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45 Most Profitable Small Businesses To Make Income In 2023

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If you’re looking for the most profitable small business ideas, look no further!

Some of these businesses require very little time commitment, so you can work them around your schedule while making money for yourself and your family.

You could even quit your job once you get these profitable businesses up and running- we certainly did!

Some have low startup costs and high-profit margins – everything we look for when compiling our lists! There may be some weird ways to make money out there, and you need to know all your options!

We have compiled 45 of the best small business ideas, like blogging, app development, consulting services, and more.

Quick Picks

Before we go into detail and tell you our full list of 45 most profitable business ideas, here is a short list of our favorite work-from-home businesses you could start this year:

Online Business Ideas

Some of the best small businesses you can start are online businesses because they have low barriers to entry, plus a low-cost startup means a higher profit for you!

Many people start these jobs as side hustles, but they have the potential to be new careers and long-term profitable businesses!

Take a long at our most profitable business ideas and see what could make you the most money this year:

1. Proofreading

If you want to get paid well and have more job security, even as a freelancer, you should consider becoming a proofreader.

Someone with an eye for detail, who likes reading or correcting work, would benefit from this business.

It’s a high-paying skill that businesses need for business documents, contracts, marketing ads, or anything else.

Sign up for this FREE Proofreading Workshop to learn how to start your own profitable proofreading business today.

2. Blogging

how to make money blogging self hosted blog

Yes, you can really earn money blogging and it’s one of our favorite small business ideas! There are many ways to monetize your blog, including affiliate marketing, advertising, and selling your own products online.

To have a successful blog, you will need a business plan and a marketing plan. Blog marketing usually requires you to build your social media presence so more readers can find your blog.

If you are looking to start your own blog, check out our step-by-step tutorial here or check out our free Blog Boot Camp to get started!

3. Freelance Writer

Freelance writing is another way to work from home and earn more income. You can write for magazines, websites, newspapers, and more.

There’s no experience needed for this small business- all you really need is a laptop and an internet connection. That makes this one of the most profitable businesses you could start.

Just like blogging, you can write more quality content faster using Jasper and Surfer SEO.

4. Ghost Writer

Businesses are willing to pay top dollar for good ghostwriters! And working at home may be the best option for stay-at-home moms.

Ghostwriting is an even more profitable business to start than freelance writing because you can charge a premium to write works that are published under another author’s name.

With writing services, the profit margins are huge because you don’t have many costs associated with your business. That means you get to pocket most of the cash you earn.

The Earn More Writing course will teach you how to price your services and develop your writing business.

5. Bookkeeping

Many small businesses need help keeping track of their finances. If you have good organization and math skills, offering a bookkeeping service could be a great business for you.

The best thing about this business is that it will typically require very little start-up capital, which means you’ll have a good profit margin.

And you can provide bookkeeping services online or in person, which gives you more flexibility.

Sign up for Bookkeeper Launch’s FREE workshop to learn how to start your own profitable bookkeeping business now.

6. E-Commerce Store

hands coming out of laptops to exchange money for bag

Selling items you create or can source cheaply (dropshipping!) are great small business ideas. You can create a store online and reach millions of potential customers.

To start an e-commerce store, you will need to set up an Etsy store or a Shopify website. Once you’re ready to go, all you need to do is drive traffic to your store!

A good business model is to promote your store with paid ads to get more customers. The more you spend on advertising, the more you could earn, just keep your net profit margin in mind.

Did you know one of the top-selling items on Etsy is printables? Learn how to create a successful printable business from the FREE E-Printables ebook!

7. Social Media Management

Social media management is profitable due to the low startup costs and high-profit margins.

Also known as social media marketing, managing social media platforms could be your ticket to success in the world of small businesses.

If you are good at using Facebook, Twitter, and other social media platforms, this could be the perfect business for you.

Learn how to run successful Facebook ads in the free Facebook Side Hustle workshop.

8. Custom T-Shirts & Personalized Items

rainbow colored custom shirts

Lots of small businesses need custom-made, personalized items. People order custom T-shirts for different parties and events, and that trend won’t stop anytime soon.

Just put up an online store with Etsy or Shopify and tell people what you’re selling! The profit margin you earn from this kind of business will depend on the types of products you are customizing, and how much you are marking them up.

9. Podcast Entertainer

Do you love to talk about a particular topic? If so, becoming a podcaster could be a profitable business opportunity.

Podcasts are becoming extremely popular these days, and people pay good money for someone who can make them laugh or teach them important things.

You can make money from advertisers or by charging your fans for exclusive content on a service like Patreon.

10. Virtual Assistant

virtual assistant on the phone and working at laptop

If you have good organizational skills, being a virtual assistant could be the perfect small business for you. Working online means you can work from anywhere, whether that’s a home office or the beach.

Your virtual assistant services will help other business owners be more successful, which will be profitable for you.

Check out this awesome FREE workshop from $10K VA to start your Virtual Assistant business today. 

11. Data Entry Specialist

Data entry is one of the easiest ways to work from home and get paid for your time.

To start a profitable data entry business, you need a computer, internet connection, and typing skills. Attention to detail is also important to turn this job into a successful small business.

12. App Development

hand holding out smartphone

To run an app development business, you need to know how to build and market apps. Programming skills are crucial to making this a profitable small business.

This is one of the most profitable businesses on this list because there isn’t much competition in the market right now, so you’ll have plenty of clients to choose from!

13. Instructor – Online Courses

Online courses are a popular way for people to learn new skills. If you are an expert in a particular topic, starting an online course could be a very profitable small business.

To start a successful business selling online courses, you’ll need to set up your own website or blog. Then you’ll market yourself as someone who can teach others what you know to help them improve their life or grow their income.

14. Business Coaching

man talking in an office

As a business coach, you will work with business owners to help them improve their business.

This can range from improving sales and becoming more profitable to deciding which business opportunities to accept or decline.

You can also help people decide on what business is the best for them to start and how they can get their business up and running.

15. Money Investment

If you’re savvy with your money, you can invest to earn more cash. Or, you can get certified to help other people or small businesses invest their assets.

You’ll need a deep knowledge of the financial sector and investments to make this a profitable small business since the performance of your investments will determine how much money you can make and whether you can attract more clients.

16. YouTuber

Did you know that running a successful YouTube channel is actually a business opportunity? If you love to be on video and you’re creative at heart this is one of the best business ideas for you.

You can monetize videos and earn income from advertisers. Your videos could attract fans who will buy products from affiliates or subscribe to a fan service like Patreon, which will be profitable for you.

Not sure how to get started as a professional YouTuber? Take the Mastering YouTube course to learn how to make professional videos, increase your subscribers, and get more views so you can earn more money from YouTube!

17. Data Analyst

data analyst data on computer screen

Most businesses need someone who can analyze data and help them make more informed business decisions. Therefore, data analysts are in high demand.

You’ll need to be able to pull data from a variety of databases and be able to understand information that your clients will find valuable. You can use your data analytics services to help companies save or earn more money.

18. Graphic Design

If you’re an artist and have a good eye for design, becoming a graphic designer might be one of the best business opportunities for you.

Whether it’s for websites, logos, or social media graphics, visual content is very important for any business that wants to succeed online.

19. Marketing Services

Marketing is one of the most important aspects of any business’s success and you can profit from their need to attract customers.

If you’re savvy about advertising and looking for profitable business ideas, offering marketing services may be a good fit for you. You could help other small business owners advertise their products and services.

20. Web Development

9 different website designs

If you know how to build websites, one of the most profitable business ideas can be starting your own web design company. People who run successful web design companies can charge high rates for their services.

Since websites can cost thousands or tens of thousands of dollars, many businesses will find that paying an expert is worth the investment to have a quality website that helps them earn more profits.

21. Consulting Business

Do you have a lot of specialized knowledge in your career but want to start a business instead of working for a corporation?

Become a consultant who shares your knowledge and expertise with other businesses, so you can guide their success. Consulting is easy to start and can be very profitable because the demand for reliable advice is high in nearly every industry.

22. Digital Marketing

Digital marketing is in high demand in the internet age.

If you have a bachelor’s degree in marketing, this could be a really profitable business idea for you. However, you don’t need a bachelor’s degree to get started as a digital marketer.

You will just need experience with social media and other online advertising methods, and you’ll need to promote your services to businesses that need more customers.

FB Side Hustle can teach you everything you need to know about running Facebook ads for local businesses.

Profitable Businesses That Are Local

Side Hustles For Women young african american woman pointing at camera with a satisfied, confident, friendly smile, choosing you with euro banknotes

If you love working face to face with other people and have something to offer your community, starting a local business may be right for you.

23. Valet Parking

If you’re looking for small business ideas that are local and don’t require a lot of overhead costs, valet parking can be one of the best business opportunities.

You’ll need to make sure you have a lot of connections in the high-traffic area where you plan to park cars. Also, make sure you get the right insurance to protect yourself from the liability of driving other people’s cars.

24. DJ

DJ

If you love music and want to be self-employed, why not start a DJ business?

This is one of the most profitable businesses because people are willing to splash out a lot of cash for an epic party. DJs are sought after by people throwing parties, running events, and having weddings.

25. Real Estate

Real estate agents can have very profitable businesses because they can sell expensive houses and commercial properties and earn commissions.

Real estate agents have to take a real estate licensing exam before they are allowed to operate as real estate brokers. Besides this cost, you might also want to rent a building to run your real estate business out of.

26. Child Care Provider

If you love children and are willing to be responsible for someone else’s child, starting a daycare might be one of the most profitable small businesses you could start.

This is because there is always a large demand for trustworthy people who can watch children while their parents work. If your childcare business takes off, you could earn a lot of money per child!

27. Food Truck

food truck

Food trucks are very profitable small businesses for people who love to cook.

If you sell food most days of the week, you can earn a lot of cash! Just remember to factor in the cost of the food truck and specialized cooking equipment when you figure out your net profit.

28. Tutor

If you love to teach and know a lot about a school subject, you could become a professional tutor. Many people have done this great side hustle, but you can turn this into a new business!

You can tutor in person at a school or your students’ house, or you could offer online tutoring through video chat. This way, you can offer your teaching services to students no matter where they live!

29. Computer Repair

computer repairs

If you’re a tech whiz, opening a computer repair shop can be one of the most profitable business opportunities if it’s done right.

So many people rely on their technology for everything but don’t know how to fix it when it breaks.

You could offer your services from a home office or you could rent a small storefront.

30. Appliance Repairs

There are always people looking for appliance repair services. Appliances are expensive to replace, so people would prefer to have them fixed if possible.

If you’re handy and understand how appliances work, this would be a good service for you to offer.

31. Carpet Cleaning

Carpet cleaning takes specialized knowledge and equipment, so not just anyone can do it. That’s good news for you if you’d like to start a local small business that has lots of clients.

People will pay top dollar to have the carpets in their home or business cleaned. You could also offer a carpet cleaning service for fancy, imported rugs to become even more profitable.

32. Jewelry and Accessories Creator

homemade jewelry

If you have a talent for designing and creating jewelry or accessories, then you could start a local business that sells them. You can sell your wares inside boutique shops, at flea markets, or craft fairs.

You could even refurbish antique jewelry you find at flea markets into new, modern pieces with your own personal touch

33. Interior Design

Another creative option is to become an interior designer. Interior designers offer their services to individuals and businesses who want to spruce up their spaces and make them more attractive.

If you are selective with your clients and work in a high-income area, this can be one of the most profitable businesses for a creative to start!

34. Furniture Maker

furniture making

People will always need sturdy, well-made furniture. You could open a local furniture business that creates custom pieces or you can sell refurbished, pre-owned furniture.

You will need to buy specialized tools and know-how to use them in order to have a successful furniture-making business, but you control your hours and your products.

You can learn how to spot buried treasure in flea markets by taking a course from the Flea Market Flipper, who makes thousands on antique furniture and more!

35. Courier Service

You could start a profitable courier service and deliver people’s food, documents, packages, and more. You can work with a company like Postmates, Doordash, or Uber Eats to deliver food or Instacart to deliver groceries.

This is a great small business opportunity if you enjoy being active and working with people on a daily basis. Your job will be fast-paced, but satisfying when you are able to help someone who really needs it.

36. Party/Events/Wedding Planner

party event planner setting up dinner party

You could start your own party planning business and plan everything from weddings to birthday parties. People who hire you will rely on you to take care of every detail.

If you enjoy making people happy by putting together wonderful celebrations, this is the right kind of business for you. You can offer your services on-site or provide online consulting instead.

37. Human Resources (HR)

If you’re detail-oriented and organized, then running payroll for local companies could be the perfect new business for you to start.

You can start an HR business with just a computer and phone. Simply find your first clients by talking to small business owners in your area to see if they need your services.

38. Cleaning Services

older woman cleaning

Home and commercial cleaning services are always in demand. If you like to keep things spotless and enjoy helping people, you could start offering cleaning services.

This is a good business for an entrepreneur who enjoys working on their own with little supervision or one that has a team of employees. You could start as a one-person operation and grow from there.

39. Photographer

Wedding photographers can earn thousands of dollars for photographing a couple’s special day. If you take photos as a hobby, you can turn it into hard cash as a business owner!

You don’t need a degree to run a photography business. You just need a good camera kit and a strong photography portfolio to impress your clients.

We’ve also found people use drones to make money, like taking aerial photography and wedding videos, in addition to selling stock photos.

40. Videographer

If you enjoy working with people and telling stories through video, this may be the right small business for you.

People will pay a lot to have someone professionally film and edit their weddings, events, and more.

41. Personal Training

personal trainer yoga

If you love working out and want to be a business owner, consider becoming a personal trainer.

It’s low cost to start your business as a personal trainer, and you don’t even need to buy workout equipment if you are meeting your clients at the gym.

42. Landlord- Property Management Services

Property management service providers help landlords manage the administrative side of owning rental properties. You can manage many different properties to grow a profitable business.

You’ll be managing contractors, such as cleaning staff and repairmen, and you may even be interviewing tenants.

43. Tax Preparation Services

Tax season is stressful for people, so why not offer tax preparation services to relieve some of that stress? You could start this business on your own or as part of a firm.

Since this is a specialized service that not many people can do, it can be a very profitable business.

You’ll need a background in accounting, tax, or another financial sector. You will also need to get certified to file other people’s taxes for them.

44. Legal Services

If you have a legal background, you can earn a lot by offering your legal services to other small businesses. Lawyers are expensive, so entrepreneurs who need legal help can save money by hiring consultants to help them navigate the law.

This is a good business for someone with an MBA or JD looking for a business idea. Lawyers can also team up with other lawyers to offer services as part of a larger firm. For example, you could have lawyers on staff doing litigation while you offer legal business consulting services.

45. Electrician

Electricians are in demand and recession proof, which means you could make a lot of money by starting your own electrical business. This is a good opportunity for entrepreneurs who like to work on their own and are handy.

You’ll need to be knowledgeable about electricity and local permitting laws. You may also need to attend classes to learn applicable skills or do an apprenticeship to get hands-on experience as an electrician.

Benefits & Drawbacks of Owning A Business

Now we’ve listed 45 of the most profitable small business ideas, but is it as cut and dry as just getting clients and making money?

Starting a business can be hard work, and there are pros and cons to being a business owner.

Let’s talk about the advantages and disadvantages of small business owners:

Pros

1) You’re The Boss!

Side Hustle Ideas

Owning your own small business means you get to make all of the decisions. You don’t need permission from anyone else to implement changes in your business. You’re free to do what you think is best, not what other people tell you.

2) Profit Is All Yours

Small business owners work hard to bring home the bacon, and the bacon is all theirs at the end of the day. All the money earned is yours!

3) Fulfill Your Dreams

Opening profitable small businesses is how people can fulfill their dreams and follow their passions. When you are your own boss, you can do whatever you want as long as you have the knowledge you need and the desire to stick with it.

4) Work-Life Balance

love languages changes with growing family

The most successful small businesses can get pretty busy, but many work-from-home careers are praised for giving people a better work-life balance. 

Many entrepreneurs start their businesses to have more flexibility in their schedules, and that’s a big benefit. You can work when you want, from anywhere that has an internet connection.

You can also give yourself days off and make family time a priority.

Cons

1) Barriers To Entry

barrier to entry fence chained shut

Barriers mean that it’s harder to get into the field or start your business. The barriers can include lacking the knowledge, skills, degree, or licenses needed to start a certain type of business.

You may know the most profitable businesses to start, but you may not have the know-how to do the work or access to clients nearby. 

For example, you may need a special license to sell certain products or services, which means you’ll have to go through training and testing before you can offer those items.

2) Startup Costs

Startup costs for certain types of businesses can be very high, though some businesses cost no money to start.

Even a few thousand dollars is enough to start a business, but not everyone has the funds ready to go.

You might have difficulty raising the capital to get started unless you have a solid business plan or proof that you are or will be profitable.

3) Time & Effort

money and time balance scales

Running your own business can take a lot of time and effort, which means you’ll have to set aside other commitments.

Again, you can know about the most profitable businesses and pick one, but if you don’t put any work into growing your business, finding clients, etc. you won’t make any money!

Some entrepreneurs actually find themselves working more hours in the beginning once they start their own business than they were when they had a standard job,

4) Success Or Failure Is On Your Shoulders

If you own a small business, your success or failure is in your hands, and that can be nerve-wracking. You are responsible for protecting your investment and making sure the company earns enough money to survive.

Final Thoughts

jobs where you work alone Portrait of happy smiling businesswoman having break and resting

If you want a successful small business, these 45 profitable small businesses can get you started on picking profitable, unique ideas.

Think about your skills, interests, and how you like to work when selecting the right small business to start.

You can work from home or even while traveling anywhere you have an internet connection by choosing a business that can be done online. Even having them as part-time jobs can be very high-earning and the most flexible.

Or, get more involved in your community and launch a local business. You could put your handy skills to work by repairing appliances or computers.

If you’re a people person, consider selling homes as a realtor, working in human resources, or becoming a photographer.

Ultimately, you’ll have a profitable business if you’re good at what you do and you enjoy doing it.





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