If you are looking for some inspiration to start your own business in 2023, you may want to check out the r/business subreddit, where users share their ideas, experiences, and advice on various aspects of entrepreneurship.
Low-Cost and High-Potential Business Ideas
One of the most popular threads on the subreddit is titled “Good business to start”, where users suggest different types of businesses that can be launched with a low budget and high potential. Some of the ideas include:
- A mobile car wash service that uses eco-friendly products and techniques to clean cars at the customers’ location. The service can be marketed through social media, flyers, and referrals, and can charge a premium for convenience and quality.
- A subscription box service that delivers curated products from local businesses to customers every month. The service can partner with local vendors and artisans to source unique and high-quality items, and can create a loyal customer base by offering discounts, rewards, and customization options.
- A podcast production service that helps aspiring podcasters create, edit, and distribute their podcasts. The service can provide equipment, software, hosting, marketing, and monetization support, and can charge a fee based on the length and quality of the podcast.
- A pet sitting service that offers in-home care for pets while their owners are away. The service can provide feeding, walking, grooming, playing, and medication administration for pets, and can send updates and photos to the owners. The service can also offer additional services such as house cleaning, plant watering, and mail collection.
Tips and Tricks from Successful Entrepreneurs
Another valuable thread on the subreddit is titled “How to start a business – An in-depth guide from a successful business owner”, where a user who claims to have started seven different companies and made over $1 million in revenue shares his insights and tips on how to launch a successful business. Some of the tips include:
- Pick a business model that has a low barrier to entry, requires minimal skills, and can be operational quickly. You don’t have to reinvent the wheel; you can simply replicate an existing and profitable business model and make it better or different.
- Do your market research and validate your idea before investing too much time and money. You can use online tools such as Google Trends, Keyword Planner, SurveyMonkey, and Facebook Ads to test your idea and see if there is enough demand and interest for your product or service.
- Create a minimum viable product (MVP) that delivers the core value proposition of your idea. You don’t have to make it perfect; you just have to make it good enough to get feedback from your target customers and see if they are willing to pay for it.
- Focus on sales and marketing from day one. You can have the best product or service in the world, but if no one knows about it or buys it, you won’t make any money. You can use various channels such as word-of-mouth, social media, email marketing, SEO, PPC ads, flyers, signs, referrals, etc. to generate leads and conversions.
- Scale your business gradually and strategically. You don’t have to grow too fast or too slow; you have to grow at the right pace for your business. You can use metrics such as revenue, profit margin, customer retention rate, customer acquisition cost, etc. to measure your performance and make informed decisions.
Additional Resources and Tools
Besides the threads mentioned above, there are also many other resources and tools that can help you start your own business in 2023. Here are some of them:
- Starter Story: Starter Story is a website that features interviews with successful entrepreneurs who share their stories, insights, and advice on how they started and grew their businesses. You can find interviews with entrepreneurs from various industries, niches, locations, and backgrounds.
- HubSpot: HubSpot is a software company that offers various tools and solutions for marketing, sales, customer service, CRM, content management, etc. HubSpot also provides free courses, guides, templates, blogs, podcasts, etc. on various topics related to business growth.
- Reddit: Reddit is not only a source of business ideas; it is also a source of support, feedback, networking, and learning for entrepreneurs. You can join various subreddits related to entrepreneurship such as r/Entrepreneur , r/smallbusiness , r/startups , r/SideProject , etc. where you can ask questions, share your progress, get advice from experts or peers.
