Studies show that the most successful people are those who plan ahead. So in this post, you will encounter 35 of the most lucrative businesses you can venture into in 2023. We will even throw in ideas and business plans for these businesses to guide you on your journey.
Let’s begin!
What are Lucrative Business Ideas?
What is a lucrative business?
Concerning business ideas, it should be your aim for such ideas to be as lucrative as possible. A lucrative business is one that returns a substantial amount of profit to you (the business owner). Many of these businesses require little or no capital to begin, and that is what makes them very lucrative.
35 Lucrative Business Ideas 2023
#1. Dropshipping
Dropshipping is considered a profitable venture because it basically deals with typical e-commerce deliverables. Only that you don’t necessarily need to own a website or a physical store to successfully operate a dropshipping business. You don’t even require capital these days. This is because most dropshipping is done by ordering customers’ goods with customers’ money. So your customers pre-order these goods by paying you. Then you make a bulk order (which is cheaper) from foreign e-commerce companies like Amazon and AliExpress. When these goods get delivered to your location, you send them out to their respective owners.
READ MORE: SMALL BUSINESS IDEAS LIST
#2. Network Marketing
Networking is not going anywhere anytime soon. Networking has laid its foundation on human referrals for growth. Since the world is going digital, networking is also going digital. Basically, any business can thrive on peer-to-peer marketing. This ensures the sustainable growth and progress of businesses. In 2023, anyone that can pull a number of referrals for a business will be a well-sought-after individual.
#3. Foreign Currency Exchange
You may know this as Forex trading. Foreign currency exchange has advanced over the years. Evolving from merely exchanging American dollars for British pounds when the market is suitable to exchange digital currencies like Bitcoin and Ethereum for Japanese yen and Indian rupees. This business might require a little capital and some knowledge of the exchange market, so you don’t run at a loss, but otherwise, it will be a very lucrative business in 2023.
READ MORE: GLOBAL MARKETING: SIMPLIFIED STRATEGY TO SCALE ANY BUSINESS.
#4. Courier Services
What makes a business idea lucrative is the fact that it aims to solve problems arising from daily human interactions. Running a courier service requires very little, but if managed well, it will be one of the most profitable ideas you can materialize for next year. It involves you delivering products and goods from one point to another within a particular city. Sometimes even from one city to another, and, with advancement, from one country to another. People will always have the need to transport goods from one location to another, so this venture will definitely be profitable.
#5. Point of Sale (POS) Agent
Operators of point-of-sale (POS) machines solve problems in their own ways as well. They practically help to reduce the number of individuals crowded in banking halls. The majority of the transactions that can be carried out in the bank can easily be carried out by these agents. These days, there are companies willing to give out these machines to individuals on certain terms. You may need very little capital to begin but once you start, your profit is guaranteed. Being a POS agent will be quite lucrative because it keeps society moving, as we live in a fast-paced world. Only businesses that can keep up with the pace can flourish.
Social media is the future of this generation. Everything can be found on social media and this makes it the best platform for influencing people’s decisions. A very lucrative business idea for 2023 will be to become a social media influencer. Your job will be to partner with a brand and convince your followers, either on Instagram, Twitter, or Facebook (or all three), to patronize that brand and purchase whatever they are selling. This may require you to sprout products from the brand as well in order to be well-convincing to your followers. To do this, you will definitely need to have amassed a worthy amount of followers on social media—followers that like you and do what you do, this will make it easier to influence them.
#7. Digital Marketing
Digital marketing involves the new age marketing that involves everything digital. With no startup capital and all the technical know-how you can get, you will be required to run organic and inorganic campaigns, sponsored social media advertisements and Google Ads for clients in order to achieve maximum digital marketing results. Your clients will expect impressive ROIs so you have to give it your best shot. This is one other lucrative business idea for 2023.
#8. Data Analyst
Before now, the job of a data analyst used to be a tasking one in every organization. It was never a job segregated to a different person; we could have secretaries or even managers analysing data but since data has become more and more complex, the job has become one for a dedicated individual and this has given rise to data analysts. There are online courses you can take to improve your data analyzing skills and can practically function in any organization. This is definitely one business to look out for in the coming years.
#9. Website development
Every startup requires a website. As a website developer, you get to create, develop and manage websites for corporate bodies and (or) individuals. The good thing about this is that you can work with multiple clients simultaneously, depending on your output rate.
Corporate bodies and even individuals that cannot handle social media by themselves have developed the need to hire a social media manager. As a social media manager, your job is to manage the preferred social profiles of your client, growing the social media page in terms of engagement and followership over a period of time. Social media management requires a certain level of know-how but with absolutely zero start-up capital, you can work your way up the ladder of success with this lucrative business idea in 2023.
#11. Weblogging
Profiting from a blog can be a tedious task sometimes, but once you get the hang of it, you will come to appreciate the venture. In 2023, you can create a blog for free and blog about anything and everything based on your choice of niche. With a free blog, you can grow your blog’s reach to a substantial amount until you gather the little capital needed to purchase a custom blog domain and start earning from your blog. You can even sometimes earn from a free blog.
#12. YouTube Channel
There are currently over hundreds of thousands of YouTube users in existence. Running a YouTube channel requires no capital to start, and once you meet some criteria, you start earning from the ads that YouTube will show on your channel, and considering you earn in dollars, your profit is certainly going to be mouthwatering.
#13. Freelance Writing
Freelance writing is the most flexible futuristic job in terms of profitability. You get to create all form of written content ranging from two line copys to two pages articles for individuals and organizations without signing a permanent position with your clients. You will be free to choose who you want to write for and when you want to write since you will be freelance. The best part is that it is a remote job which you can do from the comfort of your home. This is one underrated business idea that is sure to bloom this year.
READ MORE: Home Business Ideas with Low Start Up Costs: Get the Top 20 Here (+ Easy Quick Tips)
#14. Ghost Writing
Similar to freelance writing only that whatever you write for your clients will not be credited to your name. You will only get a stipulated fee for your services but your work will be credited to someone else.
#15. DJ-ing
New school DJs have found ways to evolve and inculcate their craft into this days events and since we know that events are not going anywhere for a long time, this can also be a profitable business idea once you can gather the little capital required to acquire your instruments.
#16. Modelling
Models are respected for their ability to represent brands and showcase brand products in a way that suggests others to patronise the brand. Modelling in 2023 is considered highly lucrative because of the constant sprouting of new brands that will come to need the services of models.
#17. Podcasting
Podcasting is similar to having a private radio station. New age podcasting is slowly gaining enough grounds to compete with traditional radio. In 2023, we can expect podcasts to basically compete with radio stations. By doing so, podcasters will have opportunities to run adverts and campaigns the way a traditional radio station would do. There are various online platforms that can help you create your own podcast. They will also walk you through a step-by-step process on how to manage it.
#18. Laundry Services
The world has gone mobile and remote. Everyone is trying to stay productive and so some people regard doing their laundry by themselves as being unproductive. Even having a washing machine does not cut in anymore. In 2023 a lucrative business idea will be to own a mobile laundry business. One where your customers can send their clothes over to you via courier and have their laundry attended to in a seamless speed. The growth of this business will prove profitable in years to come.
#19. Fashion Designing
As the world advances in fashion trends, the need for capable fashion designers cannot be watered down. As a fashion designer, you can grow to be in charge of celebrity’s fashion statements. All you will need to start is just a sewing machine and a drawing book. Your imagination and innovation can cover the rest.
#20. Interior Decorator
Interior decorators are all about aesthetics. You will be in charge of tasks such as selecting color schemes, purchasing new design items, arranging furniture layouts, and hanging wall art. Think of yourself as an expert who can help people bring an entirely new look to an existing space. This is one lucrative business idea for 2023 that can’t go stale.
#21. Event Planning
Events these days are going digital/virtual and this does not even limit the need for event planners because even virtual events need planners. Events have evolved, and so also have event planners. As an event planner, you will be in charge of logistics, catering, decorations, and more for an event. This is a vital job as the success of an entire event depends solely on you. Small capital is needed to start. But you must be endowed with the technical know-how to successfully plan an event, both physical and virtual. This can skyrocket your business to become a highly lucrative one in the years to come.
#22. Wedding Planning
Wedding Planners bring the vision of brides and grooms to life by planning, organizing, and overseeing all aspects of the wedding ceremony, reception, and, often, the honeymoon. They ensure that the preparation, as well as the execution, of the couple’s big day, goes smoothly and that the newlyweds are satisfied with the results.
#23. Resume Writer
They resume, or summaries of the qualifications of an applicant who is searching for a job. Resume writers know the correct words to use when listing the applicant’s qualifications, skills, education, and job history. Many resume writers specialize in writing resumes for one type of applicant. This is a very lucrative business idea in 2023, as resumes will continue to be in demand by employers for a long time to come.
#24. Online Coaching
You can start up a business as an online coach, specializing in coaching individuals in an area that you are perfect at. This could be a lifestyle coach, behavior coach, relationship coach, public speaking coach, or even an inspirational coach. As a coach, you are empowered with information that your prospective students want, and you can choose to share this information for free or at a fee. Either way, you can amass wealth from online coaching.
#25. Graphic Designing
To become a top-notch graphics designer, you will need to have taken some online courses to polish your skills, but after that, everything else comes with ease, and so do the profits. Graphic designing is a well-sought-after business that will definitely go beyond for years to come.
#26. Ebook Publishing
With platforms like Amazon, you can self-publish an ebook with little start-up capital and sell it for a stipulated amount. Your ebook can cover a number of themes and information that readers will hold valuable. Your sales are guaranteed this way.
#27. Mobile Restaurant
Running a mobile restaurant entails you to oversee the delivery of food to corporate clients and individual customers, as the case may be. You will be at an edge because your services will always be easily reachable by your customers. You don’t need a physical space which is a plus in this business. All you will need is a way for your clients to make orders. Meeting clients’ orders at a swift speed will be your advantage over other traditional restaurants.
#28. Computer Language Coding
HTML, CSS, and JavaScript coding are the most popular types of coding knowledge in demand these days. In the nearest future, the coding of AI tech and simulations will be in high demand by companies such as Google, Facebook, Microsoft, and even Tesla. With luck and knowledge, coding will be a really lucrative business idea for 2023 and years to come.
#29. SEO Consultant
SEO consultants specialize in evaluating an organization’s website, including incoming website links, and offering methods to implement that will net higher search engine results. These consultants may be self-employed or work directly for a marketing services agency. SEO consultants typically work full-time in an office environment. But these days, the job has transcended to fit a remote setting. You may need to brush up on your SEO skills with a few online courses. But with that and no startup capital, becoming an SEO Consultant will be a highly lucrative business idea in 2023.
#30. Mobile Phone Accessories Sales
The typical sale of mobile phone accessories can never go stale. Mobile phone owners will continue to increase and will continue to be in need of accessories. You may need a little start-up fund to purchase some ground accessories, but once fully invested, your profit is guaranteed.
#31. Affiliate Marketing
Affiliate marketing is the process of earning a commission by promoting other people’s (or company’s) products. You first have to find a product you like. Then promote it to others and earn a piece of the profit for each sale that you make. READ MORE: AFFILIATE MARKETING TIPS FOR BEGINNERS
#32. Online Course Creator
The various online courses that are now in circulation all have creators, the people who create the outline and syllabus for these courses are well-paid. This is a really lucrative business idea that will come in handy in the near future.
#33. Health and Fitness Coach
Everyone gets cautious about their state of health at one point in their life. The job of a fitness coach is to dish out tips and instructions to people on how to live a more healthy life and keep fit. You don’t necessarily need a degree in health education to be a fitness coach, but such a degree is a plus as the extra knowledge will boost your business turnout.
#34. Ample Drone Piloting
Drone pilots are rare, and that is what makes the business extremely lucrative. Once you garner enough knowledge and you are able to professionally pilot a drone camera, your only limits will be yourself.
#35. IT Support
Also known as technical support, it is a position hired by a company to oversee and maintain their computer hardware and software systems. Your skills are an asset to the company, as they assist in resolving technical issues concerning customers’ accounts or company software infrastructure. As a Technical Support worker, you will also support computer software integration by diagnosing and troubleshooting common problems.
Business Yield Idea generator
Business Yield Idea Generator is the best anyone can find online because it is purely operated by humans, not a set of algorithms or artificial intelligence.
Humans gather data and do quick but detailed research based on the information you provide. It’s simple to use, just answer a set of quick and easy questions, and your business ideas will be in your email in less than 24hrs.
It takes 24 hours because this is the most feasible idea generator as it takes into consideration your budget, intended startup locations, talents and skills, the available time you can give the business, etc. Based on these data with an extensive feasibility study and just a little token, you would have a list of ideas sent to your email with links to give you access to instant business plans, Business model canvas and up to 3 years financial analysis to help you get started for the business.
What is the Best Business to Start in 2023?
If you are looking for the best lucrative business to start this 2023, you can also make your selection from these prominent ones below:
- Sell Your Crafts
- Content Marketing
- Web Development and Design
- Digital Marketing
- Graphic Design
- Food Delivery Service
- Virtual Assistance
- Affiliate Marketing
Which Business will Grow in Next 5 Years?
The businesses that are likely to boom in the coming years include:
- Outsourcing business
- Rise of co-working space
- Consumer goods and services business
- Business in real estate
- Healthcare industry
- Consultancy business
- 3D printing
What Businesses Will be in Demand in 2023?
- Real Estate Business
- Online Influencer Service
- Blogging
- YouTube Video Creation
- Digital Marketing
- Affiliate Marketing
- Dropshipping
What Business will Make me Rich?
- Financial Services.
- Eldercare.
- Business Consultancy.
- Investment Firm.
- Education and Training Service.
- Insurtech.
- Cleaning Business.
- Healthcare Consultancy
What are the 5 most Profitable Businesses?
The five most profitable businesses that anyone can invest in include:
- Real Estate
- Business Consulting
- Auto Repair
- IT Support, Technology Consulting, and Repair
- Cleaning Services
- Accounting and Tax Preparation
Which Business will Boom in Future?
It’s an exciting time to be a part of the technology business because of the promising developments that have been made recently. So, it’s safe to assume that every given venture in the tech sector will experience exponential expansion. Businesses involving the sale of books, Internet of Things devices, or domain names are all examples of online ventures with a good chance of success.
Conclusion
With the carefully selected lucrative business ideas we have provided above, you can be able to pick and start one that can yield you many profits in the coming years. You can also make use of our business idea generator to get more ideas.
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1 comment
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