If you are considering launching a business, you should assess if your concept addresses a genuine need in people’s lifestyles and professional routines. If you can spot an unfulfilled need and a specific market, you could be onto a viable business idea.
While some have a clear idea of what they want to do in the business world, others do not really know where to begin. Our list of most successful businesses can serve as a starting point.
While some have a clear idea of what they want to do in the business world, others do not really know where to begin. Our list of most profitable small businesses can serve as a starting point.
Starting your own business is like riding a roller coaster. There are highs and lows, and every turn you take is another twist. The lows are really low, but the highs can be really high. You have to be strong, keep your stomach tight, and ride along with the roller coaster that you started
Lindsay Manseau, photographer and entrepreneur
To find the right profitable business ideas, it is necessary to take issues like the possibility of growth, startup costs, and competitiveness into consideration.
Before covering the most profitable small business ideas, it is worth looking at the industries that offer the highest profit margin in 2024.
Top industries with the highest profit margins
Of course, high-profit margin businesses like these top AI startups are the types of opportunities that not many people can resist.
The tax preparation software developer industry offers a 54.3% profit margin in the US, according to a compilation from IBISWorld.
For maids, nannies, and gardeners, the profit margin is 51.7%.
The notion of the industry can seem too vast to some extent, which is why it is crucial to zero in on low-cost business ideas with high profits.
List of most profitable small business ideas
To find the best small business to start in 2024, the first real step toward success is to have a concrete plan. The online world has become more prominent, and many small ventures do start on the web.
However, the outside world should not be put aside because great opportunities still exist there too.
1) Start offering virtual assistant services
As more employees opt for remote work and teams operate across diverse locations and time zones, businesses seek adaptable assistants. Virtual assistants have the freedom to select clients, create schedules, handle emails, arrange meetings, coordinate travel, and perform other essential tasks for streamlined customer and business operations.
Everything can be done remotely. Therefore, it is possible to live in Texas and have clients in California or New York. Virtual assistants make around $50K per year in the US, according to ZipRecruiter.
All you need to begin this venture is a laptop or desktop computer and a decent internet connection.
2) Launch a digital marketing business
The internet’s significance grows daily, yet businesses struggle to navigate the digital landscape. The future of digital advertising and marketing is bright. With a projected market value of $786.2 billion by 2026, up from $667 billion in 2024, businesses must position themselves to succeed in this rapidly growing industry. While the global market is substantial, the U.S. market alone is a force to be reckoned with, currently valued at $460 billion.
Small and midsize companies often prefer outsourcing digital marketing to establishing in-house teams. Proficiency in SEO, content marketing, email marketing, PPC, web development, or social media management presents a remote business opportunity.
Responding to client marketing trends is crucial, especially in social media management. With around 4.9 billion people using social media, which is expected to grow to 5.9 billion by 2027, this field has a huge potential. Digital marketing demands strategic planning and constant vigilance, offering the potential for a fulfilling career. Consider affiliate marketing as an alternative within the digital marketing sphere.
3) Start a copywriting company
A new study reports that the global digital content creation market is projected to grow by 13.5 percent annually in the next seven years (between 2023 and 2030).
As your network expands and satisfied clients refer others to you, you can scale up your business by hiring additional copywriters. You can hire a business development manager to find new copywriting projects and a content manager to handle different teams. The potential is huge as every new and old company needs compelling web copy to attract customers and retain them.
4) Start a graphic design business
As the competition among various brands intensifies, the significance of presenting a polished and sophisticated image has grown exponentially for smaller enterprises.
As per Cognitive Market Research, The Global Graphic Design market volume will be $49125.2 million in 2024 and will increase at a compound annual growth rate (CAGR) of 3.40% in the next seven years (between 2024 and 2031).
Numerous prospects await, particularly for independent graphic artists. A majority of professionals in graphic design are freelancers (around 76.4 million), distinguishing themselves from those employed by advertising agencies, publishing firms, and comparable entities. Whether you go for freelance graphic design or join this role full-time, it is totally up to your preference.
5) Launch an IT support business
In today’s tech-driven world, IT support is as lucrative as electronics repair. The IT Services market is poised to reach a staggering US$522 billion in revenue by 2024. Launching an IT business enables you to assist customers with internet and software issues, while also providing security solutions and network updates. Consider offering mobile IT support in your neighborhood, providing a more efficient alternative to manufacturer support. With minimal overhead and your expertise, this venture promises substantial profits.
6) Get a food truck
Food trucks do require a certain investment. Moreover, the market is saturated in big cities like New York City, Boston, San Francisco, and Washington, DC. But, experts say that this is a market that will hit $6.3 billion in 2028.
For a food truck, you only need about 30% of what is required for a restaurant. This means there is more room for profit. There are some hurdles, though, in terms of regulations.
However, if you can find the right location, big profits can soon become a reality.
7) Offer car wash services
In populated areas, they seem to be everywhere. There is a reason for that. People are keeping their cars longer, which means they need more maintenance.
The car wash market was worth $14.7 billion in 2021. This number is expected to hit $20.7 billion in the year 2028.
If you can offer tailored services like waxing, thorough interior detailing, etc, the sky is the limit. To reduce the initial investment, mobile car wash services might be the better way to go.
Also Read: How to Start a Car Company: A Step-by-Step Guide for Aspiring Entrepreneurs
8) Start an auto repair business
The average vehicle age in the United States reached 12.5 years last year, up from 9.7 years a decade earlier. This trend indicates a growing market for car maintenance and repair services. Small repair businesses, capturing over 70% of the market, are preferred by car owners.
Mechanics with skills in oil changes, fluid refills, and more can tap into this profitable opportunity. Offering mobile services can further reduce overhead costs, catering to customers at their convenience.
If you know what you’re doing and have the money, starting a car company could be an option. Honestly, the process of creating a car business is somewhat like launching any kind of business. Thinking about your ideas, who you’re selling to, and handling all the legal stuff—it’s all part of it. Building the car itself? That’s just one piece, and you’ve got to break it all down into steps.
9) Dropshipping
When you buy from some businesses, the items they sell might not even be there in their warehouse. The global market for dropshipping was worth a massive $225.99 billion in 2022. Its value is increasing rapidly, with a growth rate of 23.4% predicted annually from 2023 through 2030. More impressively, Statista predicted this market will hit $301 billion by 2024. Crazy, right? By 2026, it’s projected to reach $476.1 billion. These numbers make it clear: dropshipping is huge.
How does it work? E-commerce sellers don’t keep the products themselves but pass orders to third parties. Those third parties handle the stock and send out the products. Most of the time, the third party is a wholesaler or a company that ships stuff from a warehouse. Because you don’t need to buy inventory or set up a physical location, it’s an awesome idea for small businesses worried about costs.
10) Software Development
Coding expertise plays a crucial role in software development. JavaScript reigns supreme as the world’s most popular programming language, with a surprising 65.82% of expert developers choosing it. Transforming your programming skills into exclusive software, which can be promoted to various enterprises, sets the stage for a potentially thriving venture. Many businesses lack the capability to independently devise technical solutions. Though ad-hoc software consulting is an option, developing proprietary software enables you to reach a broader market consistently, eliminating the need for project-specific development efforts and boosting overall profitability.
Bottom line
There are many profitable businesses that are within reach. For your venture to be successful, there are a few steps to follow. Start by doing a lot of research. The second thing on your list is to organize your ideas and make the venture official. After that, it is time to look for the right financing and go after your goals.