Are you struggling to decide what type of business you want to start in 2023? Look no further! Here are 5 sole proprietor businesses that are worth considering:
Photography: This is a low-cost, low-risk business that is easy to get into. Plus, you don't need to incorporate unless you become big. Start by offering headshot and graduation photography services on college and university campuses.
Tutoring: If you're an expert in a particular subject, consider starting a tutoring business. Not only is it low-risk, but you can also tutor in a variety of subjects, from math and science to website development and more.
Freelance Writing: With the increasing demand for content marketing, there is always a need for copywriters. This is a low-risk business with the potential for high rewards if you can secure recurring clients.
Social Media Marketing: The creator economy is on the rise, which means businesses are looking to increase their online presence on social media. This low-risk job has the potential for high rewards, though you will need to stay up to date on the latest trends.
Virtual Assistance: If you have good organizational skills, consider becoming a virtual assistant. This low-risk, high-reward job allows you to work from anywhere, all you need is a laptop. You will be responsible for tasks such as organizing files, scheduling meetings, and taking notes from meetings.
As a sole proprietor, you will be responsible for all tax, liabilities, and audit concerns from the IRS and Federal Government. However, this type of business form is the simplest and has the lowest cost to start. So why not give one of these businesses a try in 2023?
If you want to learn more about getting an Employer Identification Number (EIN) for your business, be sure to sign up for our virtual event on January 14, here. You'll get expert insights and advice on how to obtain an EIN and why it's important for your business. Don't miss out - sign up now!