After going through the tricky years of the pandemic, you’d be forgiven for thinking things were on the up. Unfortunately, events around the world mean that we’re in the midst of an economic recession. The price of everything is going up, people are losing their jobs, and we’re certainly in very uncertain times.
It makes people wonder, is it worth starting a business in 2023? This question isn’t an easy one to answer as it can go both ways. There are business opportunities right now, but there are also lots of possibilities for things to fail. It primarily revolves around what type of business you’re starting and how you’ll make money.
What business ideas make sense in 2023?
Think about the world and what businesses will make sense in the current climate. Mainly, you should consider online business ideas. If you can run your company completely online, there’s a big chance it can be successful. Think about products that people still need and will continue to need for many years – like software.
Starting a SaaS business makes a whole lot of sense. Other companies/individuals will need software to do all sorts of things – like track marketing strategies, manage accounts, etc. Your business can provide them with just that. Team up with SaaS affiliate software and you can promote your business through your customers to generate more sales and downloads.
Moreover, consider business ideas with relatively low costs to start. If you don’t have to invest a lot of money or take huge financial risks, it is worth starting a business in 2023. Even something simple – like starting a blog – can be a viable business idea. You could even see success launching an online store, provided it isn’t overly costly to run. If you have a little more money to spend, you might want to consider a franchise opportunity; if you do this, the groundwork will have been done for you, so it’s ideal if you want to hit the ground running.
What business ideas don’t make sense in 2023?
Ideas that are the opposite of what we’ve just discussed will not be worth starting. Don’t try to set up a company that offers something people either don’t need or will be unlikely to need in the future. For instance, steer clear of anything cryptocurrency related. It’s a big risk as the crypto market and NFTs are so shaky and up in the air – they’re not really designed for consistent, long-term success.
So, avoid ideas that could be a flash in the pan. Similarly, avoid ideas that cost lots of money to set up. If you need significant financial investment from multiple lenders or investors, then you probably don’t have a great business idea for the current environment. You’re simply at too great of a risk if things don’t go right because of the tense financial situation.
To answer the original question, it can be worth starting a business this year. However, there’s a massive caveat. You must do lots of research and be sure that your idea is suited to the current climate. Is it futureproof? Will it be popular right now and in a few years? Can you do it without committing too much money? If the answer to these questions is yes, then go ahead and give it a go.
