A new venture may begin with a small business idea. Other times, entrepreneurship comes first. If you want or are thinking about starting your own business, we can help you find great business ideas.
How can advances in AI help you on your journey? How can you scale your business as it grows? These are just some of the topics covered in this guide.
So let's get down to business. Here are the best businesses to start in 2024.
The best way to start a new business
Validating your small business idea before committing resources will not only save you time and money, but it will give you confidence that you have a tested and proven idea for business success.
Nobody wants 500 squeaky clown toys for their dogs taking up valuable space in their garage.
trust me.
So what's the best way to do that? Start a business on the side. That way, you can figure out what your potential customers are looking for and build your customer base before you quit your job and commit to it full-time.
1. AI Business
What's an article about business ideas for 2024 if we don't talk about AI? Since AI went mainstream earlier this year, companies have flooded social media ads and offered a variety of AI solutions. I am claiming.
So it’s not unreasonable to think that the AI train has left the station and missed its scheduled departure.
But that's wrong. The battle for AI dominance continues across industries, and there's a good chance you'll join the fight as an early adopter.
To maximize your chances of success, make sure to leverage AI in a way that differentiates your business from other businesses by offering something unique to consumers.
2. Content Creator
The days of judging content creators by their idiosyncratic online behavior are long gone. Nowadays, becoming a social media superstar is the number one dream job for teenagers.
That is, American teenagers.
Content creation is not an easy job to get started in, but it can be very lucrative if you are successful. Pick your niche, choose a platform, and start creating. Don't worry about the quality of your content at first; the important thing is to get started. You can always tweak your content as you progress.
3. E-commerce stores
The e-commerce world has boomed during the COVID-19 outbreak, and while some businesses have struggled as a result, many have continued to thrive and others have followed suit.
This surge in demand has also increased competition in the market, but the industry continues to grow, providing more opportunities for entrepreneurs with the right branding, product and marketing plan.
Combine all of this with minimal startup costs, and an ecommerce business becomes one of the strongest bets you can make when starting a new business in 2024.
Are you ready to take the leap? Read our guide to learn how to start an e-commerce business.
4. Consulting
Consulting can be a great business start because it tends to be successful regardless of the economic situation.
Is the economy growing? Let's hire a consultant who can take us to the next level.
Is your economy shrinking? Hire a consultant to get you back on track.
If you're looking for a low-cost business idea, nothing is more appealing than a consulting business. Considering that you and your expertise are the product, you can start a business with relatively low overhead costs. All you need is a solid consulting proposition, some knowledge of how to set your rates and find clients, and you're ready to go.
Consulting can cover a wide range of topics, allowing you to adapt to current consumer wants and needs. For example, you may be in need of AI consulting in the coming years, both from a technical and marketing perspective.
Keep learning: How to Get Customers – 16 Ways to Find (and Get) Your Dream Customers
5. Online course
Online courses are one of the most profitable small businesses to start. Once you complete the work of creating and marketing your course, it becomes a source of passive income. Additionally, the online education market is expanding at a record pace and is expected to become a $350 billion market by 2025.
Because the effort required to maintain an online course is minimal, they are ideal for aspiring entrepreneurs who want to start a side business to validate their idea before starting a real business, or to make extra money while continuing to work a full-time job.
Sound like a dream? Learn how to build a 7-figure course from scratch.
6. Graphic Design
Graphic design will continue to be one of the best businesses to start because there are so many businesses that need graphic design services but can't or don't want to hire a graphic designer. If you have a talent for design and have always dreamed of going independent, give it a go.
Even in the age of AI-generated images, businesses still need talented designers to work on the generated content, and graphic design consistently ranks as the best business to start. Now is the perfect time to start making your dream a reality.
Continue learning: How to choose the right colors for your logo – the ultimate cheat sheet
7. Content marketing
The demand for content marketing continues to grow as businesses increase their desire to acquire customers without paid advertising. If you're starting a content marketing business, you may want to consider specializing. As the market expands, it becomes increasingly crowded.
It’s better to choose one thing that really works for you, like social media campaigns or SEO-based content marketing, than to try everything and get mixed results. This is especially true if you’re starting a business as a side hustle or a one-person shop.
Keep learning: The ultimate content marketing strategy for startups
8. Cleaning Service
The demand for cleaning services has surged significantly due to the COVID-19 pandemic, and the trend is expected to continue for some time. This is in addition to the attributes that make cleaning services a consistently good business idea: cleaning services tend to generate repeat customers, lowering customer acquisition costs; there's a steady demand, and windows always need cleaning; and on top of that, they're profitable.
9. Affiliate Marketing
If there's one industry that has seen consistent growth in recent years, it's affiliate marketing. It has skyrocketed in the digital age, with many entrepreneurs finding success with their SEO efforts.
It's how Instagram influencers make money, and even news organizations are getting in on the movement (that's why you'll see phrases like “If you buy something through our links, we may earn a commission”).
There are no signs that affiliate marketing will disappear or slow down anytime soon, and the market opportunity continues to grow. There are several ways to carve out a niche in affiliate marketing, but they all have one thing in common. That means you need to build an audience first. Whether you choose YouTube, Instagram, TikTok, or your own website as your primary medium, to really make big money with affiliate marketing, you need to build an audience.
Not sure about affiliate marketing? Read our Ultimate Guide to Affiliate Marketing for Beginners.
10. Dropshipping
Dropshipping is a subset of e-commerce in which business owners sell products online without actually having inventory of the products.
However, contrary to a common misconception, it doesn't have to be just random products – you can set up your brand and use a tool like Printful to manage your stock levels until your audience reaches a significant level.
As soon as a consumer places an order through a retailer, the order is automatically sent to the dropshipping supplier. They process orders, manage shipping to customers, and your business receives a commission from the purchases.
Dropshipping is one of the easiest e-commerce businesses to start because inventory is low. Moreover, the dropshipping market is predicted to achieve a compound annual growth rate of 28.8% by 2025, making it an ideal time to enter this online business.
Dropshipping is not a get rich scheme. Learn why.
11. Online bookkeeping
Online bookkeeping for managing personal and business finances will continue to be one of the best businesses to start.
Why? It's a fact that most people don't want to manage their finances and taxes. In fact, even those with tax accounts certainly don't like it, but it's hard to argue with the income they generate!
Online bookkeeping generates steady business with repeat customers without being restricted by geographic area. You can do your bookkeeping from anywhere and serve customers in a wider area.
Keep learning: What is the most profitable business to start?
12. Lawn management services
Lawn care is another industry segment that has benefited from the at-home industry boom that has taken place during the pandemic. With many of us spending more time at home due to hybrid or remote working, the desire to keep everything neat and tidy has increased significantly, which is good news for lawn care businesses.
A lawn business is an ideal place to start because it is customizable, stable, and reliable.
13. App development
Smartphones have created a whole new app market. If you know how to code or are tech-savvy and can learn easily, you may consider working in app development. There are two ways to do this.
First, you can develop your own app.
Second, you can use the agency model to provide app development services to other companies.
Keep learning: 14 Low-Cost Startup Ideas That Will Save You Money
14. Virtual assistant
Virtual assistants specialize in administrative duties from a remote location, such as scheduling meetings, making phone calls, arranging travel, and managing email. Virtual assistant jobs are flexible home-based businesses that can be done by people with a wide range of skills and experience. Ideal for anyone looking for full-time or part-time work.
You can find a virtual assistant job through an agency, start your own business, or work as a consultant – it's up to you!
Best small business to start
So what is the best small business to start? First, it has to be something you're passionate about. Without the work you're willing to put in, your business will remain great in theory but impractical. First, think about your objectives. Why are you starting a business? What do you want to achieve? And how are you going to get there? The best small businesses to start are ones that are in it for the long term, not a get rich quick scheme.
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This article was updated with assistance from Graeme Whiles.
