We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.
BY THE STAFF OF ENTREPRENEUR MEDIA, INC.
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Many Americans dream of starting their own businesses. Indeed, running your own enterprise from your home, your garage, or from an office means you’ve achieved total control over your professional destiny. It’s no wonder lots of people save up cash and spend their days dreaming about new businesses to build.
But what if you have the ambition to start a lucrative business but don’t know what type of business to run? If you need profitable business ideas, you’ve come to the right place. Below, you’ll find a detailed breakdown of 55 small business ideas you can start right now.
Some of these business opportunities take more experience or credentials than others, of course. For instance, it takes less money to be an influencer than it does to become a pro pet grooming expert.
How to determine the best small business idea for you
Considering your current skill set and credentials.
For instance, if you already have an accounting degree or your CPA license, venturing out as a freelance accountant or starting your own accounting business (as detailed below) could be just the ticket!
If you don’t have a degree, you can get one, or you can pursue a different business idea that doesn’t require a college degree in the first place. If you have an education in healthcare or a background in dropshipping, consider leaning into these strengths when you begin.
Deciding what you want to spend your professional life doing.
Some business ideas require you to love the work to do a great job. If you love seeing houses sparkling clean, for instance, starting a new small business cleaning service could be right up your alley.
Determining how many people you want to work with.
Some successful small business ideas can be pursued and fulfilled with just one person: you! Others require you to immediately or eventually hire a small workforce, whether it’s just a few employees or dozens.
If you don’t want to focus so much on management, take a small business idea that doesn’t require hiring a lot of extra labor. Since the pandemic, online work has grown more popular. If you’re a people person but not an in-person person, consider starting a business as a virtual assistant or life coach that you can run online.
Considering finances.
Indeed, some small business ideas are more likely to turn a big profit than others. If you’re looking to get rich from your small business, you need to pick a small business idea that has great profit potential rather than something more suitable as a side hustle or as a business to keep you occupied in your retirement years.
Now that you know what to consider, let’s take a look at 55 great business ideas you can pursue starting today.
1. ACCOUNTANT
Experience, training or licensing may be needed
Create a flier outlining your services. Before you do that, you need to know what those services will be. Do you want to simply do bookkeeping for a small business? A more involved level of accounting would be to work up balance sheets, income statements, and other financial reports on a monthly, quarterly, and/or annual basis, depending on the needs of the business. Other specializations can include tax accounting, a huge area of potential work.
2. BICYCLE REPAIR
Some experience needed
In many parts of the country, this business tends to be seasonal, but you can find ways around that. Rent a storage unit and offer to store people’s bicycles over the winter after you do a tune-up and any needed repairs on them. If you want to cater to the Lance Armstrong wannabes, you can have business all year round. These road race riders are training through snow, sleet and dark of night. Some of them work on their own bicycles, but many of them don’t, so you can get their business all year. And if you keep Saturday shop hours, you can be sure you will have a group of enthusiasts coming by to talk all things cycling.
3. BOAT CLEANING
Experience, training or licensing may be needed
Boats that are hauled out of the water for the winter or even just for mid-season repairs will need the hull cleaned. And depending on the type of boat, it is a good time to give a major cleaning everything else too–the decks, the sleeping quarters, the head, and the holds. Start by approaching homes that have a boat sitting in the yard. Or you could market your services to the marina to contract you to do the boat cleaning it offers to customers.
4. BUSINESS PLAN SERVICE
Has expansion possibilities
Offer a soup-to-nuts business plan, including market research, the business plan narrative and the financial statements. Plan your fee around the main one that the client will want and offer the others as add-on services. You can give clients an electronic file and allow them to take it from there, or you can keep the business plan on file and offer the service of tweaking it whenever necessary. Have business plan samples to show clients–and make sure to include your own!
Read This: Write Your Business Plan by The Staff at Entrepreneur Media | Amazon |eBooks.com | Barnes & Noble
5. RIDE-SHARING DRIVER
Driving experience needed
Getting paid to drive during your free time is a great way to make extra money. It won’t likely replace a full-time paycheck but can be a lucrative extra revenue stream or side hustle. According toNerd Wallet , here is a break down of the income you can expect: “To make an annual income of $50,000, the averageUber driver needs to provide 60.21 rides each week, while those working for Lyft need to give 83.76 rides a week, and Sidecar drivers would have had to provide 72.03 rides in a week.”
6. CLEANING SERVICE
No experience needed
Has expansion possibilities
There are many directions you can take this small business idea. If you want to work during hours when no one else does, you can focus your cleaning business on office clients. You can focus on retail businesses and keep your customers clumped into one or two blocks. Restaurants are in great need of daily thorough cleaning and can be a great source of steady clients. Perhaps you would be more interested in house cleaning. Many times with cleaning services you don’t have to spend lots of money on advertising or marketing because your customers will come by word of mouth.
Read This: Start Your Own Cleaning Service by Entrepreneur Press and Jacquelyn Lynn |Amazon | eBooks.com | Barnes & Noble
7. CHILDREN’S PARTY PLANNER
No experience needed
The children’s birthday party business is a multiple-million dollar industry, with the average American spending $500 per party. The book Start Your Own Kid-Focused Business tells you everything you need to know to get your own kid biz off the ground: from insurance costs to food and beverage selection to arranging unforgettable entertainment that gets lots of smiles and lots of referrals from happy customers.
8. CONSULTANT
Has expansion possibilities
To be a consultant, you need to have expertise in something so you can market yourself as an advisor to others looking to work in that area. Perhaps you managed several large warehouses in your career with a drugstore company, you did all the marketing for many years for a large shoe manufacturer or you set up a chain of beauty supply shops or take-out restaurants. You can use this experience to help others do similar things without making the same mistakes that you made along the way. A good calendar app will likely come in handy as time tracking is crucial to accurate billing.
Read This: Start Your Own Consulting Business by Entrepreneur Press and Eileen F. Sandlin | Amazon | eBooks.com | Barnes & Noble
9. DOG WALKING
Experience, training, or licensing may be needed
Dog walkers take pooches out for their daily constitutional one or more times a day, either individually or in small groups. In some cities across the United States, like New York, dog walking alone can be a booming business. But it’s actually more common for dog walkers to offer additional services, including playing with and feeding pets, bringing in newspapers and mail, and turning lights on and off. You could even have fun with the marketing of your business on social media.
Read This: Start Your Own Pet Business and More by Entrepreneur Press and Eileen F. Sandlin | Amazon | eBooks.com | Barnes & Noble
10. EBAY ASSISTANT
No experience needed
Do you have items lurking around your household that you could sell on eBay? Here’s a relatively straightforward online business idea: figure out your asking price and decide whether toauction it or put it in your eBay store. Then decide if you want a minimum bid and how long you want the auction to last. You will want to establish a PayPal account to use for transactions. The eBay website provides all the information you need to know to get up and running with an eBay eCommerce business. Chatbots are offering creative new ways to help businesses with these functions. Another option worth considering is Etsy, or other online stores and marketplaces to host your merchandise, whether you’re selling t-shirts or matcha bowls.
Read This: eBay Business All-in-One For Dummies by Marsha Collier | Amazon |eBooks.com | Barnes & Noble
