Many people claim it’s never been easier to be successful and make a fortune. About 70% of new startups make it through the first two years of business. For example, successful YouTubers make millions of dollars, and when you look at it, all they really need to run their business is a laptop and an internet connection. According to cynics, their only skill is creating a clickbaity thumbnail.
Of course, there’s much more to achieving online success, but the number one obstacle most wannabe entrepreneurs can’t overcome is getting started. We get hung up on the idea that we must have a groundbreaking, never-heard-before product or service that’s been fine-tuned to perfection before we get off our seats.
That’s not true at all; becoming an entrepreneur is actually much easier. According to Oberlo, there were 10.47 million business applications in 2021 and 2022 alone.
In this article, we’ll show you the best business ideas in 2024 that can help you become your own boss quickly and make money while you’re at it.
20 Small Business Ideas
Running a small business means that you have fewer employees and less revenue than a corporation. However, don’t let that fool you. According to the American Society for Quality, you can have up to 500 employees and an annual revenue of $28.5 million, and you’d still be a small business owner (depending on the industry).
The same goes for initial investment. There are low-cost business ideas that require only $100 to set them up. Others require professional equipment and a budget that can make you fork out thousands of dollars right from the start, not to mention potential years of training and education.
Nevertheless, if you have the right ideas and the know-how, it’s the right time to start your journey to entrepreneurship. Read on for some of the best small business ideas for 2024.
5 Home Business Ideas
1. Coding Services
Coding can be an independent business in which you don’t have to engage with your clients on a daily basis. You can find your clients initially on various job marketplaces until you establish a brand and people seek your services directly. Unlike a freelance coder, you need to continuously seek out your clients and work on multiple projects at the same time, making the business challenging but lucrative.
The salary and required skill set vary depending on what you want to do. In the table below, we’ll focus on front-end developers.
| Skills required | JavaScript frameworks (React, Angular, jQuery, etc.), UI/UX design, HTML/CSS |
| Equipment needed | A mid- or high-end computer |
| Salary (according to Glassdoor) | $58,000-$144,000 per year |
2. Voiceover Service
Doing voiceovers is more popular than ever. You don’t have to land a role in an animated Hollywood movie to be a successful voiceover artist. Many content creators seek professional voiceover businesses to record video narration and audiobooks.
| Skills required | Excellent verbal communication, trained in narration and diction, native pronunciation |
| Equipment needed | Microphone, audio-processing software |
| Salary (according to Glassdoor) | $37,000-$114,000 per year |
3. Video Editing
Around 140 million people listened to podcasts in 2022, and that number is expected to grow. Although they were initially a radio format, podcasts now always have an accompanying video, not to mention all the YouTube creators who need to edit their videos before publishing them.
As a video editor, you can build up a customer base rather quickly if you’re good at branding and, more importantly, at editing. If your work is of a high quality, your business’s brand will become reputable in no time.
| Skills required | Visual production, Adobe Premiere Pro (or similar software), great eye for detail |
| Equipment needed | Professional video-editing software, mid- or high-end computer |
| Salary (according to Glassdoor) | $33,000-$94,000 per year |
4. Influencer/Content Creator
Social media can bring you a lot of money if you do it properly. We’ve all heard of many famous YouTubers, TikTokers, and podcasters who make thousands and millions of dollars each month through gaining views and landing sponsorship deals. But there are also many niche fields and interests that you may be able to become an influencer in.
If you go down this route, note that you’re in for the long haul. It takes years to establish a community and become an influencer.
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Becoming an influencer requires presentational skills and developing a public personality. If you’re not comfortable with becoming an online celebrity, you can focus on establishing a content agency and work with other businesses.
| Skills required | Verbal communication, video editing, digital marketing |
| Equipment needed | Computer, camera, lighting equipment, microphone |
| Salary (according to Glassdoor) | $32,000-$82,000 per year (corporate content only) |
5. Translation
Despite many translation software solutions, a translation with a human touch is still what many businesses and people seek and are willing to pay for. If you have a passion for foreign languages and you’re skilled in translating from one language to another, being a translator is the way to go. Once your customer base is large enough, you can hire freelance translators to reduce the workload.
| Skills required | Proficiency in a foreign language |
| Equipment needed | Computer |
| Salary (according to Glassdoor) | $34,000-$92,000 per year |
5 Online Business Ideas
6. Dropshipping
Dropshipping is a concept many see as one of the most lucrative startup business ideas in 2024. All you need is an internet connection, and you can start your business. The idea is to purchase goods from the supplier when the customer places an order. It is a low-risk business model.
| Skills required | Digital marketing, knowledge of the market |
| Equipment needed | Computer, internet connection |
| Salary (according to ZipRecruiter) | $15,500-$230,500 per year |
7. Bookkeeping
If you’re skilled and educated in bookkeeping, you no longer have to find an office job or rent an office somewhere. You can complete everything online and from the comfort of your home. As an independent business, you have the freedom to run your business and choose clients you want to work with. The bonus is that you don’t have to pay someone else to be your accountant.
| Skills required | Proficiency in QuickBooks and Excel, creating reports, knowledge of various statements and balance sheets |
| Equipment needed | Computer, access to Excel and QuickBooks |
| Salary (according to Glassdoor) | $31,000-$64,000 per year |
8. Online Teaching
If you don’t want to work as a tutor in a school, you don’t have to. People are using the internet as a source of education and are constantly seeking classes and courses they can enroll in. If you don’t have an advanced knowledge of a particular subject, you can teach English to foreign students.
| Skills required | BSc in teaching or any other relevant subject |
| Equipment needed | Internet connection, handbooks, lesson plans |
| Salary (according to Glassdoor) | $30,000-$76,000 per year |
9. Content Writing
Guess who wrote this article and published it online? You’ve guessed it, it’s a content writer. Content writing is necessary for improving the SEO ranking of your website, and many businesses seek freelance writers to help them establish their online presence. Aside from the knowledge of English, you need to be familiar with the niche you’re writing about.
| Skills required | English proficiency, writing, knowledge of the niche or industry you write about |
| Equipment needed | Computer |
| Salary (according to Glassdoor) | $32,000-$92,000 per year |
10. Digital Marketing
Digital marketing involves creating promotional activities for brands online. A digital marketer role is a perfect idea for someone who wants to run an online business. The internet is an unavoidable factor in any business’s success, and every company that wants to succeed needs to have a way to communicate with their customers online.
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Digital marketing is an important service that all companies seek, regardless of the industry. That makes it easier for digital marketing agencies to establish a customer base, but it would be great to narrow your services to one or a couple of industries. Being familiar with an industry will help you excel in the marketing department as well.
| Skills required | Content management, social media marketing, content planning, digital branding |
| Equipment needed | Computer, premium marketing software |
| Salary (according to Glassdoor) | $57,000-$144,000 per year |
5 Side Business Ideas
11. Moving Company
If you already own a vehicle that’s adequate for moving furniture and bigger objects, starting a moving company may be the perfect side hustle for you. You can start locally and during the weekends. As your business grows, you can improve your fleet and make it your primary source of income.
| Skills required | Driving a truck, physical labor |
| Equipment needed | Truck, moving equipment, insurance, government permits |
| Salary (according to Business Hue) | $33,150 per year per crew |
12. Vending Machine Owner
As the pandemic died down, people started going outdoors again. However, social distancing and avoiding personal contact haven’t left us completely. The vending machine market is expected to grow by $12 billion between 2023 and 2027, and you can be the one capitalizing on the revenue.
| Skills required | None |
| Equipment needed | Vending machine, products for sale |
| Salary (according to Allied Vending) | $300-$600 per month per machine |
13. Cleaning Service
If you want to start a side business that doesn’t take up too much of your time and you can be flexible with taking on clients, a cleaning service business may be the right choice for you. All you really need are cleaning supplies and willingness to do the physical work.
| Skills required | Attention to detail, cleaning skills |
| Equipment needed | Cleaning supplies |
| Salary (according to GetJobber) | $56,000 per year |
14. Babysitting
A great way to make something extra on the side is to offer babysitting services. To be better at your job, take a babysitting course, look for fun activities online, and start by practicing with your friends’ children first.
| Skills required | Handling babies and children |
| Equipment needed | None |
| Salary (according to Kidsit) | $15.71 per hour |
15. Personal Trainer
Are you into fitness and want to help others get in shape? If you have the know-how, you can become a personal trainer. Make sure you get a valid certification and educate yourself about diet, different body types, and proper workout techniques.
| Skills required | Dietary knowledge, perfect workout technique |
| Equipment needed | Personal trainer certificate |
| Salary (according to Glassdoor) | $44,000-$133,000 per year |
5 Business Ideas for Teens
16. Dog Walking
A dog-walking business is great for teenagers, especially if you love animals and already have one at home. You need to be experienced with dogs and how to handle them while outside. All you really need is to be enthusiastic about the job and experienced with animals.
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According to Statista, over 60 million households in the United States own dogs in 2023, with Montana and Arkansas having the highest dog-ownership rates among the states. If you’re in a state with a lot of dog owners, it’ll be easier to establish a dog-walking business.
| Skills required | Good at interacting with dogs and responsible |
| Equipment needed | None |
| Salary (according to Care) | $10.75-$17.50 per hour |
17. Data Entry
Data entry revolves around entering information into a company’s system or spreadsheets. It’s a great way to raise some funds using skills teenagers already possess.
| Skills required | Computer and typing skills, an eye for detail |
| Equipment needed | Computer with an internet connection |
| Salary (according to Glassdoor) | $28,000-$50,000 per year |
18. Car Wash
If your teenager is looking for ways to make money on top of their weekly allowance, they can start by washing your car and cars in the neighborhood. Once they become good at it, they can start their own car-washing business.
| Skills required | Cleaning |
| Equipment needed | Cleaning supplies |
| Salary (according to Biz Weal) | $8-$10 per hour |
19. Selling Handmade Goods
If you’re a creative person, you can think about creating a handmade goods business. Depending on what you’re good at, you can sew clothes or accessories, make jewelry, bake cookies, or design shirts and greeting cards.
This is a great stepping stone for any future entrepreneur as you can learn about the processes behind product development and online sales.
TIP:
Setting up an Etsy store is a great way to start a handmade goods business. The platform is dedicated to handmade and craft items.
| Skills required | Product-making, design, digital marketing |
| Equipment needed | Depends on the product |
| Salary (according to Salary.com) | Varies |
20. Seasonal Chores
Seasonal chores are a great way to make a profit during the time of the year you’re not in school. You can charge people to put up and take down Christmas decorations, shovel snow, clean pools, rake leaves, etc.
| Skills required | Depends on the chore |
| Equipment needed | None |
| Salary | N/A |
Unique Business Name Ideas
A business name should be unique, catchy, and simple, but at the same time, it should be brandable and make it obvious what your products or services are all about. Try to research the market and figure out who your target audience is before choosing a name. It can point you in the right direction.
Make sure your name is industry-specific. For example, one term can signify two completely unrelated things in two different niches. You should also research your competitors. Use their names for inspiration but also to check if a name is available.
The easiest way to come up with a unique name for your business is to use our business name generator. All you need to do is enter keywords and fine-tune the results with our industry filters. Our AI-powered generator will come up with 1,000+ unique and catchy name ideas for free, and it’ll automatically check domain name availability.
Watch our video on how to turn your business ideas into a successful business.
What Are Good Business Ideas and How to Come Up With One
A great business idea is never about making a significant profit, but resolving an issue for potential customers.
What is your business (i.e., your service or product) going to solve, and how is it going to do it? You should find motivation to change your customers’ lives. This doesn’t have to be anything groundbreaking, but even a small improvement in convenience is enough.
When you’re looking for a business idea, you’re actually looking for a problem and solutions to that problem. Try to identify something in your life or your surroundings that can be improved with your skill set.
Once you have an idea, it’s time to test it before you go all-in. Create a checklist of what you think is important for your business to succeed. This can vary from one industry to another, but it should include the following:
- Does it solve a specific problem?
- Is your product or service unique enough?
- Does the problem affect a sizable number of people?
- What’s the price people are willing to pay for a product or service?
- What kind of competition will you face?
Mark Cuban popularized the term wantrepreneur for people who’re all talk and no action. Once you’re happy you have something to offer to potential customers, don’t be afraid to lift off. Your first million can arrive even with your Uncle Rockefeller still alive.
Business Idea Support
- How to Start a Business: The Ultimate Guide
- How to Write a Business Plan – The Ultimate Guide
- How to Open a Shopify Store
Key Takeaways
A business idea can be something as simple as raking leaves or as advanced as capitalizing on your years of experience and knowledge of coding. It all depends on what you feel passionate about and what your skill set is.
Make sure your idea is there for a purpose – it needs to solve an issue for your customers. You should also research your market and see if there’s a need for what you want to do. It’s not advisable to start a car wash in a street where five other ones already exist.
We hope this list helped you find inspiration for your next venture. If you need help with the name, you can use our business name generator for free. Good luck, and don’t be afraid to take the first step.