With the number of SMEs in the UK alone growing by 59% since 2000, there’s never been a better time to buy a business. COVID-19 is on its way out, and a trend towards buying from independent businesses is on its way in, getting 2023 off to a promising start for buyers looking to invest.
If you want to buy a business it can be challenging to know where to begin, with a growing number of options on the market. To make your decision easier, here’s a list of the six most promising business sectors in 2023.
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eCommerce
It’s no secret that sales are moving from the physical world to the digital world, with 71% of small businesses surviving the pandemic through digitization, and 27% of the global population choosing online shopping.
eCommerce businesses are easily adaptable and require fewer overheads, so by investing in an online store, you’re taking less of a risk. Before purchasing an eCommerce business, check which types of companies are doing best online, and buy a store accordingly.
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SEO
One of the most popular digital marketing techniques of the last ten years has been SEO. SEO promises to improve a website’s ranking on Google and other search engines, and with so many sites vying for the top spot, there’s never been a better time to monetise this skill.
With this in mind, it’s worth investing in an SEO agency that specialises in using blogs, keywords, and backlinks to improve a company’s search ranking. If the SEO market is saturated in your area, offer SEO amongst other services, like website creation, PPC, or social media.
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App development
Mobile apps are expected to generate over $935 billion in revenue in 2023. Apps to help with productivity, mental health, fitness, and sustainability are thriving – and they’re only set to become even bigger, as proven by the success of giants like TikTok and Calm.
To get started, research which types of apps are doing best and see if you can find a gap in the market or put a twist on their offering.
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Medical supplies
The COVID-19 pandemic made it clear just how important medical supplies are. And with pandemics set to become more common, this need will only increase.
As well as a jump in the number of pandemics we can expect, home health monitoring is on the rise, especially since doctors have less time to see patients directly.
From at-home blood oxygen monitors to ventilators, medical supplies are some of the most sought-after products on the market, so it’s an excellent sector to invest in for financial success.
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Consulting
People are increasingly willing to pay for expert advice, whether it’s about management, marketing, or technology. If you have expertise in a particular topic – or you can confidently grow a team that does – consider buying a consulting company.
Consultancies offer advice and expertise to other companies to help improve the business and boost profits. The overheads are minimal, and the job can be done remotely, so you won’t need too much cash upfront. Not to mention that with the demand for consultancies increasing, this sector is unlikely to shrink anytime soon.
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Holiday rental management
Almost everyone has heard of Airbnb, and with more people travelling than ever before (especially with the post-COVID travel boom), the need for holiday rentals is only increasing.
The problem is, many holiday rental owners are busy professionals who have little time to successfully manage the logistics of a rental business. That’s where holiday rental management comes in. Look for businesses that cover the logistics, cleaning, or customer service for holiday rentals and go from there.
Final thoughts
The best way to future-proof the success of your investments is by making data-driven choices, so consider which businesses are booming before making your decision. If you’re worried about cash, there are multiple financing options to look into, from business loans to small business grants. Remember to consider the financial viability of any business before jumping into a purchase.
