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Top 10 most successful businesses to start in 2024

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.

Successful Business Plan

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

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

social media management

The internet’s significance grows daily, yet businesses struggle to navigate the digital landscape. Small and midsize companies often prefer outsourcing digital marketing to establishing in-house teams. Proficiency in SEO, content 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. 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

copywriting company

Launching a business as a marketing copywriter should be on your radar if you are good with words. Small businesses are paying decent money to people who can use words wisely to help them in their copywriting efforts.

Industry Research reports that the global digital content creation market is projected to grow by 9.5 percent annually in the next seven years.

Whether you’re crafting a catchy slogan or drafting detailed descriptions for companies, starting as a freelancer entails minimal initial expenses. All you need is a computer and internet access to kick off your work. This venture allows you to operate from home or on the go while traveling.

As your network expands and satisfied clients refer others to you, you can scale up your business by hiring additional copywriters. This is the pathway to growth in this field.

4) Start a graphic design business

Graphic Design

As the competition among various brands intensifies, the significance of presenting a polished and sophisticated image has grown exponentially for smaller enterprises.

Numerous prospects await, particularly for independent graphic artists. A majority of professionals in graphic design are freelancers, distinguishing themselves from those employed by advertising agencies, publishing firms, and comparable entities.

Are you familiar with Photoshop or completed a couple of design courses and possess an aptitude for effective branding? Transform your abilities into an entrepreneurial venture as an independent graphic designer. With minimal operational costs, you can assist proprietors of small businesses in crafting compelling marketing visuals.

5) Launch an IT support business

IT support business

In today’s tech-driven world, IT support is as lucrative as electronics repair. 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 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

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.

8) Start an auto repair business

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.

9) Become a personal trainer

Personal Trainer

Fitness trainers and instructors can anticipate a robust 14 percent job growth from 2022 to 2032, exceeding the national average, states the U.S. Bureau of Labor Statistics. Pursuing a fitness career need not involve corporate gyms or costly training spaces. Pack basic equipment, like weights and mats, into your car, and offer personalized sessions at clients’ homes or group classes in local parks.

Many fitness coaches initiate their client outreach on social media platforms, sharing insights from their gym experience alongside motivational statements. While obtaining a certification can broaden your clientele, there’s no legal obligation for specialized training to commence this business.

10) Software Development

Software Development

Coding expertise plays a crucial role in software development. 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.

Asim Farooq
Asim Farooq
Asim is an internet entrepreneur, computer geek and founder of iGuides. His passion towards computers has dragged him to this field since 2001. He created iGuides because he wanted to contribute a whole lot of good and authentic information to the readers.

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