The 9 Best Business Ideas of 2024

Have you ever thought of ditching your mundane 9-5 job and starting your own business? Well, we all have been there.

The past few years have seen a massive surge in the number of the corporate workforce taking up gig jobs or freelancing work.

It is evident why someone would want to switch to freelancing or start a small business. First, you can be your own boss. Second, you get a more flexible work schedule and the opportunity to harness your skills and expertise.

Starting something like a restaurant or setting up a warehouse may require high investment and have various risks involved.

However, there are some businesses that you can start with less than $500 without needing any physical storage or taking up any loans.

This article shares the Best Business Ideas that require low or almost no investment to start.

Best Business Ideas with Low Investment in 2024

Here are the top business ideas that require low investment, no technical expertise, and may give you higher returns.

Consulting

Consulting is one of the most thriving business ideas in 2024. Everyone requires guidance or an expert’s opinion.

Whether you are an SEO expert, an IT professional, or an accounting veteran, offering consulting can get you various clients.

For example, if you are an IT professional, you can offer consultancy related to AI, Cloud, IoT, and Blockchain solutions.

An organization would hire you because you may identify problems, offer solutions and help achieve business goals.  

Consulting is a broad field that encompasses a wide range of industries and specialties. Whether you have expertise in business, technology, or personal development, there are numerous opportunities to start a consulting business with low investment and high potential returns.

One popular area of consulting is accounting, where you can help businesses manage their finances, prepare tax returns, and ensure compliance with regulations. Advertising consulting is another lucrative field, where you can help companies develop effective marketing strategies and campaigns to reach their target audiences.

In the technology sector, UX & UI design consulting is in high demand as businesses seek to create user-friendly and visually appealing digital products. Software consulting is another area where you can offer your expertise to help companies develop, implement, and optimize their software systems.

For individuals, career counseling is a valuable service that can help people navigate job searches, develop their skills, and achieve their professional goals. As a career consultant, you can offer guidance on resume writing, interview preparation, and networking strategies.

Other business consulting ideas include payroll management, where you can help companies streamline their payroll processes and ensure compliance with labor laws, and taxation consulting, where you can assist businesses and individuals with tax planning and preparation.

Consulting is not limited to just businesses, however. As a dating coach, you can offer advice and support to individuals seeking to improve their romantic lives. Nutritionists can provide guidance on healthy eating habits and help clients achieve their wellness goals. Even professional gardeners can offer consulting services to homeowners and businesses looking to create and maintain beautiful outdoor spaces.

The key to success in any consulting business is to identify your area of expertise, develop a strong brand and reputation, and market your services effectively to potential clients. With the right skills, knowledge, and entrepreneurial spirit, consulting can be a highly rewarding and profitable business venture.

To summarize some of the best consulting business ideas:

•     Accounting
•     Advertising Consultant
•     UX & UI Designing Consultant
•     Career Counseling
•     Payroll management
•     Taxation consultant
•     Software consultants.

Blogging

Are you passionate about something or want to make money by honing your skills? Blogging can be your best bet.

Blogging is the ultimate low-risk business that is thriving even in 2024. However, the competition has gotten fierce, and there are over 200 million blogs on the Internet.

Blogging won’t give you overnight success or earnings. You need to be patient and focus on building your audience first.

To succeed in blogging, you should look for a niche with small competition to target the low-hanging fruits first. Otherwise, you can’t survive in a highly competitive niche with thousands of blogs in its space. 

Additionally, SEO knowledge is of utter importance when you have started blogging.

You need to stay updated on the changing Google algorithms and keep an eye on your competitors to see what’s working for them.

Once you have a blog with appreciable traffic, you can make money through various monetization methods like AdSense, Affiliate marketing, or even sponsored posts.

Online Teaching

Since the onset of the COVID-19 pandemic, many schools and institutions have been exploring virtual classes in place of physical ones. This came as an opportunity to try new ideas for many.

Online teaching or e-learning surpassed USD 250 billion in 2020 and is expected to reach over USD 1 Trillion by 2027, making online tutoring a great business venture. LinkedIn Learning, Udemy, Udacity, and other similar platforms are great for offering tutoring in your areas of expertise. Are you knowledgeable in other foreign languages? You can even join language tutoring platforms like Lingoda, iTalki, and Mondly. 

Alternatively, you can also leverage YouTube to post video content and build your audience there. Though it may take time to monetize your channel, there is good potential in starting one.

Freelance Copywriter

If you have a knack for writing with knowledge in a specific industry or multiple industries, you can take up freelance copywriting.

A copywriter develops content or copies of various forms for businesses. Be it blogs, white papers, e-books, emails, or social media posts, a copywriter creates content that speaks up for the brand.

While some companies prefer full-time copywriters, most are always looking for a contractual or freelance copywriter. Being a freelance copywriter, you can hone your skills in various industries, build better relationships, and grow yourself as a brand in the later stage.

You can collaborate with course providers to write their online courses or generate sales emails for eCommerce or brands.

Experienced freelance copywriters may even earn from $1,000 to $5,000 per week. Furthermore, you can also take up proofreading along with content writing to help clients with error-free work.

You can join freelancing marketplaces like Fiverr and Upwork or leverage Linkedin to hunt for copywriting gigs.

Become a YouTuber

Video content has gained massive popularity in 2024, and the credit goes to YouTube. There are billions of videos on YouTube, and it has become a source of income for many.

You might have even heard of the popular names like PewDiePie, Mr. Beast, and the likes of Jake Paul. YouTube is the second-largest search engine after Google.

You can start your own YouTube channel by first picking a niche that you are passionate about.

The more engaging your content is, the more views and likes your video will receive. The key factor is to stay consistent and post quality content for your audience. Make sure to invest in a good camera and microphone to create high-quality videos.

Graphic Designer

Almost every business needs a graphic designer to design its logo or a business website. Companies rely heavily on graphic designers, from designing banners to posters and landing pages to email newsletters.

For this reason, most businesses prefer hiring a full-time graphic designer. However, there are vast opportunities for freelance or contractual graphic designers in the industry.

You can pitch the design ideas to small businesses or use a freelance marketplace like Flexjobs to land your graphic designing gig.

If you have just started, you can take up various online courses and tutorials to start with the basics of graphic designing.

Furthermore, you should also be familiar with using graphic designing tools like Adobe Photoshop, InDesign, or others to harness your skill. 

Web Developer 

Web developers are always in high demand since businesses are looking to polish their websites and stay ahead of their competitors.

While most small businesses use website builders to create their websites, they may still need a web developer for custom jobs.

As a beginner, you can practice and create websites for free or for friends. You can later use these websites as your testament to pitch businesses.

A web developer should essentially have coding skills and knowledge in computer languages such as HTML, CSS, and JAVA.

There are various courses for beginners as well as for intermediaries to learn to code and develop their skills. Some of the best and most cost-effective web development courses are CodeAcadmy, Treehouse, and Udemy.

On-Demand Printing

Creating and printing eye-catching custom designs on T-shirts, hoodies, bottles, watches, masks, kitchen accessories, and anything else you can think of is a budding business idea if you have an artistic sense.  

The best way to start is by narrowing down your niche and designing your products using custom designs. You can create an online store on an eCommerce platform or sell on marketplaces like Merch by Amazon or Etsy.

If you have set up your store, you can partner with a Print on demand company like Printify or Printful that take up the responsibility of physically designing and shipping the products.

Dropshipping

If you don’t have enough investment or inventory, yet want to sell products, dropshipping can be a profitable business idea.

Dropshipping is a business model where you don’t need to stock up on products or ship orders to customers. All you need is to set up a store, choose a niche, and build an audience.

Just like a Print-on-demand business, a dropshipping supplier takes care of delivering and storing the products. The retailer just has to generate online orders and send the shipping information to the supplier.

While the market has become somewhat saturated, there are still plenty of niches where you can launch your dropshipping store and start selling.

Conclusion

Our list of Best Business Ideas of 2024 options that require a low investment but can help you potentially earn a decent income.

While competition is growing fierce each day, we recommend you conduct a thorough research about the business you are willing to launch and get started. Make sure to also upgrade your skills from time to time to keep up with the changing trends and grow your career.