We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2023.
BY THE STAFF OF ENTREPRENEUR MEDIA, INC. • SEP 13, 2023
Many Americans dream of starting their own businesses. Indeed, running your own enterprise from your home, your garage, or from an office means you’ve achieved total control over your professional destiny. It’s no wonder lots of people save up cash and spend their days dreaming about new businesses to build.
But what if you have the ambition to start a lucrative business but don’t know what type of business to run? If you need profitable business ideas, you’ve come to the right place. Below, you’ll find a detailed breakdown of 55 small business ideas you can start right now.
Some of these business opportunities take more experience or credentials than others, of course. For instance, it takes less money to be an influencer than it does to become a pro pet grooming expert.
How to determine the best small business idea for you
Considering your current skill set and credentials.
For instance, if you already have an accounting degree or your CPA license, venturing out as a freelance accountant or starting your own accounting business (as detailed below) could be just the ticket!
If you don’t have a degree, you can get one, or you can pursue a different business idea that doesn’t require a college degree in the first place. If you have an education in healthcare or a background in dropshipping, consider leaning into these strengths when you begin.
Deciding what you want to spend your professional life doing.
Some business ideas require you to love the work to do a great job. If you love seeing houses sparkling clean, for instance, starting a new small business cleaning service could be right up your alley.
Determining how many people you want to work with.
Some successful small business ideas can be pursued and fulfilled with just one person: you! Others require you to immediately or eventually hire a small workforce, whether it’s just a few employees or dozens.
If you don’t want to focus so much on management, take a small business idea that doesn’t require hiring a lot of extra labor. Since the pandemic, online work has grown more popular. If you’re a people person but not an in-person person, consider starting a business as a virtual assistant or life coach that you can run online.
Indeed, some small business ideas are more likely to turn a big profit than others. If you’re looking to get rich from your small business, you need to pick a small business idea that has great profit potential rather than something more suitable as a side hustle or as a business to keep you occupied in your retirement years.