2024 is the year to pursue your dreams of embarking on an entrepreneurial journey. The new year promises an array of exciting opportunities for budding business owners and seasoned executives looking to broaden their horizons. From innovative tech solutions to selling goods online, you can explore plenty of new ventures.
In this blog, we’ll discuss which ventures are poised for remarkable growth this coming new year.
Profitable Businesses to Start in 2024
We’ve listed the most profitable businesses to establish in 2024 and categorized them into low, medium, and high capital.
Low Capital Businesses
Low-capital businesses are ventures that require little to no capital at all. Some examples of this include:
Stock trading involves buying and selling shares in publicly traded companies. These businesses make a profit out of the changing prices of their stocks.
Although it’s an excellent way to make short-term gains, stock trading is high-risk. You could easily lose your investments if you don’t pay much attention to market trends.
So, to protect your savings from its risks, we recommend you form a Limited Liability Company (LLC) for trading and investment. This way, you’ll have enough protection to shield your assets from the dangers of trading stocks.
Freelancing is another excellent way you can start a business at a low cost. Depending on your specialty, you can offer various services as a freelancer, like content writing, web design, and virtual assistance.
You can start offering freelance services for free by signing up on platforms like Upwork or Fiverr.
Recent surveys have shown that the landscaping industry is valued at over $100 billion annually. What’s more, starting a landscaping company is relatively easy and inexpensive.
You only need around $2,000 to $10,000 worth of capital to get the necessary equipment to start your lawn care services.
Another benefit to this venture is that they’re highly scalable. You can start your business with a small team and expand your operations later on without any problems.
Consulting companies are another type of business that doesn’t require a lot of money. These services are founded on the skills and expertise of their business owners. They’re very common in financing, human resources, and IT.
Although the skills and expertise consultancy requires vary depending on the situation, the main idea is to act as problem solvers for different businesses.
What makes consulting companies great is that you can establish them independently. You can easily become a consultant and start hiring more experts later on.
Medium Capital Businesses
To start a medium capital business, you need at least $20,000 to $50,000 in capital. Here are a few examples of medium capital enterprises:
Car wash is another undeniable yet inexpensive business you can try this coming 2024. You can easily start one with a $50,000 capital, which you can use for your facility, equipment, and other utilities.
If you want your car wash business to stand out, offer other services like auto-detailing. Recent studies have shown that the global car detailing market will generate over $54.98 billion by the end of 2029.
The rising demand for professional cleaning and maintenance will help the industry thrive in the future.
Following the pandemic, there has been an influx of e-commerce stores opening in the country. This type of business is easy to establish and can be operated at home, making it a popular choice among moms who want to become business owners.
Depending on the products you want to sell and the platform you want to use, you’ll need around $20,000 to $29,000 in capital. This estimate includes the price for developing your website, web hosting, and domain registration.
Can you start an online store with less than $20,000? Sure, you can; platforms like Etsy allow you to sell handmade crafts for a small fee.
High Capital Businesses
If you have around $50,000 to $100,000 in capital, here are the profitable businesses that you can try in 2024:
Food Truck Business
Food trucks have become a staple in the US. As of 2023, around 36,000 food trucks are operating nationwide, showcasing that the industry will continue to grow in the coming years.
You’ll need at least $125,000 to $200,000 to start a food truck business with a brand-new truck and equipment. If you’re on a budget, getting a used truck for around $70,000 or less can also work.
Real Estate Businesses
There are plenty of business opportunities you can explore with real estate investments. For one, you can start a property management company and lease out residential or commercial properties.
Most business owners use their property management companies to oversee other people’s real estate investments. However, you can also use it to manage your own series of properties.
Aside from this, you can also start flipping houses. House flipping has become increasingly popular over the last few years. Experts believe it will continue to be profitable as they predict housing demands will remain strong next year.
How much does it cost to flip a house? It varies from one property to another and depends on its location. But typically, the budget for house flipping is around 10% of the purchase price.
Start Planning For Your New Business
Now that 2024 is just around the corner, it’s best to start planning for your new business today. If you need help figuring out which venture is best for your goals, look no further than NCH.
We have a team of business specialists who will help you prep and start your business in 2024. They will guide you through establishing a new enterprise, from developing a business plan to incorporating it.
NCH can also assist you in fulfilling some of your formation requirements. We’ll find you a reliable registered agent and help you file your taxes properly.
Whatever support you need for your entrepreneurial journey, NCH will provide. To learn more about our business formation services, visit our website here or call us at 1-800-508-1729.
DISCLAIMER: The above material has been prepared for informational purposes only, containing opinions of the provider, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. Please consider consulting tax, legal, and accounting advisors before engaging in any transaction.