The number of women entrepreneurs is growing rapidly. In fact, in 2021, 49% of new businesses were started by women, up from 28% in 2019, according to a survey by human resources services company Gusto. According to the US Census Bureau, in 2020, 21.4% of all US businesses were owned by womenand those companies employed 10.9 million employees.
Those are staggering numbers and represent how women are advancing in an area that has long been dominated by men.
If you’re considering joining the ranks of women entrepreneurs, this article covers you with some great businesses to start in 2023.
Criteria for selecting a business
The type of business you start depends on what is important to you and your goals, but there are a few factors you may want to consider.
market demand
You should do some research on the types of businesses you are interested in to see the size of the market and whether it is growing or shrinking. You don’t want to enter a market that is on its way to becoming stale. You can easily find that kind of information online.
Low startup costs
Start-up costs are often an issue, but there are many types of businesses you can start for very little, especially if you’re interested in a home-based business. There are also financing options, such as SBA loans, that can help you get the capital you need to get started.
Flexibility
Women often try to juggle work and family, so you may want to choose a business that allows you to work flexible hours or work at home. It will help you maintain a work-life balance that doesn’t keep you from missing out on personal or family time.
Top companies for 2023
We have identified ten businesses that are great for women entrepreneurs to start in 2023.
electronic commerce
Ecommerce was already booming before the pandemic, but now it’s literally exploding! In 2021, Global eCommerce sales grew to over $5.2 billion – yes billions. Ecommerce also offers literally thousands of options in terms of what you can sell and where. Basically, you can choose any product that interests you and has a large target market and sell it from your own website or on sites like Amazon or Shopify.
If you’re crafty, you could even make your own products and sell them on Etsy.
If you’re buying products from a manufacturer to resell, you can even eliminate the need to buy and hold inventory by finding a manufacturer that offers dropshipping. Dropshipping means that when you receive an order from a customer, you then place the order with the manufacturer and the manufacturer ships the product directly to your customer.
You can also run an eCommerce business from the comfort of your home!
Social media management
If you have experience with social media and social media marketing, you could start a social media management business. You would be managing the social media accounts of companies by posting and running ads for them. Part of this would be helping companies develop an overall social media strategy based on their type of industry and target market.
Social media management companies typically charge anywhere from $50-$100, so once you develop your clientele, you’ll make a good chunk of money. The social media management market was valued at more than $14 billion in 2021 and is expected to grow to over $41 billion by 2026, so you’d be in on some hot market action as well.
You could run your business completely online, so you would have potential customers all over the country.
autonomous
If you have a particular skill like writing or graphic design, you could become a freelancer. The number of self-employed is growing rapidly, with more than 70 million people in the US freelance work in 2023. The amount you earn depends on your particular skill and can range from $20 to $100 per hour.
Many online sites, like Upwork, have ongoing postings for freelance jobs and also allow you to post your profile and experience so people can invite you to apply for their jobs.
Being self-employed gives you a lot of flexibility. You can choose which jobs to take, set your own rates, and work on your own time.
online education
More and more people are turning to online classes to improve their skills and knowledge. Income from online education is projected to top $166 billion by 2023and will continue to grow at almost 10% per year for the foreseeable future.
There are several sites online that allow you to post your own syllabus and charge students a fee, so if you have a particular area of expertise, you can create your own courses and design them any way you choose.
Most of these courses are self-study, so once you’ve created and published your syllabus, you’ll need to do little more than answer questions and provide feedback on assignments.
Consultant
If you have a business or technology background, you could start a consulting company, helping companies improve various functions and processes, such as management, operations, or cybersecurity. Management consulting in particular is a huge industry, valued at almost $330 billion in 2023.
Consulting often requires in-person work, so you would have to network with local business owners and market locally to find clients. The rate you can charge depends on the type of consulting you do, but the average rate is $100 per hour and can be even higher, depending on your experience and the complexity of the work you do.
professional organization
Are you that person whose closets look like something out of a magazine? It takes real skill to make that happen, and it’s a skill that a lot of people don’t have, which is where you could come in. You could organize anything from closets to basements to garages and make $50 an hour or more.
You can even get a professional organizer certification from the National Association of Productivity and Organization Professionals to give it more credibility. Doing so could also help you justify a higher hourly rate.
Applications development
The ranks of women in tech are growing, offering a world of opportunity if you have a background in technology or want to further your education. Application development is just one of many technology business options available.
You have a few options: you can build your own app to monetize, or you can have a business building apps for other entrepreneurs who have app ideas but no tech background.
Today the world is driven by apps so you would be jumping on a fast moving bandwagon as the mobile app industry is predicted to grow over 13% per year through 2030.
digital advertising
It’s a digital world, with a growing number of people finding companies and products online, making digital marketing big business. Globally, $616 billion was spent on digital advertising in 2022so clearly digital marketers are in demand.
Starting a digital marketing agency requires experience in the field, but you shouldn’t have a problem finding clients, as most businesses do at least part of their marketing digitally. Digital marketing agencies can charge up to $500 per hour, or monthly fees of $10,000 or more.
A digital marketing agency is also a business that has unlimited growth potential.
Laundry
Okay, a laundromat doesn’t sound very glamorous, but invest in a laundry You can generate a significant amount of passive income because you would rarely have to be there. It’s a $6 billion industry in the US and the average laundromat earns around $500 a day. Not bad for a passive income!
Getting started will require an investment and could cost $50,000 to $100,000 or more, but no experience is required and you could consider it a side job while you look for another business venture.
Real estate
It is surprisingly easy to become a real estate agent or broker. Often, you can simply take classes online for about six to eight weeks, pass the exam in your state, and get your license. You will have to spend some time and money to promote yourself, but you can earn 2% to 7% of the purchase price of each house you sell.
Alternatively, you can start a real estate investment company and buy houses to remodel or rent. Rental properties are another way to generate good passive income, especially if you hire a management company to take care of your units and deal with tenants for you.
follow your passion
While these business ideas are great, it’s often your best bet to follow your passion and do something you love. You need to be happy, and the money you will earn is just a bonus. Some of the best businesses started out as hobbies, so considering what you really like to do can help give you an idea.
In conclusion
Entrepreneurship can be extremely rewarding, especially for women who want to be in control of their own destinies and answer to no one. Don’t be afraid to go for it and follow your entrepreneurial dreams. Whatever business you choose, if you do your homework and work hard, you can be successful.
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