There’s no such thing as a sure thing in business, but some opportunities may have a better chance of making money than others. It’s important to think about market demand, industry trends, operating costs, and possible profit margins when planning a new business. Here are some business ideas that might make you money that you can start in 2024 to help you decide what to do next.
Prior to starting, it’s important to understand that these are just small business ideas that could make a lot of money. If you decide to start any of these businesses on your own, you will need to figure out if they can succeed in your area, what your business plan and how you will carry it out will look like, and what larger economic factors might get in the way of your success.
1. The Cupcake Company
This idea is for you if your family and friends love how good you are at baking. The cake business is likely to see more demand. Grand View Research says that the global cake market was worth $42.9 billion (about INR 3 trillion) in 2019 and will grow at a rate of 3.3% per year. As an added bonus, most of the money will likely go to small specialty shops.
If you want to start your own business but don’t have much money, you could sell cupcakes. You only need an oven and some basic baking supplies to start this possible home business idea. You can move on to bigger formats once you start making sales. For instance, you could begin by putting your cupcakes in a display case at a nearby store. Then you could move on to a food truck, and finally to a storefront.
Find out what the rules are in your state about the licenses, permits, and standards you need for your new bakery business. When making food for people, there are a lot of different rules and laws that you have to follow. In Virginia, for example, you might need a permit to run a bakery out of your home, and you have to follow the law when it comes to labeling your cupcakes and making sure your factory is safe.
2. Store Sale of Sports Memorabilia
The market for sports memorabilia is worth $26.1 billion, which is about INR 2 trillion right now. A report from Market Decipher says that it will be worth an amazing $227.2 billion (about INR 18 trillion) by 2032. This could help stores that sell sports memorabilia make a lot of money every year. This idea for a small business involves buying real or fake memorabilia and then selling it for more money.
Items from the past can be bought at estate sales, auctions, wholesalers, and even online at sites like eBay. But you should make sure that any signed items you buy are real. You might need to talk to professionals, like people who check autographs. You can make money by verifying the authenticity of items people bring into your shop as you learn how to do it.
3. A wedding dress and its accessories
The bridal business is expanding by 4.4% per year and will be worth $79.8 billion (about INR 6 trillion) by 2027. BusinessWire says that even though a lot of people buy things online, almost 85% of brides are still shopping in stores.
A big but not too expensive start-up cost of about $250,000 is needed to open a bridal shop. Your bridal shop should have more than just dresses. It should also have veils, other accessories, and dresses for the bridesmaids. For this one-time purchase, it’s also important to have high-touch customer service.
4. Used Goods Store
GlobalData and thredUP, a store that sells used clothes, say that the global market for used goods will more than double in size by 2027, reaching $350 billion (about INR 29 trillion). Also, the market for used clothes is expected to grow sixteen times faster than the market for new clothes. A consignment shop is a good choice for a business owner who doesn’t have the money to buy inventory. You don’t buy things to sell; instead, you let other people show off their own goods, and you get a cut of their profits. There are many kinds of used things that consignment shops can sell, like clothes, collectibles,
antiques, and memorabilia. You can also sell things on the web at places like eBay, Poshmark, and Mercari. Formation of an LLC or other business entity, renting a storefront, paying for insurance and licenses, buying inventory, buying a point-of-sale (POS) system, and maybe even hiring staff will be your main costs.
5. A food truck
By 2029, India’s food truck business should be worth $277.28 million, or INR 22 billion. Based on BlueWeave Consulting, it is expected to grow at a CAGR of 9.23%. For people who want to start their own business but don’t have the money to open a restaurant, this is a good option. A food truck is also a great way to test different locations and find out what your target audience wants before opening a full-fledged restaurant.
You will need to pay about INR 2 lakh for things like permits, licenses, setup, and a special point-of-sale (POS) system for restaurants. It could cost up to $5,000 (about INR 4,14,463) to wrap your truck to show off the food you serve. You could rent a food truck instead of buying and setting it up, which can cost around INR 5 lakh. Equipment is often included when you rent a food truck. The prices might change based on what you pick.
6. Bed and Breakfast
This could be a great first project if you own a beautiful, rustic, or old home. The report from Mordor Intelligence says that the B&B industry will grow at a CAGR of 4.73% and reach $31.01 billion (about INR 2 trillion) by 2029. You can save money on lodging to put into your business because most owners live on-site.
Aside from personalized customer service, a beautiful trip, and home-cooked meals, most B&B guests expect to be close to things like grocery stores and interesting places in the area. You may also need to buy home insurance, a permit to handle food safely, and maybe even a license to sell alcohol, if that’s the case. There are also rules you need to follow if you want to turn a regular house into a bed and breakfast.
7. Party Rental Company
A report from Research and Markets in 2022 says that the party rental business is worth $5.9 billion (about INR 489 billion) and is growing by 4.3% each year. A business that rents out tables, tents, caterers, sound equipment, and stages for parties and other events is called a party rental business. It can be a profitable business that can be used for many things, from a high-class gala to a fundraiser for a good cause.
Even though it could make you money, you will have to spend a lot of money on equipment before you can make a profit. You will then recoup those costs by renting the equipment over and over again. You might be able to save money on storage costs while you’re setting up your business’s inventory. Then, put out a lot of ads to let people know what you have to rent. But you’ll save more money in the long run if you open a real store as soon as possible to build trust in your brand.
8. Clothes and sewing shop
A report from Polaris Market Research says that the tailoring and alterations market is worth $9.4 billion (about INR 779 billion) right now and will grow by 4.7% each year.
This kind of business is great because you can make it bigger as your skills improve. For example, you can start by replacing buttons and sewing simple hems. As you learn more and gain more experience, you can grow your business to include dressmaking and design.
If you can fix or make changes to expensive clothes like tuxedos and gowns, you might be able to afford to open a storefront.
But until then, it’s fine to open your shop in a clean room in your house that is smoke- and pet-free. After that, slowly buy a commercial-grade sewing machine, a variety of fabrics, extra tools, and a point-of-sale (POS) system. If you want the best sewing machine, you can expect to pay at least INR 25,000. An entry-level machine will cost around INR 8,000.
9. Maternity clothes store that sells used clothes
In 2021, the maternity wear market was worth $12.2 billion, which is about INR 1 trillion. According to Research and Markets, it will grow to $16.5 billion, which is also about INR 1 trillion, by 2028, a 4.4% year-over-year rise.
After giving birth, a lot of women look for ways to give their maternity clothes to other women who could use them. You can help them by opening a store that sells used maternity clothes and other things that women need during pregnancy.
To open your used maternity clothing store, you need to decide how your business will be set up and make it official with the government. After that, get a seller’s permit. Lastly, look for items on social media, at thrift stores, and in shops that sell used items. Also, let people in your area know that you buy used maternity clothes. Last, sell your clothes for more than what you paid for them.
10. Service for cleaning
Research and Markets says that the cleaning business will almost double in size to $14.6 billion (about INR 1 trillion) by 2030, making it a very profitable one. Before you start, you need to choose whether you will provide services for homes, businesses, or both. After that, you’ll need to set up an LLC, get a business license, and get the right insurance. As a solopreneur, you can start your business with just a few cleaning supplies. As your business grows, you can add more people and better tools.
11. Virtual Helper
Glassdoor says that as of 2024, virtual assistants in India make an average of INR 52,750 per month. Whether you want to make extra money on the side or make it your full-time job, becoming a virtual assistant doesn’t require a lot of money up front. All you need is some common technology and software that you may already have. You can start by posting job openings on well-known job networking sites. Then, use word of mouth and your own small business website to grow your business.
12. Taking care of social media
Around the world, 4.9 billion people spend an average of 145 minutes a day on social media. It’s no surprise that 77% of businesses use these sites as a main marketing tool. You might want to start your own social media marketing business if you are good at digital writing, editing, and marketing. If a small business doesn’t have the time, resources, or budget to handle its own social media, it can hire someone else to do it for them. This person can help the small business get more visitors, leads, and sales through social media. You will need a computer that can connect to the internet and at least one of the best social media management tools for business to get started.
13. Keeping the books and accounting
Glassdoor says that the going rate for an auditor in India is INR 7,00,000 per year. Businesses that do accounting can charge clients anywhere from about $30 to $400 (about INR 30,000) an hour, depending on how skilled, experienced, and complicated the work is. You need at least a bachelor’s degree in accounting to do things like prepare tax returns, make financial statements, and give clients advice and analysis on their money.
If you don’t have a degree in accounting, you can start a bookkeeping business instead, which doesn’t need any special certification. Bookkeeping, on the other hand, is the regular keeping track of financial transactions like payroll, invoices, and bill payments, often with the help of online bookkeeping services.
14. Getting advice
A great way to use your years of experience and knowledge in a certain field is to start a consulting business. You can help other businesses grow and earn up to $300 (about INR 24,871) an hour by sharing your knowledge. You can do this from home or by renting office space and buying equipment. Public relations and media, career growth, accounting, and cybersecurity consulting are all common fields.
In the end
We looked for businesses in industries that are already making money and are growing for this list of some of the best business ideas. But as you choose the business that will make you the most money, you should think about what your target market wants and needs. We also want to make it clear that these businesses are in no way guaranteed to make money. Any business run by an entrepreneur needs a plan and action to be successful. A business that could make money could fail for a number of reasons, such as bad management, team members not talking to each other, and economic factors outside the business. What makes money in one place might not make money in another. In the end, your clients are the only ones who can tell you where they want to spend their money.
