Business & Finance
By Felix Osezua Sep 21, 2023
Business opportunities constantly evolve with technological advancements, changing market trends and consumer behaviours.
As we approach the last quarter of the year 2023, several sectors and industries offer immense potential for success if tapped into correctly. In the grand landscape of the global economy, entrepreneurs, investors, and corporations are continually in search of the next highly profitable venture. Although several industries offer promising return prospects, some sectors stand out for their distinct profitability potential. This article examines the top lucrative businesses in the world today.
● Business building opportunities have expanded over the years of finance digitalization.
● Trend patterns and consumer behaviours have changed as influenced by the digital economy.
● With over $6.54 trillion, e-commerce positions itself as the largest sector with the most business development and profitability opportunities.
E-commerce consistently remains at the forefront of business opportunities, especially with an increasing dependence on online shopping. As online purchasing increases, so does the potential for profits. The global retail E-commerce market is predicted to hit $6.54 trillion by the end of 2023—nearly double the value in 2019. E-commerce ventures, therefore, remain highly promising for entrepreneurs. Starting can be as simple as creating an account on an e-commerce platform, strategizing marketing plans and sourcing products
An example of an e-commerce business is Dropshipping. This is a business model where you don't need to own the products you sell. What you do is to send the customer's order to your supplier who do the packaging and shipping of products to to customers. What to do to start this business is to find a product supplier or manufacturer that you want to sell their products to, then create an online store on Shopify and have your products listed on sale in your store.
Some dropshipping stores you can try include Meowingtons, Inspire Uplift, and Warmly Decor.
REITs, which are companies that own, operate, or finance income-generating real estate, are continually proving to be reliable profit generators. The Global REITs market was valued at approximately $1.7 trillion in 2018.
Real estate businesses buy, sell, manage, and invest in real estate properties. Real estate industry is a huge one, with a valuation of about $3.7 trillion in 2021. If done correctly using the right business model, real estate business is a lucrative source of income you can trust.
Although real estate is more about buying and selling lands and buildings, there are other aspects of the business you can try. Below are some of them:
Blogging on Real Estate: What you need to do is to create content around real estate keywords for popular searches and earn on ads monetization on your blog together with affiliate links, or courses.
Real Estate Agent: In this role, You help to find a potential buyer for a home put out for sale. You negotiate with a buyer and sell the property for an amount greater than the owner wants for it and take the profits.
3D printing is a new dimension in the printing business. It's a process that enables the creation of physical objects from digital files. This technology helps manufacturers improve productivity.
How to create a business out of 3D printing?
Several options are available which you can explore. Statista reports that the common use for 3D printers is prototyping. You can leverage this to help small-scale manufacturers reduce their cost of production by creating phototype of their equipments, cutting down the time it takes to bring their product to market.
You can also try selling 3D printed products online. Start by creating a Shopify store and sell highly demand 3D-printed items such as keys, phone cases, bottle openers, and etc.
As businesses continue to transit online, the demand for digital marketing services has soared. With the market worth $305 billion in 2020 and a projection to exceed $786 billion by 2026, digital marketing businesses are swimming in opportunity.
The business of a digital marketer is the promotion of brands and their products through online channels like social media, search engines, and emails.
Getting started in the digital marketing business does not require much. No degree is needed to start the business. What you need is your skills to help you grow the business.
Some of the skills that can help you scale your business include link building, content writing/ distribution, and outreach.
You can also include paid advertising in your digital marketing business for more profits.
Virtual assistants are those who works by providing administrative support to businesses. These people helps businesses with tasks that requires extra hands like making phone calls, managing email accounts, or scheduling appointments.
Virtual assistant is typically a work from home business, and requires some work experience in the area you want to work in. FlexJobs report that Virtual Assistant business is one of the fastest-growing remote business careers in this decade.
Content writing is crucial in capturing the attention of digital consumers. A content creator can utilize creativity and expertise to help businesses succeed.
In today's world, every business that runs online wants to maintain an online presence, hence, they need content to attract, educate and bring customers. If you have some writing skills and can craft compelling content, you can get your hands on the pie in the booming content creation industry.
There are various types of writing in the content writing business you can help a client with. Some of them are long-form article writing, ads, emails writing, project whitepapers, ebooks writing, and more.
The remuneration for a content writing job can be very healthy based on the client you are working for. Peak Freelance’s survey shows that the rate for creating a 1500-word article can be between $250-$399. And you may decide to charge more as you build experiences with an improved portfolio.
To get Content writing business opportunities, you can check LinkedIn, Twitter, and Upwork. Or apply to the brand you want to work with.
With the outbreak of smartphones, especially among the working class and youths, the need for apps has been on the increase. As a specialist in app development, you are in position to help small businesses meet their business demand with the use of Apps.
Businesses use Apps in a variety of ways, which means there will always be a need for an app developer.
To start this business, all you need is to learn how to code. Software resources such as Codecademy, Udacity, and Treehouse can be of help in learning how to code. You can start learning by yourself or hire someone who knows how to code to teach you. As soon as you have acquire the necessary skills, you can start building Apps and have them sold on Google Play or App Store. You may also offer your services on freelancing sites.
Affiliate marketing is another great business idea for 2023 which anyone can do online. Affiliate marketing is a type of business that rewards affiliates for the customers they bring, and that buys a product from a particular site.
This type of business is performance-based. The affiliate marketers job is to drive traffic to a business’s website and then earn commission on any sales that that traffic generates.
To start as an affiliate marketer, all you need is to find online businesses that runs affiliate programs. Examples of such businesses that run affiliate programs are; Clickbank, CJ Affiliate, and Amazon. Once you found a business that offers affiliate programs with a commission percentage you like, you can begin promoting their products on your social media accounts, or on your blog if you are also into content writing.
With continued restrictions and preferences for staying in, delivery services thrive. From food delivery to parcel delivery, opportunities abound. All you need to begin are reliable transportation, scheduling software, and robust marketing strategies.
Delivery services are another great business idea for 2023. As more people continue working from home, the need for delivery services also increases. If it's a food delivery service you venture into, all you do is to deliver food from restaurants to people in their homes.
To start a delivery business, you need a reliable means of transportation, the client to work for; this can be a local restaurant that is willing to partner with you or a parcel delivery company that is willing to take you as a local dispatch agent. There are some food delivery services where you can sign up for a food delivery business partnership like DoorDash or Postmates.
Amid a global health crisis, the pharmaceutical industry has proven indispensable. Businesses or startups focusing on distributing medications can benefit from the $1.3 trillion global pharmaceutical market.
Online medical supply is a great business anyone can venture into with a minimal start up capital. In this business, your job is to sell medical supplies and equipment directly to customers or businesses.
To start this business, you need to find a medical products supplier that you like, purchase some products, and then start promoting those products on your social media accounts. You can also use e-commerce platforms like Shopify or BigCommerce to promote your products.
These business opportunities in 2023 offer the promise of financial success and personal satisfaction. The key to making the most out of them is taking the necessary first steps, coupled with dedication, persistence, and strategic planning
While these businesses lead the charge on profitability, the task of turning a profit still involves strategic planning, discerning market analysis, and patient execution. But for those ready to ride the wave, the horizon is undoubtedly promising.
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