Americans are increasingly eager to become small business owners, with startup registrations jumping since the COVID-19 pandemic. If you’re thinking of starting a business, you aren’t alone. While entrepreneurship is exciting, it can also be nerve-wracking. Business owners may stress about everything from finding funding to running out of money.
Selecting a viable business model can help reduce such stressors by minimizing risk and improving the odds of lasting success. There are many ways to ensure there’s a market for your product or service, from analyzing the competition to interviewing your intended target audience.
If you’re eager to pursue entrepreneurship but aren’t sure where to start, we’ve done some of the grunt work for you. Below, we outline 30 business ideas that look promising for 2024.
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Lowest published package price
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Pricing
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How to come up with a good business idea
What makes a business idea good, anyway? Plenty of successful innovators had concepts that were duds before striking it rich with a brilliant idea. Before he started Ford Motors, Henry Ford went bankrupt. Meanwhile, Thomas Edison and his team tested thousands of materials before developing the lightbulb based on carbon filament.
The key to a successful business idea is meeting a need that is currently unmet. This doesn’t mean that you have to develop a completely innovative service or product. You might just come up with an easier way to deliver an existing service or product. For example, consider how Amazon revolutionized online shopping and made it more convenient.
Catering to an unserved location can be another strategy for success. If a product or service is available in other markets but not your target market, you may have a winning concept. The way that bubble tea has spread across the globe is one (delicious!) example.
Cost improvements can also be a way to innovate. If you can offer an existing product or service at a lower rate, you may have an eager audience. For instance, one of the early selling points of Uber was that it was cheaper than traditional taxis (although that’s no longer always the case).
Last but not least, there’s the customer experience to consider. What if you can give people what they already want, but make it easier for them? Airbnb is one example, providing holiday housing (the demand was already there) in an easily accessible new format.
For a business to be profitable, it also helps if the concept requires minimal investment and overhead costs. When there’s less overhead eating away at earnings, profit margins can be larger. Online businesses can be a savvy move, for instance, since they don’t require the expense of commercial rent, which is on the rise. Businesses that don’t require pricey education, pricey inventory or a lot of staff can be profitable for the same reasons.
Ultimately, it all boils down to finding a niche and filling it, and then running the business as profitably as possible by keeping money coming in and minimizing the amount of money that’s going out.
Best small business ideas for 2024
1. Cleaning service
Cleaning has a low barrier to entry, with no special education required, plus a diverse demand, from offices to homes to gyms and beyond. The COVID-19 pandemic shook up the market, creating a spike in demand for cleaning services. It seems that the drive toward greater cleanliness inspired by the pandemic isn’t just a fleeting trend but is here to stay.
2. Lawn care provider
If you’d rather spend your time outdoors in the fresh air than cooped up in an office or home, lawn care services are worth a look. Like cleaning, lawn care is something that both business and private consumers need. Similarly, there’s no need for an expensive college degree or a pricey office space. You just need to start with some basic lawn care tools.
3. Handyman
Like cleaning and lawn care, handyman services are something that a lot of people need. The job outlook for this profession is steady and projected to grow at a rate of 4% through 2032, according to the US Bureau of Labor Statistics (BLS). Getting started is easier than ever with platforms like TaskRabbit and Thumbtack to advertise your services. You’ll need some basic tools to begin.
4. E-commerce shop
E-commerce is another industry that boomed during the COVID-19 pandemic and has remained resilient. E-commerce revenue is anticipated to reach some $3.6 billion in 2024. There are many types of e-commerce stores you can set up, from reselling items you salvage from thrift stores to hawking your own handcrafted goods.
5. Freelance Coder
In our increasingly digital-first world, coding is more important than ever. From websites to apps, the everyday tools people use rely on coding professionals. Online work-for-hire platforms like Upwork and Fiverr have simplified entry into the field, giving you a readymade marketplace to advertise your services.
6. Web development agency
If you’re looking for career security, look no further. The field for web developers is anticipated to grow much faster than average, according to the BLS, with growth of 16% expected through 2032. You can start out as a solopreneur and, if you’re feeling ambitious, scale up and establish your own agency.
7. Digital marketing agency
With everyone online these days, digital marketing is becoming an in-demand service. It covers everything from search engine optimization (SEO) to brand management. With your own digital marketing agency, you can help brands and businesses stand out in the crowded online space. We recommend harnessing new artificial intelligence (AI) tools to stand out.
8. Freelance social media manager
If managing a full-blown digital marketing agency sounds daunting, you might niche down and focus on social media only. Social media marketing is among the most in-demand digital marketing skills. With experts suggesting that a social media marketing strategy is no longer a “nice to have” but a must-have, demand for social media whizzkids should be strong.
9. Graphic design services
Graphic designers are in demand and can earn upwards of $100 per hour. The need for great graphic design isn’t surprising when you consider all the possibilities, from designing web pages to restaurant menus, business cards, logos, book covers and beyond. With affordable online courses for graphic design, you don’t even have to pay for art school.
10. Photographer/videographer
If you like working in the visual arts but don’t love graphic design, why not start a photography or videography business instead? Again, the plethora of online courses available means you can teach yourself. Plus, you don’t need much to get started beyond a camera. From wedding photography to family portraits, there are a lot of styles to explore.
11. Freelance writer
While there has been some concern that AI may replace writers, it’s more likely that modern technologies will simply change the way writers work, not annihilate them completely (here’s why). There are many types of writing jobs available, including social media writing to SEO writing, technical writing and ghostwriting.
12. Resume writer
Every job-hunter needs to write their resume and update it regularly. Resume writers help them do just that. Demand for resume writing is expected to increase through 2027, making this one interesting niche for writers.
13. Editing services
In the face of AI, editing is another uniquely promising business idea. Odds are that people will need human editors to review AI content. Like writing, editing is a job you can do pretty much anywhere, and it requires minimal investment. All you really need is a laptop.
14. Translation/interpreting services
Offering a unique service is one way to pave the path toward business success. If you have language skills, this could be your ticket to entrepreneurship. Translation and/or interpreting services cover an array of fields, including literature, technical documentation, finance and healthcare.
15. Child care provider
If the thought of sitting solo behind your laptop makes you lonely, there are plenty of business opportunities that require in-person contact. Child care is one example. Depending on where you live, you may be able to run a childcare center out of your own home. A lack of adequate childcare services across the country means the demand is there.
16. Senior homecare services
Senior home care is a wonderful alternative to childcare if you aren’t big on kids. While home health nurses need special training and licensing, there are other types of senior care services with a lower barrier to entry, such as cooking, cleaning and simply providing companionship. Given America’s aging population, the need for such services will likely increase.
17. Personal training
Personal training is another business idea that allows for plenty of personal interaction. Depending on the type of training you offer, you can work with people in person or online. The virtual fitness market took off during the pandemic and remains popular.
18. Pet care/grooming
If you’d rather work with four-legged friends than humans, a pet care or grooming business may be your perfect fit. American pet owners spent some $136.8 billion on their pets in 2022 alone, so catering to Fido and Fluffy may be lucrative. This is another business model that doesn’t require an expensive education or a lot of fancy equipment or supplies. The most important thing? A love of animals.
19. Pet sitting/house sitting
Pet sitting is another way to get in some time with a four-legged friend and can be especially appealing if you don’t have a pet yourself. Alternatively, you could set up a house-sitting business (or offer both). You don’t need any fancy credentials or technology. You just have to establish yourself as trustworthy and reliable. Platforms like Trusted Housesitters are one way to connect with potential customers.
20. Online tutoring
Here’s another online business that doesn’t require much investment beyond a computer with a good webcam and a subscription to Zoom or similar. You can tailor your tutoring service to your skillset. For example, if you have a degree in math, offer math tutoring. Beyond subject tutoring, there are also options like writing assistance or group tutoring.
21. Bookkeeping
Unlike accounting, you don’t need any special qualifications or licenses to become a freelance bookkeeper. If you’ve got a knack for numbers, consider this option. You can work remotely, helping small business owners stay on top of their invoicing, expenses and quarterly bookkeeping.
22. Personal assistant services
If you’re well-organized, responsive and detail-oriented, you might consider offering virtual personal assistant services. The virtual PA market is growing and is expected to continue its upward trajectory. Again, like most of the business ideas on this list, there is a low barrier to entry. You don’t need an expensive education or equipment, just a computer.
23. Data entry provider
Data entry professionals are needed in all kinds of industries, from employment services to the accounting, technology and education sectors. Although some people may prefer to hire someone with at least a high school diploma or GED, you don’t need much more than that to get started.
24. Alteration/sewing services
You might be surprised to learn that global demand for tailoring and alteration services is on the rise. Experts speculate that an increased focus on sustainability among consumers is making people eager to maintain the clothes they already own. Similar to cleaning, lawn care or handyman services, the equipment investment is minimal. Get a sewing machine, and you’re good to go!
25. Professional organizer
Marie Kondo sparked a passion for organizing, which the pandemic furthered, thanks to everyone being stuck at home. All those soothing social media videos of immaculately organized kitchens, bathrooms and closets may also be fueling the trend toward more orderly homes. If you have a passion for organizing, this unique business niche may be for you.
26. Coaching
The coaching field is diverse, including everything from leadership development to holistic health, mental health and life coaching. In most cases, a formal credential isn’t required. If you find fulfillment in seeing other people thrive, coaching could be for you. Plus, it can be done online, giving you a wide target audience.
27. Consulting
Consulting can be a savvy business model if you’ve already gained expertise in a specific field. Similar to coaching, the consulting field offers a vast array of specialties, like management, human resources, strategy, financial and operations consulting. Whatever your area of expertise is, that’s where to focus.
28. Event planner
Birthdays, retirement parties, graduations, anniversaries, weddings – the types of events and reasons people celebrate are plentiful. If you set yourself up as an event planner, you’ll have plenty of opportunities to explore. You don’t need a specific degree, training or equipment to get started and can build a portfolio by planning events for family and friends.
29. Travel planning
Are you one of those people who’s always on a plane? Do your friends come to you for travel tips? Is your camera roll full of vacation photos? If so, travel planning could be a niche worth exploring. Business travel planning may be especially in demand in the year ahead, with corporate travel having picked back up since the COVID-19 pandemic ground it to a halt.
30. Food truck owner
If you’re a foodie, you may have big dreams of owning your own restaurant. Unfortunately, restaurants can be expensive, as you have to pay for commercial rent, staffing and more. Plus, the failure rate is high.
A food truck is a cost-efficient alternative. This gives you a chance to test out your culinary chops and start building a legion of loyal fans. If it’s a success, you can always open a full-fledged restaurant later.
Small business startup considerations
If you’ve decided on your dream startup idea, congratulations! You’re one step closer to becoming your own boss as a thriving entrepreneur. Of course, it requires more than a great idea to get a business up and running. Here are some essential steps you’ll want to take, plus some resources to help you:
- Decide on a business structure. Possible business structures include a sole proprietorship, limited liability company (LLC) or corporation. Different business structures have different requirements for setup, tax reporting and administrative upkeep. The Small Business Administration (SBA) also has a comprehensive guide to different types of business structures. We recommend consulting a business attorney to determine the best option for you.
- Register your business with the state. Depending on the type of business model you select, you may need to register it with your state, establishing it as a distinct legal entity. Every state has its own requirements for business registration, so check with the relevant body to see what’s needed in your jurisdiction. This will likely be the Secretary of State’s office, Attorney General’s office, State Business Bureau or a similar statewide business agency.
- Pick a business name. When you formally register your business with the state, you’ll need to designate a business name. Most states require that the name be unique from other business names already operating in the state. There are also practical considerations, like making sure the name is catchy. Our guide to naming a business can help you get it right.
- Research business licenses and permits. Depending on the type of business you operate, you may need business licenses or permits from your state or local agencies. Examples of businesses that may require permits range from accounting firms to bakeries, gyms, pest control providers and woodworking pros (to name just a few)! Learn more about the importance of licenses and permits.
- Write an operating agreement. An operating agreement details how your business is structured and run. You may be required to draft an operating agreement or it may be optional for your business structure in your state. Even if it isn’t mandatory, it’s usually a smart idea to draft one, as it can help protect your personal liability and clarify verbal business agreements. Get the facts about operating agreements.
- Get an employer identification number (EIN). Even if your business is starting as a one-person show, odds are that you want to expand and, eventually, hire staff. To do so, you’ll need an EIN. This is a unique identifier for your business, which you’ll use on your tax paperwork. We explain why it matters in our EIN guide. You can get your EIN for free from the Internal Revenue Service (IRS).
Learn more about what it takes to start a business from our how-to guide on the topic.
Featured LLC service offers
Free version available
Yes
Lowest published package price
$199
Learn More
Via Northwest Registered Agent’s website
Free version available
No
Lowest published package price
$39
Pricing
$0 + state fee + up to $50 Amazon gift card
Service time
Free expedited filing (within 48 hours)
Frequently asked questions (FAQs)
What are some of the most profitable small business ideas?
Profitable business ideas include consulting, bookkeeping, e-commerce, cleaning services and online tutoring. One thing these business models have in common is that they have low overhead and startup costs.
You don’t need to invest in expensive equipment, pay commercial rent or get a degree to start a cleaning service, for instance. Lower overhead cost means more of the money you earn is left over, which translates to bigger profit margins.
Is an LLC or corporation better for a small business?
The best way to determine if an LLC or corporation is right for you is to consult a small business attorney. An LLC is a popular model for small business owners because it offers personal liability protection while still providing a streamlined tax structure. However, LLCs have drawbacks, such as not allowing for the issuance of shares (something a corporation allows for).
How do I get a loan for a small business?
In addition to traditional bank business loans, many organizations help finance small businesses, including the SBA and the Department of Agriculture. Other options for funding a small business include crowdfunding, grants, private investors and venture capital firms. Check out these innovative ways to get money for your business.
How do I grow my business?
Possible ways to grow a business include adding products or services, expanding your marketing to reach new customers or simply selling more to your existing customers. It’s also important to scale for growth, for example, by hiring more staff as needed. Learn more about growing a small business faster.
Do I need a business license?
Whether or not you need a business license and the type of license you may need will depend on your business type and location. Different states have different requirements for business licensing and permitting. The types of businesses that require licenses range from realtors to child care.
