The number of female entrepreneurs grows fast. In fact, in 2021, 49% of new businesses will be started by women, up from 28% in 2019, according to a survey by HR services provider Gusto. According to the US Census Bureau, in 2020, Women owned 21.4% of all American businessesand those companies employed 10.9 million workers.
Those are staggering numbers and show how women are making progress in an area that has long been dominated by men.
If you’re thinking about joining the ranks of female entrepreneurs, this article lists some great businesses that could launch in 2023.
Criteria for selecting a company
The type of business you start depends on what’s important to you and your goals, but there are a few factors to consider.
Market demand
You need to do some research on the types of companies you are interested in to see the size of the market and whether it is growing or declining. You don’t want to enter a market that is on its way to becoming obsolete. You can easily find that kind of information online.
Low start-up costs
Startup costs are often a problem, but there are many types of businesses that you can start for very little, especially if you are 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 balance work and family, so you may want to choose a company that allows you to work flexible hours or work from home. It will help you maintain a work-life balance that won’t stop you from missing out on time for yourself or your family.
Top companies for 2023
We’ve identified ten companies that are great for women entrepreneurs to start in 2023.
Ecommerce
E-commerce was already booming before the pandemic, but now it is literally exploding! 2021, global e-commerce sales grew to more than $5.2 trillion – yes trillion. Ecommerce also offers literally thousands of options in terms of what you can sell and where. You can essentially choose any product that interests you that has a large target market and sell it from your own website or on sites like Amazon or Shopify.
If you’re handy, you can even make your own products and sell them on Etsy.
If you’re going to be 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 they ship the product directly to your customer.
You can also run an e-commerce business from the comfort of your own home!
Social media management
If you have experience in social media and social media marketing, you can start a social media management company. You manage companies’ social media accounts by posting and running ads for them. Part of this would help the companies develop an overall social media strategy based on their industry type and target market.
Typically, social media management companies charge between $50 and $100, so once you build your clientele, you’ll be making quite a bit of money. The social media management market was valued at more than $14 billion by 2021 and is expected to grow to over $41 billion by 2026, so you’d be in on the action of a hot market too.
You could run your business completely online, so you have potential customers all over the country.
Freelancing
If you have a certain skill, such as writing or graphic design, you can become a freelancer. The number of freelancers is growing rapidly, with more than 70 million people in the US freelancing in 2023. How much you earn depends on your specific skill and can range from $20 to $100 per hour.
Many online sites, such as Upwork, have ongoing job opportunities for freelance gigs and also allow you to post your profile and experience so people can invite you to apply for their gigs.
Freelancing gives you a lot of flexibility. You can choose which jobs to take on, set your own rates, and work on your own time.
Online education
More and more people are turning to online classes to enhance their skills and knowledge. Revenues from online education are expected to exceed $166 billion by 2023and continue to grow at almost 10% per year for the foreseeable future.
There are several online sites where you can post your own course curriculum and charge students a fee, so if you have a particular specialty you can create your own courses and design them any way you want.
Most of these courses are self-paced, so once your curriculum is created and posted, you don’t have to do much other than answer questions and provide feedback on assignments.
Consult
If you have business or technology experience, you can start a consulting business and help companies improve various functions and processes such as management, operations, or cybersecurity. Management consulting in particular is a huge industry, valued on nearly $330 billion by 2023.
Consulting often requires personal work, so you would need to network with local entrepreneurs 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.
Organize professionally
Are you that person whose closets look like something out of a magazine? It takes real skill to pull that off, and it’s a skill that a lot of people don’t have, and that’s where you could get. You could organize everything from closets to basements to garages and make $50 an hour or more.
You can even get a professional organizers certification from the National Association of Productivity and Organization Professionals to give you more credibility. Doing so can also justify a higher hourly rate.
App development
The number of women in technology is growing, which opens up a world of opportunities if you have technology experience or want to further your education. App development is just one of the many technology business options available.
You have a few options: you could create your own app to monetize, or you could own a company that makes apps for other entrepreneurs who have app ideas but no technology experience.
The world is powered by apps these days so you would be hopping on a fast moving train with the mobile app industry expected to grow at over 13% a year by 2030.
Digital marketing
It’s a digital world, with a growing number of people finding businesses and products online, making digital marketing big business. Worldwide was $616 billion spent on digital advertising in 2022so there is clearly a demand for digital marketers.
Starting a digital marketing agency requires experience in the field, but you shouldn’t have any trouble finding clients as most companies do at least some of their marketing digitally. Digital marketing agencies can command up to $500 per hour, or monthly rates of $10,000 or more.
A digital marketing agency is also a business with unlimited growth opportunities.
Laundry service
Okay, a laundromat doesn’t sound very glamorous, but… invest in a laundromat can generate a significant amount of passive income because you rarely need to be there. It is a $6 billion industry in the US and the average laundromat earns about $500 a day. Not bad for passive income!
It takes an investment and can cost anywhere from $50,000 to $100,000 or more to get started, but no experience is required and you could just consider it a side hustle while you pursue another business venture.
Property
It is surprisingly easy to become a broker or broker. You can often take six to eight weeks of online classes, pass the test in your country, and get your driver’s license. You will have to spend some time and money to market yourself, but you can earn 2% to 7% on the purchase price of each home you sell.
Alternatively, you can start a real estate investment company and buy houses to flip or rent. Rental properties are another way to earn good passive income, especially if you hire a management company to take care of your units and deal with tenants.
Follow your passion
While these business ideas are all great, often following your passion and doing something you love is your best bet. You have to be happy and the money you earn is just a bonus. Some of the best businesses started out as hobbies, so thinking about what you really enjoy doing can help you come up with an idea.
To conclude
Entrepreneurship can be extremely rewarding, especially for women who want to control their own destiny and not be accountable to anyone. Don’t be afraid to go for it and follow your entrepreneurial dreams. Whichever company you choose, if you do your homework and work hard, you can be successful.
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