Welcome to an exciting world brimming with endless possibilities and entrepreneurial opportunities!
We find ourselves in the dynamic landscape of 2023, where innovation and creativity are king. It’s the ideal moment for you to embark on your entrepreneurial journey and make your mark on the business world.
No matter where you stand on the entrepreneurial spectrum whether you’re a seasoned pro looking for a fresh venture or an aspiring business owner eager to transform your vision into reality we’ve got something special just for you.
We’ve put together a captivating list of 9 small business ideas that we believe hold tremendous potential in the upcoming year.
9 best small business ideas
Here is the list of the 9 best small business ideas to start in 2023.
- Start a podcast.
- Write an eBook
- Start a Blog
- Amazon FBA
- Create an online course
- Flip Domain Names
- Start a YouTube channel
- Teach Languages
- Sell Handmade products on Etsy
Start a Podcast
A podcast is one of the best low-cost businesses to start in 2023. To start a podcast all you need is the essential podcast equipment and software and a podcast hosting site.
You can also start it on YouTube.
The minimum investment to start a podcast is about $250 to $400
The profit margin in podcasts depends on various factors but according to experts the profit margin in podcast range from 30% to 50%
Write an eBook
Writing and publishing a book wasn’t an easy task in the past but now with the help of the internet, everyone can write and publish a book on the internet, which is called an ebook.
You can write a publish an ebook on Amazon KDP, Lulu, etc, and also on your website.
There are generally 3 types of ebooks i.e. Low, Medium, and high-content books and I would suggest to start selling medium-content books.
If you are writing the ebook by yourself then there is no minimum investment and also amazon will take their profit when your book is sold. You can sign up for Amazon KDP for free.
You can write the ebook on a ghostwriter and it would cost from $40 to 175$.
The profit margin of selling books on Amazon KDP is up to 70% but you can increase the profit margin by selling it on your website.
Start a Blog
Blogging is my favorite business to start. Blogging has become too much saturated in recent years but with the right strategies you can scale up your blog without spending any money on ads.
To start a blog all you need is a domain and web hosting and then you are ready to go.
You can also start blogging for free on Blogger but I don’t recommend Blogger. If you want to start it you should start it on WordPress.
The minimum investment to start a $45 to $155.
Some successful blogs may achieve a profit margin from 30% to 50% but you can also increase it from 50% to 70%.
Amazon FBA
Amazon FBA is a business model that can be started from a low budget but this business model income is completely passive.
What is Amazon FBA?
FBA stands for fullfilment by amazon. It is a service Amazon provides to its seller to store their products in their warehouse and when someone buys your product amazon will pick, pack, and ship your product directly to the customer.
All you need to do is to buy the product from a supplier and send it to the Amazon warehouse. The rest will be done by Amazon.
The minimum amount of investment to start Amazon FBA is $1500 to $3000.
The profit margin in Amazon FBA ranges from 33% to 40%.
Create an online course
Create an online course in a field you are expert in. If you are an expert in blogging you should create a course on blogging or if you are an expert in freelancing or podcasting create a course about that.
In this course, you will teach your student all the techniques you used to scale up your business. what they should do and what they should avoid and much more.
Creating a course is a bit challenging but it is a good business model. You can also create a community for those people who have bought your course
You can sell this course on Coursera, Udemy, and also on your website.
If you create the course by yourself then there is no money required but you can also hire someone to create a course for you and that will cost you a bit of a fortune.
How much can you make selling online courses?
If you did the marketing of your course effectively you can make anywhere from $1,000 to $10,000 or more per year selling online courses.
Flip Domain Names
Buy and sell popular domains. You can also search for businesses on the internet and then search for their domain names if their domain name is available, buy that name. There is a high chance when they are going to create their website they will contact you to buy that specific domain name.
There is also a small chance if you got lucky like Chris Clark who bought Pizza.com for $20 and sold it for $2.6 million.
It is possible to start domain flipping from $20. Instead of buying ten domains at once start by buying one domain name first and selling it after that buy two and so on.
Start a YouTube channel
If you are familiar with tech like cameras then YouTube is your go-to business.
To start creating videos and uploading on youtube all you need to do is to create a youtube channel.
It takes time and effort to grow a youtube channel but with the right strategies and techniques, you can grow your youtube channel in no time.
The minimum investment to start a YouTube channel is zero if you have the basic equipment for the type of content you create. If you create vlogs all you need is a camera or mobile phone.
Investing in good quality equipment for your youtube channel is a good idea but if you do not have the money to buy it so then the best equipment are those which you already have. You can also change the equipment once you make money from youtube.
How much money does YouTuber make?
Making money from youtube depends on various factors like does your video have ads on it or not, where are your audience from, and more but many youtube creators make well in millions.
Teach Languages
If you have a complete command of a specific language or if you are a native speaker of that language you should try teaching it to people.
You can teach that language to people online and offline. To teach a language to people online you should sign up to Fiverr and create a gig about teaching people. The gig title will be like this “I will be your professional Spanish language teacher”
You can also teach people in a group using Zoom, Skype, or Google Meet.
If you do not want to teach online you can teach offline too but I don’t recommend that because for that you will need to invest money in different things like marketing, renting out a place where you can teach, and with face-to-face teaching you will have limited access to people.
With online teaching, you will also need to invest some money but not as much as offline, and with online teaching you will have a global reach.
Sell Handmade products on Etsy
If you have the skill to make products on hand then this business model is for you.
You can craft or create a product and sell it on Etsy. This product can be anything like a mask, wallet, bracelet, ring, phone case, and much more you can sell these products on Etsy.
What is Etsy?
Etsy is a popular and one of the largest e-commerce platforms. It is popular for its handmade products and handicraft. It is a perfect marketplace for those who are creative and want to sell their handmade products.
Once your brand and product become famous and gain a good amount of fans then you can switch to your e-commerce website. On your e-commerce website, you can have a larger portion of your revenue and more control.
How much does an Etsy seller make?
A statement made by Etsy CEO Josh Silverman in a 2020 investor presentation, an average Etsy seller makes $2900 per year. But that’s the average of all the sellers on Etsy means some stores may not be selling anything.
However, the average successful seller on Etsy makes between $43,000 to $46,000 per year.
Conclusion
Alright, so there you have it, a bunch of fantastic small business ideas to get your entrepreneurial gears turning! These ideas cover a wide range of interests and skills, giving you plenty of options to choose from.
These small business ideas provide you with a world of opportunities. You can do what you love, help others, and create something truly amazing.
So take a deep breath, gather your courage, and go for it. With passion, hard work, and a sprinkle of luck, you can turn your dreams into reality and make a real impact on the world.
Further reading on Fam Guides: Read this article to learn how to monetize your podcast.
