Are you on the hunt for the inside scoop on the top 10 most successful businesses to start?
Well, you’ve landed in the right place. Whether you’re a seasoned business pro or someone just dipping their toes into the entrepreneurial waters, the quest for the perfect business idea is an exciting journey.
In this guide, we’ll be your compass through the vast landscape of business opportunities.
We’ll explore ten incredibly successful business ideas that have not only weathered the storms but have thrived, helping you navigate through the intricacies of each one.
So, buckle up and get ready to discover the top 10 most successful businesses to start that could be your ticket to entrepreneurial success!
Key Takeaways
- Explore the industry you wish to enter by conducting thorough research. Check if there are any unmet customer needs within the industry.
- Evaluate whether you can sustain yourself without a regular salary while your business takes shape. If not, consider developing your business gradually as a side project while maintaining your existing job.
- You must create a business plan outlining your goals, strategies, and financial projections. Also, choose a legal structure for your business, like a sole proprietorship, LLC, or corporation.
- Research & get the necessary licenses and permits to operate legally in your area.
- Consider online and offline marketing tactics and establish a sales strategy to reach the target audience.
- You need to have a plan for scaling your business as it grows. Also, identify potential risks & form a risk management plan. This includes financial risks, market fluctuations, and external factors that could impact your business.
- My favorite businesses to start are real estate brokers, e-commerce, travel agency, business consulting, and cleaning services.
What To Consider Before Starting A Successful Business?
Before choosing the top 10 most successful businesses to start, you need to consider certain factors. Here are those factors:
Research
First things first, you need to start exploring the industry you wish to enter by conducting thorough research. Familiarize yourself with the industry’s current landscape. This can provide valuable insights into your potential role within it.
Check if there are any unmet customer needs within the industry. This observation can ignite innovative business concepts.
If you want to carry out a competitive analysis, there are several approaches you can try.
Start with a Google search to find the prominent businesses at the top of search results. Then, examine your competitors’ websites, social media profiles, and annual reports.
After that, they analyze their product or service offerings, assess the scale of their enterprises, and analyze how they present their brands.
You can also go through online reviews to gain an understanding of customers’ opinions regarding your competition.
Financial Situation
Assessing your financial situation is important when you’re launching a new business. If you are the primary income earner in your family or carry substantial debt, then starting a business may pose significant financial risks for your household.
You need to evaluate whether you can sustain yourself without a regular salary while your business takes shape. If not, you might consider developing your business gradually as a side project while maintaining your existing job.
You also need to do a thorough examination of your financial resources. Do you possess sufficient savings to cover initial startup expenses and meet your financial obligations as your business grows?
Do you know the Small Business Administration (SBA) suggests that startup costs for a home-based business typically range from $2,000 to $5,000?
You need to have enough savings to cover living expenses for at least 6 months. Compile a comprehensive list of your expenses and project your anticipated sales for the first year.
Other Factors
There are many other factors that you need to consider before starting a successful business. Here are they –
- You need to create a business plan outlining your goals, strategies, and financial projections. A well-thought-out plan can guide your actions and help secure funding if needed.
- Choose a legal structure for your business, like a sole proprietorship, LLC, or corporation. Each structure has different implications for liability, taxes, and management.
- You need to decide whether your business will be brick-and-mortar, online, or a combination. Location can greatly impact your overhead costs and customer accessibility.
- Research & get the necessary licenses and permits to operate legally in your area. Compliance is crucial to avoid legal issues.
- You need to develop a marketing strategy to advertise your business. Consider online and offline marketing tactics and establish a sales strategy to reach the target audience.
- Determine if you need employees or if you can handle tasks yourself. If hiring, carefully select and train your team. Secure the necessary resources and technology for your business operations.
- You need to have a plan for scaling your business as it grows. Consider expansion opportunities and additional product or service offerings.
- Identify potential risks & form a risk management plan. This includes financial risks, market fluctuations, and external factors that could impact your business.
- Even before starting, you need to think about your long-term goals. Whether you plan to sell the business, pass it on to family, or run it indefinitely, having an exit strategy is essential.
- Stay updated with industry trends & improve your skills. Adaptability and a willingness to learn can contribute to long-term success.
So, these are the factors you need to consider before starting a successful business. Now, let us have a look at the top 10 most successful businesses to start.
Top 10 Most Successful Businesses To Start Today
It’s time to disclose the top 10 most successful businesses to start in 2023. Let us look at them one by one:
1. Real Estate Broker
Real estate business is one of the top 10 most successful businesses to start. The real estate market has seen an upswing in recent years, leading to a high demand for real estate agents & brokers. Many homeowners seek larger living spaces, with more people spending longer at home.
If you want to start a real estate broker business, I must tell you that this field can be quite profitable for you.
While real estate agents typically work under established firms, those who become real estate brokers have the opportunity to launch their independent enterprises.
A real estate broker business serves as a middleman between individuals or companies looking to buy or sell real estate properties. They make the process of buying, selling, or renting residential or commercial properties more accessible.
You can consider them as matchmaking professionals in the property industry. They bring together individuals with property needs, whether it’s finding a new home, selling an existing one, or securing a rental property.
If you want to start a real estate broker business, you need to have extensive knowledge about the real estate market. Then, you’ll be able to apply your know-how to assist clients in locating the perfect property or buyer tailored to their specific requirements.
A real estate broker collaborates with individuals looking to buy or sell homes and helps them find suitable properties, negotiate on their behalf, draft offers, and guide them through the final steps of a sale.
Real estate brokers earn their income through commissions, which are calculated as a percentage of the property’s sale price. These commissions can be quite substantial in certain regions when a single home is sold.
For example, Glen Corwell is a top-rated real estate broker in the United States. He has 20 years of experience with single-family, townhomes, and condos and is currently licensed in 6 states.
Glen estimates selling several thousand properties over the past few years.
2. Food Truck
A food truck business is another successful business to start. It is a mobile dining experience that provides a range of culinary delights and beverages from a specially customized vehicle, usually a truck or van.
These ventures offer a diverse menu that ranges from traditional street food favorites like tacos and hot dogs to gourmet dishes, sweet treats, and unique drinks.
Food truck proprietors frequently roam to various destinations, including events, festivals, business districts, or street corners, to cater to their clientele. You can spot food trucks stationed near malls or bustling urban streets in metropolitan areas.
This adaptable, on-the-go strategy enables them to access a broad and ever-changing customer demographic, making food trucks a well-liked and versatile choice within the food service sector.
You can specialize in children’s favorite foods, which can be a unique selling point for your food truck business. You can also tailor the design of your food truck to appeal to kids.
To embark on your own food truck venture, you need to create a distinctive edge, whether it’s in your product offerings, service quality, or the overall experience your food truck provides, including its design and interior.
Additionally, you’ll need to secure essential permits and certifications, such as a business license and food quality certification.
For example, The Taco Truck is a highly-rated and favorite food truck in New Jersey. It sells authentic Mexican street fare, including Al Pastor Tacos, Aguacate Tacos, a Barbacoa Burrito, and much more.
The Taco Truck splits its time among New York, New Jersey, Connecticut, and Pennsylvania locations.
3. Virtual Assistant
A Virtual Assistant business is a service-oriented venture in which individuals or groups remotely offer clients support in administrative, creative, technical, or specialized areas.
Embarking on a virtual assistant business can be rewarding, especially if you have prior administrative experience. If you pay attention to detail and excel in organization, this type of business could be a great fit for your skills & interests.
You have to use technology and digital communication tools to help clients with a variety of tasks. It allows them to concentrate on their core responsibilities.
Virtual Assistant services include a variety of tasks, such as administrative duties, financial record-keeping, customer assistance, email organization, coordinating travel plans, social media management, content creation, and more.
Virtual Assistant businesses typically serve a diverse clientele, including entrepreneurs, small businesses, professionals, and organizations.
They deliver adaptable and cost-efficient solutions to enhance client operational efficiency and productivity.
The profitability of your virtual assistant business will be influenced by factors like the range of services you provide, your level of experience and expertise, and the pricing structure you establish.
For example, Time Etc. is one of the best virtual assistant companies in the United States. They manage email, perform data entry, coordinate schedules, format documents, catalog expenses and receipts, update social media, and more.
Time Etc. pricing plans start at $310 for 10 hours per month and begin with a free trial and a money-back guarantee.
4. Cleaning Service
A cleaning service business is another successful business to start. It specializes in delivering professional cleaning and sanitation solutions to clients that include individuals, households, businesses, and organizations.
The primary goal of such a business is to ensure the provision of clean and hygienic surroundings for its clientele through a diverse range of cleaning activities.
These tasks include the cleaning & organizing of residential dwellings, commercial premises, office spaces, industrial facilities, educational institutions, healthcare establishments, and more.
Cleaning service enterprises provide services that include general cleaning, deep cleaning, specialized cleaning for specific surfaces or items, and eco-friendly or environmentally conscious cleaning alternatives.
Customize the cleaning services to meet clients’ specific requirements, whether on a one-time basis, periodic schedule, or regular maintenance plan.
Cleaning service providers may use their own cleaning supplies and equipment or collaborate with clients who prefer to provide their cleaning materials.
Some cleaning businesses also extend their offerings to include services like organizing, decluttering, and laundry assistance.
Your main aim will be to assist clients in preserving a clean and healthful living or working environment and alleviate the burden of cleaning tasks.
For example, Anago Cleaning Systems is a top commercial cleaning company. They have experience cleaning commercial offices, schools, daycares, worship facilities, gyms and fitness centers, restaurants, healthcare facilities, hotels, car dealerships, and more.
Anago Cleaning Systems provides 24/7 cleaning services, which is unique if you don’t want your customers or employees to sidestep cleaners during the day.
5. Copywriting
A copywriting business is a perfect choice for individuals who have a passion for writing and a strong grasp of grammar. Setting up a copywriting venture requires minimal initial investment.
Many copywriters begin their journey as freelancers while maintaining a full-time job to develop their business gradually.
You need to have strong writing skills with creativity and should have excellence in conducting market research, understanding consumer behavior, and staying up-to-date with industry trends.
Your main role will be to craft persuasive and captivating text that engages the intended audience, promotes products or services, and encourages specific actions, such as making a purchase or subscribing to a newsletter.
The ultimate aim of a copywriting business is to assist clients in effectively conveying their messages and achieving their marketing goals by employing convincing and engaging language.
The scope of copywriting services covers a wide range of written materials, including website content, blog articles, product descriptions, advertising copy, email marketing campaigns, social media posts, brochures, and more,
Copywriters frequently collaborate with businesses, marketing agencies, and individuals to create content according to the unique needs of their clients & the target audience.
For example, The Writers for Hire is a creative company offering top-notch copywriting services in the United States. Their team includes technical writers, trained journalists, scriptwriters, digital marketers, ghostwriters, and editors.
The company has a client list that comprises more than 500 clients, including Fortune 100 companies.
6. Business Consulting
Business Consulting is another successful business to start. It is a consulting company that provides seasoned advice and direction to other businesses, organizations, or individuals who wish to enhance their operations, tackle specific challenges, or accomplish particular objectives.
These consulting enterprises offer various services, including strategic planning, management advisory, financial analysis, marketing strategies, human resources solutions, and other specialized areas.
Business Consultants offer their specialized knowledge and skills to assist businesses in achieving specific objectives.
Some sought-after consulting enterprises provide services related to digital marketing, financial management, or business strategy. These consultants offer guidance, training, or, in some cases, hands-on assistance to their clients.
Your main aim will be to elevate a client’s overall effectiveness, profitability, and competitive edge within their particular industry or market.
Business Consultants bring with them a wealth of knowledge, experience, and an external perspective. It helps clients navigate challenges & make well-informed decisions to propel their businesses to greater success.
If you enjoy assisting others, then starting business consultant services could be one of the best decisions of your life.
Business consulting is part of a $250 billion industry, making it an attractive sector for launching a successful small business.
For example, AXIA Consulting is a business consultancy firm in the United States. They implement new technologies, lead M&As, guide digital transformations, and provide counsel for anything from tech to operations.
AXIA has guided hundreds of companies worldwide through complex transformations that resulted in slashed production times, decreased costs, and more than 40% growth.
7. Ecommerce
An Ecommerce business is a business model primarily conducted through digital channels. It revolves around exchanging products or services over the Internet facilitated by websites, online marketplaces, or other digital platforms.
Ecommerce enterprises vary in scale and range from small online shops managed by individuals or small groups to large multinational corporations.
If you have a creative background, you can choose a print-on-demand (POD) ecommerce business.
POD businesses are particularly well-suited for individuals who prefer not to deal with physical product creation or inventory management.
Wholesale printing companies offer a diverse range of products, from T-shirts to mugs to canvases, onto which your designs can be printed for a fee.
In the POD model, you create your designs, upload them to a platform, and select the products you want to print them on, and the POD service handles the order fulfillment. This approach minimizes startup costs and presents an excellent business opportunity for those with artistic inclinations.
Next comes the dropshipping ecommerce business. It is a comparable ecommerce model to print-on-demand but offers greater product variety. In this setup, you collaborate with wholesalers to curate products for your ecommerce store, and they handle shipping to your customers.
You can start a dropshipping business if you have basic web development skills, creativity, and marketing skills. Here, the overhead costs remain low, which makes it accessible to individuals.
Fulfillment by Amazon (FBA) is another ecommerce business that is similar to dropshipping but with a twist—instead of running your own website, you sell your products on Amazon.
While you can source products from wholesalers, Amazon also allows sellers to market their own items on the platform. Through the FBA service, sellers send their products to Amazon, list them on the website, & Amazon takes care of the rest.
You can craft optimized product listings using SEO, set competitive prices, and make product selections to distinguish yourself and thrive in the Amazon marketplace.
Ecommerce enterprises typically feature digital storefronts in the shape of websites or mobile applications that enable customers to explore & purchase products or services.
They manage the process of product delivery, either utilizing their in-house logistics or establishing partnerships with third-party shipping firms.
Furthermore, Ecommerce businesses provide various payment alternatives, including credit cards, digital wallets, and various other online payment methods.
For example, Burga is a top-rated dropshipping store in the phone accessories niche. It is built on Shopify and has nearly 800k website visits.
Burga is grabbing customers’ attention by constantly updating new items with professional and artistic designs. Along with posting visual images, the store has a lot of promotional videos to keep customers on its feed.
8. Social Media Management
A Social Media Management business is a service-oriented venture that assists individuals, organizations, & businesses in establishing their online presence on social media platforms.
Your aim is to craft, curate, and disseminate compelling content across various social media channels. This content strategy aims to boost brand visibility, engage with the intended audience, and attain specific marketing goals.
Social Media Management produces top-notch text, images, videos, and other multimedia content customized to suit the client’s brand and target audience. They strategize and schedule posts to maximize reach and engagement.
You will have to oversee diverse social media, including Facebook, LinkedIn, Twitter, Instagram, and more, in accordance with the client’s requirements.
Social Media Management actively engages with followers, replies to comments, and nurtures community involvement to cultivate a devoted online following. They monitor social media metrics to measure campaign effectiveness and deliver insights for enhancement.
You will have to collaborate with clients to craft and refine social media strategies that align with their business objectives. Some social media management businesses also provide paid advertising services to amplify reach and target specific demographics.
For example, SmartSites is a top-rated social media marketing agency in the United States. They can fully manage your LinkedIn, Facebook, Instagram, Twitter, TikTok, Pinterest, and Google My Business.
SmartSites team crafts a customized strategy for each brand based on their specific target market. They also help to place your brand in the spotlight.
9. Graphic Design
A graphic design business is another successful business to start. It is a specialized company dedicated to providing innovative visual solutions for diverse clients & organizations.
These solutions often include the use of graphic elements, typography, and imagery to convey messages, disseminate information, or enhance the visual appeal of projects.
Graphic design businesses offer a broad spectrum of services, including logo design, branding, web development, the creation of print materials such as brochures and posters, and crafting digital graphics for social media and websites.
Graphic design businesses typically employ skilled graphic designers proficient in using design software and tools to craft visually captivating and impactful designs.
If you have designing skills and are proficient in graphic design, you can also design the creatives yourself.
Your main aim will be to assist clients in attaining their communication and marketing goals by producing well-crafted visual materials that connect effectively with their intended audience.
You can imprint your designs on various items ranging from merchandise like T-shirts and planners to crafting your unique font.
You can also sell these physical products directly or offer customers the option to acquire digital downloads for self-printing.
For example, Creative Repute is an award-winning graphic design and development agency in the United States. They have a team of world-class researchers, artists, graphic designers, app & website developers, specialists, and independent contractors.
Creative Repute delivers impactful design solutions through a multidisciplinary approach to marketing. They bring a deep bench of expertise in public art, brand strategy, and data to provide design solutions.
10. Travel Agency
A travel agency business delivers services related to travel and tourism to individuals, families, and organizations. These businesses function as intermediaries connecting travelers with various travel service providers. The process includes planning, booking, and overseeing trips.
Travel agencies assist their clients in reserving travel-related services, including flights, accommodations (including hotels, resorts, and vacation rentals), transportation options (such as car rentals and cruises), and guided tours.
You need to be excellent at crafting customized travel itineraries that offer recommendations for destinations, activities, and attractions according to the traveler’s preferences and financial considerations.
Moreover, travel agencies frequently present pre-arranged tour or vacation packages and bundle multiple services like flights, accommodations, and tours into a single discounted offering.
These agencies provide valuable assistance with visa applications and other essential documentation for international travel.
Travel agency businesses can take on various forms that range from traditional physical agencies with storefronts to exclusively online agencies or a blend of both approaches.
Your main aim will be to simplify the travel planning process and ensure a hassle-free and enjoyable travel experience for their valued customers.
For example, Denville Travel is one of the best travel agencies in the United States. They have over 30 years of experience in the travel industry.
The travel planners of Denville Travel are located throughout the US. They specialize in resorts, cruises, group travel, Disney vacations, special events, destination weddings and honeymoons, and Europe tours.
Now, you are aware of the top 10 most successful businesses to start. Let us see some FAQs.
FAQs (Frequently Asked Questions) On Top 10 Most Successful Businesses To Start Today
1. Which businesses are the most profitable?
Here are the businesses that are the most profitable:
- IT support, technology consulting, and repair
- Accounting and tax preparation
- Business consulting
- Cleaning services
- Real estate
- Marketing and PR services
- Logo and graphic design services
- Auto repair
- Copywriting
- Online courses
- Website design
- Social media management
- Virtual assistant services.
2. What would be the most successful business to start?
Here are the most successful businesses to start:
- Financial consulting
- Information security
- Website and app development
- Social media marketing
- Online business consulting
- Graphic design
- Digital marketing
- Writer or author
- Translation services or interpretation
- Transcription services.
3. What business can you start with $10,000?
Here are the businesses you can start with $10,000:
- Home staging
- Massage therapy
- Childcare services
- Moving
- Ecommerce business
- Hair styling
- Party and event rentals
- Digital marketing agency
- Food truck or cart
- Flower truck.
Final Thoughts On Top 10 Most Successful Businesses To Start Today
When considering the top 10 most successful businesses to start today, it’s essential to remember that success can vary greatly depending on various factors, including your location, skills, and market conditions.
Remember that success in any business venture often takes time and perseverance. It’s crucial to set realistic goals, stay dedicated, and learn from both successes & failures.
Additionally, you can seek advice from mentors or industry experts to receive valuable insights and guidance on your entrepreneurial journey.
I hope this article on the top 10 most successful businesses to start sounds helpful! Do share your feedback in the comments section!
