5 Business Ideas for Women to Start Today and Build Wealth

Over the past two decades, the number of women-owned businesses has grown by 14%. Women-owned businesses generate $1.8 trillion annually and employ nearly 9 million people. If you’re a woman interested in starting a business, it’s important to know that getting a piece of the action and generating revenue to build your wealth is entirely possible.

In today’s blog post, we’re discussing women-owned businesses and five ventures you can start ASAP. Speed is important when you’re trying to accomplish anything, and successful people love speed. Let’s dive in!

Why Business is Crucial for Women

Business is essential because it's one of the main ways to create wealth. Typically, wealth is acquired in one of three ways: inheriting it, marrying into it, or creating it yourself. Starting a business is a repeatable process that generates profits and helps you create your own wealth.

1. Consulting

Consulting is arguably the easiest way to start a business because you leverage knowledge you already have. As a first-time business owner, you might not have the infrastructure or blueprint, but you have valuable skills and experience. Consulting allows you to package and sell your expertise without needing extensive research or learning a new industry.

To get started, share your knowledge on social media, create a free scheduling link like Calendly, and begin booking clients. As you work with clients, you’ll learn their pain points and can create additional products like courses, group coaching, and memberships to address these needs.

2. E-commerce

E-commerce is booming, with global sales reaching approximately $6.3 trillion in 2023 and projected to grow to $8.1 trillion by 2026. Mobile devices now account for 72.9% of all e-commerce sales, with 75% of consumers shopping online at least once a month.

You can sell almost anything online, from physical products to digital courses and books. Leveraging the internet and mobile platforms can help you tap into this rapidly expanding market. Whether you’re selling beauty products, fashion, or any other goods, getting your business online is essential.

3. Beauty Industry

The global beauty industry, encompassing skincare, hair care, makeup, fragrances, and personal care, was valued at approximately $511 billion in 2021 and is projected to grow to $784 billion by 2027. Skincare is the largest segment, accounting for 42% of the market.

Online beauty sales have been growing rapidly, accounting for 23% of total beauty sales in 2022. This shift towards online sales has accelerated since the pandemic. Whether you’re a hairdresser opening a salon, selling beauty products online, or getting into men’s grooming, there’s immense potential in the beauty industry.

4. Cleaning Services

The global cleaning services market was valued at approximately $55.7 billion in 2020 and is projected to reach $111 billion by 2030. The commercial cleaning segment dominates the market, accounting for over 55% of total revenue.

Starting a cleaning business doesn’t mean you have to do the cleaning yourself. You can create a basic website with scheduling capabilities and hire or contract people to do the cleaning. Additionally, you can sell cleaning products, especially green cleaning products, which are trending and expected to grow.

5. Membership Services

The membership economy is rapidly growing. The subscription e-commerce market alone is expected to reach $478 billion by 2025. Businesses offering subscription services report higher revenue growth, with subscription-based companies growing revenues 5.5 times faster than S&P 500 company revenues and eight times faster than the US GDP.

Membership services often achieve higher customer retention rates, with an average retention rate of 80%. Popular categories include streaming, meal kits, and beauty products. You can build a membership service around any hobby, skill, or talent you have. For example, if you’re a personal trainer, you can create a fitness membership service. If you love cooking, consider a cooking membership service with meal plans, recipes, and live cooking sessions.

Recap

Here are five businesses you can start today:

1. Consulting: Leverage your existing expertise.

2. E-commerce: Tap into the booming online sales market.

3. Beauty Industry: Sell products or services in a rapidly growing market.

4. Cleaning Services: Offer cleaning services or sell cleaning products.

5. Membership Services: Create subscription-based services around your skills or interests.

I hope this post gives you some ideas on what is possible for you. I’m coming out with an AI business launch class to teach you business fundamentals and how to leverage AI for ease and efficiency. If you’re interested in my future courses you can join the waitlist.

Remember, you deserve to be wealthy. Create the wealth in your own life. Follow us @wewealthwomen on Facebook, Instagram, TikTok for more tips and inspiration.

I love you, goddesses, and I’ll see you in the next post!