Living a life of financial confidence is an absolute goal that everybody should strive for in 2023. There are people making millions of dollars as we speak. You could be one of them after reading this post. There are indeed a million ways to make a million dollars; however, not everything will suit you; hence, you are obligated to find something that connects and helps you make a difference.
The fact you’re reading this post dictates that you are pursuing the freedom that comes from having money. There are six businesses listed in this post; pick only one, and don’t be a jack of all trades; choose the most relevant business model and give it your all.
Is Making $10,000 Enough?
In the world of expense, not even a million dollars is enough but think about it: how much money do you need? You may think that rich people spend a quarter million dollars on a shopping spree, so you should probably make at least a million dollars a month to live the same lifestyle. Stop right there; you are mistaken. Let’s look at the stats for a minute.
The current population of America as of 2022 is 333.2 million. Among them, only 0.1% make over a million dollars a year. Making a million dollars is less common than you think. In fact, only 1% of people make nearly half a million dollars annually. Furthermore, if you make a quarter million bucks, you are among the top 5% in America. Finally, only a measly 33.6% of people make over $100,000. The average household income in America is around $60 grand.
The above stats conclude that making ten grand a month is more than enough, putting you in America’s top 30% of people.
6 Effective Business Models in 2023
It was challenging to narrow down the list to only six businesses, mainly because there are so many models out there; let’s go through them, shall we?
#1: Sales
Becoming a salesperson is one of the most rewarding businesses today. Most of the current billionaires initiated their careers by first becoming a salesperson. Learn how to sell because it exponentially increases your odds of becoming successful.
Salespeople make money on a commission basis. You can polish your sales skills first and then reach out to numerous companies that are constantly looking for great salespeople. Get in touch with them and ask for a 10% commission for every sale. Suppose you sell a product that is worth $10,000; you earn one thousand dollars. Hence, you only need to close ten clients a month to make $10,000. If you sell a high-ticket product, say 20K, 30K, 50K, or 100K, your commission will also increase proportionally. If you help a business sell $1 million worth of products, they will gladly pay you $100K. There is no end to how much money you can make by becoming an exceptional salesperson. If you have what it takes, get started with it.
#2: Copywriting
Sales is closing one person at a time and making a commission. Conversely, copywriting is the art of selling to many people simultaneously using your writing skills. It can get you a recurring form of commission for various products. If you can’t speak with clients and like writing, you can become a copywriter.
All you have to do is find a product and review it on various platforms, whether your website, blog, etc. Every time someone clicks on the link provided in the copy, you get a commission. This way, as long as people buy products through that link, you will get paid. There are people writing a copy once and getting paid for years to come. You can also reach out to any business and write a copy for them on their platforms. It works both ways. You can charge $1K-$2K per copy, write five copies a month, and make $10,000.
#3: Dropshipping
Most people are reluctant to start a dropshipping business because it involves them investing money upfront for a future return. People are indeed losing money in dropshipping. This business has three entities: seller (you), drop shipper (one who fulfills the order), and customer. You do not hold any inventory of the products; your job is to merely advertise the product and provide a link to the customer through any means necessary. The customer will click the link and purchase the product, and the drop shipper will fulfill it.
You can run ads on Facebook, Youtube, Twitter, Instagram, etc., to gain attention and captivate the audience to buy. Sometimes, you can invest thousands of dollars in ads and still get no response, so if you can run successful ads, you can make a lot of money in dropshipping.
#4: Online Course
There is always something you’re good at or know about; why not bundle all your knowledge and put it online for sale? If you have in-depth knowledge of a particular topic, even if you don’t think that it is a viable product, do it. Pour all your expertise into one course, set up a landing page, and start running ads. You will be glad you did because someone somewhere is always seeking access to that information.
For instance, suppose you spend an immeasurable amount of time watching desk reviews on YouTube; you can make a course about “100 best desk setups for productivity or gaming”, explaining how to achieve each setup. You can sell the course for $100. This way, you only have to make something once and get paid till the course exists. If you run ads, you can easily sell the course to 100 people per month and make $10,000 from it.
Digital marketing will always be relevant regardless of the industry or time. Every product needs to be online to sell. You can fulfill the gap by becoming a digital marketer who brands and advertises products. There are multiple platforms already, and more will be introduced in the future; learn about them and the best ways to market products, and you can make good money.
Companies even appoint digital marketers, so if you want to get hired, it is an easy skill to learn and provide. Digital marketing includes advertising, branding, copywriting, etc. You can be good at these skills and provide excellent service to massive conglomerates. Clients who hire you will be your long terms clients, making you solid recurring income.
#6: Freelancing
Perhaps not as flashy, but providing a service in exchange for money is still valid in 2023. Companies are looking for freelancers worldwide, so if you have a skill you can provide to the marketplace, get on board. There are many platforms like Upwork, Fiverr, Freelancer, etc., where you can create a profile for free and find clients who pay you hourly or on a project basis.
You need to build credibility by showcasing your work. So, whatever skills you would like to provide, put together the best work forward because clients will judge you based on your work. For instance, if you start a copywriting freelance business, you can show your clients your copies and how well they converted. This is a great way to build rapport and get hired for multiple projects.
Conclusion
Starting a business is exhilarating; however, it comes with its fair share of obstacles. Do not be terrified; you have it in you to guarantee success. Keep learning from your mistakes and keep improving. In time, you will be rewarded with financial independence.
These are some of the most effective business models you can start in 2023. Which one did you find interesting? Let us know in the comments below.
