Let’s Find Out Why 2023 Will be A Promising Year For Online and Digital Entrepreneurs
Entrepreneurship grew by leaps and bounds when the pandemic started. Millions of American people began to try their hands at new businesses and quick side hustles. Working from home was not a new thing and it all happened due to economic insecurity. > You can check working from home opportunity here <
However, the rise of entrepreneurship was not a sudden movement. The US. Census Bureau on Business Formation Statistics found that Americans started 5 million new businesses in 2022 and this number is 44% higher than 2019’s business formation.
Now, this picture looks promising for the digital economy. This scenario tells that 2020’s booming entrepreneurship will stay on its course. Silicon Valley and Wall Street may have shown some gloomy headlines. But 2023 might be a great year for entrepreneurs. Digital or online businesses could see some profits in 2023.
So, let’s break down the reasons – why 2023 will be a promising year for online and digital entrepreneurs?
Big Tech Layoffs and The New Opportunities
Google, Microsoft, Meta, and Amazon like big companies are discharging thousands of employees. 2023 began and many tech companies started these job cuts. Now, nobody likes to sit at home without a job. However, this pain is temporary and it could lead to huge opportunities.
These employees are full of in-demand tech skills and it would be an impossible task to make them sit idle. They are looking for the next upcoming gig. Some of them might start a new online business or they might build a team to launch a new company. Even some professionals might buy an existing business to make it a bigger one.
For many years these employees were under big tech companies. But now they have the right opportunity to reach their full potential. Therefore this big layoff might trigger new growth in the world of digital entrepreneurship. Economic downturn often leads to build big companies.
It would be really an exciting thing to watch – what new ideas and new innovations are coming in the future. Those who are getting laid off today might become the most popular CEO of the next decade.
A Good Time For “Main Street” Online Businesses
Big Tech companies have attracted enough attention. People have invested in them and these companies became super popular. But the digital economy is not just about these popular tech companies. ‘Main Street’ digital economy has been an underrated area and it generates a revenue of around $10 MM. This area includes – blogs, ecommerce stores, apps and digital assets.
With online businesses, entrepreneurs can make a good amount of money. The best part is that many online businesses come with no upfront investment or overhead costs.
For example – Amazon FBA or Fulfilment By Amazon could be a good online business opportunity.
Apart from that websites that have engaging content can also bring tons of loyal fans and audiences. Moreover, building useful mobile apps could also be a profitable business.
Small online businesses will start a new wave of economic growth. Innovations will come and these businesses may generate a higher revenue than they did before. Digital Economy and ‘Main Street’ are waiting for more entrepreneurs.
Enjoy Being Your Own Boss
Remote work opportunities, worker shortages, and new start-ups are signs that entrepreneurs don’t like traditional corporate environments and methods. They want to be more productive and more creative. They want work-life balance and they want to follow their own schedule. In short, they want to venture out and see – what opportunities are waiting for them.
Online business owners can enjoy a better work-life balance and they can work from any corner of the world. There will be no surveillance, no reporting and no boss. You can go on a vacation and you don’t need any permission. Furthermore, you can explore new opportunities, you can try new business ideas, and you can discover new products and markets. There will be no limitations and no angry eyes.
Millions of people rediscovered their ambitions during the pandemic. The flexibility and freedom associated with the digital entrepreneurship are truly attractive. Many new entrepreneurs would love to enjoy this bossy feeling.
New and Growing Online Business Categories
Digital small businesses are now capable of delivering exactly what the customers want. New-age digital entrepreneurs can capitalize on this opportunity. Online businesses have now become flexible and they have high-growth business categories. Some of these categories are – fitness, travel, pets, health, and finance.
In the past few years, consumer behaviors have changed. Now, people want to make extra money and they are looking for side hustles. They want to keep their health on track. So, they are looking for health tips. People want to relax and they want to go on vacations. People love pets and they want to take care of their pets.
When you own an online business, you can satisfy your consumers with these categories. If you are creative, then you can build a strong relationship with your customers. You can offer them products, multiple services, and advice.
Acquire and Invest In Existing Businesses
In 2022, the stock market failed to return positively. Investors witnessed a terrible year and they repented their decisions. Overhyped stocks fooled investors.
But, what if you could invest in a better way?
You can buy an existing online business and you can invest in it. Small online businesses can be profitable and they are never overhyped. Hence, investing in a small digital business could be a wise idea. Believe it or not, some online businesses deliver around 30% returns annually.
Acquiring a business that is already successful is a safer and easier way of investing. Before acquiring it, you can check its revenue, traffic, and legal information. Individual entrepreneurs, institutional investors, and larger aggregators can buy online businesses and they can consider it as a new way of investment in 2023.
To Conclude. it can be said that Wall Street may have seen some bad days and Giant Tech Companies may have cut thousands of jobs. But The future of the digital economy is bright. “Digital Main Street” in 2023 will witness the biggest growth. E-commerce stores, mobile apps, content-based sites, SaaS solutions, digital assets, and blogs are categories with immense potential. Small online businesses can bring huge growth and they can also invite a new age of digital entrepreneurship.