Small business ideas for 2023

Setting up on your own and starting a new business can be both exciting and daunting. There are many reasons why people choose to become their own boss, such as flexible working hours, more freedom and autonomy and the chance to pursue an interest.

With around 5.47 million small businesses in the UK, though, it can be challenging to identify a successful business model that will stand out above competitors.

If you’re keen to start a small business in 2023, there are plenty of factors to consider:

• Finances – It’s important to think about how you’ll fund your initial business setup and the potential outgoings that you’ll have before making a profit.
• Training – Depending on the area of business, you might need certain qualifications or specific training.
• Location – You’ll need to think about where you’ll set up your business and whether you need premises or can run it from home.
• Marketing – It’s worth planning out how you’ll get the word out to your target audience about your new business.
• Your USPs – Deciding on your business area and your USPs is crucial before jumping into to being your own boss.

If you’re unsure what type of business you’d like to run, you’ll need to spend some time considering your interests and what’s likely to do well in 2023. Some popular ideas for small businesses include:

• Dropshipping – This involves fulfilling retail orders without actually stocking the goods. The order is transferred to the stockist, who then ships the goods to the customer. As the seller, you then make a profit on the difference between the retail price and the markup.
• Cleaning service – This is a popular business startup as it requires minimal outlay. You’ll just need a form of transport and reliable cleaning equipment to begin a cleaning service. Marketing is the crucial element here as you’ll want to attract clients within a certain radius.
• Home baking – If you have outstanding baking skills, why not start a cake-making business? The beauty of this is that you can start small, completing orders alongside your regular job before expanding and becoming a full-time baker – though it’s a good idea to make sure that you have a decent-sized kitchen available and good-quality equipment.
• Property managing agent – This involves being the middle person between the landlord and the tenant. While you don’t necessarily need huge amounts of qualifications, building up a portfolio before starting this type of business is a good idea.

Regardless of the type of company, business insurance is a consideration for many business owners for added peace of mind.

It’s also important to weigh up any measures that may need to be taken for health and safety purposes, whether you’re an employer or provide a service to the public.

Whatever business you decide to launch, remember to start small and take it one step at a time to give yourself the best chance of success.