a way that attracts groups that usually ignore fitness and personal trainers.
10) Offer enrichment activities for children
Parents are ready to spend money on activities that can enrich their children. It is possible to capitalize on this development. The courses do not have to be in specific areas. It depends on what your expertise is.
For example, if you are good with athletics, music, and art, there is a major opening that is waiting for you.
This kind of business can be really profitable because not much investment is needed. You just need to be good with the kids and have excellent skills in a niche.
Bottom line
There are many profitable businesses that are within reach. For your venture to be successful, there are a few steps to follow.
Start by doing a lot of research. The second thing on your list is to organize your ideas and make the venture official.
After that, it is time to look for the right financing and go after your goals.