Presented here is a selection of highest-paying small business initiatives that businesspeople must launch in 2024.
Individual contributors to Entrepreneur write their opinions.
Another popular dream is business start-up. Running a business from within your home, garage, or on the road provides better control of career goals, allows setting of more challenging financial goals, and enables you to have a more desirable work-life balance.
But what if you are ready to start a business, yet you are not sure what kind of services to offer? If you’re searching for specific company ideas that work, then you have come to the right place. Find the detailed review of 63 small company ideas from financial services and to physical work, including creative contracts, that will help you make informed decisions.
Some require more training or credentials, others can be started inexpensively from home and still, others will require a capital outlay and space in an office. For these reasons you will want to make sure you choose the right business venture before pursuing a sole proprietorship.
How to Choose the Best Small Business Idea for You
First, consider your current qualifications and skill set.
For example, if you have a CPA license, it would be a no-brainer to explore freelance accounting, as discussed later in the book. If you have worked in food and beverage for several years, you will likely want to pay particularly close attention to personal chef or private catering. If you have written professionally, you may wish to explore editing services.
As you explore your options, consider whether the work will require additional schooling and credentialing, or even licensing, that may be required for electricians and hair stylists, for instance.
Set objectives for your small business.
Some people start a small business startup without having to leave their full-time job to pursue the business. Others find running a part-time business along with other work, provides valuable extra income. Work out how much you would want to make out of the business, how many customers or clients you would have to have to show a profit and how many hours a week you would need to work to make that happen.
Consider growth and capital costs
Does starting the business require a heavy cash investment or equipment purchase? Do you plan to add employees? Will you expand into other locations? Formal business plans are a great idea from the outset.
Look around you and decide what makes the most sense for the location you are in.
Any small business needs to find its customers and clients, so prior to opening your business, research the market. For example, if you happen to live by the coast, your boat cleaning business will be much more successful. If you live in a diverse community, your side gig as an interpreter will probably bring more money.
You should research the types of businesses that are already established. Does your community have very few reliable landscapers? Are there professional photographers at every turn? You can determine a bit about the viability of your idea by answering these questions.
Type Decide if you would like to run your company locally or virtually.
With the many ways to run a business from a laptop today, some entrepreneurs can literally take their businesses with them wherever they go. But that’s just not for everybody. Start a business that will allow you to live your dream of running a brick-and-mortor store in the heart of your neighborhood or meeting clients and customers face-to-face.
Financial and Business Service Ideas
1. Tax and Accounting Services
Licenses, training or experience may be required.
Most people need the services of a professional bookkeeper or accountant at some point in time: to plan for the future, prepare for tax season, or simply for advice on how to get a business up and running. If you are already a Certified Public Accountant, you can go it alone and make high money.
Check out the recommended education and training requirements and plan to secure your certifications if you don’t already have certification as an accountant or a license in your state. Most tax preparation franchisees will provide you with training seminars and courses to get you ready to represent them. There are also considerations about types of services to be offered such as:
Do you want to work solely as small business bookkeeper?
Or would you want to prepare balance sheets, income statements and other financial reports too?
Tax accounting is only one of many fields of specialization.
2. Business Consultancy
Has scope for expansion
Owning a consulting firm lets you develop multiple business challenges with various businesses. You may do market research, draft company plans, and set up a management structure to help the new business get started.
Based on your level of experience, you can also devise a workable exit strategy or assist big corporations through stormy periods of restructuring or transition by offering top-level guidance and consultation in different matters that are critical to the organization’s goals.
As correct billing is dependent on time tracking, a good calendar tool is likely to be very useful for you.
3. Financial Planning and Advisory Requirements needed in terms of qualifications, training, or experience.
One of the main services that financial advisors help their clients with is the building of wealth through various assets, as well as saving for retirement, college expenses, and more. Before one becomes a professional CFP, he or she must be trained and then passed in an examination in this field. In return, a certificate will be obtained showing proof to future clients that this is a legitimate financial expert that has a great degree of experience. Becoming an independent financial advisor after certification is a source of dependable income.
4. Franchise Buying
Business experience: Some prior small business business experience is needed.
Buying a franchise comes with its advantages: It has a tested business plan and pre-conducted market research. Franchisee support is also included in the acquisition package of the brand. In addition, most franchises can be started for less than $10,000, like:
Cruise planners Dream Vacations Jazzercise Inc.
Learn the basics of franchising a business–the process of buying and opening–from Entrepreneur’s fundamentals of franchising article.
Related: Thinking About Franchising? Get started now to take the first step toward a personalized list of franchises that fit your interests, lifestyle, and budget.
5. Notary Public Services
License, training, or experience may be required.
Most states authorize a notary public to attest to or witness certain documents by signature and affixing a seal as an official of the state. The majority of states require you to pass a background check and an exam, but the overall costs associated with becoming a notary are very negligible. You could also make a pretty decent amount of money off your notary work if you charge for your services, like loan-signing notarizations.
Ideas for Manual Labor Businesses
6. General Construction Training, licensing, or experience may be required.
If you have experience with construction, you could be ready to start your own handyman business and begin accepting contracts on your own. Lots of people need help with quality laborers who can get the job done on time, whether they’re framing in an addition, hanging drywall, or putting up a fence.
You can also subcontract some of the construction and put more of your energies into marketing and expanding your business if you have a team of skilled people whose work you trust. If you want to know what licensing and permits you need to get started, reach out to your state.
7. Landscaping
Licenses, training, or experience may be needed.
Work on your green thumb. Most people want their trees pruned, their shrubs trimmed, their yards cleaned up in the spring, their lawns mowed in the summer, and their leaves removed in the fall. You may also provide irrigation services through your landscaping company such as sprinkler line installation, repair, and blowouts prior to winter.
Garden work like veggie garden preparation and planting annuals and perennials can also be lucrative. Among scores of others jobs that don’t exactly involve gardening per se include installing artificial turf, installing fencing and restoring stone walls.
Read This: Start Your Own Landscaping or Lawn Care Business by Cheryl Kimball and The Staff of Entrepreneur Media | Amazon | eBooks.com | Barnes & Noble
8. House painting Can require training, licensing or experience
You can earn a fine living painting houses inside and out, no matter the weather. You’ll want to confer with longtime painters and learn the ropes before offering your services, including how to:
mask a house
lay down a drop cloth
Select the right paints and brushes for different interior and exterior conditions
You will also need to invest in some general tools like ladders, brushes, trays, etc. Once you are all ready, you can market your services to clients at reasonably minimal cost in various online channels.
9. Carpenter The requirement may include experience or training or license.
Nowadays, if one is a good carpenter, earning opportunities are tremendous since woodworking is in demand. Among the well-paying home improvement projects, shelves, tables, and cupboards feature in the top of the homeowners’ lists quite often. Also, boutique projects like gallery frames, hand-carved figurines along with many others would bring in a healthy income. You sometimes can assist bigger projects and frame doors for big general builders.
10. Electrical Work You may need experience, training or a license to practice.
Although becoming an electrician is not easy-as one has to go through coursework, be an apprentice, and pass licensing exams before owning their business-electricians are always in demand. You will be able to expand your services and hire apprentices to build a team of your own because master electricians are in demand for small and large projects.
11. Relocation Assistance
Has room for growth
Many people, when moving, would like someone to, in effect, do all of the heavy lifting for them. You can center your marketing efforts on local moves next door and across town. If you have the manpower and equipment to do so, you may be able to offer long-distance moving services on a large scale as your company expands. Advertise your business throughout the community to sell the population on the idea that they should let you handle their move, treat the customers with great customer service and your business will grow.
See Also: Entrepreneur Press and George Sheldon’s book Start Your Own Freelance Writing Business and More available on Amazon, eBooks.com, Barnes & Noble and other online retailers.
Creative Business Ideas for Innovation Work
12. Content and Editorial Contracting is an Emerging Field
Almost every enterprise and institution requires good writers and editors, and if you are able to work independently, you’ll likely find a solid foundation of clients. Scores of industries require freelance writers and editors, as well-including marketing, communications, journalism, and book publishing, for all kinds of projects, from copyediting to developmental editing to ghostwriting and the production of digital content. In this case, to instill confidence in potential clients, you will need a portfolio displaying your writing, content creation, and/or editing experience.
13. Graphic Design Knowledge, education or certification may be required.
Have style? Companies hire freelance designers to create all types of design pieces, including ads, information sheets, newsletters, flyers, and logos. Graphic design services are also in demand for websites and web ads. You can offer clients a complete service package to manage their project from concept to completion, including arranging for content providers and print shops and preparing products for mailing and display.
Read This: George Sheldon and Entrepreneur Press’s “Start Your Own Graphic Design Business” available on Amazon, eBooks.com, Barnes & Noble, and eBooks.com.
14. Website Creation
Licenses, training, or experience may be required.
You can be taught the language of coding and website creation through various online and in-person courses. With focused training, you can learn to build a website from scratch. You can then sell this skill to many small businesses that want an e-commerce site, or simply a landing page from which they can sell their products or services. You may also find that some clients will hire you to manage their online presence on a day-to-day basis, along with building their website.
15. Opportunity to Expand: Marketing or Public Relations Agency
Every business has a story, but few of them know how to tell it. Help businesses recognize new markets to pursue, develop messaging that will attract new prospective clients, and draft newsletters and other deliverables through your marketing or PR firm. You might even attract media attention in the process. Before you strike out on your own, you should have some experience working in this field because potential clients will want to know they are working with someone who has contacts with public relations and marketing firms.
Check out Entrepreneur Press and Eileen F. Sandlin’s book, “Start Your Own Consulting Business,” on Amazon, eBooks.com, and Barnes & Noble.
16. Photos
Licenses, training, or experience may be required.
Independent photographers specializing in one or more areas can have thriving businesses. You could offer:
Senior photos or portraits
wedding picture taking
editorial photos for periodicals or newspapers
Building an online portfolio of your work will put your photography business in high gear by giving prospective clients a sampling of your style and the opportunity to hire you. Another super way to promote your business is through social media, which has become such an important driving force in today’s business climate.
Read This: Entrepreneur Press and Charlene Davis’s “Start Your Own Photography Business” on Amazon, eBooks.com, Barnes & Noble, and other online retailers.
17. The use of video
Relevant training or experience, licenses may be required.
There are numerous videography jobs if you are able to create good work in front of the camera and edit material well. You can shoot events, weddings, and interviews, among other things, and create brand videos for businesses. Your clients could range from large enterprises and local organizations down to outdoor brands, but prior to building your firm, you will be required to have some experience in creating high-quality footage and training in filming and editing.
- Audio Editing – License, training, or experience may be required
Countless podcasts are streamed by listeners from around the world each day; it’s big business in terms of audio storytelling. If you have experience in recording and editing audio, you might consider offering your expertise to businesses and media brands or to individuals who want to create their own podcasts. Who knows? Perhaps you can even create your own podcast and make money from your skill set.
19. Social Media Management
Some experience required.
So many businesses startup want to grow their presence by using social media, and so many don’t have the time and / or the knowledge to develop their followers and create exciting content.
If you are good at ideas for content and catchy text and already spend a good amount of time on social media, then it may be worth starting your own social media marketing company. Customers might ask you to draft a content marketing strategy, track and respond to feedback, and provide monthly growth data reports.
20. There are opportunities for art to grow
If you already enjoy making art, you can make a pretty decent living at it. You can arrange for contracts with clients who need illustrators or custom art as a part of their brand collateral, sell on websites like Etsy, or submit your work into shows. Other possible artistic ventures are mural painting, teaching art, and portraits.
21. Music Lessons
Licenses, training, or experience may be required.
Turn down the noise and listen up: Your musical talents can be in high demand. There are several ways you can run your own music business. You can base it in your own premises a separate structure or specific part of your house or be mobile and teach in your client’s homes.
Others use YouTube to record lessons and sell subscriptions as part of teaching music online. Start off by calling the local music schools for part-time work. It will give you a good reputation with potential customers and be a good way to get your feet wet.
Related: 10 Essential Tips for a Long and Successful Music Career
Repair and Maintenance Business Ideas No. 22: Mechanic Shop Experience, education, or certification may be required
If you have been working on cars for years and pride yourself on your ingenuity with motors, now may be the time to start charging customers for your services. You don’t have to be licensed as a mechanic in many states, but formal education and certification help to give your customer confidence in you.
If you want to gain some experience before opening your own shop, you will likely need to attend some training due to many shops requiring licensure before they hire mechanics.
23. Appliance Repair
Licenses, training, or experience could be required.
Appliance repair is one of the best business ideas for any area, as every family has several appliances-from dryers and dishwashers to refrigerators-and because appliances break down frequently. Stores where appliances are sold may contract with you to handle their warranty service calls, or you can handle some of both.
Build up a small customer base initially and then let referrals and word-of-mouth regarding quality work build your clientele base. Additionally, you can establish relationships with contractors to be their source of appliance installs in new home construction.
24. Bicycle Repair
Some experience necessary.
Just about all bicycles require periodic maintenance. For large parts of the country, it’s a seasonal business, but there is a way around that. Once you have tuned up people’s bicycles and made whatever repairs were needed, if you have space, you can offer to store their bikes over the winter.
Plus, you can make your business a meeting place for bikers if you stay open on Saturdays. If you live in an area where people love to ride, you could make some additional money as a retailer as well as with your repair business.
25. Boat Cleaning You may need experience, education or license.
Hull cleaning is also necessary when the boat has been out of the water for the winter or even just during mid-season maintenance. Depending on the type of vessel, this may also be the time to give a thorough cleaning down of the boat’s holds, head, sleeping quarters and decks.
You can start offering your services to a local marina, cold call residences with boats parked on their properties, or advertise your offerings on Nextdoor, Craigslist, or Facebook Marketplace .
26. Car cleaning and detailing is where you can expand
Making an automobile shiny inside and out requires a lot of work. That is why most people do not like to do this task themselves. There is also a market for car detailing and cleaning across the nation because drive-thru car washes don’t always get the car completely clean. You could rent a garage where clients can leave their cars, or you could make house calls with a small investment in supplies-soaps, scrubs, hoses, vacuums, etc.
27. Electronics Repair
Licenses, training, or experience may be required.
If you are good with circuit boards, you could run a lucrative business for those customers whose electronics are on the fritz, be it a laptop, television, tablet, or specialty radio. You will probably want to run the business out of your home or a store location in order to enable customers to bring equipment directly to you. Your business could expand to where you’re buying used electronics and selling them back to customers, similar to other repair shops.
28. Furniture Restoration
Licenses, training or experience may be required.
If you’re good with a needle and thread, and with a hammer and saw, upholstery and restoration might go well with your business. While you are learning your trade, there are lots of books and online videos which will be very helpful, but nothing will serve as well as finding some abandoned furniture and taking it apart before you rebuild and assemble it.
In addition to upholstering, many pieces being renovated also need to have damaged areas strengthened, or stained or sanded down. Much of this work, although simple, doesn’t require a carpenter, but it can add enormously to the upsell value.
For further reading, get Amanda Brown’s Spruce: A Step-by-Step Guide to Upholstery and Design from Amazon, eBooks.com, Barnes & Noble and other online booksellers.
29. Cleaning of Rugs This might require experience, education, or license.
Most people only have time or space to give their rugs a cursory vacuum and nothing more. As a rug cleaner, you will have to learn how to work with a range of carpet textiles, from wool to synthetic materials. You will also have to decide if you will accept priceless family heirlooms and antique rugs into your care. If so, you will want to consider getting specialized training in the treatment and preservation of these carpets.
Learn how to remove tough stains and odors from carpets, such as those caused by dogs and cats, and folks will want your services. When you establish your premises, remember to have a reception area so that clients can drop off their carpets.
30. Jewelry Repair and Making
Licenses, training, or experience may be required.
You can work everything from glass, gemstones, and even wood to dealing with metal, which most probably requires some special equipment since you will have to heat up the metal and use them to cut and engrave. The wider the range of materials you’re able to work with, the more repair services, like stone polishing and setting, you can offer to your customers.
Read This: Entrepreneur Press and Eileen F. Sandlin, “Start Your Own Fashion Accessories Business,” on Amazon, eBooks.com, Barnes & Noble, and other online booksellers.
Ideas for Real Estate and Property Businesses
