A Comprehensive Guide to Start a Small Business in 2024
Would you like to dive into something completely new? Is your arsenal filled with unrealized business ideas? Do you want to start a business but have no idea where to start? Would you consider diving into online entrepreneurship?
Then it’s time to make your dreams a reality!
In this blog post, we’ve gathered the best small business ideas for 2024 for you to achieve financial freedom.
“If we had tried to come up with a good idea, we wouldn’t have been able to come up with a good idea. You just have to find a solution to a problem in your own life.”
Brian Chesky, the co-founder and CEO of Airbnb
Look around you: What are people struggling with right now? How can you help them? Perhaps there are problems in your life for which you haven’t found a solution yet. The best business idea always arises in a place where we least expect it.
Questions to consider when starting a business:
- What will be your main line of business? Will you be providing services or trading?
- What permits are required for your business?
- How many people would like to start a business?
- How much money do you have available?
- What will be your estimated revenue?
- What expenses will you have?
Starting Points
To bridge the gap between your vision and reality, it’s worth taking a few intermediate steps. Once you have your solution to a specific problem, sit down and create your business plan. Without a business plan, your venture will just hover in space, and you won’t achieve tangible results. The business plan makes your idea tangible, providing an overview of the current market situation, financial forecasts, or possible competitive advantages.
Why Start a Business?
Living as an entrepreneur entails a unique lifestyle. Before diving in, it’s worth assessing whether you can adapt to this situation. Most people would like to escape the rat race, but when they start a business, they are surprised to find that they work much harder than as employees.
Of course, as many disadvantages as there are, there are just as many advantages: you can work anywhere, anytime. From the comfort of your home, your favorite café, or even poolside, sipping on a cold cocktail. You shape your schedule, so make sure to plan an effective system that suits your life and habits.
Efficiency above All
Before you start, you also need to see whether the business idea you’re diving into is a one-person or multi-person task. If it’s the latter, how many people do you need? If you’re starting an online business, you still need to answer these questions because you don’t always work alone; your work can be assisted by a virtual assistant or online marketer. Whether you want to start a business—whether online or offline—the same conditions are necessary for the start.
One of the pillars that novice entrepreneurs often forget is efficiency. But let’s face it, without it, a business is rarely successful. Although every business is different, almost everyone uses various project management tools. This can help with accounting, task allocation, email marketing, or even social media management.
Have a Plan B
Before enthusiasm completely takes over and you dive headfirst into the best business idea, make sure you have a Plan B in case things don’t work out. Start the business as a side hustle, allowing room to make mistakes. This way, you can test your market and assess the situation with little money and less risk. You’ll see if the business idea holds up and whether it can potentially generate profit for you later on.
At the beginning of starting a business, it’s helpful to have a secure place where you receive a paycheck every month. If you’re fretting in the first month about how to pay the bills, you’ll have a harder time focusing your energies on growth. It always helps to have a few months of savings or a job that provides security before taking the plunge.
Building Your Business Plan
The business plan is a summary, a guide where we gather the plans and goals of our existing or ongoing business. Here, we not only outline the objectives but also how we plan to achieve them, detailing how, when, and with whom we aim to reach them. Additionally, our target audience, financial background, and financial resources play important roles. Now let’s look at what constitutes a business plan so you can create your own later.
Executive Summary
Here, you can elaborate on the type and characteristics of the business, as well as the current market situation. You can overview the positioning of your business in the market and even include examples if applicable.
Business Model
Outline what your business and you do. Whom you serve, and how it’s structured. Describe the products and services you offer to customers and how these meet their needs.
Market Analysis
Here, you can summarize analyses related to competitors and identify their weaknesses, strengths, and what they mean for your business.
Products and Services
In this section, provide detailed descriptions of your products and services, then outline what sets your product apart from others in the market.
Operations and Management
Detail the organizational structure of the business, key roles, and responsibilities.
Marketing and Sales Strategy
Here, it’s worth elaborating on how you will market and sell the product. It should include buyer personas, information on the ideal customer, and how you plan to position your offering and your sales strategy.
Financial Plan
Prepare a detailed outline of your business’s financial situation. It should include startup costs, initial financial projections, and how you plan to finance it.
Summary
Once the above sections are complete, close the document with an appendix summarizing the business plan.
Your business plan should outline what sets your business idea apart from your competitors. Strive to keep it short and achievable, try not to get too bogged down in the details. The business plan is not a rigid framework; it evolves with your business. So, you can always return to it and create new versions.
Business Structure
Last, but not least, you need to decide on the structure of your business. You can be a corporation or a sole proprietor. Always consult with an accountant who can help you identify the most ideal business form for you. You can learn about expected expenses, obligations, and benefits.
How to Start a Sole Proprietorship?
For novice entrepreneurs, starting a sole proprietorship is often the most advantageous route, as you can get things up and running with minimal funds and almost immediately. Be sure to consult with an advisor to prepare for everything. As a sole proprietor, every decision is yours, but so is every responsibility. Certain activities may require qualifications, so be sure to look into this before starting your business.
First Day on the Job
If you choose the option of a home office, it’s worth setting this up well in advance. Of course, there are business ideas that simply won’t work from home. Check to see if your home is suitable for functioning as an office, and if your business idea is compatible with your living space. If you want to run a dog kennel but lack a backyard, then understandably, you’ll need to find another location.
Some people find it impossible to work from home, so a community base might be a good option for them: a nearby café, library, or co-working space. If you still opt for a home office, choose an ideal corner where you can set up. The key is to create a space that is inspiring and conducive to success.
The Best Small Business Ideas in 2024 – Find Your Own!
To become a successful entrepreneur, you need to find an activity that not only helps you earn money but also allows you to fulfill yourself.
In the rest of the article, we present the best small business ideas that you can even carry out from the comfort of your own home.
Creative Jobs
If you prefer not to spend most of your time in front of a computer, here are some business ideas for you.
1. Handyman or Carpentry Works
If you enjoy tinkering and always have some projects around the house, this is for you! If your friends always turn to you for various small or large tasks, it’s worth considering making money from your creativity.
Create a website, conduct market research, and assess your competitors.
This way, you can determine how much your time and expertise are worth in the market. Ask your friends and acquaintances for recommendations, especially those whom you have helped before.
Similarly, if your passion lies in crafting beautiful furniture or other household items from wood, this could be a small business opportunity for you. Start by showcasing some of your creations on platforms like Etsy. Consider launching a website, accepting custom orders, or expanding into restoration work and upholstery.
2. Handcrafted products
In connection with the previous works, making handmade products can also be a unique way to start a business. You can create gifts or other home accessories that are not only profitable but also enjoyable.
As the market for handmade products continues to expand, this can be an excellent business idea if you choose to pursue it. Handcrafted products are synonymous with high quality and uniqueness, which is why many prefer them over mass-produced items. You can easily reach your target audience through social media or by optimizing your website for search engines.
Helper Professions
If you have a desire to take action within you, then these helper professions may be ideal for you.
3. Massage Therapist
As a massage therapist, you can soothe sore muscles and reduce tension, thereby contributing to the tranquility of others. Invest in a comfortable massage bed that you can take with you, and you can work either in your salon or by visiting clients at their homes.
4. Life or Business Coach
If you already have significant experience and understanding of various personal or professional topics, coaching could be a perfect entrepreneurial idea for you. Nowadays, many people seek the guidance of coaching professionals, especially when they feel stuck in a process or can’t see a way out. You can conduct coaching sessions via Skype, and consider starting a blog or vlog to promote your services. As a coach, you can earn substantial income, as you can set your rates and even start an international career.
5. Event Planner
For those who like to dive right into action, event or wedding planning is one of the best business ideas. You can specialize in a particular type of event—weddings, corporate meetings, concerts—or become prepared for all types. If you are extremely organized, detail-oriented, and have experience in organizing large events, then it’s time for others to benefit from your skills.
6. Consultant
If you have significant experience or expertise in a particular topic, consider becoming a consultant. Whether you are an expert in healthy eating, SEO, or online marketing, define your expertise, find your target audience, and promote yourself online.
The Best Online Business Ideas
Online businesses are thriving, so if you’re considering something that isn’t tied to a physical location and can be done from anywhere, online businesses are perfect for you! The advantages of online businesses are that you can do them alongside a full-time job, and there’s no need for huge financial investments—you can start small.
Here are some business ideas for you if you want to flourish in the online world.
7. Virtual Assistant
All you need is a laptop and plenty of free time. If you’re organized, and detail-oriented, then the life of a virtual assistant is perfect for you. Many businesses are looking for assistants who can help input information into their computer systems and spreadsheets. If you have strong computer and typing skills, then this is another reason to consider virtual assistance.
8. Social Media Manager
If you understand the world of online marketing and social media, you can leverage your knowledge as a social media manager and manage the accounts of companies or individuals. Additionally, affiliate marketing and influencer marketing are becoming increasingly popular, offering perfect business opportunities. Most influencers rely on agencies or external help to manage their accounts.
9. Web Designer, Developer
Quality websites are and will continue to be in demand, making this one of the best entrepreneurial ideas to pursue if you’re interested in web development. As a web designer or developer, you’ll need a range of skills, especially if you receive larger projects. If you want to reach more people, having your website is essential, and you can use your social media pages as a portfolio to showcase your professional and unique work.
10. Google/Facebook Ads Manager
If marketing, social media, and advertising are in your blood, then there’s a huge market in front of you. If you want to help other people reach their products and services to as many people as possible, all you need is solid knowledge and a laptop. The advantage is that you can confidently operate from anywhere in the world, as this is a true online business.
11. SEO Expert
And if we’re talking about advertisements, we must mention search engine optimization (SEO) because, without it, there’s no online business or effective online marketing. Whether you focus on blogging and specialize in SEO or provide expert advice, SEO is indispensable. The advantage of SEO is that you can start the business with little money, but later, a lot of work awaits, and you will need continuous development.
Creative Jobs for Creative Minds
Those who enjoy creative, artistic work can choose from the following business ideas. If you like channeling your creative energies into your work, the following business ideas in 2024 will be perfect for you.
12. Graphic Designer
If you’re creative and proficient with various graphic design programs, the best entrepreneurial idea is to start a graphic design agency or undertake individual graphic projects.
You can do this anytime, anywhere, and you can start with relatively little money. From website design to blog graphics and much more, many companies are searching for experienced graphic designers to support various projects.
13. Creative Writer, Translator
Start by writing blog posts, short magazine articles, or website content. Later on, you can present these as recommendations to your future clients. There is a high demand for content creation, and it continues to be among the most profitable professions.
Do you speak a foreign language fluently? Then it might be a good idea to introduce a translation company or service. Consider specializing in a specific genre of translation, such as medical or financial translation, as this might allow you to fill a niche.
14. Photographer or Videographer
These are two business ideas where you’ll need a larger investment, but it will make your service more valuable. Look for jobs that can help you build a portfolio. Later, create a website where you can showcase these and present them to the public.
If you’re considering photography (product, portrait, food, wedding), start by taking photos among your family and friends. Beginner photographers rarely charge for their work; instead, they focus on building their portfolio. As your portfolio starts to develop, you’ll need recommendations and reviews. Later on, word of mouth will spread that you’re a photographer, especially if your work is meticulous and reliable. When you tag these clients in your photos or videos, they will appear in the news feeds of their acquaintances, where they can view your work. You can also ask them to leave reviews on your page.
15. Vlogger, YouTuber
This is a business idea that will be profitable in the long run. YouTubers and vloggers are very popular on various online platforms, building a significant viewership almost from scratch on YouTube, Facebook, TikTok, or Instagram. The videos mainly target the 25-35 age group, and the more views you have, the more money your channel generates. You can also consider various online collaborations and brand sponsorships in the future.
16. Podcast Creator
This is a great business idea if you have a good style, a pleasant voice, and expertise in a few topics.
The advantage of podcasts is that they are easy to learn edit, cut, and reach a relatively large audience because they are easily consumable content. If you have your target audience, you can start making promotional deals, where sponsors will support your work.
IT related Jobs
17. Coding, Programming
Whether you’re more interested in frontend or backend, the programming market continues to have a huge demand, so there will be work for you. Coding itself doesn’t require any special skills (of course, logical and practical thinking is essential), but one thing is for sure: the ability to actively listen. Establishing a relationship with the client is just as important as coding their website, so some personal communication and interpersonal skills are necessary. If you pay continuous attention to the client, they will undoubtedly be satisfied with your work.
18. Launching an Online Store
In recent years, online shopping has multiplied significantly, especially since the coronavirus has significantly restricted our mobility. We spend more and more money online because here we can browse indefinitely, anytime. More and more people are venturing into operating webshops, so the competition is getting tougher. Starting an online store isn’t difficult, but it will require serious online marketing efforts.
Other Business Ideas
Besides the above, there are thousands and thousands of other business opportunities; the most important thing is to find what truly suits you. If you haven’t found the right fit among the above, don’t worry, because the best business ideas are yet to come!
19. Nutrition Advisor
If you’re interested in healthy eating, perhaps you’ve already completed training in this field and have relevant qualifications, then this is the business idea for you! Nutrition and a healthy lifestyle are an inexhaustible goldmine because most people strive to achieve balance. However, doing it alone can be very difficult—that’s where you come in.
The advantage is that you can work from home, and conduct various consultations online. For even greater success, start a channel on Instagram, TikTok, or YouTube.
20. Interior Designer, Interior Architect
If you spend most of your free time browsing interior design magazines and collecting ideas on Pinterest, then you could become an interior designer or interior architect. After obtaining the necessary qualifications, start building a portfolio. Document your projects and share them online, and maybe create plans for your family and friends, using existing furniture. Later, you can even sell existing interior design products through a webshop as an associated service.
21. (Online) Yoga Instructor
As an online yoga instructor, you can hold classes via Skype or Zoom. It’s worth investing in a better camera and microphone to create high-quality videos. You can start with a small investment because apart from the aforementioned and a yoga mat, you won’t need anything else.
If you prefer in-person classes, you can rent a room where you can hold classes periodically.
22. Online Customer Service Representative
It’s a great and flexible opportunity for those who want to work remotely, perhaps alongside caring for a young child. Various tasks include uploading products, writing texts, answering emails, and phone calls, handling complaints, and often no qualifications are required. Since most of these tasks are handled online and there isn’t always a fixed customer service schedule, you can remain flexible.
23. Airbnb
If you want to earn passive income and perhaps have an apartment you’d like to rent out, then Airbnb is a great solution. It’s one of the best ways to meet new people and make money. Organize unique activities, and provide small surprises for your guests to make their stay memorable.
Last but not least
Entrepreneurship, living as an entrepreneur, is a big commitment because your monthly income is often uncertain, the quantity of work varies, and you depend on many external factors. Yet, if you want to realize your dreams and be your boss, it’s the best decision you’ll ever make.