Category: Business Ideas

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DBA Meaning: Creating a Special Name for Your Business

DBA Meaning - Creating a Special Name for Your Business

Forming a business can be a challenging process, made more confusing by tricky terminology. A DBA can benefit any business structure if you understand how one works. This article takes a look at DBA meaning and the ways to use a DBA to set your company apart from the competition.

Use ZenBusiness to facilitate the DBA registration process.

DBA Meaning – What is a DBA Name?

DBA stands for “doing business as”, and is a registered name your business operates under. It is different from the legal name your company takes upon formation with the state, and is therefore sometimes referred to as a fictitious or assumed name. A DBA is particularly helpful in situations where you have no control over your business’s legal name.

Benefits of a DBA

By DBA definition, creating an assumed name can open many business doors. Here are a number of reasons why filing a DBA can be advantageous.

Hide Your Private Information

In a sole proprietorship, your business name is the same as your legal name. Partnerships follow a similar pattern, incorporating the last names of both partners to form a business name. Any time one of these entities does business, the owners have to share those names with suppliers or clients.

You can avoid that headache with a DBA, meaning you can do business with an assumed name that keeps your private information private. This can, you have more control over who sees your personal name as you make contacts.

Marketing Your Business

Most businesses you know tell a story with their name, and a DBA allows you to do the same. Your DBA name can convey your business purpose to potential customers about the products you sell or services you provide. If consumers don’t understand what your business is all about, chances are they aren’t going to be shopping there.

Expansion

If you expand your business into a completely different niche from where you normally operate, you can use a DBA to represent that new area. This also holds true when moving across state lines and you want to personalize your locations by name.

A Boost of Credibility

There’s little to say about a business using a person’s surname for professional matters. Other companies and customers may not take your business seriously and choose to work with you.

Business Banking Purposes

Along that same vein, many banks want to see a DBA before allowing you to open business banking account. Business accounts often have extra perks and help you keep personal and professional finances sorted.

Easy and Affordable

Although each state has a different process, creating a DBA name is generally easy to do. As an added bonus, the cost is often quite low and lasts for several years before you need to renew.

Create a DBA with ZenBusiness

What a DBA Won’t Do

When looking at DBA meaning, it’s important to note that this assumed name is not a legal business entity. In other words, a DBA does not protect your personal assets in the event of legal action against your company. If there’s a risk of legal action against your business type, it’s wise to register an LLC.

In most states, a DBA isn’t enough to have a unique business name. Other companies can also file the same DBA name in the same state without consequence. If you want to be the only one who can use a particular moniker, you’ll need to file a trademark instead.

When Do Sole Proprietorships and Partnerships Need a DBA?

There’s no requirement for a sole proprietorship or partnership to register a DBA, meaning you can go about business indefinitely using just your name. If you wish to operate under an assumed name, you will have to file the appropriate paperwork in most states. Check with your county as well, as some local entities need documentation as well for compliance.

Thirteen states do not require a state filing for a DBA, meaning you can use your business name of choice without consequence:

  • Alabama
  • Alaska
  • Arizona
  • Delaware
  • Florida
  • Hawaii
  • Kansas
  • Maryland
  • Mississippi
  • Nebraska
  • Ohio
  • Wisconsin
  • Wyoming

It’s still worth checking at the county level for any necessary paperwork.

Can LLCs or Corporations File a DBA?

LLCs and corporations are formal business structures with a host of perks. When you register your business as one of these entities, business owners must come up with a unique title that becomes the company’s legal name. No other venture in the same state as you can use the same name.

That said, any type of business can register a DBA should they want to run the business under an assumed name or branch off into a new category without creating a new company. There’s no restriction to the number of DBAs you can have, so large businesses may have several under their hat to pick from.

Create a DBA with ZenBusiness

How to File a DBA

Filing a DBA in your state is not a difficult process, but it does vary from state to state. Follow the steps below and you’ll have a DBA in no time.

Step 1: Understand the Meaning of DBA in Your State

No two states are the same when it comes to a DBA and its requirements. Take the time to see what you need before filling out any paperwork. Be aware that some cities or counties have requirements of their own that may complement or supersede happenings at the state level.

Step 2: Come Up With a Name

Once you know how to file your DBA, you’ll still need to come up with a name. Many customers will use this title to decide whether to shop with you, so come up with something catchy that spells out exactly what you do.

Keep in mind that shoppers in this day and age have short attention spans and will quickly forget convoluted or long names. Even if they remember bits and pieces, it likely won’t be enough to share with a friend or find you again online.

States will place restrictions on certain words that you’ll need to avoid. It’s not possible to include LLC in a DBA if your company is a sole proprietorship.

Step 3: Check for Businesses Already Using the DBA

Most states don’t have a rule limiting a DBA name to just one business. While you can use the same DBA name as the flower shop down the street, such a move can spark confusion on multiple levels.

With so many businesses functioning at least in part online, your DBA name needs to work online as well. Website addresses, also known as domain names, are unique. If another company already has the domain of the DBA you’re considering, you may want to go a different route.

Step 4: Register the DBA

After completing the first three steps, you’re ready to register your DBA. The process isn’t free but should cost less than $100, depending on the location you file. Some state or county offices will let you perform this step online, but in others you’ll need to drop the paperwork off in person. 

In either case, you’ll want to wait for approval from the governing body before you start using your DBA. You’ll receive a document letting you know you can conduct business under your new name and can start ordering your branded marketing tools.

DBA Meaning Frequently Asked Questions (FAQs)

This FAQ answers some of the most common questions surrounding DBA meaning.

Bottom Line on DBA Meaning

Understanding DBA meaning can help your business immensely, no matter the size or structure. For sole proprietorships or partnerships, DBAs offer a way to keep personal information out of the spotlight while allowing these business types to create a name to build a brand around. If you want to take your business to the next level, registering a DBA is an obvious next step.

ZenBusiness is one of the top DBA services available, with all the tools you need to register your DBA. You can look up potential names and register straight from the ZenBusiness site, ensuring you get everything right the first time. Head over to the ZenBusiness website for all your DBA needs at one reasonable price.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

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How to Come up With a Business Name in 13 Steps

Dark skinned woman scratching her head with a pencil while thinking of a business name

Something as small as a business name can have a monumental impact on your success. The right name can bring in more customers than you thought possible, whereas the wrong name can effectively shut you down. Read on to discover how to come up with a business name that sets you apart from the competition.

Register your business name with ZenBusiness

How to Come up With a Business Name In 13 Steps

Coming up with a business name can be a daunting task. Use these 13 steps to simplify the process and uncover the perfect name for your company.

Step 1: Create Your Brand

Before doing anything else, you must first paint a mental or physical picture of what your brand is going to be. Can you envision your company’s logo, your storefront, or your online site? Do you know the look you’re going for and the style your business conveys?

Make sure to fully consider the scope of your business and all the products or services you plan to sell. Even if you’ve yet to take the first step toward making all this a reality, the vision you cast plays a crucial role in how to come up with a business name.

Step 2: Brainstorm New Ideas

Now that you can see your business in your mind or on paper, what does it say to you? Start writing down any words or associations to the images you’ve conjured up that speak to your brand. These don’t need to be complete thoughts at first, just new ideas beginning to take shape.

With your word art, start linking ideas together into actual names for your business. Don’t worry if they sound silly at first glance; one idea may spawn another or grow on you with time. There’s nothing definitive about this step; you simply want a list of names befitting what you hope to represent.

Step 3: Try Out a Name Generator

For some extra help, try out a name generator. You can type in one or more keywords from your brainstorming list and see what pops out the other side. Some sites may ask additional questions to hone in on a more specific theme.

Shopify’s name generator gives up to 100 ideas from a single keyword and can walk you through the rest of the business setup process should you find one you like. Add any names speaking to you to your list.

Step 4: Say Each Name Out Loud

You’ve seen each name on paper, but how does it sound out loud? Take the time to say your ideas out loud and hear how they sound. Do they flow well, or is your concoction too hard to say? Could your potential title be misconstrued as something else that you don’t want to associate with?

Even if names sound good to you, getting feedback from others is a good idea. Grab some unbiased friends or family who will provide truthful feedback and say your names to them. Make note of the top picks among your focus group.

Step 5: Screen Out the Bad

It’s time to cast aside some of the bad names that aren’t up to snuff. In addition to names that don’t sound well out loud, stay away from monikers that may not resonate with customers for other reasons.

For instance, hard-to-spell names can confuse shoppers trying to find your business online. This also holds true when a name is too long. If they can’t get your name right, they won’t be shopping from you again.

When naming a business, be sure you don’t limit the scope of where your business may someday go. While this may include physical expansion into new markets, it also holds true for product niches you may wish to carry in the future. “Girls’ Clothes Chicago” leaves no room for boys’ clothing or opening a store in another city.

Your business name should be catchy, simple, and easy to remember. You also want it to communicate what your business is in a positive way. You may someday sell products in foreign locations, so consider how your name sounds in other languages as well.

Step 6: Consider Naming Rules for Your Business Structure

By now you probably have some great names in mind, but your journey of naming a business is not yet over. Depending on your business registration structure, there are certain criteria you must meet for your name to get approved.

A limited liability company (LLC) requires you to designate somewhere in your business name that it is, in fact, an LLC. Most companies use some form of the abbreviation (LLC, L.L.C., etc.) to accomplish this. Corporations have similar rules you must follow.

There’s a bit more flexibility when filing a DBA (doing business as) for sole proprietorships or partnerships. These business entities can’t use verbiage implying they’re an LLC or corporation, though.

Don’t forget to check with the state you’re filing in to see if it has any specific requirements about naming you need to consider. There may be restricted words or certain guidelines you must follow to get your name approved.

Step 7: Make a List of the Best Names

After completing the above steps, make a short list of the best names meeting all the criteria for how to name a business. With the list in hand, run your remaining options through these next steps to help determine the one you’ll ultimately register. 

Step 8: Search the Web

Perform a web search on the top picks for your business name. Look to see if another business uses it in your state or elsewhere and for what purpose. If you see yourself expanding to a state in the future where your name is already in use, you may want to consider another option instead.

Worst case, all the names you like are already in use and you have to head back to the drawing board. Not all is lost, as you might come up with some cool ideas for your own business you hadn’t thought about before.

Step 9: Check Availability

LLC and corporation names must be unique when you go to register them. If you’re coming up with a name for a DBA, most states don’t require these to be one of a kind. However, using the same DBA as another business can lead to customer confusion.

Running a business name search in your state is a great way to decipher which names are still available. ZenBusiness has an LLC name search tool that will tell you at a glance if you can use your ideal name.

Beyond the state, perform a trademark name search with the federal government to see if someone trademarked your name or one similar to yours. Your name request will be blocked if the government has a likelihood of creating confusion with a phrase already trademarked.

Step 10: Don’t Forget the Domain

Once everything checks out with the state and at the federal level, there’s nothing stopping you from actually registering your business name. However, it would be prudent to invest in your online presence even if you don’t plan to sell there right away.

A domain is a website address customers use to navigate to their digital store. Ideally, you’ll want to get the exact name domain as your business name so shoppers don’t have to remember two pieces of information. Kurt’s Birds would probably want to get www.kurtsbirds.com so new and recurring customers to know where to go.

If the perfect domain name isn’t available, not all is lost. It is possible to add a word or deviate slightly and still have an ecommerce store. www.kurtsbirdshop.com might still get the job done, but it is less ideal.

Another alternative is to try something other than .com for your top-level domain. There are many other options to choose from but keep in mind the complexity and where your customers are likely to go.

NameCheap is one of the best sites to register a domain name and will help you find the perfect one for your business. It’s not possible to buy a domain name outright, but you can reserve one for up to ten years. Don’t forget to reserve it again before that window is up.

Step 11: And Social Media Too

Social media can be just as powerful a tool as your domain. Sites like Facebook have marketplaces for selling products, and social media can be a great place to market your wares. Before finalizing your business title, reserve the name on the most popular social media platforms. Top considerations include YouTube, Twitter, Instagram, Pinterest, and Facebook.

Step 12: Decide on Your Business Name

Hopefully all the above have whittled your original list down to one or two names. If you still have a few to pick from, it’s time to choose the one that best fits your business model. All that’s left from here is to register it with the state.

Step 13: Register Your Business Name

It’s finally time to take the name you’ve landed on and make it your own. In most cases, you can fill out the appropriate paperwork through the internet and submit everything online. All states require a fee that can vary significantly across the nation.

Business registration services like ZenBusiness can help you with the registration process. The platform will walk you through every step to ensure you don’t miss anything along the way. Such sites can even provide additional services, such as a registered agent or information on filing taxes.

If you have a name picked out but aren’t yet ready to start your business, many states will let you reserve it for a fee. In most cases, you can hold a name for several months or a year while you finalize other details of your business.

Register your business name with ZenBusiness

Where to Look for Inspiration

When working through how to come up with a business name, inspiration is often the most challenging part. Here are some ideas to consider if you find yourself stuck.

Acronyms

Using an acronym can be a great way to shorten a longer business name idea that consumers might have trouble remembering. Many established companies use an acronym as a DBA to shorten long legal names.

Popular examples include:

  • AMD (Advanced Micro Devices)
  • BMW (Bavarian Motor Works)
  • 3M (The Minnesota Mining and Manufacturing Company)

Using Your Name

Some business owners opt to use their own name or names when forming a business. It may not have the desired result in this day and age, but it has worked in the past. Think about Ben & Jerry’s ice cream or Walt Disney.

Other Languages

This point of inspiration can go both ways. Pret a Manger is a sandwich shop with a french name that opened its first location in London and has since spread to several countries, including french speaking ones.

If you ever plan to sell internationally, be sure your business name doesn’t translate to something problematic or even offensive. While not a company name, Ford could not sell its Nova in Spanish-speaking countries because the word literally translated to “no go”.

Use Your Location

Admittedly, using your location in a business name can shoehorn you into an area or region you may want to grow out of down the road. If you’re careful, attaching a location to your business name can help you stand out. Kentucky Fried Chicken exists all over the planet, despite clearly referencing a state. Nokia and Adobe are both named after rivers in their respective parts of the world.

Word Combinations

Businesses trying to convey a theme will sometimes squish two words together to make the perfect company name. Netflix combines the internet with the flicks we all love so much. SnapChat meshes photo-taking with conversation, a perfect representation of the app.

Wordplay

Clever wordplay can lead to a catchy name that sticks in people’s minds. Chances are you’d remember eating at Bread Pitt or shopping for flowers at Florist Gump.

Synonyms

If your business fills a generic space, spice it up with synonyms. Flip through a thesaurus for a keyword or ten and see what resonates with you.

Rhymes

Artists use rhymes all the time in song and poetry to drive home meaning and make a lyric or passage stick. Business names can have the same effect. Famous Amos makes a delicious pretzel, and StubHub is a top site to buy tickets for popular venues.

Misspellings

The human brain has a tendency to remember things that stand out. We see a word spelled a certain way all our lives, and then a business like Lyft comes along and makes us question everything. That simple spelling deviation is enough to make a name stick in our heads even though the base word isn’t anything special.

Create Something New

There are few rules you need to follow when coming up with a business name. You don’t even need to use real words to be successful! Häagen-Dazs sounds like a fantastic Danish company, but the name is entirely made up. The same holds true for Xerox, which has no secret meaning or ties to another word.

Why a Business Name is Important

A business name is an integral part of your company’s identity and is often the first thing a customer sees. If it’s confusing, those potential sales will likely pass you right by. If its forgettable, there’s a good chance you’ll never see them again.

Having a name that doesn’t capture your business well can spell disaster for your bottom line. Without the income to keep the lights on, you may not be in business for long.

On the other side, this title announces to the world your style and, in many ways, what you stand for. Sell yourself with your name and tell the story of what your company is all about. A customer that resonates with your business has a higher likelihood of coming back, even if other stores offer a better deal.

The right name allows your business to stand out among countless others from the same niche. It doesn’t take much to start a store in our digital age, and competition is fierce. At the end of the day, every customer counts.

How to Come Up With a Business Name Frequently Asked Questions (FAQs)

Here you’ll find answers to some of the most common questions regarding how to come up with a business name.

Bottom Line on How to Come Up With a Business Name

It’s worth taking as much time as you need when naming a business to ensure you get it right. Shoot for something short and simple, but catchy and memorable all at the same time. Following the above steps will help you navigate the process and arrive at the perfect name for you.

Register your business name with ZenBusiness

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LLC Name Search: Ultimate Guide to Finding a Unique LLC Name

Businessman finger touching an empty LLC name search bar

No matter which state you’re starting a limited liability company (LLC) in, you’ll need a unique name to do business with. States will not let you use a designation already taken by another business entity. Read on to discover how an LLC name search can facilitate this process.

Check out ZenBusiness for all the tools you need to start your LLC with ease.

What is an LLC Name Search?

You’ve come up with the perfect name for your new LLC and are all set to submit registration documents to the state. If your fantastic moniker is already in use, the state will reject your paperwork and request you to resubmit with a different name choice. Any failed attempt to open your doors can cost untold amounts of time and money.

That’s where an LLC name search comes in. Many business registration services have an LLC lookup tool you can use to uncover which names are available and those already in use. The probe will also identify similar titles that could similarly affect the state’s decision.

Run an LLC name search with ZenBusiness

Tips for Naming Your LLC 

Your LLC name can ultimately make or break your business. Customers want to connect emotionally with your brand and often use a name to do so. Here are some important tips to remember when creating yours.

It’s Okay to Ask for Help

LLC name search tools are an excellent way to reveal options you haven’t been considering. ZenBusiness allows business owners to input a list of keywords the platform will sift through to locate ideas.

Other sites contain business name generators that may help point you in the right direction. Just be sure to put these in an LLC lookup before attempting to register your business.

Plan for Future Expansion

Be careful not to shoehorn yourself into a niche you may want to break out of in the future. If you’re too specific in your choice, customers may have no idea you offer more than your name implies.

For instance, don’t call your company Carl’s Boots if you plan to sell other types of shoes and perhaps even clothing down the road. Also avoid names that limit you to a specific city or region, as who knows how your business will take off.

Catchy is Key

Shoppers are more likely to remember a name that’s clear and concise, even if a longer name sounds cool. We absorb so much content nowadays, there’s only a limited amount of information that stays with us. If there’s a chance of a customer forgetting your business name, they likely will.

On that note, your name needs to stand out against all the other companies offering the same products or services you are. What’s a name conveying what you’re selling that consumers will recall the next time they need what you provide?

You need to find a fine line between boring and being too far out there. Your team shouldn’t be embarrassed by your name and not want to tell people where they work. Say it out loud to make sure it sounds good audibly in addition to being a winner on paper.

Give your company’s title meaning, even if that importance currently only belongs to you. This can become part of your story and may help to sell your brand and products.

Don’t Use Complicated Spelling

Customers may not be the best spellers, and typing errors from complex names may lead them away from your site instead. Similarly, using intentional misspellings to skirt around names already in use could send shoppers into your competitor’s hands.

If someone can’t find your site the first time they search, chances are they aren’t going to try again. A simple, to-the-point title accomplishes way more than you think.

Get Some Feedback

Once you’ve heard a handful of names in your own head a few dozen times, try them out on people you trust to give good feedback. Lean towards unbiased people who have a good ear for naming conventions. Don’t hesitate to seek out feedback from your target audience through forums or social media to hear their thoughts on your ideas.

Don’t Mislead

When starting an LLC, don’t try to tag your business name with “corporation” or some form of the word. In that same vein, don’t imply your company deals in some type of business it doesn’t actually have. If you’re not a doctor, don’t allude to the fact that you are.

LLC Naming Requirements

Your business name has to clearly indicate that you are, in fact, an LLC. Therefore, it must include some form of “Limited Liability Company”. Most businesses choose to stick this designation at the end.

While not an exhaustive list, here are some common ways owners indicate their business structure:

  • Limited Liability Company
  • Limited Company
  • Limited
  • L.L.C.
  • LLC
  • L.C.
  • LC
  • Ltd. Liability Co.

Check for Trademarks

LLC registration protects you at the state level, but companies in other states can still make use of the same name. Trademarks exist on the federal level and trump state name availability.

Perform a check before registering your business so you don’t end up infringing on a trademark. The United States Patent and Trademark Office is the best place to perform such a search.

Look to the State

Each state is allowed to have rules and regulations surrounding LLC names. Be sure to access this information from the state you’re registering in and make sure you meet all the guidelines.

Be Happy With Your Name

With a little luck, the name you choose will be with you forever as your business blossoms and grows. Make sure you’re happy with what you’ve chosen so you don’t become disillusioned with your company later on. It’s worth a little extra effort to come up with something you’ll always like.

Grab a Domain

Any LLC planning to have an online presence should obtain a domain name during the registration process. Linking your business name to your website is essential for removing customer confusion and boosting your credibility. Sticking with the original “.com” tag is always best, as most consumers will go there first.

Domain provider NameCheap offers some of the best deals on the web. It’s not possible to purchase a domain outright, but you can rent one for up to ten years if you so desire. Don’t let your domain name lapse before you’ve had a chance to re-up your contract.

Reserve a Name

Even if you’re not quite ready to register your LLC, it’s a smart move to lock in your ideal name as soon as you come up with it. Most states will allow you to reserve a name for somewhere between 30 days and a year if you pay the applicable fees.

How to do an LLC Name Search

The best LLC services offer the tools you need for building an LLC from the ground up. Investing in one of these platforms simplifies the LLC creation process, and many include unlimited LLC name searches for free on their site. 

Run an LLC name search with ZenBusiness easily

Should you want to search directly with the state instead, the following links will take you where you need to go.

LLC Name Search Frequently Asked Questions (FAQs)

This FAQ has answers to the most common questions corresponding to LLC name searches.

Bottom Line on LLC Name Search

The right business name can make all the difference in a never-ending sea of competitors. Customers will buy from a name they resonate with, but may avoid you like the plague if they can’t follow your angle. An LLC name search can help narrow down possibilities in your state while saving time and money when it comes time to register your business.

ZenBusiness has a free LLC search tool on its site for just such a purpose. With the tool, you can identify unavailable names and get ideas for yours based on your favorite keywords. After picking out your name, ZenBusiness can help you with the rest of the registration process for one low fee.

Run an LLC name search with ZenBusiness

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5 Trending Types of Business to Start in 2023 

Businesspeople analyzing the trending types of business

Are you looking for the best type of business to quickly start your own company and finally ditch your traditional 9-to-5 job? The market is growing and expanding due to changing trends, so if you have the ambition to start a new business in 2023, we’ve wrapped up the five types of business that will be trending this year. 

However, it doesn’t hurt to say that all of these types of business, as well as their niches may require specific skills, business licenses, training and certification. If a type of business listed here sounds interesting to you, make sure to do your own research of what’s needed to set up or register a business in that area.

1. Mental Health

Mental health is an aspect of our emotional, psychological health, and well-being. It helps to determine how we can handle stress, and anxiety, relate to others, and make choices. Our mental health impacts what we do, think, feel and say. 

Why is it important?

The pandemic shed light on the importance of creating and cultivating good mental health so that we can prevent diseases and mental conditions. Addressing mental health in the same way and degree of importance as physical health is crucial to breaking bias and fighting the stigma that those who struggle with mental health conditions are ill or problematic.

According to the World Health Organization, in the first year of the COVID-19 pandemic, anxiety, depression, and stress increased by 25% among people. The Centers for Disease Control and Prevention (CDC) estimates that one in every five adults has at least one mental health condition. The use of prescription medication and counseling also spiked during this time, which made mental health a concern in many countries around the globe. 

Who is it best for?

There are many opportunities within the mental health and wellness industry to explore. The wellness market alone is at more than $1.5 trillion, with 5.1% annual growth. This type of business isn’t limited only to larger corporations but also small businesses and independent workers. The industry is very extended, and the areas to explore are the following categories:

  • Health: It includes medical devices, apps, teletherapy and telemedicine, remote healthcare services, and personal health trackers
  • Fitness: Personal trainers, fitness instructors, bodyweight training, gyms, fitness apparel, fitness and yoga studios, supplements, and weight loss
  • Nutrition: Supplements and vitamins, nutrition apps, diet programs, juice cleansers, and subscription food services
  • Sleep: Sleeping tracking apps and devices, blackout curtains, and gravity blankets
  • Mindfulness: Meditation-focused apps, yoga and meditation props, and apparel

2. Cyber Security

According to the National Cyber Security Centre in the UK, “cyber security’s core function is to protect the devices we all use (smartphones, laptops, tablets and computers), and the services we access–both online and at work–from theft or damage.”

Why is it important?

Our lives are so connected with our smartphones, computers, and other devices that it is hard to imagine how we’d function without them. Nearly all fundamental parts of our modern life are digital–from real-time payments to online banking to shopping and social media. 

The number of cyberattacks also increased 50% year-over-year – it’s estimated that, on average, 30,000 websites are hacked every day. That said, it’s more important than ever to protect our data from malicious attacks. 

Cybersecurity’s market growth is attributed to the growing need for strict compliance with regulatory requirements and complexities in digital security due to the increasing number of cyberattacks on both individuals and enterprises. From 2021 to 2026, the cybersecurity industry is expected to reach a Compound Annual Growth Rate (CAGR) of 9.7%–from $217.9B in 2021 to $345.4B in 2026. This may be one type of business that will see continual growth rate, as it’s always changing to stay ahead of cybercriminals.

Who is it best for?

The cyber security market is broad and it offers various verticals with a number of opportunities, however, initiating a business in this area requires some level of expertise and skills.

Professionals in the area can work both B2B and B2C, but opportunities and high-ticket projects are likely to happen in the business-to-business model. In this case, there are many opportunities, such as:

  • Consulting (both independent contractors and agencies)
  • Cyber security specialist
  • Cyber security writers and freelancers
  • Security auditor 
  • Vulnerability researchers

3. Financial Services

Financial services describe all areas within the finance industry, including everything from money management to payments and digital banking technology. The financial firms involved in this sector include banks, insurance companies, fintech, lenders, and financial institutions. 

Overall, these firms are responsible for managing money in various degrees and responsibilities. For instance, a payment service provider accepts and transfers capital between payer and payee. 

Why is it important?

The financial services industry is one of the most critical sectors of the economy, leading the world in earnings and equity market capitalization, including all types and business sizes within the market. 

The strength of the financial sector is so vital that it dictates a nation’s economy, which means that if the financial services sector fails, it can drag a country’s economy down.

Who is it best for?

Most financial activities are migrating to digital, and many other finance-related business opportunities are surfacing. If you’d like to venture yourself into the finance sector, here are some career opportunities in this type of business:

  • Financial advisor business
  • Bookkeeping service
  • Business brokerage company
  • Stock day trader
  • Money lending company
  • Accounting software business
  • Auditing firm
  • Payment service provider
  • Cryptocurrency exchange
  • Day trading crypto

4. Elearning

Education has changed with the advance in edtech and elearning platforms. The modern education process will never be the same again, as the internet has changed the way we learn for good. Learning and formal education are no longer only a thing for kids and college-age students.

Elearning is a type of business that’s an excellent way to deliver learning through digital resources. The pandemic accelerated this movement which is now widely adopted by corporations, institutions, and schools all over the globe. 

Why is it important?

Elearning breaks the stigma that knowledge is restricted to school education and it can be done anywhere, at any time and it accommodates everyone’s needs. Other benefits of elearning are cost reduction, consistency, effectiveness, and scalability.

The future of education is digital and the global edtech market is set to grow from $152 billion in 2018 to $342 billion in 2025. In other words, it is a highly profitable sector with much potential.

Who is it best for?

The five main industries utilizing elearning the most are healthcare, education, corporate business, computer and IT, and retail/ecommerce. However, nowadays, you can provide an online course basically about anything, from cooking to digital marketing, to financial advice. 

For professionals in one of these industries who wants to explore the e-learning realm, opportunities lie as:

  • Course creator
  • Learning Management System (LMS) providers
  • Massive Open Online Course (MOOC) providers
  • Cloud hosting

5. Ecommerce

Simply put, ecommerce is the buying and selling of goods or services via the internet, and the transfer of money and data to complete the sales. 

The ecommerce industry is growing exponentially, and more ecommerce businesses are emerging while the digital economy is expanding and reaching every corner of the globe. More and more people are turning to their computers and mobile phones to shop for their goods, search for reviews, compare pricing and look for market trends. 

The most traditional types of ecommerce are B2B (Business to Business), B2C (Business to Consumer), D2C (Direct to Consumer), C2C (Consumer to Consumer), and C2B (Consumer to Business).

Why is it important?

Besides the fast-growing pace, consumer adoption, and how it has changed the way we shop for our goods, ecommerce is quite convenient and it offers a wide range of options. Businesswise, ecommerce creates brand awareness, increases the company’s reach, and gives marketing opportunities. 

Who is it best for?

Everyone from independent freelancers to small businesses to the largest corporations can benefit from this type of business. You’ll gain the ability to sell goods and services online at scale. Here are some examples:

  • Retail: The sale is direct to the final consumer with no intermediary
  • Dropshipping: The sale of products that are manufactured and shipped to consumers via a third party
  • Digital products: Digital assets such as templates, courses, ebooks, software, or media that must be purchased for use–these represent a large percentage of ecommerce transactions
  • Wholesale: Products sold in bulk. Wholesale products are usually sold to a retailer, who then sells the products to consumers
  • Services: Skills like coaching, writing, mentoring, consulting, and influencer marketing, are purchased and paid for online through an ecommerce shop
  • Subscription-based: Subscription services are the recurring purchases of products or services on a regular basis–they can be weekly, monthly, and bi-monthly. 

4 Software to Help You Start or Grow Your Business

When it comes to starting a small business, it’s crucial to have the right tools at hand, in both work performance and results. The key, however, is to find the right software you need to start–especially for a small business. Whether you’re a freelancer, startup, or entrepreneur, we’ve listed the most important tools and best options in each category.

Asana logo

Best Project Management: Asana

Pricing: Free tier, or $13.49 and $30.49, monthly, per user

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A project management platform will help to deal with both easy and complex tasks, as well as plan, organize, delegate, and manage all resources between you and your team. Asana is user-friendly and offers some of the best project management tools available on the market. It fits businesses of any type and size and it helps to manage even the most complex projects. 

  • Automatically generate reports, graphs and charts
  • Easy to use and beginner-friendly
  • It works for both small and larger teams
  • The premium version is more expensive than overall competitors
Gusto logo

Best Payroll Software: Gusto

Pricing: Starts at $39 per month, plus $6 per month per person + free trial for small businesses

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Whether you work with a small team or intend to hire more people, you should consider a payroll software solution to manage your payroll and taxes for your workers. Gusto simplifies and automates the entire payroll processing. The company has an excellent UX and UI, easy payroll processing, and benefits for numerous employees. It’s quick to set up and run, and it’s mobile-friendly. 

  • Free trial option for small business owners
  • Unlimited payroll
  • Automated taxes and filings
  • No international payroll 
  • No household employee expenses
  • No mobile payroll app
Shopify logo

Best Ecommerce Software: Shopify

Pricing: Free trials for 14 days. Pricing starts at $29 per month.

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If you decide to start an online store, we recommend Shopify. The ecommerce platform is an all-in-one hosted solution mainly focused on first-time users. The built-in features offers an easy to use interface, with drag and drop capabilities. Also, Shopify helps your online store to leverage your marketing by helping you to boost campaigns on social media platforms and create unique URLs.

  • Multichannel selling
  • Extensive payment options
  • Sell around the world with local language support
  • High transaction fees
Hostinger logo

Best Web Hosting: Hostinger

Pricing: Starts at $1.99/month

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One of the first steps to set up a business is to have a website up and running. In this case, you’ll need a web host, a domain and a website. Hostinger is the best web hosting provider out of all the web hosting sites because it’s easy to use, it’s affordable and it provides a high-performance website to its users, even on entry-level plans. 

  • Performance-driven 
  • Affordable
  • Beginner-friendly
  • Customer support could be better

Bottom Line on the Types of Business

Do you want to start a business in 2023 but aren’t sure where to start? The good news is that nowadays you don’t need lots of funding, and investment. With little money, lots of focus, drive, and a good internet connection, you can launch a successful business from the comfort of your own home. 

We’ve listed the top trending business ideas to get you started, from the mental health and wellness industry to financial services. If one type of business isn’t quite right for you, consider one of the others. They’re all growing rapidly, so be sure to also arm yourself with the right software to help you succeed in business.

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The 10 Best (& Worst) States to Buy Investment Property in 2023

Two businesspeople shaking hands on an investment property deal

Rental properties are a great way to earn income either full-time or on the side. However, some states are better than others regarding returns on these types of investments. This article looks at the 10 best states to buy investment property this year (and the worst states for real estate).

1. South Carolina

South Carolina

One of the original 13 colonies, South Carolina is full of old-world charm and whimsy. You’ll find plenty of coastlines and history alongside a warm climate. Sprinkled within are cities such as Charleston and Columbia. These locations offer great universities, plenty of hospitality, and some of the lowest crime rates in the country.

At 0.57%, South Carolina has some of the lowest property taxes as well. With homes averaging $170,000, costs are only about three-quarters what you’d pay in other parts of the country. This is still true despite a 1% increase in the last few years. Median household income comes in at $54,800.

Approximately 30% of South Carolinians rent homes and on average pay $922 per month. The state’s population is increasing at a rate of 1.27% per year. This is just under the 1.43% employment growth across all occupations.

2. Idaho

Best states to buy investment property - Idaho

Known as the Gem State, Idaho is a gem to live in. Even if potatoes aren’t appealing, there are plenty of other reasons Idaho is desirable. There are state parks everywhere and less than two million people throughout. Crime rates are also some of the lowest in the nation, even in bigger cities like Boise.

Looking at the numbers, Idaho’s median household income nearly crosses $59,000. This value shifts upwards by over 8% each year. The state has a booming economy with one of the best employment rankings in the United States.

Property values see a steady rise, moving from $230,000 to over $250,000 in just a year’s time. Renters typically pay $900 for lodging and make up 28.4% of the total population. It’s clear homes are being rented and sold, as the population steadily increases by 2% year over year. Moreover, it’s also the best state for real estate in the U.S.

3. North Carolina

Best states to buy investment property - North Carolina

North Carolina looks to impress with a nice mix of beachfront and mountains. There’s an abundance of things to do outdoors, and the weather cooperates for most of the year. Colleges and universities are some of the best in the country, right alongside healthcare options. Residents never have to go far to find good food or southern hospitality.

The state boasts a thriving job market, especially in top cities like Charlotte and Raleigh. Fortune 500 companies litter the cities, drawing in top talent. Even so, median property values across the state come in at $183,200, significantly lower than the national average. Median household income is closer to the standard at $56,600. Both numbers are increasing nearly 7% per year.

Property taxes are near the country’s midpoint of 0.90%. Residents have to deal with a fixed 5.25% for better or worse. 34.7% of the state’s population are renters, costing them on average $1,234 per month. This number is over 20% higher than it was in just 2021.

4. Florida

States to Buy Investment Property - Florida

Florida boasts an extra month of sunshine compared to the national average each year, explaining its well-earned nickname. The desirable climate brings young and older people looking for work or the ideal retirement lifestyle. As a popular vacation spot, even travelers like to take advantage of rental properties. It doesn’t hurt that Florida is one of the few states not charging any income tax for residents.

The state’s population sees consistent growth, increasing around 1% each year. The median property value sits at $245,000 and is on track to increase year after year. This fits well with the state’s median of $59,227, which jumped roughly 6%. Average rent at present lies somewhere in the $1,200 range. One and two-bedroom homes have gone up 38% since 2021.

Approximately 34% of Florida residents rent a home or apartment, slightly higher than the national average. Employment opportunities saw a 2.5% growth to help draw people in. Florida’s biggest downfall is property taxes, landing in the $3k range.

5. Tennessee

States to Buy Investment Property - Tennessee

Tennessee is beautifully split between the Great Smoky Mountains and stunning flatland. The music scene in Nashville is second to none, and many other cities rise to the challenge as great places to live. It features top-notch hospitals and stellar schools and universities to draw in families. The location also makes for temperate weather during all four seasons.

Taxes are a draw here, with 0.71% property taxes and no income tax to speak of. Median household income is lower than other parts of the country, coming in at around $54,800. It nearly matches the 8% property value growth from last year. Those looking to buy homes should expect to pay an average of $191,500.

One-third of the state’s population are renters, paying on average $910 per month. Tennessee has an above-average job growth rate, seeing a 4.14% change from 2021. Its population is increasing steadily, up just under 1% year over year.

6. Colorado

Colorado

Colorado is another state with breathtaking outdoor landscapes. Best known for skiing, potential renters will also find sand dunes, rock formations, and water. With cities like Denver and Colorado Springs, it’s not difficult to find the best of both worlds. 

The state draws in people with its tax benefits, with a 4.55% flat income tax and 0.51% property tax rate. The state is full of economic opportunities, toted by some to be the best in the country. The result is a median household income of $77,000 that crushes the national average. This is offset slightly by property values hanging out around $394,000. The success keeps the poverty level below 10%.

Colorado has more renters than most others, with 34.1% of people choosing not to buy. Rent is higher here as well at approximately $1,700 per month. This excitement brings in new families, with the population rising by over 1% each year.

7. Arizona

States to Buy Investment Property - Arizona

Nestled in the dry southwestern part of the United States, Arizona doesn’t see much seasonal change. Cities like Phoenix score over 300 days of sunshine, and winters rarely dip below 70°. The state’s 7 million people are spread out over 113,000 square miles, providing more stress-free living.

Arizona has a healthy job market as well, falling into the top ten states for employment in the Union. Median household incomes come in at $61,529, near the national average. This number is up nearly 5% from last year. Property values are rising slowly throughout the state, averaging at $255,900.

At 0.66%, property taxes are lower than average. However, income taxes can range anywhere from 2.59% to 8%, depending on the income bracket. 34.7% of residents choose to rent instead of buy, paying around $1,100 per month. This value is up an impressive 32% from last year.

8. California

Best states for buying investment property - California

Making up a large chunk of our Pacific coast, California offers an abundance of amazing beaches and incredible city life. The state pulls in vacation-goers year-round, creating opportunities for short-term rental income in every season. Its cutting-edge technology, vibrant food, and movie scene give people plenty of reasons to stay.

California does have a high cost of living, with median home values soaring above the $530,000 mark. With household incomes averaging $78,600, over 45% of residents rent instead of buy. Rent looks to be over $1,600 per month. The state only loses out to Hawaii in rental costs. While the population isn’t increasing, California nearly leads the nation in job growth.

Property taxes in California aren’t as bad as one might think, sitting at 0.76%. On the other hand, income taxes for residents can range from 1% to 13.3% depending on how much a family brings in.

9. Indiana

Best states for buying investment property - Indiana

The only Midwest state to make the list, Indiana has a reason to be here. It has job opportunities across many markets, from farming to healthcare and everything in between. Nestled in the crossroads of America, Indiana’s ideal location allows residents to see what the rest of the country has to offer.

Indiana’s super low cost of living makes it one of the cheapest states to live in. This even holds true in the capital of Indianapolis. Property taxes are a bit lower than other parts of the country, but the state does well with fixed 3.23% income tax rates. Median property values increase roughly 6% each year and are quite low at $148,900.

As budget-friendly as Indiana is, median household incomes are $58,200, not far from the national average. 30.7% of the population are renters, paying on average $920 each time rent is due.

10. Texas

Best states to buy investment property - Texas

From high school to the professional level, the Lone Star state draws communities together through its sporting events. It’s well-known for its schools and beautiful weather to catch events in. Being so large, Texas has a diverse culture and just as many unique things to see and do. To sweeten the pot, Texas residents don’t have to pay a dime on income tax.

Texas has an impressive economy, boasting the world’s ninth-highest above even Canada and South Korea. Employment grows at a rate of 3% each year. Households bring in an average of $63,800 per year, on par with the rest of the nation. This number has grown 5.6% in the last year alone. This ties back to a population rising by 300,000 people from January to January.

The state’s largest thorn is property tax. At 1.8%, these are some of the highest in the country. Nearly 40% of residents rent homes, though, paying an average of $1,340 per month. Property values are lower than expected, with a median value of $200,400.

10 Worst States to Buy Investment Property

Not every state offers good opportunities for making money from investment properties. Below are 10 states it’s best to avoid if you’re planning to buy investment property.

41. Illinois

Illinois has one of the highest property tax rates in the country. In addition, the state saw its 8th straight year of population decline as people look for better job opportunities and more affordable housing.

42. South Dakota

High property taxes are just one of South Dakota’s issues. The state has seen a decline in employment over the last few years, and rent prices have fallen considerably as well.

43. New York

New York saw home values drop in 2021, harming rental prices for investors. The state also sees high property taxes that further reduce returns. 

44. West Virginia

West Virginia has a poor state infrastructure, with low scores in bridges, dams, roads, and water. There’s little opportunity for job growth, and healthcare and education aren’t any better. The state is also one of the poorest.

45. Michigan

Despite being a center for automotive growth, Michigan sees some of the lowest job growth rates of any state. Its major hubs are riddled with crime and residents are leaving to pursue opportunities elsewhere.

46. Wisconsin

Wisconsin has some of the highest property taxes of any other state. Business opportunities are stagnant, and a low rent to house cost ratio means significant time before seeing any return on investment.

47. Mississippi

Mississippi sees the lowest median household income in the nation, helping to account for an over 20% poverty rate. Property values are low, and rentals have little opportunity to make money.

48. New Mexico

New Mexico doesn’t sit well with those looking for quality of life. The state struggles with crime, poverty, and low education standards. In addition, it has one of the worst economies in the country that’s not bringing people in.

49. Hawaii

Hawaii’s cost of living is the highest in the nation, with a median household income that can’t keep up. There also aren’t many job opportunities on the islands, and access is limited.

50. Louisiana

Louisiana ranks dead last in job growth in the entire country. The state also scores low in healthcare and education. It takes the top spot for both crime and poverty, beating out other states by a considerable margin.

How We Ranked the Best & Worst States to Buy Investment Property

The success of investment properties hinges on several factors from state to state. 

We carefully considered reasons that serve to bring new individuals and families to a state. These factors include employment opportunities, quality of life, and overall cost of living. Similarly, we thought about how landscapes and cities tend to draw people into certain locations.

It was also important to look into factors that speak to an investor’s bottom line. Things like property taxes, housing rates, and cost of rent all affect how much a renter can generate each month. We made sure these numbers look to increase year after year for long-term sustainable income.

Bottom Line on the Best States for Buy Investment Property

The best states to buy investment property exude all the features potential renters look for work and leisure. Employment opportunities must abound to draw people in, and cost of living and quality of life must be sufficient to keep them from leaving. The states that made our list check these boxes while laying the groundwork to continue doing so for years to come.