Starting a business in 2023? Here’s what you need to know

Thinking of starting a business this year? You’re in good company. In fact, 2 out of 5 Americans plan to start their own business in 2023. Of those, 32% will be living the entrepreneurial dream for the first time. If you’re new to corporate ownership, there’s a lot to consider, but don’t let that put you off.

We’ve got the advice you need to start the year (and your new business) off right.

Corporate finance
photo credit: Karolina Grabowska / Pexels

Find financing now

One of your biggest questions before starting is probably, “How am I going to pay for this?” Depending on your personal finances, you may be able to self-finance some of your business startup costs, but you’ll likely need some (or a lot) of support along the way. Are you wondering how to get a loan? Let’s dive.


Everyone wants free money, but beware: competition for business grants is fierce. Grants do not have to be repaid, but the application process can be difficult. However, it’s always smart to look for grants that your business might qualify for. Check with the US Small Business Administration and your local chamber of commerce and other non-profit organizations that support small businesses.

Traditional loans

Bank loans are an easy way to secure funding for your new business. However, you still have to go through the approval process and find a repayment plan that works with your current finances. To get the best rates and secure approval, it helps to have your business registered as a legal entity (more on that in a bit), have a dedicated business checking account, and have clearly separate proof of business and personal finances.

Small business credit

Similar to a credit card, a small business line of credit allows you to borrow a certain amount and repay it over time. As with a loan, you’ll need to go through a similar approval process, but keep in mind that interest rates aren’t always that favorable, so you could end up paying a lot more.


If you need a lot of financing that you don’t want to pay back and are willing to share the profits or give up an ownership stake in your business, you may want to look into an angel investor or venture capital fund. There’s a lot of competition out there, so you might benefit from looking into platforms that pair startups with investors, like FundersClub and Wefunder.


Crowdfunding brings your great business idea directly to people. You can get started by simply asking friends and family for support, or by using a crowdfunding platform like Indiegogo, Patreon, or SeedInvest.

Secure your new business with a legal entity

Once you’ve come up with a plan to finance your business, it’s time to take one of the most critical steps in making your business legit: filing for a legal entity. While it’s not technically a requirement — and you can run your business as a sole proprietor without a legal structure — it’s always the recommendation for new entrepreneurs. How come? Because registering your business has many benefits, including:

  • Liability protection that protects your personal assets
  • Ease of securing finance, corporate bank accounts, credit cards and more
  • Protection of privacy and personal information
  • Legitimacy that makes your business more trustworthy and attractive

While you can choose the business entity that best suits your needs, the most common is an LLC. It is valued for its flexibility, affordability, and low compliance requirements. There were 5.4 million registered business formations in 2021, the most recent year on record, more than any other time in history.

Corporate brand building

Start building your brand and online presence

Your next step as you get closer to launching your business in 2023 is to focus on building a trusted and recognizable brand. And of course, the best way to do that is to build an online presence.

Conduct research

First, you’ll want to learn as much as possible about what you’re getting yourself into. For most companies, this means further research in three key areas:

  • Your customers
  • Your market
  • Your competitors

The best way to start your search is online. Look for trends in your industry, follow your competition on social media, and pay close attention to what customers are saying about these rival brands.

Protect your brand

You’ve already taken a huge leap in risk reduction by presenting yourself as a legal business entity, but there are other ways to prevent your brand from being stolen by competing companies. Try to trademark your name, logo or even slogan. A trademark is the only surefire way to stop other companies from using your intellectual property.

Build your website

Recent data shows that 71% of small businesses have a website. It doesn’t matter whether or not you’re planning an ecommerce business: to really thrive, you need a website. Websites help your business get found, build your reputation, and help your business succeed. However, you don’t need to hire an expensive developer — you can usually build your own DIY website with a platform like Wix or Squarespace.

Get social

Just like having a website, being on social media is a must. One of the main ways to get new customers is to go out wherever they are. And in this digital age, it’s on social media. Pick the platforms where you’re most likely to find your ideal customers, then see how your competition is interacting with them.

Businessman learning growth strategy

Stay up to date on the latest swings in the economy

To ensure the success of your business, you need to stay ahead of the forecast for the economy in 2023. Nothing says you shouldn’t start a business in the year ahead, but it’s worth being prepared. For 2023, the Harvard Business Review predicts a bumpy ride, due to inflation, high interest rates and general uncertainty.

While growth is expected to be slow, markets are still on the upside and actions taken by the federal government could work to reduce inflation and keep jobs, putting the US on a path toward economic recovery and growth .

There are many uncertainties that come with starting a business, but there are also countless benefits. With the right planning and preparation, you can make 2023 the year you make your entrepreneurial dreams come true.

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