At the end of December, I posted a list of mine The most read blogs of 2022. At the top of the list was This article about 9 reasons to start a business in 2022. Got it! After the downturn that resulted from the pandemic, you want to be sure you’re making a calculated decision. And guess what? If 2022 was a good year to start your business, 2023 is even better. Today I’m sharing 15 reasons why you should start a business in 2023.
15 reasons to start a business in 2023
Starting a business can be a daunting task, but it can also be incredibly rewarding. Here are 15 reasons why you should start a business in 2023.
1. The economy is still recovering
The economic downturn from the pandemic caused a lot of uncertainty for small businesses. However, as the economy continues to recover, there are more opportunities for small businesses to grow and succeed. As worker wages rise, consumers may have more disposable income to spend, creating an opportunity for new businesses to enter the market and take advantage of the recovery. Additionally, since many companies (large and small) have closed or downsized, there may be gaps in the market that new businesses can fill.
2. More opportunities for e-commerce
With the growth of e-commerce and the shift to online shopping, businesses have more opportunities to sell their products and services online. Starting an e-commerce business or incorporating e-commerce into your existing business can open up new revenue streams. As more people become more comfortable shopping online, this creates an opportunity for businesses to reach a wider audience and improve efficiency and scalability.
If you want to learn the ins and outs of selling online, I’ve got you covered! Go here to enroll in my online course, How to Sell and Market Online.
3. Increasing remote work
Remote work became more prevalent during the pandemic and is here to stay. This means more opportunities for businesses that can be run remotely, opening the door for entrepreneurs who prefer to work from home or are limited by location restrictions. With more companies allowing remote work, there may be greater demand for virtual services or products that can be offered remotely.
4. Government support
Governments have implemented measures to support small businesses as the economy continues to recover. Grants and loans can provide the financial support you need to get your business off the ground. For specific information, see this recent article from the US Chamber of Commerce 55 grants, loans and programs to help your small business.
5. Technology
Another reason to start a business in 2023 is that the growth of the Internet and advances in technology have made it easier than ever. You can create an online store, use social media to reach customers and even automate tasks. For a review of popular tech tools to run your small business, check out This article.
6. Outsourcing
Outsourcing platforms are hot right now, as everyone wants to be their own boss. You can use platforms like Upwork, Guru, Fiverr and 99 Designs to start your business and find clients, and you can use these sites to find freelancers to help you with various tasks in your small business. Outsourcing gives you access to the best talent while reducing costs and accelerating your growth.
7. Creation of jobs
On the other hand, instead of outsourcing your work, you can hire workers and go from being a sole proprietor to a business with employees. Small businesses are the main source of job creation and economic growth. When you start a business in 2023 and create jobs for others, you will contribute to the local economy and help reduce unemployment.
8. Innovation
Starting a business allows you to think outside the box and come up with new, innovative ideas that can solve a problem or fulfill a need in the market. This can be especially true during a time of change, such as the current economy, where we face new challenges and are still trying to recover. Entrepreneurs who can identify new trends or opportunities and adapt to meet the needs of their customers have a greater chance of success.
9. Flexibility
As a business owner, you can create your own schedule and work on projects you are passionate about. This can allow you to balance work and personal life in a way that works best for you. Chances are you’ve reassessed your priorities in life over the past couple of years. Starting a business can be the first step to creating the life you really want.
10. Diversify sources of income
If you start a business in 2023, you can also start to diversify your income streams and increase your financial security. Having multiple streams of income can help mitigate the risk of relying on a single source of income, which can be especially helpful during tough economic times and can make your business more resilient.
11. Tax benefits
Owning a business can offer significant tax benefits that can help improve your bottom line. This can be a good opportunity for entrepreneurs to save money and invest in growing their business. It is important to consult a tax professional or accountant to understand the tax implications of starting a business and to take advantage of available tax deductions. Here are some of current tax deductions available to small business owners.
12. Potential for passive income
Passive income is one of the ways you can diversify your income sources and increase your financial security. Some business offerings, such as digital products or affiliate marketing, can create passive income streams. Who doesn’t want to make money while they sleep? As you start a business in 2023, be sure to look for passive income opportunities.
13. Be your own boss
Why wait when you can start a business in 2023 and be your own boss now? As you know, I’m a big proponent of the benefits of being your own boss. I even wrote a book about it (and you can get a free chapter here). You are the one who calls and makes decisions in your business. This can be a very empowering experience, especially for those who may have felt stifled or frustrated in their previous jobs.
14. Help others
Starting a business can allow you to solve a problem or fulfill a need in the community that can be fulfilled personally. By providing a needed product or service, you can improve people’s lives and positively impact your community. We live in a unique time, full of problems and challenges, so if you have an idea that will help others, it could be a sign that you should start a business in 2023.
15. Leave a lasting impact
Starting a business can be a way to make a lasting impact and leave a legacy for future generations. Not only can you make a difference in people’s lives, but you can also create something that can have a lasting impact for years to come.
Other reasons to start a business in 2023?
These are just a few reasons why you may want to start a business in 2023. Of course, starting a business is not without its challenges, but with hard work and determination, the rewards are worth it. It is important to have a clear business plan and prepare yourself financially as much as possible before starting a business. If this is your first venture into business ownership, you can benefit from mine Be Your Own Boss Course.
Do you have other reasons you want to start a business in 2023? I’d love to hear them, so please share your thoughts in the comments!
