A possible recession, continued inflation, and ongoing layoffs have cast a shadow of uncertainty upon the new year. But career experts have said these factors will lead to increased business creation and more side hustlers in 2023.
Today it's easier than ever to start your own business or side hustle because all the tools you need exist online. Plus, many are free or otherwise affordable. This digital revolution is one reason why 10.5 million Americans created businesses in the past two years.
Online businesses can be an accessible way to earn extra income since most have low overhead costs and are simple to run from home. You can buy a website domain, design a logo, and open an e-commerce shop with a few clicks of a button. There's no retail space to rent, no equipment to buy, and no inventory to hold.
"The tools in order to have a side hustle are getting increasingly easier to access at a lower cost," Cynthia Franklin, the director of entrepreneurship at New York University's WR Berkley Innovation Labs, said.
The time commitment depends on how much money you want to earn. Some people run their online businesses with as little as four hours a week, while others run full-time operations clocking 45 hours a week.
Even in a recession, Franklin is confident entrepreneurs will find opportunities to start and grow their businesses.
"If you want to start a business, don't pay attention to the headlines," she said. "Instead, look around you for opportunity or gaps where the status quo could be better for somebody and then work to fix it. If you do that, it doesn't matter if there's a recession."
Insider compiled a list of the most popular online businesses to start in 2023, based on our previous reporting.