18/04/2024
Small business trends

2023’s Most Lucrative Small Business Trends

Today, I’m talking about small business trends, a topic I know a lot about. There is no denying the appeal of starting a small business, but some ideas are more lucrative than others. Before you jump into a new business venture, consider if there is a market for what you plan to offer. Determine that you have the skill, knowledge and interest in your chosen niche. Otherwise, you might find yourself falling at the first hurdle. Luckily, the world of entrepreneurship is awash with small business trends for aspiring entrepreneurs who want to make money.

Small Business Trends Worth Considering in 2023

  • Tutoring – Education is a need that is always going to be there, which is why freelance tutoring is a small business trend worth considering. Personalised tutoring services have gained significant popularity in recent years, with a lot of parents looking for additional help for their children. As traditional classrooms face challenges – I’m sure you’ve heard about teacher strikes and a lack of funding in many schools – parents and students are seeking individualised learning experiences. You could offer help with academic subjects and test preparation, or something more creative, such as music lessons or coding.
  • Virtual Assistant – In an increasingly digital world, companies and professionals regularly require virtual assistance to manage online tasks efficiently. Virtual assistants offer administrative, marketing and even creative support remotely, and it’s a niche that’s evolving quickly. By helping clients streamline their workloads, you can capitalise on this small business trend, whilst enjoying the flexibility and location independence that comes with working remotely.
  • Removals – You might assume that removals is a somewhat ‘old’ and dated small business idea, but it’s actually one that’s still worth considering in 2023. With people constantly moving homes and offices, the removals industry is experiencing a lot of growth. A lot of this is to do with people moving out of expensive cities such as London and Manchester, in favour of a more affordable way of life. Offering professional packing, moving and even storage services can make the stressful process of relocating a lot smoother for clients. 
  • Copywriting – When it comes to the online world, content really is king. Businesses large and small are actively seeking freelance copywriters to create persuasive, engaging and informative content. This content can then be used on their websites, social media and as part of marketing campaigns. If you have a way with words and an interest in storytelling, starting a small copywriting business could open a lot of doors for you. 
  • Pet Care and Pet Sitting – We are a nation of pet lovers. So, it should come as no surprise that pet care and pet sitting are lucrative two small business ideas. As a dog owner, I know how important it is to have a reliable pet sitter available when you need one. Pet ownership is on the rise – this is likely linked to the growing number of people who are working from home on a regular basis – and pet parents are looking for high quality care for their furry friends. 
  • Bookkeeping – Even the most experienced of business owners can struggle with the financial side of things. A lot of people require efficient financial management, and many entrepreneurs are outsourcing their bookkeeping needs to freelance experts. If you have a background in finance or accounting, starting a freelance bookkeeping business can help businesses to maintain accurate records and ensure compliance.

Align Your Business Venture With Your Skills, Interests and Market Trends

It’s great news if any of the above small business trends appeal to you. But, take a moment to consider which niche would work best for you. It’s important to align your business venture with your skills, interests and market trends. Evaluate your skills, expertise and passions. Think about what you excel at, and if this links to any lucrative entrepreneurial ideas. It’s also a good idea to research each trend to understand its demand, competition and potential growth. You might struggle to make your mark if the market is already saturated.

The small business landscape is rich with opportunities for aspiring entrepreneurs and popular trends provide a starting point. By combining your skills with market trends, you can choose a niche that aligns with your passions. This will help you to build a successful and fulfilling venture, one that’s both profitable and enjoyable.

Written by
Scott Dylan
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Scott Dylan

Scott Dylan

Scott Dylan

I’m Scott Dylan, Inc & Co Co-Founder. I oversee the company's strategic direction and work to acquire and invest in distressed and viable companies, helping businesses improve their business processes and setting strategic directions.

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