A lot of people are starting small businesses at the moment in a bid to work for themselves, further their careers and do something that they love. It’s easy to see why coming up with small business ideas is so appealing, but how do you know which new business ideas to try, and which to avoid? There are a lot of new business ideas to choose from, but knowing which to choose can be difficult. After all, you don’t want to make a mistake by putting your time, money and expertise into the wrong idea, nor do you want to enter an already saturated market. When you are coming up with small business ideas to pursue, there are a few key things to take into account.
In order for a small business idea to be good, it needs to tick a handful of boxes. Firstly, it should have low startup costs. As there is no guarantee that your small business will be a success, you should avoid putting too much investment into it at the beginning. Plus, the chances are you will be starting with a very limited budget. You should also look for a small business idea that requires very little training, as this can be time consuming and costly, and completing training doesn’t happen overnight. Choosing a business idea that requires training could make your entrepreneurial adventure road a lot longer. It’s also a good idea to choose a small business idea that doesn’t require many members of staff to begin with, as the pressure of being able to afford monthly wages and handling management could be
Below, we have taken a look at five of the best new business ideas for 2023, all of which are relatively low cost and simple to set up.
If you are considered to be an expert in a specific field, you could offer your services on a consultancy basis. A consultant provides expert advice and assistance to others, usually startups and small businesses, to help them succeed. They are there to analyse problems, identify opportunities, and develop solutions to improve the performance and effectiveness of a business. For example, a digital marketing consultant will provide guidance on how to market a business successfully online. Instead of hiring a full time expert, consultancy services allow a business to benefit from expert knowledge as and when they need it.
There are an endless list of services that you can offer, ranging from being a handyman to a window cleaner, from a tradesman to a mobile car cleaner. You could provide marketing services, website design services and SEO services. You could provide tutoring to students, foreign language lessons or music lessons. You could even work as a painter, decorator, dog walker, cat sitter or beautician. If you have a skill or an ability, you can offer it as a service. Depending which service you choose for your small business, you might need to undertake some training to ensure you are compliant to all regulations, but many services can be offered simply because you have the skill to do so.
Dropshipping has become increasingly popular in recent years, and it’s easy to see why. It’s slightly different to selling products online, as it utilises the services of a third party supplier and it isn’t simply a case of selling your own products on an ecommerce website. With dropshipping, you don’t purchase inventory upfront, and instead you source products from wholesalers and suppliers. These teams handle the inventory, storage, packaging and shipping, and you are simply the shopfront that customers buy from. By adding the supplier’s and wholesaler’s products to your online store – this includes images, descriptions and pricing – you become the middleman for shopping. As long as the price is higher than what the supplier is charging, you will begin to make a profit.
Print on Demand
Print on demand is another relatively new business idea, but it’s something that a lot of individuals are making their mark on. It’s a business model that allows you to create personalised designed products and have them shipped to customers as they are ordered. Instead of holding the inventory yourself, print on demand products are manufactured as needed. This usually uses a digital printing process and it works for a range of items including clothing, accessories, home decor, art prints and more. Customers can personalise their product of choice, order it and know that it’ll be sent to them quickly. Once the order has been placed, the item is printed on demand. As print on demand products are only printed once they have been ordered, there is very little risk of you investing in items and then not selling them.
Create a Blog
If you are an expert in a specific field, you could consider creating a blog and building a social media presence, which can turn into a profitable business venture if done successfully. There are a number of benefits of doing so, such as the fact that it’s a small business idea that has very little cost and can be done in your own time. Though writing blog posts does require time and effort, it’s very easy to fit building an online presence into your existing responsibilities. It’s also a great way to share your knowledge and solidify yourself as an expert in your industry, and it’s a good way to build up a network of loyal online followers. Though the blog writing itself isn’t likely to make you a lot of money, there are a range of opportunities to turn a blog and social media presence into a profitable passtime. For example, you could sell advertising space on your website or agree to post sponsored content.
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