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15 Most Profitable Businesses for Beginners in 2023: Make the Right Choice

In today’s fast-changing business world, successful ventures often make much more money than a regular job brings. This exciting possibility inspires many people to think about starting their own businesses to achieve financial growth and independence. However, the lack of previous business experience can make it challenging to find a profitable business idea. Unfortunately, there’s no one-size-fits-all answer to this.

most profitable businesses

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To decide what business may be the most profitable in your particular case, follow these important steps:

  • Take a close look at the opportunities and resources you have.
  • Do thorough research to find a niche with less competition.
  • Be honest with yourself about your skills and experience.

Even with careful planning, there’s still a risk you can make a wrong decision.

Success in a small business depends on smart planning and implementing your ideas well. You can succeed in many industries, but it’s vital to understand the situation and your abilities. So, what are the ways to identify the most profitable small businesses in 2023?

Important points to consider:

  • The article uses reliable data from trustworthy sources like Salary, Payscale, and Zippia.
  • How profitable a small business may be varies a lot depending on the specific country.
  • Remember that the article doesn’t give a step-by-step guide for immediate action.
  • Being successful in a highly profitable business requires a lot of dedication and commitment.
  • Effectively distributing profits is crucial if you want to achieve good results.
  • The International Wealth expert team is ready to help you start a profitable business, offering services like company registration, visa support, and corporate bank account opening.
  • Though the article is mostly about the USA, the information provided applies to other jurisdictions as well.
  • For more details and personalized service options, feel free to schedule a consultation with International Wealth experts.

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Option #1: Website and web application development

With Internet technologies, you have a great opportunity to make money with little investment. This industry keeps growing and getting more connected to different businesses. Hence, website and software development have the potential to remain in high demand in the future. It’s expected that by the year 2029, there will be 22% more job openings in this area.

To start a successful business and earn a steady income, special knowledge and experience are a must. If you don’t have the necessary qualifications or feel like your skills are not enough, special courses are available, and many of them are free. Although your initial earnings may not be as high as you hope, the project will eventually become profitable.

Basic project info:

Estimated business profit, thousand USD60 to 100
Critical skills and abilities (without them, the profit will be low)HTML, CSS, Javascript, Kotlin, Objective-C, Swift, C#, jQuery, PHP, Git, API, and Python
LicenseBusiness license
Documents2 agreements: Web development agreement and website maintenance agreement
Requirements for starting a profitable businessCode editor, Chrome Developer Tools, GitHub, computer, internet connection, and collaborative design and development software
US states boasting max profits in website and web application developmentWashington, Wyoming, Oregon, North Dakota, and Montana

Benefit from International Wealth corporate bank account services abroad: Africa.

Option #2: Financial consulting services

If you have lots of knowledge and want to make money from it, there’s a great and promising opportunity. An external accountant or financial consultant can assist you with offering valuable services to potential clients, which will help you start a profitable business with little initial investment.

A third-party accountant or financial consultant is a great asset for any business as they offer exactly what potential customers are looking for. With their services, you will start a profitable business with little initial investment.  

Basic project info:

Estimated business profit, thousand USD40 to 130
Critical skills and abilities (without them, the profit will be low)Financial planning, investment management, mathematics, and trend analysis
License(for the US)
DocumentsConsulting agreement
Requirements for starting a profitable businessSpecialized software for financial management, client communication, and planning
US states boasting max profits in financial consulting servicesNew York, Maine, Massachusetts, and Vermont

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Option #3: Online business consulting

Business owners are usually very busy, and they don’t have much free time. So, online consulting can be the most profitable business to start.

Here are some common situations when businesses need outside help:

  • managing social media accounts
  • taking care of the content on their website
  • dealing with a decrease in profits
  • getting assistance with company finances
  • cutting down on internal expenses
  • making the most of available resources.

Both big companies and small startups benefit from third-party consulting services. That’s why your business will enjoy high demand.

Basic project info:

Estimated business profit, thousand USD70 to 120
Critical skills and abilities (without them, the profit will be low)Management of projects and operations, data analysis, analytics, and creating budget proposals.
License
DocumentsConsulting agreement as well as PMP and CMA certificates
Requirements for starting a profitable businessTools for comparative analysis and project timeline management, as well as a balanced scorecard
US states boasting max profits in online business consultingAlaska, Washington, New Jersey, and Oregon

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Option #4: Information security

As economies worldwide become more digital and e-commerce technology grows in popularity, risks related to online security are on the rise. From time to time, even successful businesses face cyber threats that might make their websites unavailable, disrupt online sales, or lead to information leaks.

To stay safe from these risks, all companies require help with online security to protect their websites. This creates a great opportunity for successful businesses in this field to earn a steady income.

Basic project info:

Estimated business profit, thousand USD95 to 115
Critical skills and abilities (without them, the profit will be low)Cloud computing, information architecture, network security, full-stack web development, and data mining
License
Documents
Requirements for starting a profitable businessNetwork analyzer tools, encryption tools, firewall systems, penetration testing tools, and corporate antivirus software, as well as utilities for detecting network intrusions and security monitoring
US states boasting max profits in the information security sector Delaware, New Jersey, New York, and Rhode Island

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Option #5: Digital marketing

A profitable business can be built on one-off orders without the need to build a customer base. The key to success lies in optimizing website content. Digital marketing doesn’t solely generate profits or replace traditional promotional methods but works alongside them, broadening the pool of potential customers. These in-demand services offer a realistic opportunity to launch a profitable business for years to come.

Basic project info:

Estimated business profit, thousand USD47 to 93
Critical skills and abilities (without them, the profit will be low)Budgeting, sales organization, search engine optimization (SEO), video marketing, search engine marketing (SEM), content marketing, Google Analytics, social media marketing, and/or user interface (UI) / user experience (UX) design
LicenseServices in particular domains are licensed
DocumentsIndependent contractor agreement, AMA, Google, and HubSpot certificates
Requirements for starting a profitable businessProject management software, design tools, data collection tools, SEO and PPC tools, collaboration platforms, and cloud-based solutions
US states boasting max profits in digital marketingWashington, New Jersey, Minnesota, Rhode Island, and Oregon

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Option #6: Social media marketing services

According to experts, this segment holds significant promise and is experiencing rapid growth. Although the initial profits from commercial activities may be modest, a well-crafted business development strategy can lead to quick and substantial improvements. The business will start attracting new clients keen to establish their presence on popular platforms like Instagram, TikTok, or Pinterest.

Basic project info:

Estimated business profit, thousand USD50 to 89
Critical skills and abilities (without them, the profit will be low)Copywriting, graphic design, community interaction, and viral marketing
License
Documents– (Social media platform-issued certificates will come in useful)
Requirements for starting a profitable businessDesign tools, social media analytics tools, cloud storage software, post scheduling tools, project management system, and computer
US states boasting max profits in social media marketingCalifornia, Connecticut, Washington, Rhode Island, and Oregon

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Option #7: Commercial writing and authorship

Unleash your writing talent by starting a profitable business focused on creating articles for company websites. This exciting opportunity is perfect for people with diverse vocabulary and a keen sense of language. You can start by making interesting social media posts or managing a blog, and then slowly take on more tasks to increase your chances for success.

Basic project info:

Estimated business profit, thousand USD33 to 84
Critical skills and abilities (without them, the profit will be low)Spelling, grammar, coherent expression of ideas, and digital publishing
License
DocumentsIt is essential to rely upon both author’s rights and related rights, as well as compensation contracts
Requirements for starting a profitable businessComputer, proficiency in writing, text editor, and plagiarism detection tools
US states boasting max profits in commercial writing and authorshipDistrict of Columbia, Delaware, Nevada, Rhode Island, and Connecticut

Benefit from International Wealth corporate bank account services abroad: Montenegro.

Option #8: Creative graphic design

Using your ability to visualize thoughts and emotions can lead to a profitable business. The possibilities are extensive, ranging from industrial design, fashion, 3D modeling, animation, and infographics to creating captivating and eye-catching social media posts. All you need to start is a powerful computer and specialized software. As your profits grow, you can opt to invest in upgrading your tools for even greater success.

Basic project info:

Estimated business profit, thousand USD37 to 68
Critical skills and abilities (without them, the profit will be low)Illustration, image retouching, typography, branding, formatting, and web design
License
DocumentsDesign contract, copyright contract, and work-for-hire agreement
Requirements for starting a profitable businessAdobe Creative Cloud, Figma, Canva, Procreate, high-power computer, and graphic tablet
US states boasting max profits in creative graphic designWashington, Massachusetts, the District of Columbia, Rhode Island, and New York

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Option #9: Transcription services

With the increasing importance of the Internet in the business world, there is a rising need for services that convert audio and video content into written text. Although it can be quite challenging to establish a profitable and sustainable business in this sector, you can start with transcription, which is an enticing and promising option. One of its key benefits is the minimum initial investment it requires.

Basic project info:

Estimated business profit, thousand USD18 to 81
Critical skills and abilities (without them, the profit will be low)Fast typing, proofreading, attention to detail, and good listening skills
License
DocumentsNDA a.k.a. Non-Disclosure Agreement
Requirements for starting a profitable businessComputer, Internet connection, headphones, text processing software, and time tracking software
US states boasting max profits in the transcription service sectorSouth Dakota, New Hampshire, West Virginia, Illinois, and Nebraska

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Option #10: Professional translation services

The ability to speak and write in multiple languages is a valuable advantage when it comes to running a profitable business. You can create a successful and thriving company with this skill. There are various opportunities to explore, including simultaneous, literary, and legal translation, as well as localizing products and creating user instructions. With proficiency in several languages, you can significantly expand your potential customer base, making the business even more profitable.

Basic project info:

Estimated business profit, thousand USD27 to 100
Critical skills and abilities (without them, the profit will be low)Proficiency in 2+ languages, general literacy, knowledge of cultural nuances, sharp listening skills, and strong communication skills
License– (only ATA, CCHI, or medical translation certification is required)
DocumentsNDA
Requirements for starting a profitable businessComputer-Assisted Translation (CAT) tools and electronic dictionaries
US states boasting max profits in the translation service sectorDistrict of Columbia, Oregon, Virginia, Montana, and New York

Benefit from International Wealth corporate bank account services abroad: Latvia.

Option #11: Tattoo artistry and body design

The demand for these services is not very high but it remains steady. The lack of skilled professionals with developed artistic taste in this industry creates a great opportunity for a profitable business. You might need to start as an employee first to gain experience and practical knowledge.

Basic project info:

Estimated business profit, thousand USD27 to 100
Critical skills and abilities (without them, the profit will be low)Artistic drawing, tattooing, communication skills, refined artistic taste, and creative thinking
License+
DocumentsCPR (cardiopulmonary resuscitation) and BBP (bloodborne pathogens) certification
Requirements for starting a profitable businessNeedles, ink, a tattoo machine, gloves, hazardous waste containers, tubes, tips, stencils, and a properly sanitized workspace
US states boasting max profits in tattoo artistry and body designNew York, New Hampshire, Indiana, Wisconsin, and California

Benefit from International Wealth corporate bank account services abroad: Monaco.

Option #12: Wedding and event planning

Creating a vibrant and unforgettable event is a rare and highly sought-after skill. The most challenging part is to plan carefully, consider every detail, and collaborate with suppliers to discover unique solutions that will delight the couple and their guests. Though it’s a daunting task, completing it successfully ensures profitability. While competition is fierce in this small business sector, it is quite possible to earn a strong reputation. Once that’s established, your business will undoubtedly become profitable.

Basic project info:

Estimated business profit, thousand USD27 to 68
Critical skills and abilities (without them, the profit will be low)Refined taste, excellent communication skills, strong planning abilities, and proficient design skills
License
DocumentsCWP a.k.a. Certified wedding planner 
Requirements for starting a profitable businessSpecialized software and connections in the HoReCa and service industry
US states boasting max profits in wedding and event planningNew York, Massachusetts, Connecticut, New Jersey, and New Hampshire

Benefit from International Wealth corporate bank account services abroad: USA.

Option #13: Personal fitness training

Wealthy people like to hire experts who can handle specific tasks well. If someone starting a business is good at something, they can establish and grow a profitable and promising company. There are various domains to explore, including fitness training, yoga, business consultancy, psychological support, e-sports, and more.

Basic project info:

Estimated business profit, thousand USD29 to 100
Critical skills and abilities (without them, the profit will be low)Patience, well-developed communication skills, and a high level of knowledge and expertise in one or more areas
License
DocumentsLiability waiver, consent form, as well as iPEC and PCC certificates
Requirements for starting a profitable businessCertificate or document validating the trainer’s level of knowledge or expertise
US states boasting max profits in personal fitness trainingConnecticut, Texas, Wyoming, Pennsylvania, and Oregon

Benefit from International Wealth corporate bank account services abroad: Portugal.

Option #14: Virtual event management and planning

In the wake of the COVID-19 pandemic, meetings and online communication have surged in popularity. Surprisingly, this format has shown its effectiveness even beyond quarantine restrictions. Creating a profitable business that focuses on organizing online events is a viable venture, and one of its key advantages is the minimum initial investment needed.

Basic project info:

Estimated business profit, thousand USD33 to 83
Critical skills and abilities (without them, the profit will be low)Communication skills, organizational abilities, articulate speech, negotiation proficiency, and the capacity to coordinate and manage others, with a good grasp of Internet technologies
License
DocumentsClient contract, Non-Disclosure Agreement (NDA), and certifications in planning (CPE – Certified Planning Engineer) and special events (CSEP – Certified Special Events Professional)
Requirements for starting a profitable businessComputer with Internet access
US states boasting max profits in virtual event management and planningNew York, Massachusetts, Connecticut, and New Jersey

Benefit from International Wealth corporate bank account services abroad: Nevis.

Option #15: Catering and food hospitality

You don’t need a Michelin star to be successful or start a profitable business in catering. There are plenty of options to make money here, like offering personal chef services, catering for special events with a food focus, delivering food to specific places, and catering for offices. While the profits may not be huge at first, the business will grow stronger over time, attract loyal customers, and expand.

Basic project info:

Estimated business profit, thousand USD50 to 76
Critical skills and abilities (without them, the profit will be low)Cooking proficiency, resilience to stress, hospitality, hotel management skills, and expertise in organizing off-site events
LicenseFood Service License
DocumentsPrivacy Policy, NDA, Refund Policy, and Sales Tax Requirements
Requirements for starting a profitable businessComputer with Internet access, specialized software, advanced culinary skills, and a refined taste
US states boasting max profits in catering and food hospitalityNew York, Maryland, California, Pennsylvania, and Virginia

Benefit from International Wealth corporate bank account services abroad: Serbia.

It is perfectly realistic to create a successful small business. The important things to focus on are understanding what you need to do, planning well, prioritizing your customers, and staying positive.

Here’s what you typically need to do to start your small business:

  • incorporate your business officially or start it as a sole proprietor
  • open a bank account
  • register with the tax authorities.
  • get any required licenses or permits
  • show your professional or specialized knowledge, if necessary.

At International Wealth, we will handle all administrative tasks on your behalf. Our clients have the flexibility to choose the most suitable collaboration format. We work with various popular jurisdictions and offer comprehensive turnkey services. Our track record proves that we will successfully execute any project, no matter how complex it may be.

If you are interested in small business issues, take a look at the articles below:

If you need to contact any of the International Wealth experts, simply message us at [email protected] and we will be in touch with you shortly.

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