30 Life-Changing Business Opportunities To Try in 2024
With the growing population, there seem to be fewer jobs, so entrepreneurs have to find business opportunities to try out themselves. With so many options available, it seems like every idea has already been tried out countless times.
If you are interested in starting your own business, you will find a variety of business opportunities below. These are businesses you can explore to build a profitable and successful online business or onsite business in 2024.
These business ideas are designed to help you choose among the various possibilities you have and find the right business that fits your skills and interests. Whether you are looking for flexible gig work, creative online ventures, or traditional business opportunities, below is something written to inspire and guide you on your journey to become an entrepreneur.
1. Sell Homemade Products
You can make products in the comfort of your home and sell them out to buyers on your street or advertise them on social media. You can turn your hobby into a full-time job and earn income from doing what you love. Creating homemade items also allows you to create a unique brand of your own and customize it to your taste.
You can make homemade products ranging from soaps, hair care products, candles or snacks, depending on what you can do and how well you can do them. You can also make handcrafted jewelry or crocheted wear for people, sell them and earn money from them. Homemade products do not have a specific industry, can be from one or different industries.
To start a homemade products business, you need to learn a skill and get to know how to make these products in the comfort of your home. Once you know you can make these products effectively without help or assistance, you can then proceed to market your brand and products and start receiving orders. You can choose to display your products at the front of your house or advertise and sell them online.
2. Dropshipping
Dropshipping is a business model that enables you to purchase products directly from a supplier or manufacturer and have them shipped directly to your customers.
When compared to other business opportunities in the e-commerce sector, dropshipping stands out for its low initial investment requirements. Unlike traditional businesses, you don't need to worry about managing inventory or purchasing the item and the logistics of shipping the products are all handled by your supplier, making it easy for you to make sales without coming in contact with the product.
One of the major advantages of dropshipping is its flexibility. Since you are not required to purchase items upfront, you have the freedom to offer a variety of products in your online store without worrying about inventory storage. As long as your supplier can carry the product you want to sell to your customers, you can list them on your online store without thinking about any additional cost.
As a home-based drop shipper, focusing on a niche will help you attain success easily, so you need to get a specific niche and stick to it. You can create a website of your own and display these products on this website and receive a commission from sales of these products. You can use apps like Shopify, which allows you to connect directly to suppliers you can purchase items from.
If you need inspiration for product ideas, consider the top five shopping categories globally in 2023: Fashion, Electronics, Food, DIY & Hardware, and Beverages. These categories present a wealth of opportunities for your dropshipping business.
3. Print on demand business
For artists, designers or entrepreneurs seeking to turn their creativity into profitable businesses and a passive income stream, a print-on-demand store is a very good business idea. The print-on-demand business model involves partnering with suppliers of these products as an entrepreneur to customize plain or blank products based on orders.
There are varieties of products you can sell through a print-on-demand company or business. Some of these products include books, hats, blankets, backpacks, pillowcases, mugs, shoes, hoodies, phone cases, and many other items. The different varieties of products allow you to sell to a specific market or target audience.
Similar to dropshipping, you do not need a high startup investment as you do not produce your products from scratch and do not have to store them. All products are delivered based on order and less money is spent compared to a physical store.
4. Digital Products
In this technological age, selling digital products is a very good business idea. Digital products are assets, tools and pieces of media that consumers can download and stream but cannot touch. These products can come in ebooks, templates and PDFs.
One of the key advantages of digital products lies in their cost-effectiveness. Unlike physical products or goods that require some amount of money to be produced, digital products can be produced at a very low cost and effectively distributed to a large audience without any additional cost. This helps you to start the business with very little initial revenue and you can turn this into a successful and profitable business opportunity.
Digital products also offer flexibility to monetize your expertise in particular subjects or areas. If you have knowledge or skill in a specific area, you can use that information to create a digital product and offer it for sale either as a onetime purchase or through a subscription model. This enables you to make use of your expertise and skills to generate income.
5. Affiliate Marketing
Affiliate marketing is a business that involves a person or company, promoting a brand's products or services and earning commissions on sales made through their affiliate links. This business model can be done both at home and in the office, but it is suitable for people who stay at home and want to work from home.
To be an affiliate marketer, you need to think and strategies for how to effectively promote the product either by visual advertising or written advertisement. It all depends on your preferences and your resources. Some affiliate marketers use Instagram stories to feature brands, while others make use of blogs and websites where they market the products on their blog or website with an affiliate link to the product.
If you consistently affiliate with other people's products, you can turn affiliate marketing into a full-time job and earn income from doing it.
6. Create a Blog
Starting a blog can be a good business idea with patience, especially if you love writing or have experience as a freelance writer. Bloggers who monetize their content can earn between $20,000 and $50,000 annually. To build a successful blog, it is important to target a specific niche market and audience, as this approach is more efficient and effective.
Creating high-quality content regularly is the most important key to attracting and retaining readers. Additionally, applying search engine optimization (SEO) principles can help your blog rank higher in search engine results, driving more traffic to your site. Once you have a steady flow of visitors, you can monetize your blog by adding affiliate links to popular posts or selling advertising space to other businesses.
Starting and maintaining a blog requires a significant investment of time and effort. However, if you have a creative spirit, blogging offers a platform where you can express yourself freely and build a personal brand.
Building a blog involves several steps, including selecting a niche, creating engaging content, and optimizing your site for search engines. By dedicating time and effort to these tasks, you can turn your blog into a profitable online business. The freedom and creativity that comes with blogging can be highly fulfilling, making it a worthwhile endeavor for those passionate about writing.
7. Virtual Assistant
Becoming a virtual assistant is an excellent way to earn money online, especially for those with limited availability who want to work from home. The average hourly rate for virtual assistants is around $16, with annual earnings ranging from $21,000 to $56,000, depending on the business and the tasks involved.
Virtual assistants handle administrative tasks like scheduling appointments, arranging travel, and managing emails. To succeed, you'll need strong time management, organizational skills, and attention to detail. Some positions may require experience with Excel or scheduling software, but many virtual assistant jobs are suitable for individuals with little or no prior experience.
8. Create An Online Course
Creating an online course is a highly effective way to attract people to your website and share your knowledge with them. By developing on-demand courses, you can provide valuable information to your audience while generating significant income. To create a successful course, start by researching trending themes to understand what people want to learn. This will help you develop competitive content that stands out in the market.
A successful online course should have clear learning objectives, engaging yet challenging content, and opportunities for interaction. For example, creating a community forum where participants can ask questions and share their experiences can enhance the learning experience. You can host your course on your existing website by adding a plugin or using a dedicated e-learning platform like Udemy, Skillshare, Teachable, or Learnworlds.
Once your course is ready, build a marketing plan to promote it to your target audience. Effective marketing strategies can include social media campaigns, email newsletters, and collaborations with influencers in your niche.
9. Rent Out Your Spare Space
If you lack the capital to invest in a rental property, you can consider renting out unused and free space in your house. The free space could be a room, your garage, your basement or any other area in your house that can be rented out. You can connect to people who want to rent spaces on platforms like Airbnb. That can be a great source of income, especially if you live in a good and desirable location.
And if you want to maximise your income, you can consider renting out more than one room or space in your house, or buy rental properties specifically for short-term rentals, depending on the local law of that area. This approach is different from renting your personal space because it requires an initial investment, but the returns can be significant.
To start this business model, you have to first make sure your house has a space that can be rented out and then you sign out to platforms like Airbnb and connect with people who want to rent these spaces. Make sure your space is comfortable and well furnished and also take good quality images of the space before you lose your room on any platform.
10. Play Video Games
Video games are fun ways to earn money. You get warm money while doing what you love. If you are an expert in video gaming, then you can warm up a lot. You can become a sponsored professional gamer by the company or any other company and sort from that you can also earn money by streaming your game experience on game streaming platforms like Twitch. Game developers usually pay popular game streamers to play and stream their games, thereby promoting the game.
As a gamer, you can also sell merchandise to your audience through the platform. Although Twitch is basically for streaming, some people have used it for laughing content, celebrating video game set directors and so on.
11. Day Care
If you love kids and would love to be a part of the early development of children, then you can consider starting a daycare at your home. Most parents who work do not take their kids to work and even those kids old enough for school need someone to look after them after school hours if their parents are away. You can start a daycare with any age group or children in general where you can look after kids till their parents are done with work and can come to pick them up. You can have a time for the opening and closing of your day care or your day care can be set to any time.
You can charge hourly, weekly, monthly or daily for your daycare and most daycares usually attract an extra fee for late pickup. To start a daycare, you must have effective learning materials for these children that will make learning easier for them rather than harder for them. You must be able to tolerate working with kids since they are not as mature as adults and can do things they do not want to. You must also have an environment conducive to learning to enable effective learning.
12. Photography
Photography is a good business opportunity for people who are good at taking photos and would want to sell their pictures online. You can also do offline photography where you take shots of people physically or you can choose to be a photo editor online where you edit photos of other people.
One of the less stressful ways to earn as a photographer is selling your pictures online. There are a variety of platforms available, such as Getty Images, Shutterstock, iStock, 500px, and Stocksy, where photographers can showcase and sell their work to meet the demands of various clients.
If you are a good full-time photographer, you can turn your skill into a steady stream of passive income by selling stock photos. You can take high-quality photos of videos and post them on websites where you can sell them. Once you upload your photos on this website, you earn money each time the video or photo is purchased or downloaded by someone. This helps you to warn for a long while after uploading your photos or videos on the platforms.
13. Sell Used Items
With the increase in the shopping population and also with the increase in the standard of living, people tend to patronize the secondhand market when they cannot afford new products. With this, you can consider selling out used items either yours directly or purchasing them from people who don't need them anymore.
These products can range from clothes, shoes, utensils, or some electrical appliances that you do not find useful anymore. You can sort out potential buyers on social media or even from your streets and sell your secondhand items.
14. Personal Chef
If you love cooking and have the necessary certifications and skills to become a chef, you can become a personal chef. You can help busy people with their cooking chores and get paid. Your role is to prepare good and healthy meals for your clients in the comfort of their homes, making their meals to match their dietary and health needs. As your business grows and expands, you can choose to offer other products or services, including branded supplements, meal kits or cooking lessons for others who want to learn.
You can even consider starting a food truck business or a restaurant business to complement your job as a personal chef.
15. Business consulting
As an individual who has high experience in the business world, you might want to share your knowledge and expertise for a token. You can offer advice to business owners as a business consultant and earn from that. You can choose to hold both physical and virtual classes or you can share your knowledge at conferences or events and you can also get employed by a company or client to be their business consultant. Your business consultancy will go a long way in nurturing new businesses and helping old businesses strive while you also earn an income.
16. Website Designing
If you can design good websites that offer a user-friendly experience, then you should consider using your skills to start up a web development agency from your home.
You can seek jobs from platforms like Upwork, Fiverr and Dribble to find clients as a freelance web designer or you can reach out to companies or networks and work as a remote designer. If you consistently keep on designing websites, your expertise will increase and projects and testimonials will help you in attracting more clients.
17. Dog Grooming
If you have enough free space in your house and you are a lover of dogs, you can consider going into the dog grooming business. Many people who work often are always looking for where to keep their dogs. You can turn your house or garage into a shelter for these dogs when their owners go to work.
You can choose to charge hourly, daily or monthly depending on your preference and the frequency of the dog's visit to your place.
18. Medication Sessions
As a medical instructor, you can choose to offer a variety of services, which include live sessions, pre-recorded meditation guides, or even a customizable meditation app. Making sure you have a specific certification is advantageous. It is not completely the main thing necessary to become a meditation instructor. You have to get a thorough understanding of the practice and techniques necessary for being an instructor.
As your business is growing, you can choose to offer sessions for different age groups and different people. For example, you can offer sessions for children, adults or the aged and get paid in return.
19. Social Media Influencing
If you have a good social media presence or would want to build one, you can consider becoming a social media influencer. One of the most effective platforms to fit this type of business is Instagram, with its variety of tools that make earning on the platform easier and less stressful, but you have to put in a lot of effort and be consistent.
To be able to go into social media influence, you have to find a niche. A niche is what you want to talk about, a topic or industry you want to be recognized for. Once you have chosen a niche, you have to consistently produce content on your account and grow your audience to be able to earn from the site.
20. Sell Your Products on Online Marketplaces
You can sell items on Amazon, eBay or Facebook marketplace while at home. All you have to do is set up an account on any of these platforms and then you can list your items and begin with selling your items.
Although the market is competitive and challenging, which makes building a steady income difficult, you can also consider an independent online store to back up your marketplace accounts. For example, platforms like Shopify help you sync your storefronts and manage sales.
21. Buy an Existing Business
If your budget can take it, you should consider buying a small business, investing in it and watching it grow. Some entrepreneurs can choose to buy a business instead of starting a whole new business. Starting a new business comes with the steps of creation and other activities associated with company creation and incorporation.
The cost of purchasing a new business varies depending on location, age of business, size of business and other factors. Some businesses are sold even when they are still generating revenue while others are sold after they've gone bankrupt. Buying an ongoing business is less risky since there is a high chance the business will blossom in the future.
Buying a dormant business that isn't trading at that moment is a higher risk since there's a lesser chance that the business will come back on its feet. Because of this, investors tend to go for already existing and trading businesses. After buying a business, you invest in it and then, with time, you'll start having profits and some businesses can give you profit right away.
22. Real Estate
Real estate is a rapidly growing business due to the demand for properties increasing and the value of these properties also increasing. You can help businesses or business owners find the perfect office space for their business for rentals and also for the purchase of properties. If you are financially capable, you can still choose to buy these properties, which is a lifelong investment, and give your property out for rentals.
23. Tutoring
If you have a good teaching ability and would love to turn this into a job, you can offer private tutoring or home tutoring to people with hourly rates. Depending on your location and expertise, your charge per hour can be increased. You can operate independently as a freelance tutor either online or offline or you can create a tutoring business featuring other educators like yourself who would love to also tutor.
24. Counseling and Therapy
With the rate of deteriorating mental health increasing every day, people will often go for therapy and look for others they can confide in. Not only confiding in but also receiving good and profitable coaching that is beneficial to their psychological health. If you are good at coaching and advising people on life goals, relationships and other aspects, you can venture into counseling as a source of income.
If you want to become a licensed therapist, there are various paramedical treatments you can offer as a therapist from home. You can offer services like therapy, acupuncture or physiotherapy to your clients at home. Some platforms, like Zeel, connect users with licensed therapists and offer home-based services.
Before you look forward to becoming a licensed therapist, make sure to comply with all the local regulations and professional guidelines and stay updated with the latest techniques and trends in your field.
25. Professional Organizers
Professional organizers deal with the strategic organization of working spaces for businesses and office space. These organizers can also work on private properties like homes, rooms or other properties. Organizing is a time-consuming task and professional organizers help you do the job while you do something else with that time. As long as you are willing to pay, you can get your job done. Taking a job as an organizer is good and more effective if you have a good sense of designs and interiors.
26. Invest in Other Businesses
With all thanks to modern technology, investing in business opportunities has become very easy compared to the pre-technological age when it was more difficult. With platforms like Mainvest, you can easily invest passively in other business opportunities with as little as a $100 initial investment and there are no investor fees involved. Your returns can vary depending on the business but Mainvest aims to provide earnings ranging from 10% to 25%.
27. Invest in Stocks
For those with an entrepreneurial mindset and a good grasp of economics, investing in stocks can be a promising way to build wealth. You might start by looking into your employer's stock options as a safer bet or consider purchasing shares in other companies if you can predict market trends.
However, stock market investments come with risks. If you're unfamiliar with how the stock market works, it might be best to avoid this option until you've gained more knowledge. A significant loss can occur if investments don't go as planned. For those who are confident and knowledgeable, websites like ETrade and TD Ameritrade provide resources for making informed investments.
28. Create a Podcast
Podcasts are a way of sharing stories, valuable insights and opinions that are important or beneficial to the viewers. If you are a good storyteller who also loves to share their insights and opinions with others, you can venture into podcasting. To be able to go into podcasting, you have to invest in a high-quality sound system, good video coverage devices and also good editing software. You can work from home and still reach out to your audience and viewers as a podcaster.
Starting a podcast is another fantastic way to earn money online, especially if you have a talent for storytelling or a background in journalism. Podcasts can be hosted on platforms like Spotify, Apple, and Google Podcasts.
Podcast income typically comes from sponsorships, affiliate links, and direct audience support through platforms like Patreon. To get started, create a website or an RSS feed to host your podcast and promote it on social media to attract more listeners.
29. Graphic Design
Design is a very good way to pass information effectively and can capture attention faster than even words. With an increasing demand for visual advertisement, graphic design has become a demanding skill both by companies and other organizations. If you are interested in designing graphics, you can choose to start a business as a graphic designer. You can choose to work remotely or work on-site, which all depends on your employer and your preference. You can also register on freelancing platforms like Upwork, Fiverr and other platforms that help you get across clients remotely.
30. Freelancing
Freelancing has become a very good source of income in recent years and with the right skills, you can earn from freelancing. With skills like content creation, copywriting, website designing, and graphic designing, you can apply on freelancing platforms and search for jobs. Freelancing platforms like Fiverr, Upwork or Indeed where you can search for jobs and apply.
If you don't have the skills, you can learn these skills and start your journey as a freelancer. Always practice your skills and have some work to use as your portfolio when applying for a freelancing job.
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Conclusion
With the rapid growth of entrepreneurship, more people want to go out there and create job opportunities rather than working for the government or working under others. With these business opportunities, you can try out any or a few and with the right strategies, you can create a successful business.
