Small business Insider:  The 5 most profitable small businesses to start in 2023

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Simple Website Service

| Updated August 8, 2023

Everyone likes the idea of having their own business. The freedom, the independence and the lifestyle are a draw card for many. But, one also has to consider the risks and the consequences.  In fact, these are primarily financial and can be severe.  So then, if you are starting a small business you want to take precautions.  Ensuring that your business venture is profitable.  Thus you can mitigate financial risk. Subsequently, you can ensure the best chance of success. Consequently, we have researched the topic. The results are compiled here below a list for you. Let’s dive in!
profitable small businesses

What makes a profitable small business?

In fact, the most profitable small businesses are personal services, financial services and well located retail stores.  Furthermore, the criteria are a high-growth industry, low-start up costs, manageable overhead costs and low competition. Additionally, to future-proof this formula, you need to be evolving all aspects of your small business continually. Furthermore, flexibility is key.  In addition, you need to be able to adapt. Your small business still needs proper management.  Moreover, financial prudence and resilience are still imperative. 

In July 2023, the International Monetary Fund stated that global growth is projected to fall. The decline is from an estimated 3.5 percent in 2022 to 3.0 percent in both 2023 and 2024. The forecast is better than expected. But still remains weak.  The small business start up success statistics for 2023 remain the same as previous years. This shows that small business owners are showing resilience.  They are making their small businesses work in 2023.

The top 5 small business to start in 2023

1. Digital or Virtual Assistant

Canada has nearly 37 million internet users.  In addition, it is a prominent online market in the Americas. Furthermore, in Canada digital audiences are projected to grow to around 39 million online users by 2024.  This equates to 99% of the population. This means that digital is a high-growth industry in Canada.  In addition, as a virtual assistant you only need a good internet connection, a computer and your skills to start up. Low start up costs, manageable overhead costs and you have a profitable small business! You will also need to market your services. With a digital population like that, a website seems like the best idea.

2. Personal Trainer

Offering personal services is profitable.  Due to particularly low start up and overhead costs. The health industry is booming. According to the U.S. Bureau of Labor Statistics, hiring fitness trainers and instructors is projected to grow by 39% from 2020 to 2030. In fact, this is much faster than the average.
Personal Trainer Webp

3. Vacation Rentals

Renting out your property for a vacation rental is a great way to generate an income. If you live in a location that is a desirable work or holiday destination, this can be profitable.  You can create a website to advertise your property.  Use your website in conjunction with an app like airbnb for great results. The vacation rental industry grew significantly in 2022. This was in comparison to 2020 and 2021. 

4. e-Learning Course Designer

The e-learning industry is experiencing accelerated growth.  Furthermore,  this growth is expected to continue.  It is predicted to increase by $21.6 billion in 2024.  As a course designer you need to be very knowledgeable about the topic you are teaching. In addition, you need to be able to create the video files. Platforms like Loom and Vimeo make this easy. Then you need to find an e-learning platform to sell your course.  There are minimal overhead costs after you have created the course and published it online. 

5. Language Training

Language training is a growing industry.  In addition, the market is projected to increase by $5.7 billion from 2021 to 2026.  The most in-demand languages to learn are Mandarin, Spanish or Arabic.  You can conduct your lessons in person or online. Of course, you will need to advertise your service with a dedicated website. 

Get Started

This is a great guide from The Entrepreneur on how to start your own business.

The most important steps are:

  1. Do your research and refine your idea
  2. Plan every detail – write a business plan
  3. Research your market
  4. Create and write a financial plan
  5. Register with the relevant body if necessary
  6. Get insurance
  7. Create your brand and do your marketing

Making sure that people know about the service or product that you offer is very important. You need clients and customers.

The best way to do this is to get a website for your new venture.

Simple Website Service offers the best rates to build and maintain your small business website. At Simple Website Service, we live by an ethos of simplicity. This permeates into everything we do. We build professional websites according to web design best practice, but keep the build process simple. We make sure there is minimal hassle for our clients.

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In short, we designed Simple Website Service to take away all of the burden of website design, launch, hosting, backup and maintenance.

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We know that the problems our customers face are common. Outdated and not user-friendly websites that do not display properly on many devices can make it almost impossible to attract and retain clients. With Simple Website Service, these concerns are a thing of the past. Our completely turn-key service offers endless possibilities. Our team is always available to assist with all things related to your website, no matter what. We are always a phone call away. 

Simple Website Service provides a sense of ease and comfort to our clients, letting them know that getting a great website does not have to be difficult or expensive. Our approach removes any fear of change, a common concern for business owners who have either had a bad experience in the past or don’t know where to start.

Simple Website Service has the potential to transform your business’s online presence. We are fully committed to providing a transformational impact on our clients’ businesses, giving them an edge in today’s competitive market. So, if you’re a small business owner looking for a hassle-free website builder with professional support, look no further than Simple Website Service.

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Simple Website Service

Simple Website Service is an affordable, turn-key, custom professional website service for small business owners. Our website design solution comes with full ongoing support for updates, maintenance, security and backup. Our customers speak with a REAL person. With over 100 customers, our singular focus allows us to keep costs down for our customers. Small business websites are ALL we do. For over 17 years, we've listened to our customers - small business owners who need help creating professional websites that truly represent their brand. But, traditional options are expensive and time consuming while templated do-it-yourself solutions fail to capture the essence of what makes their businesses unique. That's why we created Simple Website Service for small business owners who don't have the time to wade through the complexities of a web project.

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