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What are the 7 most profitable businesses to start in 2023?

2023 is underway, and like any other year it also comes with its own challenges. But it also comes with opportunities all the same, and if you are going to start a business you may require more flexibility because of unforeseen economic uncertainties. Whether or not a new business succeeds or fails depends on its ability to generate a profit. Building an audience/customer base, marketing, developing a solid business plan are all important elements of the most successful business, and they all lead back to one place. However, the biggest advantage when trying to turn a profit is when you start with a profitable business model in the first place. So, what are the most profitable businesses of 2023? Let’s look.


1. Ecommerce Business


Ecommerce businesses, the blanket term referring to all businesses where products are bought and sold over the internet, are consistently ranked among the best and most profitable businesses to start. Why? Because they’re easy to launch, don’t require the overhead cost of a brick-and-mortar footprint, and it gives you access to a geographically diverse customer base. With more than 2 billion ecommerce customers online, now is the time to start an ecommerce.


2. Dropshipping Business


Dropshipping is a subcategory of ecommerce that refers to businesses that sell products they don’t have on hand. Instead, the product is shipped directly from the vendor to the customer. Dropshipping reduces your inventory costs and as a result, increases your net income. And by 2028, the global dropshipping market is predicted to grow to by 20% annually through 2028.

Dropshipping is common in industries where customers expect a broad range of product that might be cost-prohibitive for a small business to keep on hand, like bookstores. A lot of local bookstores, for example, might use dropshipping to ship directly from the publisher or a partner like bookshop.org. This allows them to offer a wider selection of books without having to contend with the challenges of storing one or 2 copies of a niche title on the off chance one customer might want it. Be wary of the risks of dropshipping, which include quality control, branding, and customer service.


3. Online Courses


Professionals are consistently looking for ways to sharpen their skills and advance their careers, providing a profitable business opportunity for savvy entrepreneurs who want to turn their expertise into passive income. Courses that cover business finances and accounting, strategy, management, negotiation, sales/marketing training, and public speaking drive consistent demand. The course industry is only expected to grow, with the market expected to grow to $375B by 2026. Want to get started? Watch our free training on starting your own profitable online course.


Online Marketing Course

The marketing landscape has been changing, and many businesses and professionals are looking for guidance on how to adapt. Creating an online marketing course covering email marketing, social media management, SEO, or database marketing can generate a profit with minimal investment.


Language Course

Are you a multi-lingual entrepreneur? Consider creating a language course. The language-learning industry has continued to expand. To stand out from the competition, you want to identify your target market. Who is your ideal student? Identifying your niche and narrowing your audience will drive higher conversion and increase profitability. Instead of offering “Beginning Spanish,” consider something more specialized like “7 Days to Business-Trip Spanish.”


Hobby Course

The final sector of the online course industry is hobby-related courses. Think: embroidery, woodworking, or singing. There has been a growing demand in recent years for these online courses due to the cost-effective pricing and convenience. The pandemic has increased demand here, too. People who have transitioned to working from home now have more time to explore the topics that interest them. Others have taken stock of what matters to them and are finally gathering the courage to take a stab at beginner piano. As a result, launching a hobby-related course in 2023 is an exceedingly profitable business idea.


4. Digital Agency


Last year, digital agencies earned almost $30B in revenue. With many large businesses cutting marketing teams, they’ll be looking to supplement their labor with agencies. That’s a huge chunk of opportunity to start and build a profitable agency. Want to learn how? Take our free digital agency course.


Social Media Consulting

As we mentioned above, social media marketing is more important than ever. Social media advertising is the second-largest market within digital advertising. The global industry revenue of $138.2 billion is expected to grow to $18.4 billion in 2025. A rapidly expanding market combined with the low investment required to start a social media consulting business makes this one of the most profitable opportunities for savvy digital marketers.


Digital Marketing Consulting

Digital marketing is an ever-evolving industry. For many small businesses, keeping up with the latest trends in email marketing or the next Google algorithm update can eat up too many resources. If you have the skills to offer it all—email marketing, SEO, copywriting, social media—you can package it all into a high-profit digital marketing service.


5. Bookkeeping or Accounting Services


Bookkeeping and accounting service businesses maintain consistent demand because everyone must file taxes, and many either don’t want to or don’t know how to manage tax preparation. If you work in personal accounting, you’ll likely see a boom in the spring as individuals look for help filing their taxes, but there are greater profit opportunities in the small business space. Your average small business owner doesn’t have the bandwidth or the expertise to manage the bookkeeping themselves, and they might not have the resources to hire an on-staff bookkeeper. With a net profit margin of 18.4%, accounting and bookkeeping services is one of the most profitable industries you can go into in 2023.


6. Copywriting


Copywriting is more than just pretty words and catchy taglines (though of course, it can still be that, too). As companies look to build their audiences, copywriters with a knack for writing viral or SEO content can rake in the money. What makes copywriting such a profitable small business idea? Digital marketing assets—specifically those related to SEO and social media—can be revenue-generating machines for companies, and they come with the metrics to prove it. If you can deliver real value for a client, you can demand a hefty sum for your work, up to $45 per hour. The best part? There’s virtually no startup cost to get this business off the ground.


7. Affiliate Marketing


Affiliate marketing is a business model where a company pays a third party to generate leads or traffic to the company. These days, everyone from Instagram influencers to major news publications rely on affiliate marketing to drive profit. If you have a robust audience…or plan to build one, you can make bank with affiliate marketing. The industry generated $6.4 billion in 2019, and it continues to grow, making this one of the best small business ideas in 2023.

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