A new year equals new opportunities! Entrepreneurs should enter 2024 with feelings of excitement, as there’s never been a better time to start a business. With emerging technologies, changing consumer behaviors, and ongoing economic shifts, many industries are poised to see massive growth in the coming year.
Here’s a closer look at the best businesses to start in 2024. If you’re interested in a new business venture, focusing on these high-potential industries can set you up for success.
Is 2024 A Good Year to Start a Business?
In short – yes. Here’s why 2024 presents a prime climate for launching a startup:
- Economic Factors: Recovery from the pandemic continues, with moderate economic growth predicted for 2024. This encourages lending, business investment, and consumer spending.
- Business Innovation: Cloud computing, AI advancements, and 5G connectivity are all progressing rapidly. This technological infrastructure allows for inventive new startups.
- Values Shift: More individuals support small, ethical companies. And factors like sustainability and diversity are becoming competitive advantages.
- Remote Work Revolution: Location flexibility persists post-pandemic. This enables wider founder participation and access to global talent.
In essence, 2024 retains enough stability and continued progress in tech and infrastructure to facilitate entrepreneurship. The economy provides a canvas for fresh concepts to capture consumer interests.
Top 10 Most Successful Businesses to Start
If you’re looking to open your own business in 2024, here are the top ten options with the most promise.
#1. Consulting
With low startup costs and the ability to operate remotely, launching a consulting business is hugely popular. Identify your particular expertise – social media marketing, business strategy, HR processes, healthcare administration, etc. – and sell your advice to clients struggling in those areas. Join relevant associations to network and get referrals. Offer niche services like content marketing audits or candidate screening.
#2. Estate Sales Coordination
As Baby Boomers continue retiring in droves, the need for estate sale facilitators grows more pressing. Get certified so you can handle appraisals, pricing, legal paperwork, referral partnership, asset liquidation, and cleanouts for grieving families. Network with probate attorneys and funeral homes to capture leads. Consider hosting online auctions too. This business scales well once established.
#3. Craft Brewery
America’s obsession with artisanal brews won’t slow down anytime soon. Start small by selling at farmers’ markets and local bars, then expand into regional grocery chains. Offer creative flavors but also accessible lagers and IPAs. Maximize profit margins with your taproom and distribution. Make some noise with awards and hospitality collaborations.
#4. Boutique Fitness Studio
Capitalize on the latest fitness crazes like HIIT training, yoga sculpting, and ballet barre by opening a specialty studio. Maintain a chic, exclusive vibe with limited class sizes, top instructors, and premium equipment. Consider boutique streaming or franchising once you build a fanbase. Signature products and apparel can boost income too.
#5. Social Media Marketing
Every business today needs social media help – creating accounts, posting content, running ads, analytics tracking, influencer partnerships, customer service, etc. Start by managing accounts for a few small clients, then expand into consulting and ad management for bigger brands. Take engaging photography and writing courses to improve your deliverables.
#6. Business Services
Law firms, healthcare centers, real estate agencies, and other businesses frequently need support with bookkeeping, HR duties, administrative work, etc. By outsourcing these services, you save them money and headaches. Highlight your reliability, efficiency, and technical capabilities like payroll management and employee relations when pitching clients. Offer volume discounts.
#7. Pet Care
Between food, toys, vet visits, and caretaking needs, pet owners willingly spend over $100 billion per year pampering their animals! Starting a pet sitting/walking service has low barriers to entry and recession-proof demand. Advertise your reliability and pet first aid/CPR training. Expand into premium services like boarding, grooming, or training once established.
#8. Moving Company
Hiring movers is a headache for anyone relocating. Start by offering local moves with just one truck and partner. Highlight your care for customers’ belongings and timeliness. Expand your fleet for big corporate moves once profitable. Consider providing just labor, packing or junk removal too. Moving brokers who sell leads to companies can also be lucrative.
#9. Commercial Cleaning
As pandemic concerns linger, business owners urgently require disinfection and cleaning services. Tailor your pitch to different settings like medical offices, gyms, schools, retail stores, etc. Train staff on safety protocols and eco-friendly methods. Partner with construction companies and property managers to clean new buildings or rental turnover.
#10. Information Security
Cyber attacks grow more frequent, cunning, and damaging yearly. Every business now needs external monitoring, encryption, data backups, and vulnerability testing. Position yourself as an expert on compliance, risk analysis, remediation strategies, and emerging threats like cryptojacking. Maintain industry certifications and insurance. Offer tiered services based on company size and sensitivity.
Bonus: Best Businesses to Start in 2024 From Home
Starting a business from home offers several advantages compared to opening a brick-and-mortar store, such as reduced overhead and operating expenses. Here are the top examples of successful home-based businesses.
Freelance Services
From writing to web development to graphic design, skilled freelancers are in high demand now. Join popular freelance platforms like Upwork and Fiverr to find clients. Undercut competitors initially to build your profile, then increase rates once established. Consider niche specialties too.
YouTube Channel
Launching a successful YouTube channel allows you to work from home while potentially earning ad revenue. Choose a niche like finance advice, gaming, cooking tutorials, or family vlogging. Post 2-3 quality videos per week and utilize SEO practices. Once monetized, diversify income with affiliate links, merchandise, and sponsorships.
Handmade Goods
Etsy and craft fairs offer platforms for selling homemade jewelry, candles, artwork, custom clothing, and more. Photograph products professionally using natural lighting. Offer specialty lines around holidays and trends. Build word-of-mouth traffic and social media buzz. Consider POD fulfillment as an Amazon seller once sales volume increases.
Virtual Services
The remote work boom enabled professions like tutors, consultants, and notaries to operate virtually. Advertise your availability for online lessons, document witnessing, resume editing, finance advice, and more. Maintain a professional home office background for video meetings. Join professional associations to find clients.
Final Thoughts
The possibilities are endless for launching a successful and fulfilling business in 2024 – especially one aligned with emerging consumer demand and modern technology. When considering business ideas, consult the guide above to find options that match your interests and talents.
Make this new year your best one yet!
About the Author, Madison Taylor
Madison Taylor is the Brand Ambassador at ROK Financial. She is responsible for raising brand awareness and business relationships with business owners across the country. Madison loves that she plays a small role in getting Business Back To Business Through Simple Business Financing and looks forward to hearing what you think about the blogs she creates! Madison has been working in the financial space for six years, and loves it! When she is not at work, you will find her at home learning a new recipe to test out on her family or going on new adventures with her friends.