Small businesses offer entrepreneurs financial independence and personal fulfillment. They open the pathway to positively impact a community.
With many side business ideas available, choosing an innovative business concept ensures its success. To increase the chances of becoming a sustainable enterprise, one must identify emerging trends, address unfulfilled needs, and be adaptable.
Here is the list of the best businesses to start this year from which one can choose.
Creative & Digital Services
The creative and digital services include freelance developers, videographers, photographers, resume writers, translators, reviewers, and more.
Freelance Developer
A freelance developer creates and manages their clients’ websites, applications, and mobile apps. The estimated pay of a software developer in the US is $125,365/year[1] or $45.12/hour[2].
Freelance developers need a strong foundation in their preferred programming languages, such as Python, JavaScript, or Java. They also need a project portfolio, and a degree in computer science or a related field is an added advantage.
Freelance Graphic Designer
A freelance graphic designer creates logos, branding materials, websites, and advertisements. In the US, the average hourly rate of a freelance graphic designer is $19.47[3], or their estimated total pay is $63,202/year[4].
Freelance graphic designers need a strong understanding of design principles and expertise in software like Adobe Photoshop, Illustrator, and InDesign. A degree in graphic design and a portfolio of graphic design projects help to grab the attention of potential clients.
Freelance Writer
A freelance writer creates articles, blog posts, books, website copies, and marketing materials. The average hourly salary of a freelance writer in the US is $23.62[5].
A freelance writer must have strong writing skills and a passion for storytelling. A degree in English, journalism, or creative writing, combined with an enriched portfolio of writing samples, helps attract clients.
Videographer
A videographer mainly captures and edits video content for events, documentaries, commercials, and social media videos. They plan and shoot for footage and edit videos using software.
A videographer must have a strong understanding of camera techniques, lighting, and sound, along with hands-on experience. A degree in film, television, or videography also helps get videography jobs.
Photographer
A photographer captures images for portraits, events, and commercial photography. They need a strong understanding of camera techniques, composition, and lighting, and a degree in photography or a related field increases their credibility.
Resume Writer
A resume writer creates professional resumes for their clients to showcase their skills and experience.
A resume writer must have strong writing skills and a good understanding of job search strategies. Experience as a recruiter also helps in resume writing.
Proofreader
A proofreader reviews written content to find and fix grammar, punctuation, spelling, and formatting errors.
To become a proofreader, consider earning a degree in English or any other language where you want to proofread. It will help you gather excellent grammar and editing skills.
Translator
A translator translates written or spoken text between multiple languages. They usually translate documents, websites, and media content.
A translator must have a strong command of two or more languages. Most translators acquire their skills through self-study and experience, but certification courses or a degree in translation studies or foreign languages are beneficial.
Voiceover Artist
A voiceover artist provides the voice for commercials, audiobooks, documentaries, and animations to convey emotions, information, and branding messages. The average hourly pay of a voiceover artist in the US is $28.57[6].
Voiceover artists must have a distinctive and versatile voice. Many develop their skills through practice, workshops, online resources, and formal training. To attract clients, they can create a demo video showcasing their range and voiceover abilities.
Audio or Video Editor
An audio or video editor edits audio and video files to enhance the quality of the final product. They work on films, television shows, podcasts, and online videos.
An audio or video editor should have both technical skills and artistic sensibilities. Though many A/V editors learn through self-study and practice, formal training programs in video production or audio engineering offer a solid foundation. Audio or video editors should be proficient in using editing software like Adobe Premiere Pro or Final Cut Pro.
Content Creator
Content creator is a broad term that refers to a professional who develops content for a variety of media, such as articles, videos, podcasts, or social media posts. For that, they research topics and develop ideas to create engaging content.
Content creators should have basic knowledge of writing, storytelling, or media production. Building a strong online presence and consistently producing high-quality content is essential for success in content creation.
Content Editor
Content editors improve written content in terms of accuracy, clarity, conciseness, and consistency. The estimated yearly pay of a content editor in the US is $63,056[7].
A content editor must have excellent knowledge of the English language and attention to detail. Building a portfolio of edited work can be beneficial for securing business opportunities.
Reviewer
Reviewers evaluate products, services, or experiences to share their opinions. They usually specialize in one niche, such as technology, food, or entertainment.
A reviewer should be passionate about trying new things and willing to share their honest opinion. By creating a social media channel or a personal blog, they can attract opportunities to review products or services.
A social media influencer has a significant number of followers on social media platforms and is capable of influencing the opinions and behaviors of their audience. They are often niche experts and use their platform to share their knowledge, experiences, and recommendations.
To become a social media influencer, one must build a strong and authentic personal brand. They must also consistently create engaging content and interact with their followers to attract brand partnerships.
Social media managers handle all aspects of their clients’ social media accounts. They are responsible for developing and creating social media strategies for businesses or organizations. They also engage with followers and analyze KPIs to measure the effectiveness of their campaigns. The annual average salary of social media managers in the US is $55,159[8].
A social media manager usually has a marketing, communications, or public relations background. They must have an understanding of various social media platforms and analytical abilities.
Blogger
Bloggers write online journals or articles on different topics and share their thoughts with their readers. Depending on their target audience, they write on personal, professional, or niche subjects.
Bloggers must choose a topic they are passionate about and consistently post blogs on that topic. While blogging is an easy business to start, engaging with the audience and giving the blog the necessary time and effort are essential for success.
Mobile App Developer
Mobile app developers build and test applications for smartphones and tablets. In the US, they make an estimated salary of $115,745/year[9].
A strong programming and software development foundation is essential for mobile app developers. To get started, interested people should learn Swift (for iOS) or Kotlin (for Android).
Digital Marketing Consultant
Digital marketing consultants offer businesses expert advice on effectively utilizing digital channels to reach their target audience. This includes guidance on website design, SEO, social media marketing, email marketing, and paid advertising.
To become a digital marketing consultant, one should have marketing knowledge, technical skills, and analytical abilities. Certifications, specialized training, and experience can enhance their credibility.
Tech Support Specialist
Tech support specialists assist users in troubleshooting technical problems and providing them with assistance with computer systems, software, or hardware. Depending on the job requirements, they may work remotely or in person.
Tech support specialists have in-depth knowledge of computer hardware and software, as well as excellent problem-solving skills and communication abilities.
Personal Services
The personal services include personal trainer, interior designer, personal assistant, financial planner, and more.
Personal Trainer
A personal trainer designs personalized exercise programs for clients and helps them implement the plan to achieve their fitness goals. They assess their clients’ fitness levels to identify areas for improvement and provide necessary guidance.
To become a personal trainer, one needs to have proper knowledge of nutrition, workout, fitness, etc. Though certifications are not always mandatory, Certified Personal Trainer (CPT) from the National Academy of Sports Medicine (NASM) and the American College of Sports Medicine (ACSM) increase credibility and job prospects.
Life/Career Coach
A life/career coach helps individuals achieve personal and professional success by identifying their goals and overcoming obstacles. By providing guidance and support, a coach helps clients develop new skills and improve self-esteem to make informed decisions.
Most career or life coaches have psychology, counseling, or business backgrounds. Certifications like the Certified Professional Coach (CPC) from the International Coach Federation (ICF) can increase their credibility.
Interior Designer
An interior designer plans and designs functional and aesthetic interior environments by selecting colors, materials, furniture, and lighting according to the preferences and needs of their clients. In the US, the average salary range of an interior designer is $21,581-$59,236[10].
Interior designers usually get relevant degrees from colleges and universities. They can get practical experience through internships or entry-level positions.
Kids Tutor
Kids tutoring assists children academically in excelling in various subjects. They help students understand concepts and develop study skills one-on-one or in small groups.
Most kid’s tutors are teachers, teaching assistants, or private tutors. To become a successful kids tutor, one must have a strong academic background and a passion for teaching.
Personal Assistant
The duty of a personal assistant includes providing administrative and organizational support to individuals or families. They have to perform tasks such as managing calendars and schedules, contacting travel agents for travel arrangements, and running errands.
Strong organizational, communication, and time management skills are essential for becoming a personal assistant. Experience in administrative roles can also help.
Virtual Assistant Services
A virtual assistant provides administrative and technical support to clients from a remote location. They conduct data entry, email management, social media management, and website maintenance-related tasks.
This does not need any specific qualifications, but experience in administrative roles, certifications in virtual assistance, and a strong understanding of technology are helpful.
Financial Planner
A financial planner helps individuals and businesses make financial decisions. They create personalized financial plans based on individual goals and assist with investments, retirement planning, tax strategies, and risk management.
Certified Financial Planner (CFP) certificate is highly valued in this field, while an undergraduate degree in finance, accounting, or a related field is also needed.
Online Businesses & E-commerce
The online businesses and e-commerce services include online resellers, affiliate marketing, dropshipping store owners, subscription-based newsletter publishers, and more.
Online Reseller
An online reseller purchases products wholesale and resells them online for a profit. Resellers sell on online platforms like eBay, Amazon, or their own website.
Online resellers need to source products at a cheaper rate, set up an online store, and promote their products to potential customers before selling them. They should also have a strong online presence and be able to research trending products.
Affiliate Marketing
Affiliate marketing is one of the trending small business ideas. An affiliate marketer promotes online or physical products or services owned by others and gets a commission on each sale. They typically use their own website, social media, or email marketing to reach their target audience.
An affiliate marketer needs to find suitable affiliate programs, have a loyal fanbase, and create high-quality content to promote products or services to your audience.
Dropshipping Store Owner
A dropshipping store owner sells products online but does not have any inventory. After a customer places an order, the store owner purchases the product from a supplier and ships it directly to the customer.
To join the dropshipping business, store owners must find a reliable supplier and set up an online store to market their products and manage customer service. They should pick a popular niche and build a strong brand.
Print-on-Demand Products Seller
A print-on-demand product seller offers custom designs and prints them onto t-shirts, mugs, or phone cases. However, they do not keep the printed products in stock. They print the products after the order is placed and then deliver these products.
A print-on-demand product seller should have a collection of unique designs, set up an online store, and market their products. They also need to partner with a reliable print-on-demand partner.
A subscription-based newsletter publisher creates and delivers regular newsletters to subscribers containing news, tips, or exclusive offers.
A subscription-based newsletter publisher needs to identify a niche from the list of newsletter ideas, create high-quality content that adds value to the subscribers, build an email list, and deliver your newsletter regularly.
Online Course Creator
An online course creator designs online courses on different topics and sells them on platforms like Udemy, Coursera, or their own website.
An online course creator should identify a topic for creating a comprehensive course, choose a platform, and market your course. Sharing personal experience and expertise through engaging content is essential to become a successful online course creator.
Video/Show/Podcast Transcriber
A video/show/podcast transcriber converts audio or video content into text, sometimes with additional services like editing or time stamping.
Strong typing skills, ability to understand different accents and dialects, and proficiency in using transcription software are essential to becoming a video/show/podcast transcriber. Besides creating an impressive portfolio, they must offer competitive rates and market their services to the right audience.
E-commerce Store Owner
An E-Commerce store owner sells products through a website and is responsible for everything from sourcing to inventory management, customer service, and product delivery.
An e-commerce store owner has to build an online store, source, and market the products, and handle customer service. Conduct market research and provide a seamless shopping experience for users who own a trusted e-commerce store.
Business Consultant
A business consultant is someone who offers expert business advice and guidance on strategy, marketing, or operations.
To enter into consulting business, you should have experience in a specific field, strong analytical skills, and excellent communication abilities.
Business Support Assistant
The responsibilities of a business support assistant include answering phones, scheduling appointments, managing emails, and other administrative and clerical support.
A business support assistant must have strong organizational skills, excellent communication abilities, expertise in office software, and an eagerness to learn new skills.
Remote HR Assistant
A remote HR assistant remotely supports a business with human resource management with tasks such as recruiting, onboarding, and employee relations.
Someone who wants to be a remote HR assistant should have a strong understanding of human resources principles. They must also have excellent communication skills and the ability to work independently.
Remote Accountant Assistant
A remote accountant assistant supports businesses with accounting tasks from a remote location. They have to perform tasks such as data entry, financial report generation, and bank account reconciliation.
A remote accountant assistant must have a knowledge of accounting principles and proficiency in accounting software. Adaptability and attention to detail also help them to become reliable in their profession.
Event Planner
An event planner organizes events such as conferences, weddings, or corporate parties. They also manage these events, overseeing tasks like venue selection and vendor coordination.
To become an event planner, one must have strong organizational skills, a passion for planning events, and excellent communication skills.
Data Entry Operator
A data entry operator enters data into a computer system through typing, scanning, or using specialized software.
A data entry operator should have strong typing skills, attention to detail, and the ability to follow instructions accurately. Developing a high typing speed and being able to work efficiently are the keys to success in this field.
How to Choose Your Business Idea?
Do not know which business idea is suitable for you? Here are the things you should do.
Passion and Expertise
You must choose your business based on your interests and strengths. Instead of choosing a random business, opt for the type of business you are passionate about and for which you have knowledge or experience to stay motivated.
Market Research
Before choosing a business topic, conduct market research to learn about your target audience, their preferences, and the strengths and weaknesses of the potential competitors. This will help you understand the viability of the market for your product or service.
Financial Feasibility
Big or small, you must create a detailed financial plan for your intended business to determine its feasibility. You should consider the startup costs, operational expenses, and potential revenue streams to come up with profitable business ideas.
Scalability
Evaluate the potential of your business for growth according to market demand, operational scalability, and resource availability. Choosing a scalable business offers opportunities to have a successful business.
Competition
Do not forget to analyze the competitive landscape of your chosen industry. Identify the USP of your competitors and decide how you can offer a superior product or service.
How to Start a Business?
Below are the steps you need to follow to start a business.
- Choose a Business Idea and Find Your Niche: To start a business, you must decide upon a business idea aligning with your passion, skills, and market needs. Research various industries regarding market demand, competition, and your USP to identify potential niches.
- Analyze the Current Market: Conduct thorough market research to understand your target audience, competitors, industry trends, and economic conditions. Analyze market data, customer base and preferences, and competitor strategies to identify opportunities and potential challenges.
- Brainstorm Ideas: After deciding on the business topic, you need to brainstorm on specific concepts and business models. You must explore different ways to execute the business idea.
- Create a Business Plan: Starting a small business is impossible without a well-structured business plan. Create an outline for your business objectives, target market, marketing strategy, financial projections, and operational plans. Besides guiding your business, this plan will also help to attract investors and secure funding.
- Legal Structure: Decide on the appropriate legal structure for your business, such as a sole proprietorship or partnership. It also benefits in terms of liability protection and tax implications.
- Assess Your Finances and Raise Money as Needed: It is important to assess your financial status before starting a business. Determine the amount of funding needed to start and operate your business. You can also explore different funding options for extra money.
- Register Your Business with the Government and IRS: Register your business with the local government and the Internal Revenue Service (IRS) according to your business structure. It enables you to obtain business licenses and tax identification numbers as required.
- Choose the Appropriate Business Insurance Policies: You must choose a suitable insurance policy for your business to protect it from potential risks. Assess your specific needs regarding general liability, property insurance, and workers’ compensation to determine the appropriate coverage.
- Hire Employees and Build Your Team: Depending on your business size, hire employees to support its operations. You should have a proper hiring strategy and foster a positive work environment.
- Marketing and Branding: Employ an effective marketing strategy to reach your target audience through various marketing channels. You need to invest in developing a strong brand identity to promote your business and generate customer interest.
- Operations: Finally, start the business’s operational process. Implement systems and procedures necessary for it. This includes managing inventory, supply chain, customer service, and quality control. Implement systems and procedures to streamline workflows and optimize productivity.
How to Launch Digital Products?
Launching a digital product is an interesting online business idea. For that, one has to create a compelling product that solves a problem. Develop a strong marketing strategy that includes email campaigns, content marketing, and paid advertising. Having a prominent online presence through a website and social media also helps to reach the target audience. Here are some tips for launching digital products:
- Define the needs, pain points, and preferences of the target audience.
- Create a valuable product that addresses a specific need of the audience or has a problem-solving capability.
- Choose a product launch platform that aligns with your product.
- Launch with a promotional campaign to generate buzz around your product launch.
- Continuously seek feedback from users to enhance your product.
How To Start a Small Business With No Money?
If you want to start a small business without money, consider the following points.
- Validate Your Business Idea: Only invest your time and effort in a business idea with market demand. Conduct thorough market research to know if the business has customer needs and potential profitability.
- Leverage Your Skills and Talents: Your existing skills and passion are valuable assets you can invest in a business. It reduces our dependency on external resources.
- Use Free and Low-Cost Resources: Do not forget to leverage free tools, templates, and resources available online to minimize upfront costs. When free tools are unavailable, use low-cost plans for startups and small businesses.
- Bootstrap Your Business: It is perfectly alright to start small, as you can always reinvest profits to grow the business. Choose a sustainable business model to avoid debt, which can have serious consequences.
- Social Media and Networking: Start raising awareness through several social media platforms to build the brand identity for your business. Also, network with other entrepreneurs and engage with your target audience to build a long-term loyal relationship.
- Offer Pre-Sales and Crowdfunding: For initial fundraising, you can offer pre-ordering opportunities or launch a crowdfunding campaign. These help gauge customer interest and secure funding for the small business.
- Seek Out Free Business Support and Mentorship: You can utilize free business resources such as local incubators, accelerators, and business development organizations. You can also have a mentor for valuable guidance and advice.
- Explore Barter and Trade: Barter and trade is a viable approach to acquiring necessary resources without upfront costs. Companies starting with limited funds can exchange goods, services, and skills with other individuals or businesses for office supplies and professional services.
- Apply for Grants and Competitions: Funding and grants are available for small businesses and startups. You can research and apply for grants, competitions, and business awards related to your industry for business funding.
- Utilize Personal and Professional Networks: You can turn to your personal and professional networks for advice, referrals, and potential partnerships. These relationships often offer support and opportunities to a business owner.
Emerging Business Trends in 2024
The emerging business trends in 2024 are the use of AI in all possible sectors, expansion of eCommerce, online learning, teaching, and training, use of immersive technologies, focus on workplace skills and EQ, and spread of affiliate and influencer marketing.
Remote work, hybrid work, and flexible work arrangements are becoming more common in the business industry. Sustainability, eco-friendly strategies, and ethical practices are now crucial to consumers, leading businesses to prioritize social responsibility.
References
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1. Estimated yearly pay of a software developer in the US
2. Estimated hourly pay of a software developer in the US
3. Average hourly rate of a freelance graphic designer in the US
4. US estimated total pay of a freelance graphic designer
5. Average hourly salary of a freelance writer in the US
6. Average hourly pay of a voiceover artist in the US
7. Estimated yearly pay of a content editor in the US
8. Annual average salary of social media managers in the US