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20 Small Business Ideas To Start This Year

Published on February 26, 2024

Becoming your own boss is a dream harbored by many—a chance to forge personal wealth, dictate your own schedule, and, more importantly, to turn your passion into profit. The appeal of small business ownership is accelerating, and with today’s digital landscape, the possibilities are expansive. This post dives deep into 20 small business ideas that are not only feasible but also lucrative in 2023. If you’re on the brink of starting your entrepreneurial venture, or even just curious about the possibilities, read on for insights on how to get started.

What Is A Small Business?

A small business is more than just a company that’s scaled down in size—often, it’s the lifeblood of a community, a source of jobs, and a unique provider of services or products. These enterprises typically have fewer employees, lower annual revenue, and are more flexible and innovative than their larger corporate counterparts. Small businesses have an indelible impact on the economy and culture, and they’re the perfect launchpad for fresh and innovative ideas.

How To Start A Small Business

Before you dig into the specific business ideas, it’s essential to understand the common denominators of starting a small business. Regardless of the field you choose, there are fundamental steps to launching a new enterprise:

Conduct Market Research

Identify your target audience and competitors. Understand your niche and how your business can add value and differentiate itself in the market.

Create A Business Plan

Your business plan should outline your business model, your target customers, and your financial projections to keep your venture on track.

Secure Funding

Evaluate the costs of starting and running your business and determine the best way to fund it. This could involve self-funding, loans, or seeking investors.

Choose A Business Structure

Decide on the legal structure of your business—LLC, sole proprietorship, partnership, or corporation—based on your operations and financial goals.

Register Your Business

Ensure you comply with local business regulations by obtaining the necessary licenses and permits.

Develop A Marketing Strategy

Craft a solid marketing plan to promote your products or services to potential customers. This should include online, offline, and social media strategies.

Build Your Brand

Your brand is how your business is perceived by the public. Design a compelling logo, and create a brand identity that resonates with your target audience.

Launch Your Business

When all the groundwork is prepared, it’s time to make your grand entrance into the market.

Now that we’ve covered the essential steps, here’s a curated list of 20 small business ideas that could serve as your next entrepreneurial pursuit:

What Are The Best Small Business Ideas?

1. Design Sales Funnels

In the age of the internet, a sales funnel is a critical tool for any business to turn website visitors into customers through a structured sales process. If you have the skill to craft high-converting sales funnels using platforms like ClickFunnels or Leadpages, businesses will pay a premium for your services.

2. Social Media Manager

Businesses big and small are clamoring for a presence on social media. If you’re savvy with Facebook, Twitter, Instagram, or LinkedIn, offer your expertise to manage their social media accounts.

3. Online Courses

From photography to coding, online courses are booming. If you’re an expert in a field, creating and selling online courses can be highly profitable.

4. Event Photography

Specialize in capturing memories for weddings, parties, and corporate events. A professional DSLR and a portfolio of stunning images can kickstart your business.

5. Real Estate Wholesaling

For those with a keen eye for spotting good real estate deals, wholesaling can be a risk-free entry into the real estate market. This involves finding distressed properties, obtaining them at a low price, and then selling them with a price markup.

6. Paid Ads Agency

With the complexity of online advertising, businesses often prefer to outsource their Google Ads or Facebook Ads campaigns. Becoming an expert and managing these paid ads for clients can be a lucrative venture.

7. Copywriting

Words are powerful, and in the age of content marketing, businesses need compelling copy for their websites, ads, and emails. If you have a way with words, start your own copywriting business.

8. Cleaning Business

The demand for cleaning services is perennial. Specialize in residential or commercial cleaning and offer a trustworthy and reliable service that customers will pay for.

9. Vacation Rental Manager

Platforms like Airbnb have made vacation rentals extremely popular. Manage the property listings, bookings, and guest experiences for a cut of the profits.

10. Landscaping

Transforming outdoor spaces into beautiful gardens and lawns is a profitable enterprise, especially during the spring and summer months.

11. Accounting

Offer your expertise to small businesses that need help managing their finances. Accounting is a service that’s always in demand.

12. Personal Trainer

For fitness enthusiasts, becoming a personal trainer can be a rewarding small business. You can operate from home, online, or at a local gym.

13. Daycare

With more parents working, the need for daycare services has never been higher. If you love children, starting a home daycare could be the perfect business.

14. PR Consultant

Help businesses and individuals get noticed. If you can create a buzz around your clients, a PR consultancy might be your calling.

15. Web Development

Every business needs a website, and skilled web developers are always in demand. If you have the coding chops, your services will be highly sought after.

16. Vending Machines

If you want a hands-off business, vending machines can be a fantastic option. You can start with a single machine and expand your fleet as you grow.

17. Video Editing

High-quality video content is crucial for marketing and entertainment. If you have an eye for detail and solid editing skills, businesses and content creators will pay top dollar for your services.

18. Sell Print-On-Demand

Print-on-demand services allow you to create custom designs for t-shirts, mugs, and other merchandise. Set up your online store and when a product is sold, have it printed and shipped automatically.

19. Shopify Store

E-commerce is growing exponentially. If you can identify a niche and source quality products, selling through a Shopify store can be a lucrative business with relatively low overheads.

20. Email Marketing

With the highest ROI of any marketing channel, businesses need effective email marketing. If you’re skilled at crafting engaging email campaigns, you can help businesses grow their sales.

Starting a small business can be a daunting prospect, but with the right idea and the drive to succeed, the rewards can be significant. Each of these ventures has its unique challenges, but also the potential to grow into something substantial. It’s important to remember that successful businesses are not merely about the idea, but about execution, adaptability, and a strong work ethic.