Starting a business is exciting but could also be intensely stressful, given that a lot goes into making it successful. Reaping solid profits is certainly the key goal in a business, and this involves a lot of strategic practices such as building a customer base, sourcing raw materials, hiring the right people, effective marketing, and more.
2024 has proven to be a challenging year for businesses and budding entrepreneurs should be prepared to work more flexibly to tackle economic uncertainties. This includes adapting to the idea of going to the market instead of waiting for the market to come to you, i.e., finding a gap in the market and serving the need.
To help you launch your new venture, we have compiled a list of some of the most promising businesses based on profitability potential, industry growth, startup costs, and competitiveness.
Food Trucks
Food trucks have become the talk of the town and have consistently grown in popularity over the past five years. This trend is expected to continue, with a projected market growth of nearly $7 billion in five years. And the best part? A food truck can be set up for less than a third of the cost of a brick-and-mortar restaurant.
However, you must remember that to launch a food truck, you must comply with ordinances, safety regulations, business licenses, and food business insurance.
Fitness/Personal Training Instructors
People are a lot more concerned about their health and fitness now. While fitness trends continue to change, the demand for fitness instructors has risen steadily. Thanks to online platforms like TikTok, YouTube, and Instagram Live, trainers can connect with their clients and offer personalized workout programs curated explicitly for them.
Getting started on a personal training business is also relatively straightforward. You will have to take a formal certification exam, but even being a self-taught fitness enthusiast can be enough of an impetus to break into this industry.
Car Wash Services
Rising vehicle costs have motivated car owners to maintain their vehicles for longer, which has led to car wash businesses leveraging their services. The car wash industry is expected to increase to $23.79 billion by 2023, having been a $15.86 billion industry just last year.
You can even convert this business into a mobile service to take this business a notch further. People are willing to pay more for a car wash that comes to them, particularly if they own luxury vehicles and are looking for personalized service. Plus, this will also help you cut the overhead and startup costs of having a physical location.
Baby Supplies
No matter the economic situation, babies need food and clothing. Thankfully, you don’t need formal training to sell baby supplies online. You don’t even need to open a retail store, but you will need the right tools. Since this industry is packed as it is already, it would be a good idea to include loyalty programs that allow parents to save money. This way, they will end up picking you over your competitors.
Digital Marketing Services
Since people operate everything via their devices, businesses must maintain an online storefront and a strong digital presence. However, not everyone knows what it takes to build a website, so consider starting a digital media services company if you’re tech-savvy. You can help small businesses develop their digital presence online and help establish their brand. The services will typically cover social media management, writing, web development, and digital advertising, among many others.
You can even run a digital marketing agency from home. It only requires you to invest a little money upfront, and you can either work independently or hire experts in any specific areas in which you may need assistance.
Shared Attire and Accessories
Popular websites like Rent the Runway have leveraged the idea of the sharing economy. This concept revolves around wanting to own less stuff by choosing to share resources. These companies typically offer rented attire and accessories at a fraction of the purchase cost. Moreover, the same item can generate revenue multiple times, compounding the profitability of this venture. The secondhand clothing market is expected to almost double by 2027, so now is an excellent time to make a business out of it!
Electronics Repair
90% of Americans use a smartphone and a great percentage of the workforce is now working from home. This means there is a huge reliance on various electronic items. So, if something goes wrong, people want it fixed immediately, making the electronics repair business highly lucrative!
Offering mobile electronic repair services will make your business even more successful. And since there is a growing concern about using rare materials to build electronics, people are looking to fix their phones rather than replace them. Therefore, electronic repair services are in high demand. No formal certifications are required to open an electronics repair store, but following a course in this subject would be a good idea.
Educational Apps For Children
If you’re skilled in development and engineering, you can use this knowledge to benefit younger users. The demand for mobile entertainment apps for children is only rising, particularly for education-centric ones.
Graphic Design
Brands are in a constant battle to gain consumers’ attention, making graphic design highly in demand. If you are well-versed in design software such as Illustrator, InDesign, and Adobe Photoshop, you can convert your skills into a business by working as a freelance graphic designer. You should be prepared to constantly work on your skills and take them to the next level by creating attractive marketing graphics, and clients will come right through your door!
Tutoring Services
Thankfully, apps like Zoom and other remote learning tools have made tutoring much easier and profitable. Starting a tutoring service is an excellent way to help struggling students learn core concepts or gain fluency in specific areas. There are hardly any startup costs—you only need a smartphone or computer. Depending on your education and experience, you can charge anywhere between $40 and $65 per hour.
In Conclusion
Remember, success is not guaranteed in any industry, but we have listed some of the most flexible and in-demand ideas that can inspire you as you launch your business this year!
