Free Newsletter
Do you have entrepreneurial dreams? Good for you! Going into business for yourself is exciting and challenging. It can also be very rewarding and profitable if you choose the right business at the right time.
Don’t worry if you don’t have a “dream” already. Your dream might just be to get into business, period. This can actually be an advantage since you’ll be able to look at different business opportunities and choose the one that’s most likely to succeed.
If you’re just getting started, then it’s smart to start your first business in a “safe” industry. Choosing the right industry for your first business will allow you to build your entrepreneurial skills and confidence while making money. Here are some of the safest industries to start your first business in 2023.
READ — Why It’s Important to Invest in Yourself, and 4 Ways to Do So
Digital Products
Digital products are great for new entrepreneurs — they’re easy to create, require very little infrastructure to sell, and don’t require any supplies or overhead. They create passive income because once you’ve created a product, you can sell it over and over again. You’ll never run out of stock or worry about supply chain issues!
There are lots of platforms out there that allow you to sell digital products. If you sell on a marketplace, you might not even need to maintain your own website.
Print-On-Demand Items
If you’re great at coming up with eye-catching designs or clever jokes, you can start a print-on-demand business, selling all kinds of items, like t-shirts and mugs. Print-on-demand businesses are great for new entrepreneurs because you don’t have to take the risk of keeping lots of stock on hand — you only produce what you sell.
Professional Services
Many entrepreneurs start off by selling their own skills. Whether you’re a writer, graphic designer, social media manager, artist, or virtual assistant, your first business can involve nothing more than you and your laptop. You can even sell your skills in areas like travel, home organization, or animal care, which are growing in popularity.
Wellness & Personal Training
People are becoming more health-conscious and they want to improve their lives through better wellness. If you are encouraging and knowledgeable, you can start a business as a personal trainer or wellness coach.
Right now, there’s a lot of uncertainty in the world. People are struggling with the impact of unstable politics, the fallout of the pandemic, tech overload, and a looming recession. They need someone to help hold them accountable for their health goals so they can feel better and improve their lives. A fitness or wellness business can be a great way to start your journey as an entrepreneur.
Food Truck
Although it requires more in terms of start-up funding than some other entry-level businesses, a food truck is a great choice for foodie entrepreneurs. Starting a food truck is much more affordable than starting a restaurant and can turn a great profit.
Since food trucks usually have a small menu, food costs are reduced. It’s easy to drive a food truck wherever there are customers, whether it’s a wedding, a festival, or just the side of the road near office buildings and construction sites. Food trucks are fun, popular, and relatively easy to start up.
Start a Business That Aligns with Your Skills and Interests
Even if you’re looking for the safest industries to start your own business instead of a passion project, it’s still important to start a business that aligns with your skills and interests. Not only will this help you offer the best possible products and services, but it will also help you keep going when things get tough. When considering which business to start, be sure to consider all your relevant skills.
Being in business isn’t for the faint of heart. If you start a business in an industry you enjoy, however, you’ll be more likely to continue through the difficult moments and persevere.
READ — Avoiding Founder Burnout: A Guide on Fighting Hustle Culture for Entrepreneurs
Minimize Your Risks to Maximize Your Profits
Starting a business is always a risk. You don’t really know how successful you’re going to be until you try. Your success will depend on a lot of factors, including your persistence, skills, and a bit of luck. However, you can always increase your odds of success by reducing your risks in any way you can.
The safest industries to start your own business involve minimal or no overhead. Once you’ve started to earn money from your first businesses, you can use what you earn to start another business, maybe one with more startup costs and more potential profit.
If you’re ready to make 2023 your best year yet, now’s the time to start thinking about your first business as an entrepreneur!
Andrew Deen has been a consultant for startups in a number of industries from retail to medical devices and everything in between. He implements lean methodology and is currently writing a book about scaling up business.