23 most profitable businesses to start in 2024
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Are you dreaming of starting a profitable business in 2024 but need help determining where to begin? With market trends evolving and new opportunities popping up, the possibilities seem endless, yet overwhelming. You’re in luck—we’ve curated a comprehensive list of the most profitable businesses to start in 2024.
You'll find insights into various small business ventures, whether you’re looking to dive into digital spaces or traditional services. Exploring options from ecommerce stores to health coaching and even property management, we’ll uncover sectors with high returns on investment.
Let's jump in and see what 2024 holds for aspiring entrepreneurs like you!
Main takeaways from this article:
Identifying profitable small business ideas for 2024 requires an understanding of current market trends and future predictions.
Digital marketing agencies, online course creation, and online tutoring are prominent opportunities in the digital space.
Sectors like health and wellness coaching, sustainable products, and professional services continue to show strong growth potential.
Gelato’s print on demand model provides a cost-effective solution for entrepreneurs entering the merchandise sector, minimizing logistics complications and maximizing profits through its global production network.
23 most profitable business ideas to start in 2024
This list explores the 23 most profitable business ideas, offering current and aspiring entrepreneurs insights into sectors with high growth and return on investment potential.
1. Print on demand
Print on demand (POD) offers a rewarding opportunity for entrepreneurs due to its low-risk and cost-effective nature. With POD, you can:
Create custom merchandise without holding inventory.
Minimize upfront costs by producing items only upon order.
Utilize Gelato's global production network to streamline logistics.
Tap into diverse markets with personalized products.
Scale your business quickly without significant capital investment.
Embracing POD can significantly enhance your profit margins while reducing operational hassles.
2. Ecommerce store
Starting an online store is a lucrative business idea, with ecommerce sales expected to soar past $6.8 trillion by 2028 (Forrester). Here’s why you should consider it:
Low overhead
Global customer base
Flexible working hours and location independence
Social commerce trends for faster growth
Availability of multiple platforms and tools
By carefully selecting a profitable niche and utilizing effective marketing strategies, you can build a successful ecommerce business with significant returns on investment.
3. Digital marketing agency
With an unprecedented surge in online businesses, starting a digital marketing agency is one of the most lucrative ventures in 2024. Your agency can offer essential services such as:
Social media management
Content creation
Email marketing
Pay-per-click advertising
A digital marketing agency can generate impressive returns by keeping up with the latest trends and technologies. Additionally, leveraging the remote working model, you can set up remote teams to reduce overhead costs and maximize profit margins.
4. Online course creation
Entering the online course creation market offers immense potential, especially with the rising demand for remote learning. Whether you’re passionate about teaching languages or specialized subjects, you can create:
Video tutorials
Interactive webinars
Downloadable resources
Online courses enable you to reach a global audience and generate passive income. It’s a scalable business model that grows with your expertise and effort.
5. Online tutoring
Online tutoring offers immense potential for profitability and flexibility. As more students seek personalized education, there's a growing demand for tutors in subjects ranging from mathematics to music.
By leveraging platforms like Zoom or Skype, you can:
Reach a global audience
Set your rates and schedules
Use innovative teaching tools
Online tutoring is a lucrative and scalable business that can adapt to various market needs. The flexibility and low startup costs make it an attractive option for aspiring entrepreneurs.
6. Subscription box service
Subscription box services provide a recurring revenue model, delivering curated experiences directly to customers. Whether it's wellness, gourmet foods, or home gardening solutions, these services can cater to niche markets effectively.
Its key advantages include:
Personalized and themed boxes
Stable and predictable income
Opportunities for customer retention through unique product curation
Launching a subscription box service might take months of research and planning, but the potential profitability and customer loyalty make it worthwhile. Focus on personalization and unique offerings to stand out.
7. Health and wellness coaching
With the growing emphasis on personal health, starting a health and wellness coaching business in 2024 is promising. As more people invest in their wellness, there’s a high demand for:
Remote work wellness programs
Stress management techniques
Work-life balance strategies
Launching a health coaching business can be highly impactful. It's rewarding and caters to a growing, dedicated client base.
8. Sustainable products
As consumers become more environmentally conscious, the market for sustainable products is booming. Starting a business focused on eco-friendly goods, from reusable shopping bags to biodegradable packaging, can yield high returns.
Consider these key areas:
Sustainable fashion brands
Eco-friendly home goods
Sustainable food production
With the right approach, this sector promises a healthy return on investment. To attract your target audience, highlight your product's environmental benefits as much as possible.
9. Freelance writing and editing
Freelance writing and editing offers a flexible and profitable business model in 2024, thanks to the ongoing demand for quality content.
As a freelancer, you can:
Offer services like blog writing, social media and ecommerce content, and video scripts
Develop a strong portfolio and join freelancing platforms
Provide digital creative services, including graphic design and animation
To succeed, actively pitch your services and target diverse clients. With dedication, freelance writing and editing can be a lucrative and satisfying career choice.
10. App development
App development continues to boom, as the demand for custom mobile apps sees exponential growth. This venture requires a deep understanding of mobile app development and, potentially, AI technology. To succeed, make sure to:
Identify the most profitable industries or problems.
Assemble a skilled team.
Invest enough time and resources to take the app from bleeding edge to cutting edge in due course.
If you have the technical skills and a clear market target, app development can be a highly profitable niche. Adequate planning and a strong execution strategy are crucial to success.
11. Property management
Property management is an excellent venture for those interested in real estate rather than indirect ownership. With rental properties in high demand, a property management business ensures a stable income stream.
You'll handle various tasks such as:
Tenant screening and placement
Property maintenance
Rent collection
Handling tenant complaints
This business can be particularly lucrative in areas with high rental demand. To succeed, you'll need strong organizational and people skills. Comprehensive knowledge of local real estate laws will also give you an edge.
12. Vacation rentals
With the rise of platforms like Airbnb and VRBO, vacation rentals have become a highly lucrative business opportunity. Key benefits include:
Tourism trends and seasonal travel demands
Unique and tailored guest experiences
High potential returns on investment
Investing in vacation rentals can provide a steady income stream with relatively low maintenance. Ensure you keep up with local regulations and focus on delivering an excellent guest experience.
13. Event planning
Event planning continues to be a profitable business opportunity in 2024. By specializing in high-demand niches like corporate ecommerce events, weddings, or eco-friendly gatherings, you can cater to specific client needs and charge premium rates.
You can cater to:
Different budgets and client preferences
Virtual, hybrid, and in-person events
Niche events
Understanding your target market is vital to success in event planning. Keep up to date on industry trends to ensure you offer relevant and desirable services.
14. Pet services
Starting a pet services business is a fantastic opportunity for those passionate about animals. This sector includes a variety of services:
Dog walking
Pet grooming
Pet boarding
Training classes
The increasing number of pet owners means there is consistent demand, just like most other businesses, making it a resilient and profitable business. Investing in pet services promises a stable income and personal fulfillment for small business owners who are animal lovers.
15. Professional services
Professional services encompass a range of expert-based offerings that can be highly profitable. You can consider these options:
Legal consulting services
Accounting (financial services industry)
HR services
IT support
Investing in professional services allows you to leverage your expertise to build a loyal client base, leading to long-term, sustainable revenue streams.
16. Auto repair service
Starting an auto repair service can be a highly profitable industry venture in 2024. The increasing number of vehicles on the road means a consistent demand for maintenance and repair. The key benefits include:
Steady customer flow
Potential for repeat business
Specialization niche opportunities
Investing in advanced diagnostic tools and skilled technicians can set your business apart. An auto repair service offers excellent potential for sustainable profitability. Ensure exceptional customer service to build a loyal client base.
17. Car wash service
Starting a car wash service is an attractive option in 2024, thanks to the demand for clean vehicles. This business can be highly lucrative, with relatively low start-up costs and the potential for a steady stream of customers.
Key opportunities include:
Eco-friendly car wash options
Monthly membership packages
Mobile car wash services
A car wash service offers a high return on investment with various scalable options. It’s a reliable choice for entrepreneurs aiming for steady growth.
18. Hospitality business
Venturing into the hospitality industry in 2024 offers a wealth of opportunities. The demand for personalized and unique experiences is rising from boutique hotels to bed-and-breakfasts.
Key areas to focus on include:
Exceptional customer service
Luxury amenities
Eco-friendly practices
Experiential travel packages
The hospitality business remains a popular and fulfilling venture. Focusing on customer satisfaction and sustainable practices can set you apart in this competitive market.
19. Virtual assistant business
Starting a virtual assistant (VA) business in 2024 can be highly profitable due to the increasing demand for remote administrative support. As a virtual assistant with a reliable internet connection, you can offer a variety of services, including:
Email management
Scheduling appointments
Social media management
Customer service
Data entry
A VA business model offers flexibility, minimal startup costs, and the ability to work with clients worldwide.
20. Influencer marketing
Influencer marketing continues to be a powerful way to promote your products or services. In 2024, consider focusing on micro-influencers to reach highly engaged audiences. Benefits include:
Higher engagement rates
Cost-effective partnerships
Authentic content creation
Micro-influencers often foster genuine connections with their followers, leading to better conversion rates and making them an invaluable asset for your marketing strategy in the coming year.
21. Social media marketing and management
Social media marketing and management remain at the forefront of business growth strategies. With search volumes up considerably in recent years, the demand for experts in this field is skyrocketing. Key services include:
Content creation for various platforms
Audience engagement and community management
Data analytics and reporting
As a small business owner, leveraging these services can increase your brand’s online visibility and drive customer engagement.
22. Content creation
Content creation is booming, with opportunities across platforms like TikTok, YouTube, and Instagram. Whether it's blogging, podcasting, or producing video content, the demand for fresh, engaging material is at an all-time high.
Consider starting a content creation agency to offer services such as:
Blog writing
Social media content
Video production
Podcast development
You can build a profitable business with relatively low overheads by tapping into these growing trends. The key is consistent quality and strategic marketing.
23. Home renovation and interior design
Entering the home renovation and interior design sector offers ample growth opportunities, as this field caters to homeowners looking to enhance their living spaces and increase property value.
Key services can include:
Full-scale home renovations
Interior space planning and design
Furniture restoration and upcycling
Smart home installations
The home renovation and interior design industry is highly profitable and fulfilling for those passionate about transforming living spaces. It's an ideal venture for creative entrepreneurs.
Set off on a successful business journey with Gelato
Starting a profitable business in 2024 doesn't have to be a significant investment in the beginning. By tapping into the right market trends and leveraging innovative solutions, you can set yourself up for success from the get-go. Preparation and the right tools can make all the difference in turning your dream business into a reality.
To simplify the entire process, Gelato offers a cost-effective print on demand solution with flexible subscription plans. This innovative platform allows entrepreneurs to sell custom merchandise without the hassle of inventory management.
With a global production network spanning over 30 countries, we ensure quick deliveries of high-quality products, minimizing logistical issues for ecommerce business owners around the world.
Kickstart your entrepreneurial journey with Gelato’s efficient print on demand model, and watch your revenue soar with minimal overhead costs. Sign up for Gelato today!