Many people want to start their journey to become an entrepreneur but they are too scared of the Risks and difficulties that they may face, that’s alright as many career workers say the beginning is always hard, indeed starting a new business can never be an easy move that you are going to need many resources like money, employees, and experience as well.
There are thousands of domains right now, and finding the perfect one for you may not be easy so to help you with that, we’ve created a list that contains the 15 Great Business Ideas to Start in 2024 that come with Low Risks and high Profits which has big demand and a lot of customers need it and also considering measures like service locations, growth and profit time, and also the benefits/costs value.
Guides you may need:
Best Ways to Make Money Online 2024
Top 10 Technologies To Learn In 2024
1. Dropshipping
Dropshipping is a retail model based on receiving customer orders through the online store and then transferring them to the first vendor to do the shipping and delivery. Make sure that dismissal is attached to your brand with an invoice so the buyer doesn’t just find out you’re a dropper.
The good thing about this business is that it’s a simple business that can start with small capital, it doesn’t require you to own the product. All you need is to create an online store and find a reliable, professional Splyer vendor. Spocket and AliExpress currently cross the best professional platforms for building e-shops in a short time, with a complete service package for beginners. Dropshipping is spreading because it’s an inexpensive project, you don’t buy and ship products to customers. You can also manage all operations just from a computer, without having to connect directly with suppliers.
The most important issues you’ll face in this project are efficient store marketing and finding professional vendors, and I don’t forget the regular problems with the payment platforms and the complaints from some customers about poor product quality. The market is very competitive so be careful to take advantage of opportunities by promoting the Trand products that are in high demand, and I don’t forget to remind you to invest in protecting and retaining the store customer data.
Check out this guide on How To Start Dropshipping: A 9-Step Guide (2024).
2. Cryptocurrency Trading
The digital currency market has grown significantly in recent years, with the number of global traders surpassing hundreds of millions and the number continuously growing.
Crypto and Blockchain is a relatively new business, only 14 years old since Bitcoin was introduced in 2009, so it is fertile ground for good profits even if your capital is small. Despite all the media hype directed at this business currently, we are only just at the beginning of the crypto acquisition of financial transactions.
There is also a government trend to support digital currency, which will ensure that financial flows are strictly monitored to combat tax evasion. You can achieve a return from the digital currency by keeping it in the investment wallet and selling it when its market value increases. Or speculators, with good, daily trading opportunities, and speculative trading opportunities. If you want to invest in or circulate digital currency, I recommend using the more professional Binance platform.
3. Graphic Design
Launching a graphic design business is a great step, whether it’s just selling your services online or forming a team. The right choice depends mainly on your skills and industry experience, add to that the size of the budget if you plan to launch your agency. Design familiarity and keeping up with the latest news are also recommended, with active accounts in graphic platforms like Behance where you can share projects with members for an exchange of views.
The cool thing is that getting your graphics work done and selling online doesn’t require experience, as most requests are currently made using graphic design websites that provide templates. For example, you can use websites that specialize in your designs quickly, even without previous experience. It is enough to receive your customer’s ideas and enter them beforehand. Graphic designers typically spend years of a hobby or working with various advertising agencies before thinking about starting their own business, but the transition is not smooth and runs into many obstacles.
The most significant thing Graphic Online designers face when starting their own business is the difficulty of finding customers with a respectable budget and a lack of creativity. Often orders are constrained by customer ideas rather than your technical view of the final design format. You can also sell Graphic Online designs without the need for design expertise, but only with software like Canva.
If you’re interested in this business don’t forget to check out our guide to the Best Free Graphic Design Apps for iPad 2024.
4. App Development
Currently, phone app profits are more than $100 billion, and most people spend more than 3 hours exploring the phone, and this rate is higher among teens and children. These numbers make app development a suitable field for high profits. Still, it doesn’t suit everyone except those with academic credentials or who have already completed training courses on certified software learning sites.
If you’re looking to invest in apps, it’s also important to be aware of data analysis and have a creative background, especially if you want to develop games. Software development is generally considered one of the highest-paid jobs in the world that has become our digital marketplace and relies solely on apps to ensure a normal life.
Maybe the mobile app industry is right for you, but you shouldn’t be so excited. It’s better to see some of the pressures you’ll face while working as an app programmer. The biggest challenge is that innovation or app professionalism alone isn’t enough to succeed without a good marketing strategy, large companies spend a lot of money on advertising to promote their apps, so you shouldn’t miss this point. Another thing to be aware of is that the app’s advertising profits vary by geographic region, so it’s better to focus on targeting users from North America and Europe who have the highest value in advertisers.
You can check our latest guide to The Best Android Apps for 2024.
5. Content Writing
Demand for content writers is extremely high, especially with the e-commerce revolution and companies tend to market their products more online. Do you have good writing skills? Or you spend a lot of time posting posters on Twitter and Facebook, so why don’t you transfer your skill to a worthwhile income rather than spend your effort and energy for free? For example, you can make an extra living by working in blogging, creating a blog that specializes in a specific niche, and sharing valuable information about your specialty with readers. Also if you don’t want to start with a personal blog project, you can simply write the content and sell it online through freelance platforms.
Freelance platforms, include millions of independent workers “freelancers”. It’s worth mentioning that writing requires you to give it attention and passion. The most important challenges of working as content-writer is getting regular visitors, and overcoming the boring routine.
If you don’t know how to start this business, you can check this guide on How To Become a Content Writer.
6. Import-Export Business
So far the Import and Export model has worked very well for many people, and this is due to the variable in the prices of products in international markets. let us have some quick examples and do some math about that.
- Smartwatches in China cost around 5$-7$/piece, In the USA, you can sell them for up to 20$ easily (people would happily pay for them).
Now if you buy 1000 pieces of this product, it is going to cost you around $5000+300 in taxes, let’s say you sell it as I describe above for 20$ this totals 20k dollars which means around 14700$ in income. if you have some Marketing skills you can sell all this in less than a month, which is considered to be pretty good actually for a nice start.
Starting into the Import-Export business you will need to use Chinese store websites the most known ones are Alibaba, AliExpress, and SHEIN for cheap clothes and jewelry.
However, it isn’t as easy as it seems. It also involves lots of hurdles and hustles, but a business is not a business if there is no hustling.
7. UNPRINTER
This unique idea is very helpful to people and the environment and could be very profitable, and it is also very simple.
Now, how about making a machine that can take the printed paper from one side and convert it into a completely blank sheet of paper, from my personal experience in schools, colleges, and offices I see lots of people taking so many printed daily, However, they wouldn’t mind also being eco-friendly and stop consuming paper in randomly way.
Most printer machines have been designed to only use one piece of paper at a time, my idea is to reduce this wastage. using conventional paper recycling takes a lot of time and also reduces the quality of the paper.
This idea could be very useful to the world and a famous project that could make you rich, However, to start this kind of unique business you will need to have so many build resources that are required to invest many if you are willing to take the risk into something new. However, I have some solutions and thoughts about this problem, you can contact me if you are interested.
You can check this full printer guide.
8. Real estate investment
There is a unique strategy that you can use to make money from real estate without the need for any significant experience or investing a lot of money, it is very simple as I will show in the steps below:
- Find a city with a population of over 100,000 residents.
- Find an apartment for rent and take it.
- Make an ad and put it into a local newspaper or use social media etc, that says you wanna rent an “apartment for daily payments”.
- Charge 10% of your monthly rent per day.
In this way, you will make double the profit of what the original owner made from you. and it is considered to be one of the best business ideas in 2024.
The article you may need: How To Invest in Real Estate with NO Money In 2024
9. Private driver
If you have a car and know how to drive, then you can easily make around 15$ per hour by transforming yourself into a Private driver. To start doing this you need only to sign up for the platform that allows you to connect with clients, most known is the Uber platform which connects drivers and riders who want to head up to a place within the city.
Driver earnings are based on the distance and duration of the customer, Also most of the time, you will have tips from clients. I have met personally an Uber driver who told me he made actually up to $300 only from angles.
It is a good idea to start with especially if you are broke or you don’t have the capital to start a new business, also this is considered a full-time job and allows you to meet new people and live some new experiences every day.
10. Delivery agency
This service idea is also legit because this business will not provide you with a reliable source of earnings it will also allow you to work with some unemployed people as part-time or even a full-time job. and it is one of the most successful businesses.
To start you will open an agency that pertains to the delivery of products, you will sign up with store companies and markets, for example, Amazon Flex which requires you to deliver the package from Amazon, and the company will pay around 2$ an hour.
If you start your agency with only 10 people and work around 8 hours a day you will make a great amount of money monthly, you can search for fresh companies and stores or also make an advertisement looking for people who may need this kind of service.
I would like to advise you to sign independent contracting parties means you pay the employee for every mission he has done and that way you will avoid payment responsibilities, Just when you open an agency remember that more people working under you, means more and faster money you will make.
To get more information about this business, you can check this guide on What Is Service Delivery in Business?
11. Coaching Classes
We All have tried Coaching Classes in different types, sports, education, yoga…etc, the point is this kind of business could be very interesting to people, and as long as they need it, they will be happy to subscribe to it.
The most important measure that can make this business successful is knowing what people most need, to have this kind of information, you will have to do some analysis about the location or the city where you are willing to open the business in it. for example, discovering if people are interested in learning new languages or if they would like to start training.
Now what you have as an owner of the business is to rent a proper place for what you offer and hire people who have experience and are compatible with the service, if you start in a popular location you will start getting clients once you open and the business will start growing with time.
12. Food Truck
Many people are underestimating this kind of business there are Food trucks that make a really big income every single day.
I have had a conversation with the worker who runs the same business in the very small wagon in the middle of New York City for years now and he confirmed to me that he made over 300k per year by only working less than 6 hours a day.
This is a really simple business, all you need to start is a truck and some cooking skills, also there a plenty of ideas that you can start serving for example vegan food, fast food, Ice Cream…etc.
One last notice that is worthy to mention is that in some places you may have to pay taxes even for this kind of business, in the USA for some specific places sellers charge buying tax at the location when you make the sale.
If you don’t know how to start a coaching business, you can check this post on How to Start a Food Truck Business in 9 Steps.
13. Affiliate Marketing
E-commerce and the digital world become a part of our lives and hold a big section in trade around the world, every company, and store is looking to have customers and sell their products, which makes them create an affiliate program that allows to any kind of people marketing of its products and give them a commission for every transaction.
Now you can start your business company which there is a lot like it, that manages the marketing of all kinds of stuff and start getting into contracts with companies to bring them customers and promote their services. However this kind of business is a good source of earnings, but it requires a professional marketer working under you. There are also a few advantages of starting a business like this for example low risks and High ROI.
Check out our guide to the Best Affiliate Marketing Programs in 2024.
14. Management consulting
Management consulting is one of the most required jobs and it’s getting incredible, in the USA analytics exposes that companies and organizations in different fields are spending over 200$ billion every year on this service.
Now it’s not as easy as it seems to be, in fact when the client demands this service from you he expects more than just advice which means you need to provide him with much information such as a hierarchy of purposes, Effective Diagnosis, and give solutions and recommending action in a different way you need to help others succeed by providing niche expertise that’s made by years of experience skills and education.
To start this kind of profitable business you need to collect people with experience in some specific domain and get some trade tools, also you will need to create your service websites, put your offers, and do some advertisements to get new clients.
15. Domain Name Buyer
That is a very simple business that can give you a great income with low Risks and all you need to do to start is your laptop/smartphone and a little bit of money, then buy a domain name and sell it to people for profit. However, you need to know how to detect the required domain names, recognize the old abandoned ones with high Authority scores, and know SEO and keyword optimization.
To search and buy the available domain names you can use service provider websites like Namecheap, Godaddy, Dynadot…etc
How to make a business successful?
Having a successful business doesn’t just depend on the effective idea there are so many factors that depend on your efforts and the quality of the services that you offer. Here are some tips below that can help you:
- Find the problem that people will pay for to be solved.
- Fix the issue.
- Make the prices of your services available at the right price.
- Invest less money providing the growing plans than you earn in revenue.
- Always Remember to make your business helpful and profitable at the same time.
- Pay All the bills and taxes on time.
- Update your strategies over time, and try to make the services suitable for all people.
