According to business.gov.au, new businesses start yearly, creating jobs and supporting local economies' growth. With these, business owners must be prepared to adjust to changing consumer expectations, international conditions, and economic realities.

"There are several benefits and hazards associated with raising money and capital when starting a business. Regarding benefits, you have control over your schedule, can pursue your passions, and, most significantly, can increase your income," said business funding expert Shane Perry of Max Funding—one of Australia's trusted business funding sources for startups.

If you're thinking about starting your own business, now is the time to do it! Here are 7 profitable small business ideas worth your investment in 2023.

1. Home-based business

This type of enterprise has never been more popular. Some new companies are started from scratch using a home as their primary location. With online resources and myriad marketing opportunities, starting a home-based business is easier than ever.

2. Digital Marketing Services

Digital marketing services are becoming increasingly necessary as more firms move their operations online. To assist small businesses in establishing their brands and online presence, you can start your digital marketing agency. A digital marketing agency typically offers copywriting, SEO writing, etc.

3. E-commerce Store

Many people are buying products online these days, so there's a market for eCommerce stores that specialise in selling items related to a particular niche or activity. For example, you could start an eCommerce store selling beauty products or health supplements.

4. A Small Design Firm

When demand increases for creative services like branding, web design, and advertising, there's always a need for independent contractors who can deliver high-quality work quickly and efficiently. A small design firm could provide the solution you're looking for.

5. Franchising

Franchising has become increasingly popular over the past decade because it offers entrepreneurs access to a growing network of customers and franchisees who can help them grow their businesses quickly and efficiently. If you have an idea for a new franchised product or service, now may be the time to bring it to market.

6. Home Tutoring

Another innovative small company concept worth exploring in 2023 is home teaching. The best aspect is that this service can be offered online or in person. And virtually everything may be taught, including arithmetic, economics, the piano, swimming, etc.

7. Pet Grooming

Consider beginning a pet grooming business if you enjoy having pets around; grooming them doesn't seem like much labour. Consider providing home services to maintain your flexibility. In this arrangement, you go to pet owners' homes to groom their animals while receiving payment for your assistance.

While no industry is guaranteed to succeed, those adaptable, resilient, in great demand, and decent margins are a good bet. Successful small company ideas require a variety of factors, including a sound plan, potent POS tools, business savvy, expertise, etc. You can use this list of small company concepts and may seek help from business coaches as a jumping-off point to become motivated this year.