Best small profitable business ideas? Contrary to popular belief, there are actually many ways to start a business that let you focus less on the logistics and upfront costs and more on getting your ideas started.
Businesses in high-growth industries with lower startup costs, however, may have greater profitability potential. With the rise of technology, for instance, you will probably have more success starting a virtual assistant business than opening a grocery store.
Although some of the most small profitable business ideas are online based, others involve in-person services, and some are a great fit if you are an entrepreneur on the go. Small businesses are great, but profits are not always guaranteed. Here are some small profitable business ideas with big earning potential.
T-shirt printing
If you have a sense of fashion, you might enjoy launching a T-shirt printing business. You can also license someone else’s designs and screen print them onto a blank tee. Either way, if you have space for a T-shirt printing setup, you can easily acquire the necessary tools to get started.
Home based Catering
If you have a knack for cooking and see it as a creative outlet, you can make a decent income by opening a home based catering business.
The initial investment depends on how big you want the setup to be. Most home based caterers start by creating a website, experimenting with local food markets, or joining platforms that allow cooking experts to compress some profits from their culinary skills.
Virtual Assistance
One of the most successful small profitable business ideas is to offer virtual assistant services. Everyone from large enterprises to solopreneurs requires help with the day-to-day management of their business. You can use your excellent organizational skills to take some weight off their shoulders.
Of course, you will get paid for the time and effort you put into answering emails, scheduling meetings, and performing other administrative duties.
You can land your first few clients by responding to listings on platforms like FreeUp, PeoplePerHour, or Virtual Assistant Jobs. This is a proven business model, as people are always looking for efficient virtual assistants.
Online Consulting Services
Once you gain experience in your field, work with other businesses to solve complex problems as a consultant. You could help in various areas, like building their social media presence, managing finances, or optimizing internal resources.
The job outlook for management analysts is 11% growth by 2029, much faster than the national average. Whether your background is in HR, finance, marketing, or operations, put your expertise to use by opening a consulting firm.
Home Improvement Services
Many people hire professionals to help with their improvement projects from new flooring to updating bathrooms. Considering your skills as an electrician, plumber, or general handyman, consider beginning a home improvement business in your area.
According to BLS data, construction occupations are expected to grow 4% from 2019 to 2029. This includes carpenters, floor installers, drywall installers, electricians, roofers, and painters.
Online Tutoring
If you are an expert in art, math, or another subject, you can start the business of online tutoring. An essential prerequisite is having a bachelor’s degree in the subject you intend to teach.
You can find online tutoring clients on sites like Skooli and Tutor.com. For the best results, always teach subjects that relate to your area of expertise, because you will be able to share your skills and constructive knowledge to enhance your students’ own knowledge.
You can deliver lectures and interact with your students over Zoom, making online tutoring one of the easiest online businesses you can start.
Content Writing
Almost every company with a web presence needs help creating content for product pages, blogs, etc. As such, starting a content writing or copywriting company could be one of the most profitable business ideas for you.
Popular websites for finding those first few customers include Remote.co, Problogger, and BloggingPro. You can also join content writing groups on Facebook to get more exposure for your business. To make a good impression on clients, consider offering keyword optimization or custom graphics as part of your services.
Stock photography
If you have the ability to capture great candid moments or recently did a portrait shoot of a relative, you can become a stock photographer by registering a sole proprietorship under your name.
Companies like Shutterstock, Adobe Stock, and the like are always open for image submissions. You can start by listing a few of your existing photos on these platforms. Once you’ve submitted your photographs, wait for people to download them.
Most stock photography websites pay you a royalty for every download on their platform. Another option is to launch your own photography website and sell images directly to people, which is only viable if you have the resources to invest in marketing.
Digital Event Planning
One of the best small profitable business ideas is to open up a digital event planning company. In this business, you will plan, organize and report on digital events like webinars and online summits for different companies.
Money can be made by charging an hourly fee for your service, selling sponsorships, etc. If you ever dreamed of planning a wedding or exhibition, but never quite had the time to organize anything, you can still channel your inner facilitator by planning digital events for people and businesses.
How to Start a Profitable Business?
These ideas for profitable businesses span a variety of industries and involve varying time commitments and startup costs. Before you can earn any profit, however, you have got to get your business off the ground.
Here are three steps to help you get started:
Do Your Research
Whether you choose one of the small profitable business ideas here or come up with something on your own, do your research before committing to any concept.
You want to perform idea validation, a process that involves market and competitor research, as well as a financial feasibility analysis to help test your business idea and determine whether you want to move forward with your business proposal.
Get Organized
Once you have select a strong business idea, you are ready to create a thorough business plan. Your business plan will outline your company’s goals and how you will achieve them as well as provide a roadmap for you (and potential investors) to follow for the next three to five years.
After you have written your business plan, you can take the necessary steps to make your small business official. You will choose a business structure, apply for an employer identification number, register your “Doing Business As” name and get the business licenses and registrations you need to open your doors.
Find the Right Financing
It can be difficult for startups to qualify for some traditional business loans, as they often require multiple years of business history for approval. Instead, new business owners might consider startup funding options, such as microloans, grants, crowdfunding, or asking friends or family for an investment.
Business credit cards are also an option for short-term financing, especially for everyday business purchases. With a business credit card, you can earn perks and rewards on your spending, as well as start building a business credit history.
Start a Business
Thanks to a combination of technology, third-party suppliers, and the ability to quickly test ideas online, it is easier than ever to build a successful business and start making sales without getting caught up in sourcing products, renting space, and managing inventory.
With this approach, you can test ideas before you invest in them, or start making good money part-time without all the inventory-related commitments that might stand in your way.
These small profitable business ideas covered above can even be combined in a variety of ways to start a business that is uniquely yours. If the idea of sourcing, storing, and shipping inventory kept you from starting a business before, begin with an inventory-free, low-cost business model and grow from there.
Conclusion
There you have it, a list of all small business ideas that will impower you to make money online in 2024. To give yourself the best chance of success, focus on one idea at a time until you find one that aligns with your abilities.
Thousands of entrepreneurs have implemented these business ideas to make money, so you can be sure that you are putting your time and effort into something viable and proven. Whether you are a college student, a work-at-home parent, or anyone else looking to start a business, remember there are plenty of opportunities to earn a sizable income.