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How To Patent An Idea For Your Startup: A Step by Step Guide
Most people have a genius idea lurking within them, but most of us fail to explore it to the fullest potential. But what's worse is a genius idea...
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Oran Yehiel • Published: January 17, 2023
As an upcoming entrepreneur, crafting winning startup business ideas can be daunting. Trying to dream up ideas that others have not thought of can be elusive and frustrating.
To help, we created this exhilarating list of business ideas in 2023 to help you brainstorm a potential winning venture.
Whether considering small business ideas that haven't been done or thinking of an exciting tweak to an existing concept, the world of entrepreneurship is yours to explore.
This article outlines the top 5 online business ideas to consider in 2023 for launching a killer empire!
Time to market: 1-30 days (2 weeks on average)
The capital investment needed: $100-$25,000
Profitability rate: 10%-20%
Complexity: Simple to Medium
eCommerce has wholly revolutionized the retail landscape. By 2025, shoppers will spend an estimated $7.4 trillion on online stores. That's a 50% jump from $4.9 trillion in 2021.
The E-commerce business has grown exponentially, thanks to technological advancements, internet connectivity, and shifting consumer behavior.
The landscape has changed dramatically, over the years.
Barely a decade ago, online shopping was considered by many unsafe or unreliable, but that is no longer the case. Shopping online is completely normal these days and is the preferred method of purchasing goods and services by most people.
Not only is this a huge market, but it is also very accessible. Building a website is no longer incredibly expensive and can be achieved on a very small budget if needed. Further to that, developers are easy to source and product logistics are easy to manage.
It has never been easier to jump into the world of e-commerce - in many instances, you can have something up and running in a day or two.
You might not even need the help of a website developer - simple drag-and-drop interfaces like WordPress, WooCommerce, and Shopify, enable you to build something amazing without coding or programming knowledge.
It could be argued that the creation of your website is the easiest part of the process - what matters more is finding the right product or service to sell in the first place.
To select a viable startup business idea, you should start by observing trends, researching demand, and gauging how disruptive your idea is.
A poorly researched business will usually result in quick failure - make sure you get the basics right and identify these factors before deciding.
Before we explore the most profitable e-commerce startup ideas, let's examine the startup cost of establishing a small online business shop.
Starting an online business can range from $100 to over $7,000 depending on your e-commerce website, design, hosting, payment processing, marketing, and inventory prices.
Let's go over the basic, approximate costs of online store creation.
Self-hosted eCommerce site
Hosting costs on an eCommerce platform
2.9% of transactions +$25 monthly
Marketing/promoting your site
Here are eCommerce small business ideas to consider in 2023:
If you're an aspiring entrepreneur, offering drop-shipping services is an excellent e-commerce opportunity to pursue.
Drop-shipping involves selling goods to customers who ship straight from the supplier, and you earn a commission from the transaction.
You do not hold or even purchase inventory in advance using this format - the supplier simply posts each order to your customers directly.
You are responsible for promotion, sales, and customer service, leaving the supplier to handle all aspects of warehousing and dispatch. This model appeals to many owing to its highly accessible nature and easy management.
Most drop-shippers advertise their stores through social media adverts, with Facebook being the most popular platform.
Be careful though, and be sure to study the various advertising platforms and educate yourself on how to obtain a healthy ROI, because ad campaigns can quickly spiral if you are not careful.
The dropshipping business model is experiencing tremendous growth of 24.39% year-on-year from 2020 to 2026 and is likely to hit $500 billion in 2027.
The impressive growth may be due to relatively low startup costs that exclude purchasing inventory and lower risks to the entrepreneur.
Nonetheless, you must do thorough research to develop an effective business plan upfront to be part of the 10%-20% of drop-shippers who succeed in this business.
For a greater chance of success, try to focus on high margins and low shipping costs.
If you're on a shoestring budget, consider going into grocery delivery. It's a low-cost business idea to start.
Setting up a local grocery delivery business is possible with a delivery vehicle and a simple mobile app that allows prospective buyers to make orders.
Conduct market research to determine adequate demand in your locality before setting up your business.
Customers increasingly prefer the convenience of home deliveries thanks to the need for social distancing from the Covid-19 pandemic. If that's not all, the elderly and those too busy to shop for household essentials make your target market.
Explore a working relationship with grocery stores in your locality to streamline operations and improve customer delivery.
For those with an interest in healthy food, one option might be to tap into the booming online food delivery business that is growing each year impressively.
The global market for the online food delivery business stands at $130.2 billion in 2022 and will soar to $223.7 billion by 2027. Start your own meal prep business and be part of the party.
A meal prep business offers nutritious foods to customers who value eating healthy but are too busy to prepare the food themselves. Here, niching is possible depending on prevailing market demand and your skill set.
As a meal prep business owner, you will create your own ready-to-eat dishes for the customer once delivered.
The cosmetics and beauty products industry is a multi-billion-dollar business that you can consider.
In 2020, the US personal care and beauty e-commerce business posted revenues of $32 billion, about 7.4% of the entire retail e-commerce revenue, that year. You can dare to dream big in an industry that's showing promise.
However, starting an e-commerce business in cosmetics and skin care products takes more than passion.
You've got to know your products and how the industry works, and you'll also need competent staff who know their craft.
Moreover, you must invest in a robust marketing campaign that cuts through the noise in a highly competitive industry and boldly positions your brand before your audience.
Interest in wellness products has spiked thanks to the growing need to take care of physical and mental health. You likely know a close friend or family member who regularly purchases wellness products, often at a considerable price.
Starting an online shop dealing in wellness products is one of the best small business startup ideas in 2023, although it helps if you have an interest in the niche, to begin with, it is another example of a highly accessible market to jump into.
The wellness products industry is huge, with revenues estimated at $1.5 trillion and annual growth of between 5% and 10%. You can ride on this crest and start a successful venture.
eCommerce startup opportunities in the wellness space are as varied as customer needs; the sale of meditation apps, workout gear, wellness tourism, sleep apps, to healthy essential oils, are all great examples. Just pick your area of specialty.
This is a good market to exploit owing to the constant, unrelenting need to improve physical and mental well-being.
Selling vintage fashion items isn't a revolutionary business idea, but it is a reliable and accessible industry to join. For that reason, this might be one of the best small businesses to start without prior experience.
ThredUp projects that the secondhand clothes market will likely grow by 127% between 2021 and 2026, moving from $96 billion to $218 billion in revenue. Colossal by all means.
The craze to declutter and embrace a minimalist wardrobe has fueled the secondhand clothing business. Additionally, the availability of online platforms that connect sellers of used clothing items and potential buyers has catapulted this business.
First, take baby steps by selling your unwanted clothing items, thus getting a general feel for the space, and getting initial experience under your belt.
Next, develop a website for your online thrift store and market your merchandise to your target market—leverage social media platforms as an integral part of your business market campaign.
Grow your inventory by reaching out to thrift stores for captivating items that appeal to your customer base.
An Info Product is educational training resource prepared mostly in digital format for a targeted consumer base. The aim of the product is to help the consumer achieve a specific goal such as acquiring a skill or gaining certification in a field.
Traditionally, info products were mostly presented in written formats, predominantly in PDF format. That early format has now evolved into videos, live streaming services, and recorded webinars.
Info products contain in-depth explanations of virtually every sphere of knowledge. Whether you need a detailed guide on dating, running an email marketing campaign, preparing nutritious meals, or investing in the stock exchange.
With an info product, you make money when a customer purchases your product.
Here are the top InfoProduct startup ideas to consider in 2023.
Online tutorials and educational services are booming and are among the best small business ideas to consider in 2023. If you're a subject expert, you can start your own online education service relatively easily.
eCommerce has transformed learning delivery in schools, universities, and the corporate world, disrupting the traditional brick-and-mortar classroom.
You can invest in a multiformat platform and dispense knowledge virtually to your learners. Your students can access your online tutorials on their mobile devices and learn at their pace and convenience.
Online learning resources come in multiple formats, from online courses on cloud-based digital modules and videos to downloadable ebooks. You can run a subscription service or sell classes.
Starting an online education business is inexpensive as you can run the program from your website.
To succeed, research your client base and market your programs aggressively.
The market for online tutorials hinges on the need to upgrade technical skills in a fast-paced working environment. Additionally, technical students rely on online courses for their coursework.
To succeed at starting an online tutorial on tech subjects, you need the technical expertise to tutor in the relevant area.
In some fields, you may require a recognized certificate or professional membership in a local chapter of practicing professionals to verify your authority as a reputable trainer.
Next, work on creating high-quality content that is valuable and engaging to the audience.
For instance, a tutorial on a technical subject will involve in-depth research and presentation broken down into several digestible modules that learners can easily understand.
Finally, market your site to draw relevant traffic to your courses.
Another business model which is growing in popularity of late is Freemium content. The idea is to promote a membership site that allows all visitors to access restricted content on your website.
Members who pay subscription fees can exclusively access more valuable premium content.
Here’s how it works.
Your website offers resourceful information to confirm your authority on the subject and attract people hungry for information on that particular niche. They'll then need to pay to access premium content on your site.
eBooks are the digital version of conventional books customized for online audiences.
Besides providing in-depth information on a topic, eBooks also serve as lead magnets for digital marketers who use them to entice potential customers to their online resources.
It takes time and expertise to compile an eBook with resourceful content consumable by the market.
Nonetheless, the dividends of a great eBook are an excellent trade-off for your effort.
Obviously, it helps vastly if you select a subject matter that you already have experience with or an interest in. Develop the type of content readers will want to read by conducting rigorous research on customer needs and your subject matter.
Write engaging content generously punctuated with helpful infographics to captivate your audience.
According to HubSpot, eBooks range from 5k to 10k words on average, so you might want to consider a sweet spot between the two.
Creating checklists is one of the best business ideas you can embrace in 2023.
They are a preferred lead magnet for any online business and can be a great source of revenue, directly or indirectly. Directly, by selling them as downloadable items to targeted businesses.
Indirectly, they generate revenue, by accelerating your marketing efforts and growing conversions as they drive targeted traffic to your website, boosting your organic SEO in the process, and increasing your email subscriber base.
Since they are systematic guides that provide an actionable step-by-step roadmap, businesses rely on them to navigate seemingly complex technicalities - whether it’s a blow-by-blow account of how to start a business, pitch to investors, register a patent, or a machine’s operating procedure.
You may create a checklist by summarizing an instructive blog, webinar, or training course into numbered points that your customers can download.
Finally, they are easy to create, compared to eBooks, and can be used in every industry.
Webinars have grown in prominence over recent years to become a viable Info Product business to consider in 2023.
According to HubSpot, one in every four marketers uses webinars to reach their target customers.
There are two webinar formats: previously recorded, or live.
Webinars are a high-impact marketing tool with an impressive conversion rate as you have direct contact with your customers. Use them to launch new items, demonstrate how to use products, and share industry expertise with customers and peers.
Most webinars are offered free of charge - the strategy is to monetize through the promotion of other, paid products either during the webinar, at at the end of the session.
However, some webinars can be a direct source of revenue through a subscription fee.
Several video graphic tools can help to elevate the engagement of your webinars. Here are examples:
What gives webinars an edge is that customers and prospects may still access webinars long after the event, thereby creating further leads.
Time to market: 14-30 days
The capital investment needed: $62 - $40,000
Profitability rate: 11%-20%
Complexity: Simple to Average
If you’re thinking of starting an agency service business startup in 2023, then the options are numerous. In fact, your greatest challenge will be choosing the most appropriate agency idea to start with.
Depending on your skill set, passion, and access to capital, we have prepared a short list of viable agency business ideas in 2023 for your consideration.
In the digital space, the content remains king as demand for high-quality content in various formats continues to rise. In 2022, the content creation market was estimated at $14.9 billion and was projected to grow to $47.2 billion by 2032.
Setting up a content marketing agency places you at the epicenter of the digital world.
The work of your agency will be to meet the growing demand for content by sourcing content creators and copywriters to write articles, blog posts, and landing pages for websites.
There's a high demand for video content hence the need to provide content in multiple forms.
If you're an excellent website developer, why not consider starting a website-building business agency?
Web design continues to be a solid, lucrative business that can pay very well, and usually offers remote working.
On average, a senior web designer in the US will earn $80,585 annually, whilst a website building agency can earn over $150k monthly - this can be an extremely well-paying business with no shortage of clients.
You can start the business part-time if you wish and passively make inflows as you go for better-paying clients with time.
Starting a website agency costs between $2,000 and $8,000, and you can begin landing clients almost immediately. However, if you already have the equipment, the starting cost can be much lower.
An online advertising agency helps businesses grow sales by effectively reaching their targeted consumers.
Online advertising agencies perform several functions; schedule marketing campaigns, design ads, advise on the most effective advertising platforms, and evaluate if past advertising campaigns succeeded.
Based on experience, data, and prevailing trends, online advertising agencies help business owners decide on the most suitable advertising strategy for their campaigns.
For those with a passion for both business and travel, starting a travel agency might be your preferred agency business.
Launching an online travel agency begins with identifying your tourism target markets and clientele.
As a travel agency, you'll provide travel and accommodation arrangements and come up with itineraries, guides, and packages for your clients.
The significant startup investments are setting up a tourism agency website, developing compelling content, and acquiring the relevant certifications to offer the service.
Once ready to roll, unleash a spirited marketing campaign for your business to slowly build a loyal customer base.
Starting an online travel agency business ranges from $1,000 to $20,000, depending on your business model and the type of online resources you purchase.
Here's what you pay for:
Establishing an online recruitment agency is a superb business startup idea in 2023 if you have knowledge of finding talent.
A study by Fortune Business Insights projects that the global online recruitment market will be at $43.39 billion by 2027. That's an estimated 7.1% annual growth rate from $28.68 billion in 2019. The opportunity is cosmic.
As a recruiter, you'll need to win the trust of potential employers and employees. That's where excellent reviews from employers (and employees) come in handy.
Consume relevant content to set up a world-class agency with a reputation customers can trust.
Then, adopt proven marketing strategies for your recruitment agency. SEO, email marketing, content creation, and social media must be in your marketing toolkit.
The SaaS business model refers to selling cloud-based software that your customers access via apps on their handheld devices like mobile phones, palm tops, or desktop apps.
Consumers typically pay for the service through a periodic subscription. You make money by scaling the number of customers using the app you have developed and deployed.
The SaaS business model is versatile and applicable to virtually every business sector, making it an attractive consideration to venture into as an entrepreneur.
Examples of companies that sell SaaS-based solutions include MailChimp, Amazon Prime Video, HubSpot, Salesforce, Zoom, Adobe Creative Cloud, and Dropbox.
One outstanding benefit of SaaS business models is their applicability across multiple industries.
Below are areas you can develop cloud-based software solutions for businesses.
Marketing takes your marketing to the next level by automating routine functions such as scheduling content creation, social media publishing, and email campaigns.
Video creation and editing software help render and edit top-notch videos for content creation, training, and advertisements.
Bookkeeping and accounting software automates financial reporting, tax calculation, and inventory management.
These tools help teams schedule meetings, share files, and collaborate on projects. Remote work is a possibility due to these tools.
You can use wellness apps severally. From smartwatches that keep tabs on your health metrics to telemedicine consultations and anything in between, wellness apps are a highly trending product right now. Be part of the success story.
You've interacted with chatbots that man websites and help respond to common queries that customers ask while navigating through content on a page.
Chatbots improve the level of engagement and conversion rate on a site. Besides, they function 24/7.
Many small businesses and large corporates need assistance running a seamless appointment reservation system. An effective appointment reservation system facilitates better use of company resources.
Creating an online appointment reservation system is one startup business idea that can help prevent executives and employees attend to meetings on time.
Automated reminders and meeting schedulers ensure meeting times and venues do not clash for different business groups.
Online invoicing software is a brilliant idea enabling small businesses to take care of their invoicing needs.
Virtual tutorial software apps and tools enable employees to interact with coursework at their pace and convenience. Besides, they can learn remotely, even from their homes.
Virtual tutorial tools allow learners to initiate and pace their training depending on available time.
Time to market: Almost immediately
The capital investment needed: From $50
Profitability rate: Over 50%
You need to consider taking your business online if you're already offering coaching and consultancy services conventionally. An online platform can grow your consultancy business and help you reach new customers.
On average, a consultant in the US earns $28.14 per hour. If you're skilled in a field, package it as a value token someone will want to pay for, and you should see an impressive revenue stream out of it.
Apart from acquiring a new clientele base, online platforms present alternative ways of packaging your expertise and reselling the same online resource to multiple customers.
Positioning your coaching or consultancy business online opens you to multiple income streams; webinars, downloadable content, ebooks, affiliate marketing, advertising, and YouTube videos.
Some of these income sources are passive, requiring a one-off investment.
Setting up an online consultancy or coaching business may appear intimidating, especially for the not-so-tech-savvy. You are an expert, and your expertise is the premium product on sale here. Online platforms are merely channels that sell you.
Consider reaching out to expert web designers and content creators to help set up your business's digital infrastructure.
You can hire freelancers for the job. Check out freelancers on platforms like UpWork, Fivver, or ProBlogger. Next, hit the market with targeted messaging for your intended clientele as you launch your product.
Here are some coaching and consultancy business ideas that you can move to the online space in 2023.
A seasoned and passionate human resource specialist is a repository of skills many organizations cannot afford to miss.
A human resource expert can deliver a wide range of consultancy services online; talent sourcing, job placement, productivity optimization, career guidance, and management training.
Do you have a way with words when it comes to writing resumes and cover letters? Why not convert that into a consultancy opportunity to help professionals in job hunting?
Start an online coaching service that helps job-seekers with their applications.
If you like helping others achieve their career goals and have succeeded in your career, consider online career coaching.
You may opt to offer general career coaching or niche to specific management levels, age groups, or professions.
For example, you may decide to work with top management, lawyers, women leaders, or millennials.
You could help leaders attain their full potential in their professions.
Leadership coaching is a viable business idea, but you must be up to the task. Either you have leadership experience or are a trained leadership coach.
You can pitch for opportunities to train executives in a corporate.
This is an industry that is known for paying very well indeed
Productivity coaching helps workers make the most of their time to produce the best possible results.
As a productivity coach, you'll help organizations identify areas of time wastage and zero in on the tasks that boost productivity.
As a business development expert, you help businesses streamline their operations for an improved bottom line.
They help stimulate organizational growth and challenge the management out of redundant practices.
Multinational corporates and small business owners need digital marketing consultancy to help them make the most of their digital resources.
The field of business finance is vast, and to be effective, you need to find a niche in your area of specialization to deliver value to your clients. You may assemble a team that combines several competencies in the area of business finance.
Areas where businesses could come knocking at your door for help, include fundraising, deal structuring, loans for small startup businesses, tax consultancy, and investment advisory services.
Businesses all over are looking for communication experts who can handle their business communication and public relations. If that's you, and you're entrepreneurial, you have the chance to start a business communication consultancy.
Many coaching ideas can help people with skills to lead a happier family life, enjoy relationships, and become better at parenting.
Here are some opportunities you could consider if you're passionate about relationships.
Parenthood comes with many challenges, from first-time parents to parents of teenagers. You might be an excellent resource to parents by starting a parenting coaching business that handles all parenting challenges.
A relationship coach helps those who are looking for the perfect match.
You can guide those looking for a suitor on dating apps by giving valuable relationship advice.
Those dating may turn to you in their quest to better their relationships and resolve conflicts.
You can start a couple of coaching businesses if you're thrilled by seeing relationships thrive.
If you like to see others living and eating healthy, you might want to start a coaching or consultancy business promoting health. And the options are immense.
Health coaching might be your thing if you have successfully helped others overcome health challenges.
Health coaching involves taking others through a journey that leads to better health.
Nutrition coaches advise people on healthy eating. You can be certified as a nutrition coach and start a business along those lines.
As a nutrition coach, you can niche into weight loss, prep meals, meal plans, and meals for infants and those recovering from sickness.
Lifestyle diseases and sedentary lifestyles are brutal to our physical and mental fitness.
An online fitness coaching business provides the pathway to keeping fit at a time and place of the customer's convenience, whether working from home or on business travel.
As more people work from home, fitness coaching is an excellent business idea to consider in 2023.
To venture into online fitness coaching, identify your specialty area, have the requisite certification, draw a business plan, build your website, and create relevant content. After you have an online fitness course ready, put the word out to your ideal client.
There is a dynamic shift in the marketplace, with businesses increasingly preferring virtual meetings over in-person events.
Virtual meetings save time and money for staff collaboration or meetings with customers, suppliers, and other stakeholders.
Catalyzed by the Covid-19 pandemic, virtual meetings soared in popularity and have become the standard collaboration mode in the corporate world. Grab a piece of the pie in the virtual meeting business by setting up a virtual planning firm.
Your firm will do everything from scheduling meetings with attendees to providing suitable collaborative technology and more.
Virtual medical consultancies offer the perfect space for medical professionals who wish to expand their practice with minimal costs.
Online medical consultancy businesses are handy for diagnosis where clients are in remote areas, for routine management of the chronically ill, and for treatment of contagious diseases.
A sports team coach instructs and motivates teams to perform better and realize their potential. You can start a team coaching business if you're an expert in the field.
A highly rewarding vocation for many - helping people to achieve better health by fighting the flab and toning down.
You can prescribe a regimen of natural diets, special herbs, or an assortment of exercises that will help people cut weight.
Training people to run properly can be an incredible business idea if you're a passionate athlete.
A strength and conditioning coach helps boost their performance and stay fit using scientific research and technology.
You can start a coaching business as a trained strength and conditioning coach.
You can help people maintain their mental health by teaching them meditation techniques.
Tours and travel consultants arrange end-to-end tour packages for their clients.
A superb startup business idea to consider in 2023 - Real estate consultancy businesses guide lenders, borrowers, commercial property investors, and property dealers on the intricacies of real estate development and financing
This article is a comprehensive catalog of online business ideas for 2023. The ideas range from startup business ideas that haven't been done to conventional businesses that are fast moving into the digital space.
Ultimately, you'll decide on the business that suits you, depending on your expertise, budget, and passion.
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