7 Fantastic Business Concepts That Will Be Profitable in 2023

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Guru Online - Viewing prospective possibilities may provide you the motivation you need to make your next financial step if you have the entrepreneurial itch but are unsure of which business concept to pursue.

According to recent study from the Pew Research Center, the two main causes of employee departure are low pay and a lack of opportunities for career progression. A lot of professionals are looking into other career paths. If you are one of them, you may have come to the conclusion that the greatest thing you can do for your career is to invest in beginning your own firm.

Living the BYOB lifestyle—which stands for "becoming your own boss," of course—can be a viable strategy for achieving financial freedom. Which business venture, however, is best for you? Here are 13 tried-and-true company concepts to get you started if you're prepared to advance in your entrepreneurial career.

7 Fantastic Business Concepts That Will Be Profitable in 2023

1. Construct a course online

In 2020, the e-learning market was worth $250 billion, and by 2027, it is expected to be worth $1 trillion. Online courses feature modest initial expenses and large profit margins when you hit the mark if you have a computer and something to say that can benefit people.

But in order for an online course to succeed, you need a customer base, and customer bases can take years to develop. Marketplaces for online courses like Skillshare can be a terrific method to get past the problem of "no audience yet." Liana M. Douillet Guzmán, chief marketing officer of Skillshare, asserts that your online course doesn't need to be as long as you might believe in order to be successful.

The ideal strategy for being a successful Skillshare instructor, according to her, is to produce interesting, easily digestible, project-based content. "The majority of our classes have a pre-recorded video component that lasts for around an hour and is divided into a series of brief (2–5 minute) segments. The most effective lessons concentrate on a single distinct concept or ability rather than teaching a wide, all-encompassing skill set.

Guzmán claims that after you create and submit your material, you may keep earning passive revenue without doing any more labor. Most teachers, according to our research, enjoy the community on our platform and continue to interact with students even after the class has been posted. As a teacher, you are compensated from a royalty pool based on how long students watch your lesson.

As a teacher publishes more classes, more students have the chance to view their content, which encourages instructors to continue expanding their presence on Skillshare and succeed as online creators.

Guzmán points out that even just one class or workshop can result in a sizable amount of residual income.

The average monthly salary for our best teachers on the platform is $2,000, and some of them can cover their rent with the proceeds from just one lesson.

2. Lease or Rent Out Current Assets

When Airbnb first appeared in 2008, the concept of spending a weekend in a stranger's house seemed weird and foreign. Nearly 15 years later, the "sublet economy" has taken over the world, and a plethora of "Airbnb for X" firms exist to assist people in converting their existing properties into profitable ventures. Recent "sublet economy" choices include:

• RVnGO, a website where you may rent out your RV (or booking one for an upcoming road trip)
• A marketplace for parking spaces and garages is called Spacer.
• Swimply, a platform for pool rentals through subletting

sitting in a private jet or an unused yacht? Phone me. Just kidding, but you could use Jettly or Boatsetter, respectively, to get some extra residual revenue.

3. Establish a "Volume Photography" Company

Nowadays, most people only hire a photographer for special occasions like weddings or parties because cellphones' cameras have gotten so good. Look for photography jobs that need you to take a lot of images in the same location all day long to receive the most value for your money. It's referred to as volume photography.

If you don't have a proper workflow, volume photography can rapidly become overwhelming. Management systems for photographers and other creatives have grown in popularity in recent years. Professionals that want to capture a lot of images during sessions can benefit from PhotoDay, a sales and workflow platform for photographers.

Professional photographer Robin Janson explains, "My wife and I work together, but our entire time was concentrated on that - work." So that we may concentrate on our marriage and family, we can now produce more in less time. Whether volume photography is your full-time career or a side gig, PhotoDay changed the game.

4. White label a cosmetics or wellness item

It can be difficult and expensive to create a health or skincare product from scratch. Have you researched all FDA restrictions in case your next big idea comes under this heading? For new goods in these industries, multi-year schedules are not rare.

If you're just starting started, white labeling a product could be a wise compromise. For salon or spa owners, stylists, and beauty influencers who wish to attach their own branding to tried-and-true formulations, JBK Wellness Labs, an Inc. 5000 business, says that white labeling is a fantastic addition.

According to Dr. Jenelle Kim, the founder and chief formulator of JBK Wellness Labs, "choosing to white label high quality formulae provides a chance to generate increased revenue in retail sales with goods that have larger profit margins." Additionally, since your customers can't reorder the goods you sell them online, more people will come into your store.

5. Begin Freelancing

Millions of freelancers have benefited from online job markets like Upwork and Fiverr, which have enabled them to augment their income or even support themselves. Another indication of the radical change in job chances is the recent debut of LinkedIn's Services Marketplace.

Write well? Do you have any experience with video, coding, or social media? You might be surprised by the outcomes if you offer your expertise online where employers are searching to hire. The need for virtual assistants is really high, and your clients will tell you exactly what they need you to do. Having an eye for detail and no particular area of specialization also works.

If you want to increase your income but aren't ready or interested in quitting your 9–to–5 job just yet, freelancing is a fantastic compromise. Contrary to conventional assumption, many prosperous business owners tested their concept as a side gig and confirmed their value proposition before taking the plunge.

6. Organize a group event

Want to collaborate with a large group of clients or consumers simultaneously? Offer a live group program with a clear beginning and ending.

Since the beginning of the epidemic, virtual group activities have proliferated, with online book clubs, social clubs, and fitness challenges swiftly evolving into workable business models. When promoting a group program, emphasize how working in a group setting fosters greater camaraderie (and is frequently more affordable) than working one-on-one. 

Pro tip: Test your online course idea as a group program or live workshop series first if it isn't quite ready. This aids in ironing out any flaws and allows you to observe firsthand what clients' true needs and wants are, as well as how they use the tools and concepts you give to them. Additionally, it prevents you from creating and releasing an online course that no one wants (I've done it before; trust me, it's not enjoyable).

7. Sign up as an affiliate for your preferred brands.

If creating your own service, program, or product sounds daunting, think about building upon someone person's tested offer instead. Although multi-level marketing frauds and pyramid schemes have given affiliate marketing a poor reputation, many legitimate companies and pieces of software use referral links to expand their customer bases.

Consider how you might differentiate your marketing efforts when considering an affiliate marketing strategy. In this case, everyone is selling the same thing, so come up with unique strategies to separate out from the throng.

Launch Your Business Right Now

If you want to start a business but aren't quite ready to quit your day job, think about pursuing one of the aforementioned concepts. You might wind up making a whole career change.