Starting a business is one of the time-tested ways to achieve financial independence. But contrary to popular perception, running a successful business isn’t a walk in the park.
Multiple studies indicate that less than 50% of all startups make it to their first birthdays. Other findings suggest that up to 75% of businesses collapse by the fifth year.
Therefore, it’s prudent to conduct adequate market research to determine the potential profitability of a business venture before setting it up. Fortunately for you, we’ve gone ahead and uncovered the six most lucrative business ideas to explore in 2023.
Read on and be inspired.
1. Office Space Rentals
Real estate is one of the most lucrative industries. Even better is that there are multiple ways to invest in real estate properties. One such method is by renting out office space.
Transforming your property through a business center allows you to generate a considerably higher income than you would with a residential building. You could earn up to five times more, depending on the investment’s location.
Office spaces also register higher occupancy rates than their residential counterparts. That’s because they attract different kinds of tenants. For instance, you could have several professionals renting your office as a co-working space. The property may also serve as an excellent venue for corporate events, professional training programs, and pop-ups.
Pop-ups are short-term retail stores that typically operate on specific seasons. Notable examples include gift shops and craft stores.
2. Short-term Vacation Rentals
Renting out your office space is particularly ideal for properties situated in prime locations. If you own a residential home and have extra rooms to spare, then you might consider short-term vacation rentals.
Recent estimates indicate that the global short-term rental market valuation is expected to hit USD 15 billion in 2030 from USD 10 billion in 2022. The ever-soaring accommodation rates charged by mainstream lodge facilities are the primary reason behind the sustained growth of the short-term rental industry.
Short-term vacation rentals also present low entry barriers since there are fewer regulatory bottlenecks to navigate. Besides, it offers immense networking opportunities as you’ll literally be sharing your living space with someone from a different walk of life.
3. Copywriting Business
Copywriting is a form of article writing targeted at promoting certain brands, products, or services. It’s one of the most lucrative ways to make money online.
Copywriting stands out from other forms of content creation due to the steady increase in the number of ecommerce stores. For every ecommerce outlet, there’s a copywriter working behind the scenes to pitch the company’s products to its potential clients.
There are two ways to undertake a copywriting venture.
First is the traditional method whereby you do the actual writing and proofreading. This option allows you to be in full control of the earnings. Alternatively, you could search for writing gigs and outsource them to your team of professional writers. While this option only entitles you to a portion of the income, the cumulative earnings can be a lot more than doing the writing yourself.
4. Cannabis Business
Cannabis, also known as marijuana or weed, is arguably the most popular herb right now. That’s due to its perceived medicinal value.
Numerous studies tout marijuana for its ability to relieve pain, inflammation, nausea, anxiety, and many other ailments. It also possesses psychedelic properties, making it popular with recreational users.
Like real estate, there are multiple ways to enter the lucrative cannabis industry. You could become a weed grower, manufacturer, distributor, or retailer. You could also trade in cannabis stocks or provide auxiliary services like packaging and branding.
However, remember that cannabis is illegal or regulated in several jurisdictions. Consider this before setting up a weed venture.
Babysitting is probably the last thing that comes to mind while scouting for the most profitable business ideas. But despite the degree of contempt around it, working as a babysitter can be ultimately rewarding.
Multiple surveys indicate that babysitters earn an average of $200 per week. The amount might double or even triple depending on several factors, such as the age and number of children under your care.
Babysitting is also one of the most flexible business ideas and can fit perfectly into your general schedule. Besides, there’s the hands-off approach where you own a babysitting agency and pay people to handle the business’ day-to-day operations.
And even if not for the profits, the mere feeling of caring for little angels is itself fulfilling.
6. Organic Food Business
The past few years have witnessed a massive shift in attitudes from processed and refined foods to all-natural, organic ones. So, it’s unsurprising that organic food is a lucrative business idea.
According to estimates, the organic food and beverage market size is estimated at USD 164.47 in 2023 and may grow to USD 220.30 billion by 2028.
Success in an organic food business relies on finding reputable suppliers. So, start by partnering with growers and distributors dealing in the specific products you plan to sell.
You’ll also have better luck specializing in certain goods as opposed to being a jack of all trades. Fresh fruits and leafy vegetables register the highest turnover among organic products. Cereals, tubers, nuts, poultry, and dairy products follow that order.
Setting up a business venture is only half the work. The other half entails implementing a robust marketing plan. With vigorous marketing campaigns, the above-listed business ideas will undoubtedly set you on the path to financial freedom.