Deciding where to devote your time, money and energy when starting a new business is tough. While no path comes without risks, some ventures show more long-term viability than others. 

This article will examine each business model highlighted, weighing factors like:

• Startup costs
• Income potential 
• Need for specialized skills/experience
• Ease of scaling 
• Market demand trends
• Threats from competition or technology
• Lifestyle appeal

Here are 12 opportunities showing strong potential this year with the right strategic approach.

1. Becoming a YouTuber 

YouTube remains arguably the most lucrative social platform for individual content creators. According to Forbes, top YouTubers like MrBeast are now earning over $50 million per year from ads and sponsorships. 

The platform’s built-in monetization tools through Google AdSense make it easy to start earning income directly from video views. Creators can further leverage their audience by selling merchandise, offering member subscriptions for exclusive content, and collaborating with brands.

However, while YouTube stardom remains achievable, it requires immense effort to stand out from the saturated sea of channels. Shooting professionally edited videos daily, understanding YouTube algorithms, and relentlessly promoting content are musts. Becoming a top earner like MrBeast realistically requires a large team supporting production and marketing. 

YouTubers able to entertain audiences while consistently creating buzzworthy content can still build massive audiences and income. But for most, it will not be an easy path to riches and fame. Thorough planning and commitment are needed to make it a full-time business.

Ideal For: Natural entertainers and marketers willing to relentlessly create content daily.

Startup Costs: $1,000 – $5,000 for equipment.

Income Potential: $50k – $50 million+

Difficulty Level: High

2. Affiliate Marketing

Affiliate marketing, which generates income by driving sales of other companies’ products for a commission, is now a \$17 billion industry. With relatively low startup costs and no need to manufacture products, it offers an accessible online business model. 

Roughly 16% of ecommerce sales now come via affiliate links. While percentages vary, commissions often range from 5-30%. Top affiliate marketers earn well into the millions by leveraging platforms like blogs, YouTube, and social media to promote products. 

Software like Shopify allows affiliate stores to be setup quickly. However, mastering digital marketing and conversion optimization is crucial. Getting approved to partner with top brands involves building authority and trust. Ethics also matter since pushing deceptive products and scams will ruin your reputation.

Overall, affiliate marketing remains a promising avenue for digital marketers in 2023. Skills are highly transferable to launching larger online stores or brands down the road too.

Ideal For: Marketers (particularly content creators) looking to monetize audiences. 

Startup Costs: $100 – $500 for website and tools.

Income Potential: $50k – $5 million+

Difficulty Level: Medium 

3. Becoming a High-Ticket Salesperson

From fitness coaching to B2B services, high-ticket sales professionals help close deals with big price tags. Top performers in fields like medical equipment or software sales can expect six-figure incomes, with some earning $250k – $350k+ yearly.

Sales and persuasion skills transfer widely and will remain in high demand across industries. For those undaunted by commissions-based pay, it can be very lucrative. However, for long-term success, thoroughly vet the product or service you sell to ensure you believe in it completely. 

Otherwise, you risk tarnishing your reputation by promoting questionable opportunities. Seek out well-established companies with high satisfaction ratings. Sales talents are most rewarding when not pressured into misleading pitches.

Ideal For: Confident communicators who thrive under pressure.

Startup Costs: $0 – $500 for sales tools/training. 

Income Potential: $60k – $350k+ 

Difficulty Level: Hard

4. Launching a Short-Form Video Production Agency

Short 15-60 second social media ads and branded content are hot marketing tools for businesses in 2023. However, quality production requires 1-3 hours per individual video, factoring in creative development, shooting, and post-production editing.

While demand is booming in this low barrier-to-entry niche, succeeding means avoiding the low-budget race to the bottom on content marketplaces like Fiverr. Build premium branding that allows you to land clients able to pay higher prices for professional work. 

Develop efficient systems to properly manage creative talent and video editors as you scale client work. Overall, major opportunities exist for production companies who prioritize creative quality and consistent execution. 

Ideal For: Experienced video production pros able to manage teams.

Startup Costs: $2,000 – $10,000 for equipment.  

Income Potential: $60k – $500k+

Difficulty Level: Hard 

5. Becoming a Freelance Copywriter

Human copywriters remain highly valued by companies seeking top-converting sales and marketing content. Overall, copywriting is expected to grow 7.6% as an industry through 2026 despite AI threatening to automate parts of the field.

Iconic writers like David Ogilvy demonstrate that even today, no software matches the psychological persuasion skills of the very best copywriters. However, reaching elite rockstar freelancer status takes immense work. Those earning lucrative five to six-figure copywriting incomes likely have large client rosters gained through years of experience and portfolio building.

AI can sufficiently handle more basic copy needs for now. But aspiring to an elite level still requires outworking AI capabilities over the long-term. There will always be demand for wordsmiths who deeply understand human psychology and complex sales funnels.

Ideal For: Strong writers willing to relentlessly hone their craft.  

Startup Costs: $0 – $500 for tools & courses.

Income Potential: $60k – $300k+ 

Difficulty Level: Hard

6. Becoming a Twitch Streamer

Livestreaming video game or lifestyle content on Twitch continues surging, with roughly 30% annual growth. While top streamers like Ninja earn $3-5 million yearly from subscriptions, donations, sponsors and merchandise, it remains smaller than YouTube. 

Twitch is a younger platform with less built-in ad monetization. But for gaming enthusiasts, it provides a highly social path to self-employment. Nurturing a small supportive community while establishing a regular streaming schedule is key for growth.

Standing out from over 9 million monthly streamers requires strong branding, engaging personalities and understanding games/pop culture. But for those willing to grind daily, profiting from being a Twitch streamer remains achievable.

Ideal For: Outgoing gamers able to entertain niche audiences daily.

Startup Costs: $500 – $5,000 for equipment.  

Income Potential: $60k – $5 million  

Difficulty Level: Hard

7. Becoming a TikTok Creator

Controversies aside, monetizing a large TikTok following of millions through lucrative brand sponsorships and promotions remains possible, though difficult. Top creators like Charli D’Amelio earn over $100,000 per sponsored post.

However, potential for huge incomes took a hit recently due to algorithm changes decreasing visibility for many. Bans of TikTok by large organizations also signal future uncertainty and platforms risks.

While fortunes can still be made for charismatic creators, diversifying to other social platforms seems wise currently until long-term prospects improve. Consistently creating viral-worthy content and building loyal audiences still paves the path to income. But uncertainty lingers.

Ideal For: Charismatic personalities willing to diversify reach across platforms.

Startup Costs: $100 – $500 for equipment.  

Income Potential: $50k – $500k+   

Difficulty Level: Hard

8. Launching an eCommerce Store with Dropshipping 

The dropshipping ecommerce model where products ship directly from third-party suppliers continues growing exponentially. But incomes are declining in this low barrier-to-entry industry flooded with new stores.

Operating on tight margins while competing solely on price against countless low-quality competitors spells doom. Instead, successful ecommerce entrepreneurs use smart branding and marketing to differentiate their businesses. 

Providing real value through content and excellent customer service helps justify higher prices. But scaling a truly passive dropshipping store remains challenging. To thrive long-term, expect to get involved personally in areas like branding and customer satisfaction. 

Ideal For: Marketers willing to create differentiated brands around products.

Startup Costs: $500 – $2,000 for store creation & initial ads.

Income Potential: $50k – $5 million+  

Difficulty Level: Hard

9. Starting a Landscaping Business

Landscaping services remain in steady demand. The ability to start a landscaping business with less than $10,000 in equipment keeps barriers-to-entry low. Minimal technical skills are required, making it approachable for many as a first business venture.

However, profit margins fluctuate dramatically based on your customer targeting and geographic location. Offering year-round services to higher income households can maximize revenue. 

Consider climates allowing for 12 month contracts to avoid slow winters. Location also impacts labor costs which have been rising yearly. While demanding physically, landscaping companies can thrive through careful planning. But the work itself limits high income potential. 

Ideal For: Physically-inclined entrepreneurs in warmer climates.

Startup Costs: $2,000 – $10,000 for equipment.

Income Potential: $60k – $150k   

Difficulty Level: Medium

10. Becoming a Business Coach

Coaching and consulting firms earn high rates helping other businesses improve in areas like marketing, systems, and sales. Top coaches can make multiple six-figures with relatively low overhead by selling high-ticket packages.

But this path is only viable if you truly have extensive expertise from successfully running your own business in the niche. Faking experience to mislead clients into purchasing your coaching is unethical. Legitimate expertise can only be gained from years actually operating a successful enterprise.

Transparently highlighting your track record is critical for getting clients to trust you. But for those with proven experience that others are begging to learn from, high-income coaching businesses remain achievable.

Ideal For: Seasoned business owners with specific expertise. 

Startup Costs: \$1,000 – \$5,000 to create offerings.  

Income Potential: $100k – $5 million+

Difficulty Level: Hard

11. Becoming a Twitter Ghostwriter  

Ghostwriters earn income crafting tweets, threads and content for celebrities, executives and brands seeking to expand their social media reach and followers. Some top ghostwriters charge over $1,000 per tweet or thread.

However, accurately matching unique high-profile voices poses immense difficulties for newcomers. Competition has also driven average ghostwriting rates down closer to $50 per tweet. Most potential lies with expanding social presence for busy executives rather than major celebrities.

Other opportunities likely better reward the time investment required to succeed as a ghostwriter and build a sustainable business. But ghostwriting skills remain useful for supporting larger social media marketing agencies.

Ideal For: Experienced marketers with strong writing skills.

Startup Costs: $0 – $500 for content creation tools.  

Income Potential: $30k – $250k

Difficulty Level: Hard

12. Selling Products via Social Commerce

Livestreaming product demos and recommendations to followers on platforms like Shopify and TikTok taps into surging social commerce demand. Top sellers earn over 7-figures yearly moving millions of product units.

But mastering entertainment and engagement during live broadcasts is crucial. Without authenticity and connections with audiences, growth stalls quickly. Standing out in a crowd of aspiring sellers worldwide requires commitment and marketing savvy.

For already influential creators with engaged followings, social commerce provides a natural monetization path. Everyone else faces a steep climb to build audiences large enough to generate significant income.

Ideal For: Natural entertainers and storytellers with existing followings. 

Startup Costs: $100 – $500 for product inventory.  

Income Potential: $50k – $10 million+  

Difficulty Level: Hard

Conclusion

Choosing where to focus your entrepreneurial efforts is challenging. No business venture today comes without risks or competition. But by realistically weighing your personal skills and interests against market opportunities showing strong upside, you can make smart decisions about what to pursue in 2023. 

Just ensure you build skills over time rather than looking for instant results. With rigorous preparation and strategic positioning, even competitive sectors like social media marketing and ecommerce can provide fulfilling self-employment. Hopefully this in-depth examination of 12 top business models provides helpful insights into separating promising opportunities from short-term fads in the year ahead.