The number of women entrepreneurs is growing rapidly. In truth, in 2021, 49% of new businesses were started by women, up from 28% in 2019, according to a survey by HR services firm Gusto. According to the US Census Bureau, in 2020, 21.4% of all US companies were owned by womenand these companies employed 10.9 million people.
These are impressive numbers and represent how women are advancing in an area that has long been dominated by men.
If you’re considering joining the ranks of female entrepreneurs, this article covers some great businesses to start 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 some factors you can consider.
You should do some research on the types of businesses you are interested in to see how big the market is and whether it is growing or shrinking. You don’t want to enter a market that is about to become obsolete. You can easily find this kind of information online.
Low start-up costs
Start-up costs are often an issue, but there are many types of businesses you can start for very little, especially if you’re 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.
Women often try to juggle work and family, so you may want to choose a business that allows you to work flexible hours or work from home. This will help you maintain a work-life balance that doesn’t prevent you from wasting personal or family time.
Main businesses for 2023
We’ve identified ten businesses that are great for women entrepreneurs to start in 2023.
E-commerce was booming before the pandemic, but now it’s literally exploding! In 2021, global e-commerce sales grew to more than $5.2 trillion – yes trillions. Ecommerce also literally offers thousands of options in terms of what you can sell and where. You can basically pick any product that interests you that has a large target market and sell it on your own website or on sites like Amazon or Shopify.
If you’re crafty, you can even make your own products and sell them on Etsy.
If you’re buying products from a manufacturer to resell, you can even eliminate the need to buy and keep inventory by finding a manufacturer that offers dropshipping. Dropshipping means that when you receive an order from a customer, you place the order with the manufacturer and they ship the product directly to your customer.
You too can run an eCommerce business from the comfort of your home!
social media management
If you are experienced with social media and social media marketing, then you can start a social media management business. You would manage the companies’ social media accounts by posting and running advertisements for them. Part of that would be helping 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 will be earning a good amount of money. The social media management market was valued at more than $14 billion in 2021 and expected to grow to over $41 billion by 2026, so you’d be in on the action in a hot market, too.
You could run your business completely online, so you have potential customers across the country.
If you have a specific skill like writing or graphic design, you can become a freelancer. The number of freelancers is growing rapidly, with over 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 postings of freelance gigs and also allow you to post your profile and experience so people can invite you to sign up for their gigs.
Freelancing gives you a lot of flexibility. You can choose which jobs to take, set your own rates, and work on your own time.
More and more people are turning to online classes to improve their skills and knowledge. Revenue from online education is projected to exceed $166 billion in 2023and will continue to grow at nearly 10% per year for the foreseeable future.
There are several online sites that allow you to post your own course curriculum and charge students a fee; so if you have a specific area of expertise, you can create your own courses and design them however you like.
Most of these courses are self-study, so once your resume is created and published, you have little to do other than answer questions and provide feedback on assignments.
If you have a background in business or technology, you can start a consulting business, helping companies improve various functions and processes, such as management, operations or cybersecurity. Management consulting, in particular, is a huge industry, valued at nearly $330 billion by 2023.
Consulting often requires in-person work, so you’d have to network with local business people 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.
Are you that person whose closets look like they came out of a magazine? It takes a lot of skill to make that happen, and it’s a skill that a lot of people don’t have, and that’s where you can come in. You can declutter anything from closets to basements to garages and make $50 an hour or more.
You can even earn a professional organizer certification from National Association of Productivity and Organization Professionals to give you more credibility. This can also help you justify commanding a higher hourly rate.
The number of women in tech is growing, which offers a world of opportunity if you are tech savvy or want to further your education. Application development is just one of the many technology business options available.
You have a few options – you can build your own app to generate revenue, or you can have a company build apps for other entrepreneurs who have app ideas but no tech experience.
The world is app-driven these days, so you’d be jumping on a fast-moving train, with the mobile app industry projected to grow at over 13% per year by 2030.
It’s a digital world, with more and more people finding companies and products online, which makes digital marketing big business. Globally, $616 billion was digital advertising spend in 2022so clearly digital marketers are in demand.
Starting a digital marketing agency requires experience in the field, but you shouldn’t have a problem finding clients, with most companies doing at least part of their marketing digitally. Digital marketing agencies can charge up to $500 per hour or monthly fees of $10,000 or more.
A digital marketing agency is also a business with unlimited growth potential.
Okay, a laundromat doesn’t sound very glamorous, but invest in a laundromat it can bring in a significant amount of passive income because you would rarely have to be there. It’s a $6 billion US industry and the average dry cleaner earns around $500 a day. Not bad for passive income!
It will take an investment and can cost anywhere from $50,000 to $100,000 or more to get started, but no experience is needed and you can just consider it a side job while you pursue another business venture.
It’s surprisingly easy to become a real estate agent or broker. You can often take classes online for about six to eight weeks, pass the test in your state, and get your license. You will have to spend some time and money to market yourself, but you can earn anywhere from 2% to 7% of the purchase price for each home you sell.
Alternatively, you can start a real estate investment company and buy houses to sell or rent. Rental properties are another way to earn a good passive income, especially if you hire a management company to look after your units and handle tenants for you.
follow your passion
While these business ideas are great, it’s usually your best bet to follow your passion and do something you love. You need to be happy, and the money you earn is just a bonus. Some of the best businesses started out as hobbies, so if you consider what you really love to do, it might help you get the idea.
Entrepreneurship can be extremely rewarding, especially for women who want to control their own destiny and not have to answer to anyone. Don’t be afraid to go ahead and follow your entrepreneurial dreams. Whichever business you choose, if you do your homework and work hard, you can succeed.
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