Are you looking for the best business ideas for 2024, but unable to come up with one?
Don't worry, you're not alone.
Lack of good business ideas is the number one challenge for budding entrepreneurs who have been planning for a new business
In fact, it is the main reason most people quit even before they get started. After all, no one wants to pump in money and time to end up with a failed business, right?
So, if you too are stuck with the lack of ideas for your new business, fear not as I've done thorough research on various online business ideas to check for their scope in the decade to come.
And based on various statistics and business research reports from trusted sources, I have compiled this list of only the best and most profitable online business ideas for 2024.
So let's get right into it.
Best Online Business Ideas For 2024
Below is the list of best and Most Profitable Online Business Ideas for 2024.
1. Start A Blog
A Weblog popularly known as a blog is a type of website where you can share your opinion, knowledge, and experiences with the online world. Blogs are usually displayed in reverse chronological order to have fresh content at the top of your web page.
Originally blogs were designed as a way to keep an online record of your personal experiences in one place, just like online journals. However, over the years, they have evolved into a great source of earning passive income.
In fact, even brands these days leverage blogs to drive more sales to their online business.
Why Do I Recommend Blogging?
Being a full-time blogger myself, I can say with full conviction that blogging is one of the best online businesses to start in 2024. Here are a few reasons I say so.
1. Low-Cost Online Business
Starting a blog does not require a huge investment. You can start a blog for as low as $35.4. That’s less than the cost of eating out once!
Of course, if you pump in more money like other businesses and put in the right resources, Blogging can give you incredible results.
2. Passive Income
Once you set up your blog, it can give you a consistent passive income month after month. This means you continue to make money even as you enjoy a month-long vacation with your family and friends.
3. Building Authority & Recognition
Blogging can also help you build your credibility in the market and establish yourself as an authority figure in your domain.
As you gain more traction, big brands may even come to you for collaborations and partnerships. This could potentially be a great source of extra income.
4. Increase Income For Other Businesses
If you aren't interested in becoming a full-time blogger and rather want to start a product-based or service-based business, a blog can still help you generate more traffic to your website which in turn can get you more leads and sales.
How Much Can I Make From Blogging?
You can earn a full-time income from your blog. Blogging is currently my only source of income.
And I am not alone who is making good money from a blog. Several bloggers from across the globe are making a comfortable six-figure income from their blogs.
Adam Enfroy, Michelle Gardner, Ryan Robinson, Matthew Woodward, Pat Flynn, Harsh Agarwal, and Anil Agarwal are some of the bloggers that hit my mind when I talk about bloggers with 6-figure incomes.
Of course, I am just considering individual bloggers and not big blogging companies. If I were to consider them, Huffpost makes over $250 million per year, Engadget.com makes around $50 million per year, and CopyBlogger.com makes $32 million per year.
I can go on and on. But I hope you got an idea about the kind of income people are making from their blogs.
Though, I'd like to clarify that not everyone makes a six-figure income. In fact, several bloggers fail to make $100 per month. It all depends on how serious you are about blogging as a full-time business.
What Skills Do You Need To Start A Successful Blog?
You can succeed in blogging by learning everything from scratch. I started a blog for myself when I had absolutely no idea what a blog is.
And despite being from a non-technical background, I was able to learn everything from scratch and make my blog a big success.
That being said, below are some skills that will give you an edge in blogging
1. Content Writing
Content is king. If you can write great content for your blog, your job as a blogger is half done.
2. Search Engine Optimization
Search Engine Optimization (SEO) is a set of techniques that you can use to rank your blog high on search engines. Since bloggers mostly rely on free organic traffic from search engines, especially Google, you must make sure to learn at least the basics of SEO.
3. Marketing Skills
Often ignored, Marketing is an important skill to have for bloggers especially if they are looking to monetize their blog through affiliate marketing.
Apart from this, elementary knowledge of Social Media Marketing, Web Designing, Graphic Designing, and a few other skills can be helpful. But they aren't critical to blogging.
How Much Does It Cost To Start A Blog?
You can start a blog with shared hosting like Dreamhost. You can get Dreamhost for as low as $35.4 which includes pricing for the domain name as well as web hosting.
I have already covered in detail about starting a blog. So, I am not going to dive deep into it. For more information, you can check out my article on How To Start A Blog In 2023
You can also try Web Hosting like Hostinger if you want cheap hosting over longer duration. Don't forget to check out my Hostinger Review for 2023 and get 10% discount using Hostinger Coupon Code For 2023
How Much Can Your Earn From A Blog
There's virtually no limit to your earnings from Blogging. For instance, you can check this list of top bloggers who publish their income reports. You can see several of them are earning easy 6-digit income.
However, you should not expect reaching to that level. But, if you put in the effort and follow my advice in my 7-day course, you can make a comfortable 5-digit or even 6-digit annual income from your blog.
2. Search Engine Optimization (SEO) Business
SEO stands for Search Engine Optimization. As the name suggests, it is a set of techniques that you can use to rank a website high up on the Search Engine Results Page (SERP)
As an SEO Consultant, you will be responsible for helping businesses improve their organic search rankings. You will have to do keyword research, competitor analysis, on-page optimization, and link building to help businesses rank higher on SERPs.
Why Do I Recommend Starting An SEO Business?
Below are the reasons I recommend starting an SEO business in 2024.
1. Growth Potential
According to research by Research And Markets, the SEO industry is set to grow from $50.45 billion in 2021 to $103.34 in 2025 at a CAGR of 19.6% which is pretty high.
Since it's a growing industry, SEO is unlikely to get out of fashion.
2. Low Entry Barrier
One of the best things about SEO business is that it requires a low start-up cost. All you need is a laptop, an internet connection and a few SEO tools to get started with the SEO business.
3. High Return On Investment
Despite the low investment, with just a handful of clients, you can earn a 6-digit annual income from the SEO business.
Skills Required To Become A Good SEO Consultant
To become a great SEO Consultant, you need to have the following skills:
1. Knowledge Of Advanced SEO Techniques
This is kind of obvious. To be a great SEO expert you must know how search engines work, what are various SEO techniques, and how you can use them to rank a website.
2. Understanding Of Google Algorithm
Google's algorithm is very complex and the fact that they don't reveal what factors their algorithm takes into account only makes things worse. To be a great SEO, you should be able to understand how the Google algorithm works and what factors it might be taking into account for ranking websites.
3. Analytical Skills
You need to be good at analyzing data to understand what's working and what's not. This will help you take the right actions to improve the organic search ranking of your client's website.
4. Communication Skills
Most clients don't understand how SEO works. So, you need great communication skills to make them understand how SEO works, what things are you planning to make their website rank and why is it a slow process to rank a website.
How To Find SEO Clients?
There are several ways you can find SEO clients. This includes
How Much Do SEO Consultants Earn?
The money you can earn from the SEO business depends largely on the location of your client and the scope of your service.
It would be hard to find an SEO client paying $300 per month in developing countries like India. However, most SEOs in the United States and Europe charge upwards of $1000 per month for their services.
Likewise, if you are just offering On Page and Technical SEO services along with basic off-page activities, you can charge lesser. However, if you provide quality link-building services including HARO link building and PR link building, you can charge upwards of $5000/month.
3. IoT Development Business
The Internet of Things (IoT) is a network of physical devices, home appliances, vehicles, and other items embedded with electronics, software, sensors, and connectivity which enables these objects to connect and exchange data.
In Layman's language, Alexa, Google Home, and smart switches and appliances that you use are all part of the IoT Network.
Why Do I IoT Development Business
The Internet of Things is still a futuristic concept that is still not very popular in 2023. However, below are some of the reasons I feel IoT development is a great business idea for 2024.
1. Growth Prospects
As reported in the IoT Analytics, the number of connected devices as of 2018 was 17 billion which is expected to double to 34.2 billion in 2025.
As per Fortune Business Insights, the global IoT market is set to grow at a CAGR of 26.4% from $384.7 billion in 2021 to $2.465 Trillion by 2029.
So, naturally, the amount of money put into IoT application development will increase too which makes IoT Development a lucrative online business idea for 2024.
2. Technological Advancement
The technology behind the Internet of Things is still new and companies are investing heavily in research and development to make it better.
This means that newer opportunities will open up as more sophisticated technologies come out which will increase the demand for skilled IoT developers even further.
What Do I Have To Do As An IoT Developer?
IoT Development includes developing various applications and devices that are connected to the internet and can exchange data with each other.
For example, you can develop a Smart Home application that can control all the devices in your house from your smartphone. Or you can develop a Smartwatch that can track your fitness data.
Skill Required To Excel In The IoT Development Business
Below are some of the skills required to start and successfully run an IoT Development Business.
1. Core Development Skills
IoT Development is one of the fields where you do need to have prior development skills to get started. Yes, you can always hire the best developers in the industry. But you won't be able to survive for long if you don't have the core skills for yourself.
The core skills required for IoT Development include knowledge of programming languages like Java, Python, and C++ as well as in-depth knowledge of Cloud computing and databases like MySQL and MongoDB.
2. Good Understanding of Electronics
As you will be working with electronic devices, it is good to have a sound understanding of the basics of electronics.
3. Understanding of Sensor Networks
Sensor networks are used extensively in IoT applications so you should have a good understanding of them as well.
4. Marketing Skills
IoT development is a business and like any other business, you will need good marketing skills to make it successful.
4. Create And Sell SaaS-based software
Software as a Service (SaaS) is a software distribution model in which the software is hosted centrally on the cloud and customers can access it through their web browser and a software application. The licensing is usually on a subscription basis.
A great example of a SaaS-based tool is Microsoft Office 365. Unlike traditional Microsoft Office, you don't pay a one-time fee for the software. Rather, you pay a monthly fee to keep using the latest version of the product.
Advantages Of SaaS Tools Over Regular Software
Off late, a lot of customers are preferring SaaS tools as the software does not require any installation and can be used from anywhere.
Also, the customers do not have to worry about the upgrades as the same is handled by the company.
For the developers too, it is beneficial as the marketing cost for virtual software is usually lower than physical software.
Also, since upgrading the software does not require replacing the software entirely, more people are likely to go for upgrades. It also brings down the risk of piracy to zero.
Why Do I Recommend Creating And Selling SaaS Tools?
Below are some of the reasons why I recommend creating and selling SaaS-based software.
1. Growth Prospects
As per Statista, during the 2022-2027 period, the SaaS market is expected to grow at a CAGR of 9.8% to $330.6 billion in 2027. This opens up a huge opportunity for starting a business in the domain.
2. Recurring Revenue
SaaS-based services provide a steady source of income as customers are subscribed to the service for a long period of time. This reduces the pressure to acquire new customers each month.
3. No Piracy
Since the software is hosted on the cloud, it is not possible to pirate the same. This reduces a lot of headaches that usually come with selling traditional software.
4. Low Maintenance Cost
The maintenance cost for SaaS-based services is very low compared to regular software since the updates are done automatically. This saves you a lot of time and money.
Skills Required To Create And Sell A SaaS Software
Below are some of the skills required to create and sell SaaS-based software.
1. Entrepreneurial Skills
Unlike several other businesses on this list where you can start a business just with your knowledge in the field, for creating SaaS-based software, you need an entrepreneurial mindset for identifying a problem people are facing and then creating software that solves or simplifies this problem.
2. Marketing Skills
Marketing is another must-have skill to run a successful SaaS product business. You can hire a company to create SaaS software for you. But if you rely on others for your marketing efforts, you are inviting trouble.
3. Development Skills Can Be Helpful
You can get a SaaS product designed by a third-party agency or a freelancer. So, having development skills is not a must. However, it can help you a great deal to understand your product better.
5. Web Development And Design Business
Are you creative and have a knack for design? If yes, then starting a web development and design business can be a great option for you.
As the name suggests, Web Development And Design Business is all about designing and developing websites for businesses. Often, this business is clubbed with Digital Marketing business as the two go hand-in-hand.
Why Do I recommend Web Development Business?
Below are some of the reasons why I recommend starting a web designing and development business.
1. Growth Prospects
Despite the fast progress in the digitization of offline businesses, according to survey data, 28% of businesses did not have a website in 2021. However, these businesses are likely to get digital sooner or later especially since the covid-19 hit hard on offline-only businesses
Add to it, 5.4 million new businesses were created in the US itself. Needless to say, any website that chooses to go online does need a website.
This opens up huge opportunities for web development and design agencies to cash in and establish their businesses.
2. Demand For Customization
Brading is an important part of any business. Customized website that is designed keeping in mind the brand image of the company, is a great way to make sure that a business stands out from its competition.
3. Low Entry Barrier
Building a website does not require much of an initial investment. As long as you have the necessary knowledge and skills, investing in basic software and hardware is all that you need to get started with your business.
Skills Required To Start Web Development Business
Below are some of the skills required to excel in the Web Development business
1. Core Development Skills
Core programming skills including knowledge of HTML, PHP, CSS, JS, etc. are a must for starting this business especially if you want to start it small and scale up with time.
2. Marketing Skills Including Digital Marketing
You can find Web Development clients offline as well as online. While traditional 1-on-1 marketing works great, you also need the scalability of Digital Marketing to grow your business, fast.
6. Android Development Business
Android is an operating system for mobile devices that is based on the Linux kernel. A team of engineers at Google developed Android and open-sourced it for everyone's use.
The operating system was unveiled in 2007, with the first commercial Android device being released in September 2008. As an android development agency, you will be responsible for developing android apps for businesses as well as individuals
Why Do I recommend Android Development Business?
Below are some of the reasons why I recommend starting an android development business.
1. Increasing Demand
Android has a lion's share in the mobile market with more than 2 billion devices powered by Android. And despite stiff competition from iOS, the number of Active Android Users seems to be growing each year.
With the growing number of Android Users, businesses are keen on developing an Android application for their business. And this shows in the growth in Android Application Market.
As per Grand View Research, the Android Application Market is expected to grow at an annual CAGR of 13.4% from 2022 to 2030 which presents a huge opportunity for Android Development agencies to cash in on this growing trend.
2. Low Entry Barrier
The cost of setting up an android development business is also quite low. All that you need to get started is a laptop with the right software and a reliable internet connection.
3. Huge Profit Margins
The huge demand and low initial investment as well as development costs ensure that you can make huge profits as an Android Development Agency.
Skills Required To Start Android Development Business
Below are the skills required to start an Android
1. Coding Skills
To get started with Android development, you need to have some prior knowledge of Java and Android SDK. Once you have that, you can start developing simple Android applications.
If you want to develop complex applications, then you need to have knowledge of Android Studio as well as other tools like GitHub, etc.
2. Designing Skills
Android development isn't everything about coding. You should also be able to design a neat and clean UI along with right choice of colors and fonts to make sure your Android app turns out to be pleasing and UX friendly.
3. Digital Marketing
You will also need to have some basic Digital Marketing skills to market your Android Development business.
7. Become Google Analytics 4 Expert
Google Analytics is a software by Google that helps businesses track their website traffic and performance. It’s one of the most popular analytics tools available today.
Google Analytics 4 is the successor of the popular Universal Analytics which is set to be deprecated in July 2023.
As a Google Analytics 4 consultant, you will be responsible for helping businesses set up and use Google Analytics 4 to track their website traffic. You can also cash in by providing Google Analytics 4 training or creating tutorials and courses around the topic
Why Do I recommend becoming a Google Analytics 4 Consultant?
Below are the top reasons I recommend becoming a Google Analytics 4 expert
1. Huge Scope For Google Analytics Experts
In the Analytics Market, Google Analytics has a market share of a whopping 89% with the next best, Tableau software managing only a 1.17% market share. Looking at the numbers, currently, Google Analytics has over 4.6 million users and growing.
Now, as I said earlier, Google is set to deprecate Universal Analytics which is being widely used by most businesses. Since Google Analytics 4 is entirely different from Universal Analytics, there is a huge learning curve ahead for Google Universal Analytics users.
The lack of easy-to-understand tutorials, courses, as well as expert consultants, isn't helping businesses either. So, there's a huge demand for Google Analytics 4 experts both for providing 1-on-1 training as well as Analytics 4 consultation services to businesses.
Even beyond this switch, there is enough scope to make decent money from Google Analytics 4 consultation as with the Universal Analytics consultants today.
2. You Can Charge Premium Rates
The cost of hiring an Analytics Consultant goes up when the consultant has a specific specialization. And since Google Analytics 4 is still new, you can expect to charge premium rates as compared to Universal Analytics consultants.
3. Low Investment
Another great thing about becoming a Google Analytics 4 Expert is that you don't need to make any major investments. You just need to have subject matter expertise along with a laptop and a good and fast internet connection.
What Would Happen To The Business After July 2023?
Since Universal Analytics will be deprecated in July 2023, businesses have to make a move to Google Analytics 4 well before the July 2023 deadline.
However, this won't be the end of things for a Google Analytics 4 consultant. Google Analytics is a complex software that isn't easy to master.
That's the reason even Google Universal Analytics consultants are still minting money from their expertise by creating content and courses on the topic.
Likewise, after a complete switch to Google Analytics 4, people will still need consultation and help from Google Analytics 4 experts. So, it is indeed a future-proof business.
Skills Required To Become A Google Analytics 4 Expert
There are a few skills that will help you become a good Google Analytics 4 expert
1. Subject Matter Expertise
You should have a deep understanding of Google Analytics 4 and all its features and functions. You can opt for the GAIQ (Google Analytics Individual Qualification) certification to demonstrate your expertise in this field
2. Communication Skills
You need excellent communication skills to be able to carry out corporate workshops, offer 1-on-1 training as well as create Google Analytics courses.
3. Sales And Marketing Skills
You should also have good sales and marketing skills to find new clients for yourself and also negotiate for corporate training sessions.
8. Become A Startup Advisor
Startups need all the help they can get in the early stages as they try to find their footing and grow their business. Startup advisory is a type of consulting business where you share your knowledge and insights with Startups.
As a startup advisor, you will be responsible for helping startups with things like finding the right co-founder, building the right team, raising capital, and so on.
Why Do I Recommend Becoming A Startup Advisor?
Below are some of the reasons why I recommend becoming a startup advisor:
1. Growth Prospects
According to the Census Bureau's Business Formation Statistics, nearly 5.4 Million applications for new business filing were received in the US.
However, despite the staggering numbers, as of 2021, 20% of startups failed in the first year, 50% within five years, and 65% within 10 years. Needless to say, no founder wants to create a failed startup.
That's when Startup Advisors come into the picture. A Startup advisor can help startups with strategic advice and decision-making to reduce the chances of their failure.
So, if you have experience in the startup world, then becoming a startup advisor is a no-brainer.
2. Get Valuable Insights
As an advisor, you can gain valuable experience and insights into the world of entrepreneurship helping you further improve your entrepreneurial skills
3. Networking Opportunity
Being an advisor can also be a great networking opportunity, as you will have the chance to work with other successful entrepreneurs. It can sometimes also lead to other opportunities, such as being invited to join a startup's board of directors.
4. Personal satisfaction
Advising startups can be personally rewarding, as you have the opportunity to help entrepreneurs achieve their dreams and make a positive impact on the world.
Skills Required To Become A Startup Advisor
To become a successful startup advisor, you will need a combination of technical and interpersonal skills. Some specific skills that may be helpful for startup advisors include:
1. Subject-Matter Expertise
As a startup advisor, you will need to have deep knowledge and experience in the areas you advise on, such as business strategy, marketing, or finance. This will enable you to provide valuable insights and guidance to the startups you work with.
2. Strategic Thinking
Startups often face complex challenges and must make difficult decisions. As an advisor, you should be able to think strategically and help entrepreneurs develop and implement effective business plans.
3. Excellent Communication
As an advisor, you will need to be able to clearly and effectively communicate your ideas and advice to the startups you work with. This includes the ability to listen to and understand the needs of the startups, as well as the ability to articulate your recommendations in a compelling and persuasive way.
4. Emotional intelligence
Working with startups can be challenging, and entrepreneurs often face a wide range of emotions. As an advisor, you should be able to empathize with their challenges and help them navigate difficult situations with grace and poise.
9. Shopify Development Business
Shopify is one of the most popular eCommerce platforms with over 3.76 Million active stores.
As a Shopify development agency, you will be responsible for helping businesses build and design their Shopify stores as well as optimize them for conversions.
Why Do I Recommend Starting Shopify Development Business?
Below are some of the reasons why you should consider Shopify development if you want to start a successful online business in 2024.
1. Growing Industry
Shopify with a market share of 19% among all the eCommerce websites in the top million websites is only next to WooCommerce (WordPress).
And among all the eCommerce websites in the US, it even leaves WooCommerce behind with a market share of 25%.
And with the retail eCommerce market size to grow by a total of 56% from $5.2 Trillion in 2021 to 8.1 Trillion in 2026, Shopify is expected to add some good numbers to its existing count of 4 Million+ websites.
Several of these existing news websites will hire Shopify development experts to build their Shopify websites which makes Shopify development to be a lucrative online business idea for 2022.
2. Scalable Business
You can start a Shopify business as a freelancer and as your business grows you can build a team by hiring full-time Shopify developers, designers, and other professionals.
3. Club With Other Website Development Businesses
You can start small as a Shopify developer and over time expand to other development areas including WordPress, WooCommerce, Magento, and Prestashop development.
Skills Required To Start A Shopify Development Business
Below are the skills needed to start a successful Shopify development business
1. Coding Skills
Shopify uses its own coding language, Liquid, for the development of its themes and stores. You also need knowledge of HTML5 and CSS3
As for building Shopify Apps, the best framework to learn is Ruby On Rails. However, experience with PHP scripting will also be enough.
Apart from this you also must have knowledge of Shopify APIs
2. Design Skills
Shopify development also requires you to have knowledge of designing principles, such as user interface design, typography, color theory, and other design elements.
3. Knowledge of SEO
A successful Shopify store needs to be optimized for search engines in order to get the most out of it. You should have knowledge of the basics of SEO as well as Shopify-specific SEO best practices.
4. Business Acumen
You’ll need to have a good sense of business to be successful as a Shopify development agency. You should understand the fundamentals of pricing, marketing, contracts, and customer relations.
10. Start Affiliate Marketing Business
Affiliate Marketing is a great online business both for SEO experts as well as content marketers. It is one of the best ways to monetize your website and generate passive income. Before we move ahead let us find out what Affiliate Marketing is and how it works.
What Is Affiliate Marketing?
Affiliate Marketing is a form of marketing wherein you promote a company's product and place a special link called an affiliate link in your blog content, social media post, or video description.
Whenever someone clicks on this link and makes a purchase, the companies pay you a commission which can either be a fixed amount or a percentage of the sale value. Some companies also pay for getting leads for their business.
This process is called Affiliate Marketing and the person who does this form of marketing is called an Affiliate Marketer.
Before you start promoting a company's product you have to sign up for its affiliate program. Most companies will require you to have a blog before approving you to be part of their affiliate program.
However, some companies don't put forward any such conditions and you can promote their products through social media and email marketing. Irrespective of whether or not they require you to have a blog, your account is subject to approval.
Some companies approve all the people who signup for their affiliate program while others have a strict screening process and only accept experienced affiliate marketers with a good track record. Approvals also depend on the size of your blog audience and social media followers
Why Do I Recommend Starting Affiliate Marketing Business?
Below are the reasons why I recommend starting an Affiliate Marketing business.
1. Business Prospects
According to Statista, in the US alone, the affiliate marketing spend is due to reach $8.2 billion up from $5.4 billion in 2017.
As per another study by Mhojo research, in 2020 itself, the global affiliate marketing industry was worth $17 billion up from $13 billion in 2016.
So, this is a huge industry. No surprise that 31% of US publishers say that affiliate marketing is one of their top 3 revenue sources while 9% admit it is their top mode of income.
In fact, in 2021, brands allocated a whopping 9% of their marketing budget to affiliate marketing
2. Huge Commissions
In a few affiliate marketing niches like the SaaS tools niche, the affiliate marketing commissions are huge. The typical starting commission is 20% of the sale value and it can go all the way up to 100% or even higher in some cases.
And some of these tools even offer recurring commissions giving you a steady income
3. Passive Income
If you are using a blog for affiliate marketing, your income from the affiliate marketing will be passive. This means that you will continue to make money from affiliate product sales even if you go out for a month-long vacation.
Skills Required To Become A Successful Affiliate Marketer
You need to have the following skills to be a good affiliate marketer:
1. Good Research Skills
You can't make money by promoting a random product on your website. You should be able to research to find the right product to promote to your target audience.
Of course, apart from this too, you need research skills to write detailed and well-researched articles for promoting your affiliate products.
2. Good Written Skills
You need to have good written skills as you will be writing a lot of content for your blog and social media platforms.
3. Knowledge Of SEO
If you are planning to run paid adverts to promote your affiliate link, there's a high chance that you will never make money with affiliate marketing. As an affiliate marketer, you have to heavily rely on organic traffic from Google and to do that you must have in-depth knowledge of SEO.
Investment Required To Start An Affiliate Marketing Business
To be a successful affiliate marketer, you need money to spend on
1. Domain Name: Usually under $15/month (For a .com domain name)
2. Web Hosting: $2/month to $100 per month (It depends on the quality of web hosting as well as traffic to your website)
3. WordPress Themes And Page Builders: Around $150 per year
4. SEO Tools: $50 to $120/month (Optional but very helpful)
11. Start A Cybersecurity Business
A Cybersecurity expert provides businesses with advice related to information security and cybersecurity. They help businesses identify risks, vulnerabilities, and potential threats so they can be managed and addressed appropriately and in a timely manner.
Why Do I Recommend Cybersecurity Business?
Below are the reasons I recommend starting a CyberSecurity Business to make money online in 2024.
1. Scope Of Business
According to CyberSecurityVentures, Cybercrime could cost the world $10.5 Trillion by 2025.
And what makes CyberSecurity more dangerous for small businesses is the fact that 60% of Small Businesses put down the shutters within 6 months of being hacked.
No Wonder that the Cyber Security Market Size in 2021 was $220.6 billion and is expected to grow at a CAGR of 8.7% to $334.6 billion in 2026.
This growth in the industry opens up opportunities even for new businesses to cash in and generate good income for themselves.
2. High Pay Rates
According to Zip Recruiter, companies are paying up to $146 per hour to Cyber Security consultants with the average pay rate being $72.65/hour.
3. The Feel Good Thing
Cybersecurity experts are often referred to as “ethical hackers”, and their job is to protect businesses from malicious hacks. This can be an incredibly satisfying job for many people because they can help keep the world safe from hackers who would do it harm.
Get Professional Certifications
Cyber Security is critical aspect businesses aren't willing to compromise on. So having the right business certification does help your clients trust you. Below are some certifications that you can consider getting.
1. Certified Ethical Hacker Certification: This Certification is issued by the EC council for professionals who test systems and networks for security lapses and weaknesses.
2. Certified Information Systems Security Professional (CISSP): This is a globally recognized certification issued by (ISC)² for professionals who design, implement and manage information security programs.
3. CompTIA Security+ Certification: This certification is issued by CompTIA that validates the candidates for baseline skills necessary for performing core security functions.
4. Certified Information Systems Auditor (CISA): CISA is a certification issued by ISACA that tests the professional’s skills to audit, monitor, and assess information systems to protect businesses
Skills Required To Start A CyberSecurity Business
Below are the skills required for starting a CyberSecurity Business
1. Knowledge Of Operating Systems
A CyberSecurity professional should be well-versed in all operating systems including Windows, Linux, and macOS
2. Networking And System Administration
A CyberSecurity expert should have a thorough understanding of networking and system administration. They must be able to configure, manage and troubleshoot networks.
3. Coding Knowledge
4. Cloud Security
Cloud Platforms like AWS and Azure require special security measures to be taken to ensure that data is secured from unauthorized access.
12. Web Hosting Business
Web Hosting is another business that is primarily meant for IT experts. While you can still start Web Hosting business with no hard skills, in such cases for the business to be successful, you will have to hire some reliable people who can work honestly for you.
So, let us first find out what Web Hosting is and why is it needed.
What Is A Web Hosting?
In simple language, a web host is a server that stores all the files that make up a website and makes them available to computers connected to the internet. So, when you access a website, your browser downloads several files from the Web Hosting server of the website you are browsing.
Technically any computer can be turned into a Web Host. However, the moment you turn off your computer or it turns itself off due to power failure or if your internet goes down, the browser of the users can no longer connect to your computer to download the website files, and hence your website will go down.
It isn't cost-effective for a small business owner to have several backup internet connections and power backups that will lead to minimal to zero downtime. That's the reason, barring some large enterprises, almost all businesses hire a web hosting server from a web hosting company which makes it a great business.
Why Do I Recommend Starting A Web Hosting Business?
Below are the reasons why a web hosting business is a great idea to start a business in 2024.
1. Growth Prospects
As discussed earlier, a lot of businesses are going online and the first step to getting online is to start a website. In fact, not just online, but offline businesses too are keen on having a website.
As per a survey by Expert Market, a whopping 98% of the small businesses surveyed had a website. A previous study carried out in 2021 had put the figures at 71% while the one carried out in 2018 estimated it to be 50%.
So, the demand for Websites is going up and with this, the demand for web hosting servers is also going up.
According to Statista, the Web Hosting business is expected to grow at a CAGR of 12.75% from 2022 to 2027 to reach a market volume of $144.4 billion.
So, if you can start a web hosting company now, you can make quick bucks with this growing business.
2. Low Entry Barrier
Unlike other businesses, you don't need to have a lot of capital to start a web hosting business. You can start a web hosting business by getting reseller hosting plans from the likes of A2 Hosting, Inmotion Hosting, and even Cloudways.
Make sure to check out my A2 Hosting Review 2023, Cloudways Review 2023 and get free $20 credits with Cloudways Promo Code 2023
Skills Required To Start A Web Hosting Reselling Business
Starting a Web Hosting business requires three major skills
1. Knowledge of Linux Servers
Linux servers are most commonly used for hosting websites. Hence, you need to have in-depth knowledge of Linux servers. This is especially important if you want to minimize your customer support expenses by troubleshooting the issues yourself.
2. Knowledge of CMS
As a Web Hosting provider, you will be having customers hosting their websites using various CMS including WordPress, Magento, Joomla, Drupal, and more. So, you at least need basic knowledge of these CMSes, especially WordPress.
3. Expertise In Marketing
To get customers, you need to be good at marketing and sales. Unless you have a solid marketing strategy in place, it will be hard for you to attract customers.
4. Good Customer Support
Even if you are not technically sound or don't want to troubleshoot the issues yourself, you need to have a team in place that can provide good customer support.
Investment Required To Start A Web Hosting Business
The investment required to start a web hosting business depends on the type of business model you want to adopt. If you want to buy servers and set up your own data center, it will require a huge investment.
On the other hand, if you want to become a web hosting reseller and you are capable of providing support yourself, you can start with as low as $500.
To become a web hosting reseller, all you need to do is buy a reseller account from a web hosting company. You can also use VPS providers like Cloudways to set up your Website Reselling Business.
13. iOS Development Business
iOS is a mobile operating system that is created and developed by Apple Inc. iOS powers all Apple iPhone devices and is the basis for three operating systems developed by Apple including iPadOS, tvOS, and watchOS.
As an iOS developer, you will be required to develop apps for iOS phones that meet Apple standards and design guidelines.
Why Should You Start An iOS Development Business?
Below are the reasons I recommend starting an iOS Development Business
1. High Demand
As of December 2022, iOS has a market share of 27.08% which is only next to Android. As for the number of active apple devices, it has grown from 10 million in 2008 and 569 million in 2015 to 1231 million in 2021.
The increasing number of active iOS devices makes sure that brands cannot ignore the iOS apps as a medium for their customers to use their products and services.
2. Lucrative Market
iOS apps as such are still lucrative for brands given its 27.08% market share. However, when you take into account the revenue from App Stores, despite the much lower market share, the iOS app market is much bigger than Android.
In 2021, the iOS app market was worth $85.1 billion as against just $47.9 billion of the Android app market. So, brands who are seeking to monetize their apps through paid subscriptions or in-app purchases are more leaning towards iOS.
3. Low Investment
As with Android development, iOS development requires minimal investment. All you need is a Mac device, Xcode IDE, and an Apple Developer Account to start developing apps for iPhone users.
Skills Required To Start An iOS Development Business
Below are the skills required to start an iOS Development Business
1. Swift Programming Language
Swift is the programming language used for developing iOS apps. Hence, if you want to develop iOS apps, you need to have some knowledge of Swift.
2. Xcode IDE
Xcode is the Integrated Development Environment (IDE) used for developing iOS apps. It is available only for macOS and hence, you need a Mac computer to use it.
3. Apple Human Interface Guidelines
Apple has a set of guidelines that need to be followed while designing iOS apps. These guidelines are known as the Apple Human Interface Guidelines.
4. Understanding Of The App Store Review Process
Before an app can be published on the App Store, it needs to go through a review process. Hence, it is important to have a good understanding of the App Store review process.
5. Design Skills
It is also important to have some design skills as the look and feel of an app is also very important.
14. A Paid iOS App On Apple Store
While iOS development is a great idea to start your business in 2024, it is not the only business opportunity in the Apple ecosystem. You can also make your iOS app available on Apple Store for people to use.
You can either build an in-house team for developing the app or you can hire a freelancer. However, you must make sure that your app is up to Apple standards and meets all guidelines set by the company as the approval percentage of the iOS app is roughly 60%
To monetize your iOS app, you can either offer a subscription service or charge for in-app purchases.
Why Do I Recommend This Business?
I recommend listing iOS App on Apple Store for the below reasons
1. Huge Scope
As we discussed earlier, there are around 1.8 billion active iOS devices in the world generating a revenue of $85.1 billion which is much more than Android.
The major reason for this is that the average income of iPhone users is much higher than that of Android users. So if you are planning to create a paid app, iOS App should be your first preference.
2. More App Installs
The App Store has about 1.64 million apps. While this number seems quite high, it is much lower than the 3.55 million app count for Google Play Store.
With fewer apps, there is lesser competition when it comes to finding and installing new apps. As a result, the App Store Page View to Install conversion rate is 33.7% as against 26.4% for Android devices.
More installs can give you an opportunity to earn more money from your mobile application business.
3. Affluent Users
The average income of iPhone users is much higher than that of Android users. So, iOS users are more likely to make a purchase than Android users.
Skills Required To Create And Sell An iOS App
You don't have to be a developer to create an iOS app. You can always get it developed by iOS development agencies. But you do need the below skills to make your iOS App a success.
1. Entrepreneurial Skills
You need to have some entrepreneurial skills to be able to create and sell an iOS app. This includes having the ability to come up with new unique ideas for creating a great iOS app.
2. App Store Optimization Skills
You need to optimize your app for the App Store so that it shows up in the search results when people search for keywords related to your app.
This can be done by using the right keywords in your app's title and description.
3. Other Digital Marketing Skills
Apart from ASO skills, you also need to have some other digital marketing skills to be able to promote your app and get more downloads. Some of the other skills required include social media marketing, Social Media Ads, Search Engine Ads, Display Ads, etc.
15. Content Writing Business
If you are good at writing and have a knack for creating great content, you can start a content writing business. This is one of the best online business ideas for students as you don't need any technical skills to get started.
If you can convince people with your words, you can make a living out of this simple business idea.
Why Do I Recommend Content Creation Business?
Below are some of the reasons that make Content Creation to be a lucrative business idea for 2024.
1. Core Part Of All Online Businesses
Businesses these days are taking the online route especially post-pandemic. And whether they chose to start a website, a podcast, a video channel, or an application, there's one thing they need; it's content.
Content is an integral part of all online experiences. Can you imagine a website or an app without content?
Even if it's a YouTube video, you still have to write a script. You also need a Title and Description which again is content.
Needless to say, with content requirements reaching new highs, the demand for content writers too is ever-increasing.
2. Great Prospects
As per Upgrad, the content writing industry is expected to be valued at $412.88 million. In such a huge industry, it's usually not difficult to get work if you've got the right skills.
3. Good Pay Rates
As per Upwork, most content writers earn a respectable hourly income of $30-$50 with some highly skilled writers earning as high as $80/hour.
Skills Required To Start A Content Writing Business?
If you want to be a content writer, all you need is excellent writing skills.
However, if you want to start a content writing business, apart from writing skills, there are some other essential skills that you must have-
1. Knowledge Of SEO
SEO is the backbone of any content-writing business. If you don't know how to optimize your content for search engines, you might find it difficult to impress your clients and get more work.
2. Research Skills
You need to be good at research to be able to write great content. This is because you will often have to write on topics that you might not be familiar with.
3. Editing And Proofreading Skills
After writing the content, it's also important to edit and proofread it before delivering it to the client. This is important to ensure that there are no errors in the content and it's up to the mark.
If you have these three skills, you can start a content writing business without any problem.
4. Marketing Skills
Apart from the above-mentioned skills, you also need to have some marketing skills to be able to promote your business and get more clients. LinkedIn is one of the best marketing channels for content writers.
5. Negotiation Skills
With Content Writing, since the projects are of short duration, you'll find yourself negotiating with clients more often than other freelancers. So, make sure you brush up on your negotiation skills before starting this business.
If you love sharing your thoughts and knowledge, podcasting can be one of the best online business ideas for you to start in 2024. You can start your own podcast and talk about topics that interest you or you can also interview experts and influencers in your niche.
Why Do I Recommend Podcasting Business?
Below are the reasons I recommend starting a podcast
1. Growing Business
In 2020, there were 332 million Podcast listeners worldwide. This figure is expected to reach 500 million listeners by 2024. The over 50% growth in just 4 years highlights the rapid adoption of podcasts.
2. Huge Money To Be Made
Apart from a growing industry, there's huge money to be made for individuals. Joe Rogan, a famous podcaster has a net worth of $100 million while several others are making a huge fortune from podcasts.
3. Low Starting Investment
There isn't a huge investment in starting a podcasting business. All you need is a good-quality microphone which should cost you $30 to $150, a pop filter for around $10, podcast recording software, and audio editing software.
How Can I Monetize My Podcasts?
Below are some of the ways you can monetize your podcasts
Skills Required To Start A Podcasting Business
Below are the must-have skills to start a podcasting business
1. Communication Skills
Since podcasting is about conversations, it's important to be able to communicate effectively with your audience and be able to express your thoughts clearly.
2. Storytelling and Production Skills
Storytelling is one of the most important skills for podcasting as it will help you to keep your audience engaged.
3. Technical Skills
You need some basic technical knowledge about audio recording, editing, production, etc for creating a podcast.
4. Community Building
It's important to build a community around your podcast so you can get more listeners and followers. You'll need great content marketing and social media skills for this.
17. Social Media Marketing
Are you a copywriter or a social media geek who can create engaging content at scale? If that's a yes, then you can start a social media marketing business and help brands reach their target audience.
And before you think Social Media Marketing is too easy for anyone to start, let me tell you that's not the case. While anyone can create content on social media, you should be highly creative to hit the right chord with the target audience.
Why Do I Recommend Social Media Marketing?
Below are the reasons I recommend starting a Social Media Management Business
1. Growing Industry
According to a report, the social media marketing market grew at a CAGR of 38.6% from $159.68 billion in 2021 to $221.29 billion in 2022.
The growth in the Social Media Marketing domain is likely to continue at a similar pace with an expected CAGR of 36.9% to reach a whopping $777.64 billion by 2026.
This huge growth in the field opens up opportunities for Social Media Marketers to generate stable revenue in the coming years.
2. Low Starting Investment
All you need to start a Social Media Marketing business is your laptop, a good internet connection, and some basic knowledge of social media platforms. The low starting investment makes it easier for anyone to get started in this field with minimal risk.
3. Low Operating Costs
Unlike some other businesses, for Social Media Marketing you neither need fancy tools nor expensive software to manage your operations. You can even start a business of your own as a freelancer thereby cutting down on costs like office rent, employee salary, and more.
Skills Required To Start A Social Media Marketing Business
Below are the essential skills required for starting a social media marketing business
1. Copywriting Skills
Creating compelling copy for social media posts is one of the most important skills required for a successful social media marketing business. You should be able to convey your message in a clear, concise way that resonates with your target audience.
2. Creative Thinking Skills
Creative thinking skills are essential to creating compelling content that catches the attention of your audience and helps you stand out from the competition.
3. Analytical Skills
Social media marketing is not just about creating content but also analyzing data to understand consumer behavior and adjust your content accordingly.
4. Graphic Designing Skills
Graphic designing skills come in handy while creating visually-appealing content that stands out from the competition.
18. Graphic Designing Business
Are you a creative person who loves using the right side of his brain? If that's a yes, you can make some good money by starting a graphic design business.
The graphic design business is also for people who'd prefer the stability of the offline business and the scalability of an online business.
Why Do I Recommend Graphic Design Business?
I recommend Graphic Design Business for the following reasons
1. Needed By All Businesses
Graphics are an integral part of every business, SMB or large enterprise, online or offline. From logos to business brochures and visiting cards to advertising hoardings, there is scope for graphic designing in almost every field.
2. Scope For Offline Selling
Graphic designing is one of the few online business ideas on this list that can work great even in the offline world. So, you don't have to just depend on online clients but can market your services to SMBs in your locality and city.
3. Growing Industry
As of 2021, the graphic design market size was $48 billion which is expected to increase to $83.8 billion by 2032 at a CAGR of around 5.2%.
4. Negligible Investment
There isn't a huge investment in starting a Graphic designing business. You just need to pay for premium graphic designing tools like Adobe Photoshop, Illustrator, or Core Draw or maybe some graphic designing marketplaces like Freepik
You should be able to recover the monthly subscription fees of these products with just a single project.
Essential Skills Required To Start A Graphic Designing Business
Below are some of the essential skills required to start a graphic design business.
1. Knowledge of Design Tools
You should have an in-depth knowledge of various graphic design tools such as Adobe Photoshop, Illustrator, CorelDRAW, etc.
Creativity is the key to success in this business. You should be able to come up with unique designs that stand out from the competition.
3. Communication Skills
Good communication skills are essential as you need to understand your client's requirements and deliver accordingly.
4. Marketing And Client Servicing
The ability to market your services and build relationships with clients is also an important skill for success in the business.
19. Create And Sell An eBook
If you are a writer, you can also consider writing and selling an eBook. It can range from any topic like self-help, fiction, non-fiction, recipe books, and more.
You can even collaborate with other writers for writing books. Alternatively, you can get the eBook completely written by a professional writer with inputs from your end.
So, you don't even have to be a great writer to create an eBook as long as you have a great skill or story to share.
Why Do I Recommend Selling An eBook?
I recommend writing and selling eBooks for the following reasons
1. Growing Industry
eBooks are the most popular digital products in the market today. The global eBook market in 2022 is worth $13.62 billion. It is expected to grow at 3.16% CAGR to $16.08 billion by 2027.
2. Can Be Self-Published
Unlike physical books, you don't need to find a publisher to publish your books. If you want, you can self-publish the eBook and get an ISBN for the same or you can sell it even without an ISBN.
3. Passive Income Source
eBooks are generally considered to be a passive source of income. You can write the eBook and list it on Amazon or other platforms and continue to generate revenue from it for a lifetime.
Essential Skills Required To Create And Sell An eBook
Some of the essential skills required to sell an ebook are
1. Excellent Writing Skills
You should have great writing skills to create content that readers find interesting. Of course, as I said, earlier, if you can't write, you can hire professional writers for writing on your behalf.
Creative thinking is also essential as you need to come up with unique ideas and content that readers can relate to.
3. Marketing Skills
To sell an eBook, you've got to be a great marketer as you will be responsible for marketing the eBook and reaching out to potential readers.
Where To Sell Your eBooks?
There are various options for you to sell your eBook. Below are some of them
2. Start a WordPress Blog and promote it by growing your audience organically or through paid ads.
3. Create a beautiful Landing Page with reader testimonials and reviews quickly using LeadPages Landing Page Builder and run ads to promote your eBook.
4. If you are a social media influencer, you can leverage the platform by promoting your book to your social media followers.
20. Online Tutoring Business
If you are an expert in a particular subject, you can make some good money by starting an online tutoring business. This is one of the best businesses for teachers who want to start an online business without investment that can give them some extra part-time income.
However, it doesn't matter if you are a teacher, a lawyer, or a doctor. As long as you have great knowledge of something and the passion to teach others, you can make money with the online tutoring business without much hassle.
Why Do I Recommend Online Tutoring?
I recommend Online Tutoring for the following reasons
1. Growing Industry
Online tutoring has been growing rapidly since the pandemic started. The global online education market is set to grow at a CAGR of 10.17% to become a $238.4 billion industry by 2027. So, there is definitely scope for growth.
2. No Geographic Boundations
Unlike conventional offline teaching jobs, you are not limited to teaching students in your locality or city. Rather, you can teach students from across the seas.
3. Flexible Working Hours
Online tutoring is quite flexible when it comes to working hours. You can choose your time slot as well as the number of hours you'd like to teach. So, you can even start this business part-time with your 9 to 5 job.
Skills Required To Become An Online Tutor
To become an online Tutor you need the below skills
1. Subject Matter Expertise
One of the most important skills to become a good online tutor is to have a thorough knowledge of the subject you are planning to teach. If you aren't good at it, you might struggle with this business
2. Good Teaching Skills
You should have the skills to teach complex terms in a simple manner for students to be able to grasp the same
3. Problem-Solving Skills
Problem-solving skills are essential to better handle student queries and doubts.
4. Degrees or Certifications
Most online teaching platforms do require you to have a professional degree or a certification. However, some of them don't have any such criteria.
Where To Find Students For Online Tutoring?
21. Sell Your Online Courses
If online teaching is not your thing you can monetize your expertise by creating and selling online courses.
However, unlike online teaching where you just need good teaching skills along with subject knowledge, for selling online courses you must know what people want to learn and how you can deliver them value.
While selling courses is not easy and straightforward as online teaching, it can create a passive source of income for you.
Why Do I Recommend Selling Online Courses?
Below are the reasons I recommend selling online courses
1. Growing Market
The e-Learning market is a huge industry with a global turnover of $315 billion in 2021. This is projected to increase at a 20% CAGR during the 2022-2028 period to become a $1 Trillion industry by 2028.
This shows people are keen on taking online courses from the comfort of their homes as opposed to enrolling in offline courses which open up doors to success for online course creators.
2. Passive Income
If you sell online courses, you can earn passive income that gets you money even while you are on a holiday with family or on a sabbatical.
3. Unlimited Earning Potential
Unlike online teaching wherein your earning potential is limited by the number of hours you can work, with online courses, there is no such limit. So you can sell the same course to as many people as you can for unlimited earning potential
How To Create An Online Course
Below are the various steps to creating an online course
1. Choose A Topic
The first step is to choose a topic that you're an expert in. It can be anything, such as SEO, web development, English Learning, cooking, baking, etc.
2. Find A Need
Once you've chosen the topic for your course, it's time to find a need in that particular field. For instance, if you're an SEO expert, you can create a course that helps people learn the basics of SEO and how people can use it to grow their blog or business.
3. Decide The Medium Of The Course
The next step is to decide the medium of your course. You can create a text-based course, video course, or both.
4. Create The Outline
The next step is to outline your course. This is where you'll decide what topics to cover in your course, how many modules or lessons will be there, etc.
5. Create The Course
Now it's time to create the actual course. You can either do it yourself or hire someone to do it for you.
6. Publish The Course
You can sell your course through multiple channels. More on that in the next section.
Where To Sell Your Online Courses?
Once the course is ready, it's time to sell it and make money. There are two ways to do that-
1. Sell On Marketplaces
The simplest way to sell your course is to list it on a marketplace like Udemy.
When you list your course on such marketplaces, they will take care of the entire promotion and marketing for you. You just need to worry about creating high-quality content for your course.
On the downside, you will have to share your profits with them. And the charges are steep.
If a user directly buys a course through Udemy, they keep 63% of the course price while you get just 37% of it.
2. Sell On Your Website
Another option is to sell your courses through your own website. This is a great option if you want to keep all the profits to yourself.
To get started, you will need to first create an e-learning website with WordPress LMS plugins like LearnDash that will help you create and sell your video courses easily.
Next, you can either create a Landing page and use Facebook Ads to drive people to your course or you can start a blog and then create funnels to sell your courses.
The advantage of selling courses on your own website is that you get to keep all the profits to yourself. You also have full control over pricing and can offer discounts if you want to.
Skills Required To Start An Online Course
Below are some of the basic skills required to successfully start an online course.
1. Technical Skills
Online courses require basic technical skills to manage LMS platforms. For video courses, you also need to know how to record and edit the videos.
2. Communication Skills
Excellent communication skills can help you explain course content and instructions clearly which is an essential part of online courses.
3. Marketing Skills
To be able to promote your course to your target audience, you need strong marketing skills.
Tools Recommended To Create An Online Course
Below are some of the tools that you can use to create your course
However, if you are low on budget and can do with a slightly reduced video quality, you can create a course with your Smartphone along with a cheap Lavalier Microphone. Though, that might affect the overall quality of your course and make it look cheap leading to negative reviews.
You will only need the below tools if you choose to host your own online course
3. Domain Name And Web Hosting: If you want to create a website for your courses, then I recommend creating it on WordPress. Since WordPress requires a Domain Name and Web Hosting, I recommend getting it from Dreamhost if you are looking for affordable solutions. They also offer a free domain name for 1 year with their hosting plans.
4. Course Creation Software: For building the course, you can use LearnDash WordPress Plugin. I'd suggest going with Thrive Themes if you are looking for a Theme and Page builder as well as a leads collector plugin, in which case Thrive Themes' Thrive Suite turns out to be super cheap.
5. Email Marketing Software: For email marketing and staying in touch with your students, I recommend using Active Campaign.
I use Encharge for Email Marketing. However, I don't recommend it to beginners as it is more on the expensive side.
22. Domain Flipping Business
Domain Flipping is a business wherein you invest money to buy good domain names you think people might be interested to buy and then resell them at higher prices.
This might sound like a pretty straightforward business. However, Domain Flipping is not easy. It requires a lot of research and experience to invest in the domain names that brands would be interested to buy at a premium price.
Professional domainers usually have a portfolio of hundreds of attractive domain names. Several of these Domain Names remain unsold for years and some of them are never sold.
Why Do I Recommend Domain Flipping Business?
Below are the reasons I recommend starting a Domain Flipping Business
1. Huge Scope
According to Verisign, there were 351.5 million registered domains at the end of Q2 of 2022 out of which .com domains were a whopping 161.1 million.
The data also shows that just the .com and .net extensions saw $10.1 million new domains registered during the second quarter of 2022. That's about 336K new domains registered each day.
With most of the popular and brandable domain names already taken, brands and individuals are willing to pay a premium price to domainers to register the domain name of their choice.
And with so many new domain names registered each day, the demand for premium domain names is ever-increasing. So, investing in the right domain names might just turn into a profitable business.
2. Low Competition
The domain flipping business is not as saturated as other online businesses. This means if you do the research and find the right domain names, there are vast opportunities for you to make a great income.
3. No Technical Or Hard Skills Needed
You don't need any technical or hard skills to get started with the Domain Flipping business. All you need is some research skills and the ability to pick human minds to find domain names that people will be willing to buy at a premium price
Skills Required To Start A Domain Flipping Business
Below are some of the skills you will need to succeed in Domain Flipping Business:
1. Research Skills
You must have strong research skills to find domain names that are attractive to brands and individuals who are willing to pay a premium price for them.
2. Negotiation Skills
You will need good negotiation skills to be able to negotiate the best possible price for your domain names.
3. Business Acumen
Along with research and negotiation skills, you must also have a good understanding of business and marketing if you want to succeed in this business.
Where To Buy And Sell Domain Names?
Domain Names can be bought for a cheap price of $10 or even lower at websites like Namecheap and Dynadot. As for selling them, you can list domain names at Marketplaces like GoDaddy Auctions, Flippa, and Sedo.
23. Website Flipping
In Website Flipping, you buy a domain name, build a website on it, get it ranked on Google SERP through your knowledge of SEO, and then sell it at a premium price. You can also buy a working website from Marketplace and then resell it at higher pricing.
To be able to fetch a good price, your website should contain quality articles and at least a few of these articles should be ranking well on the Google SERP.
Why Do I Recommend Website Flipping?
Below are the reasons I recommend starting a Website Flipping Business
1. Profitable Business
Website Flipping is a highly profitable business. Websites are usually sold for 25x-40x their monthly profits.
So, if you can buy a Domain and Web Hosting for $35.4 and scale up the website to generate an income of just $300 per month in the next 6-8 months, you should be able to sell it for around $8000 to $12000.
So, if done right, there is a lot of money to be made in website flipping.
2. Relatively Low-Risk Business
The risk involved with Website flipping is minimal. This is because the cost of building or buying a website is usually not high. And even for the amount you pay, if you are not able to sell your website, you can still make money by monetizing it.
3. Low Barrier Entry
As I said, you can also start small by buying a domain name and web hosting and building the website from scratch. If you handle SEO and content generation all by yourself, your investment in the business will be negligible.
Skills Required To Start A Website Flipping Business
1. SEO Knowledge
You must have good knowledge of SEO to be able to scale up the website's traffic and income.
2. Content Creation
To scale up websites you'll have to create content regularly. Hiring a content writer will add up to your costs. So, content writing skills can help you reduce your expenses thereby maximizing your profits.
3. Negotiation Skills
Negotiation skills are a must-have if you want to make sure you get the pricing for your website.
Marketplaces For Buying And Selling Websites
24. Sell Your Merchandise On Your Own Website
Starting an eCommerce Store is one of the best business ideas if you are already a small business owner looking to expand your existing business. However, it is also recommended for people looking to start a product-based business.
Why Do I Recommend Starting An eCommerce Store?
An eCommerce store is one of the best small business ideas for 2024. And I say this for the following reasons
1. Growing Industry
As per Statista, the e-commerce business across the globe surpassed a mammoth figure of $5.2 trillion and is expected to grow to $8.148 trillion by 2026 with an overall growth of 56% in 4 years.
The growth prospects are even higher in developing countries like India where the e-commerce sector is largely unorganized.
Apart from the growth prospects, the eCommerce business is highly scalable. You can start with a few products and gradually scale up as your store gets popular.
3. Limited Geographic Constraints
As with traditional businesses that are usually limited to a city or even a locality, with an online store you can sell and ship your products throughout the country and in some cases, even globally.
4. Lower Costs Than Traditional Stores
To get more customers to a traditional business you need a store in the city center which can burn a hold in your pocket especially when you are new to the business with not a steady income. You'll also need more manpower to cater to the customers.
However, when you start an eCommerce store, you can get a cheap warehouse on the city outskirts and work with a limited staff.
What Skills Can I Learn To Successfully Run My e-Commerce Store?
To successfully run an e-commerce store, you need to have some basic technical skills such as
1. Sourcing Products
Finding the right vendors who can provide quality products at reasonable prices is a critical skill that can make or break your business.
2. Digital Marketing Skills
You need to know the basics of Digital Marketing such as SEO, Social Media Advertising, and Email Marketing. These skills will help you create effective marketing strategies that can drive traffic to your store and generate sales.
3. Analytical Skills
Data is very important to understand what's working and what's not. You need to constantly analyze data so that you can figure out ways to improve sales.
4. Customer Support
Excellent support both before and after sales is important for customer satisfaction. You need to make sure that your customers are happy with the products and services they receive from you.
Recommended Hosting For Starting An E-Commerce Website
As said earlier, Shopify or WordPress with WooCommerce plugin is recommended for starting an e-commerce website. Out of the two, Shopify offers its own hosting so you don't have to buy hosting separately.
I recommend a premium hosting company for e-commerce sites over cheap ones because if your website becomes inaccessible due to your web hosting going down, it can result in huge losses for your business.
How Much Does It Cost To Start An e-Commerce Website?
Below are the costs that you should keep in mind while starting your e-Commerce store.
1. Inventory Cost
The cost of inventory includes the cost of acquiring the inventory, storing the inventory, and also losses due to unsold inventory.
This directly depends on the size of your business. However, it also depends on the type of products.
Fast-moving items usually have low inventory costs while slow-moving items can greatly shoot up your storage costs. Likewise, perishable items with lower shelf life will have higher inventory costs.
2. Development Cost
If you choose to hire a developer, your development cost can shoot up to a few hundred dollars or might even go into 4 figures if you are looking for an advanced e-commerce website. For DIY Shopify and WooCommerce websites, the development cost is usually negligible.
3. Domain Name And Web Hosting Cost
If you're going with Shopify, the hosting cost is included in the monthly subscription price starting at $29/month. You just have to buy a domain name that should cost you $10-$15 per month.
However, if you're using WordPress with the WooCommerce plugin, you'll have to pay for hosting separately. For eCommerce websites, I'd only recommend quality hosting which will cost you anything between $15 to $35 per month for a new store.
4. SSL Certificate
An SSL certificate is required to make sure that your website is secure and it will cost you around $50 – $100 per year.
5. Payment Gateway Cost
You'll need to pay a transaction fee of 2% – 3% for every sale that you make. In most cases, unless you want a lower transaction fee, there are no monthly or upfront charges.
25. Start An Amazon FBA Business
Amazon FBA stands for Fulfillment By Amazon. It is a very popular business model where you purchase items in bulk and then ship them to Amazon warehouses.
Once the product is received, Amazon takes care of packing, shipping, and even customer service.
Why Do I recommend The Amazon FBA Business?
Below are the reasons I recommend Amazon FBA business to start making money.
1. eCommerce Industry Is Growing
The e-Commerce space is booming with the e-retailer sales figure across the globe surpassing a mammoth figure of $5.2 trillion in 2021. And this is expected to grow to $8.148 trillion by 2026 with an overall growth of 56% in 4 years.
Talking about the global scenario, despite not having a presence in all the countries, Amazon's Global Marketshare is pegged at 13% of overall online GMV with a strong presence in the UK, Canada, India, and several other European countries including Germany, France, Italy, Spain and more.
All this makes starting an Amazon FBA to be a great business idea for 2024.
2. Get More Sales
With such huge traffic, if you can optimize your product to rank at the top of Amazon Results, you can easily push your product to loyal Amazon buyers.
3. Leverage Amazon Shipping
Amazon has one of the largest shipping networks. By starting as an Amazon FBA, you can leverage this network to sell your products to every corner of your country and even internationally.
4. Save Costs
With the Amazon FBA program, Amazon will store your products in their warehouse and also handle the billing and shipping for a small price. This cuts down your recurring expenses for inventory management and billing staff salary.
So, you can start small and slowly scale up as you start generating profit from the business.
Skills Required To Start An Amazon FBA Business
Below are the skills required to start an Amazon FBA Business
1. Product Sourcing
You must have good product sourcing skills to find profitable products at cheap prices. If you don't have suppliers' data, you can use Jungle Scout to find the list of suppliers for an Amazon Product using Amazon ASIN and then get a quote from them.
2. Product Listing Skills
Amazon is a search engine in itself. To make sure buyers can find you have to optimize your product titles and bullet points to make sure they include all the keywords people use to find the product.
3. Negotiation Skills
Negotiation skills are a must-have if you want to get the best deals from suppliers.
Tools Required To Start An Amazon FBA Business
Below are some of the tools that can help you scale your Amazon Store to new levels
1. Jungle Scout
Jungle Scout is a complete Amazon Store management tool that helps you find Amazon products with maximum earning potential, track how these products sell over time, find out competitor keywords, optimize your Amazon Listing for Amazon SEO, track keyword performance over time, and more.
However, to be what stands out for Jungle Scout is the ability to find product manufacturers just by entering the Amazon ASIN number. Sourcing quality products at the best rates can be the toughest of the Amazon FBA business and Jungle Scout makes it super simple to do so.
2. Seller Central
Seller Central is Amazon's own platform for sellers. You can use it to manage your inventory, process orders, track performance and get access to reporting. It also provides notifications about changes in prices and product demand so that you can make essential business decisions quickly and stay ahead of the competition.
26. WordPress Themes And Plugins Business
WordPress Development business is great. However, there are two major challenges with this business that can limit your potential
1. For an individual or even a Startup, custom WordPress Development can shoot up their business setup costs.
2. The income from WordPress development is non-passive. This means the moment you stop working, your income will go back to zero. So, if you go out for a vacation or just take a sabbatical, your income will take a beating.
Here comes WordPress Theme And Plugin Development to your rescue. While a custom theme can help businesses design their blog, WordPress plugins help them to extend the functionality of WordPress
You can create a WordPress theme and plugin for one time and sell it to any number of people you wish. So, you can make the pricing affordable for end businesses making them sell like hotcakes.
Most themes and plugins are sold for under $100/year while a custom website can cost you anywhere between $200 to several thousand dollars.
So, it's a win-win situation for everyone.
Why Do I Recommend WordPress Themes Development Business?
Below are the top reasons why I recommend starting WordPress Themes and Plugin development business.
1. Huge Scope For Growth
WordPress is the largest CMS in the world. As per W3Techs, it currently powers over 63.8% of all websites using a CMS or 43% of all the websites on the internet, with or without CMS. Shopify is a distant second with a market share of just 5.8%.
To talk about numbers, with 1.8 billion websites on the internet, a 43% market share comes down to around 774 million WordPress websites. Of course, only a small fraction of these websites are active.
Some estimates put this number at 24 million websites. So, although not as huge, we are still talking about some big numbers here.
Since Themes and Plugins can get you the needed functionality for a fraction of custom development costs, most of these active website users prefer using WordPress Themes and Plugins over custom-coded websites.
According to some estimates, the overall WordPress plugin market size is estimated to be around 1 billion and as per other estimates, the WordPress Themes market size is around 50 million dollars.
And with 500+ WordPress websites getting added each day, these figures are only expected to swell up in the coming years which opens up a huge opportunity for developers to cash in.
2. Passive Income
You can create a WordPress Theme or Plugin today and sell it to any number of WordPress users which makes the income from this business to be passive. However, it's not fully passive as you still need to release regular features and security updates for your Themes and Plugins.
3. Scalable Business
You can start with a single WordPress Theme or a Plugin and then develop more products as you start getting results.
Skills Required To Start WordPress Theme And Plugin Development Business
Below are some of the skills you need to start a WordPress Theme And Plugin Development Business
1. Coding Knowledge
2. Knowledge of WordPress Best Practices
While in custom WordPress development WordPress best practices are often overlooked, the same can't be done for WordPress Theme and plugin development as your themes and plugins will be used with several other plugins
So, you don't want to be in a position where you end up spending hours troubleshooting compatibility issues.
3. Excellent UX/UI Design Skills
Since people buy WordPress themes to make their websites more visually appealing and UX friendly, it's imperative for you to make sure your WordPress Theme doesn't disappoint prospective buyers.
4. Marketing Knowledge
Just like in any other business, marketing your WordPress themes to the right audience is crucial for success in this business.
So, knowledge of digital marketing will help you market and sell more WordPress Themes.
Where To Sell Your WordPress Themes?
Below are some of the places where you can sell your WordPress Themes
1. WordPress Themes Repository
WordPress has a dedicated Themes Repository. However, it requires you to have a free GPL version of your Theme to get listed there.
Most WordPress Theme companies create a free version of the Theme with limited customization options with paid upsells within the Theme settings for people looking to customize their website.
2. WordPress Themes Marketplaces
Another great place to sell your WordPress Themes is marketplaces like ThemeForest and Template Monster. These marketplaces have a dedicated audience for WordPress Themes and offer you the advantage of reaching out to them without spending much time or money on marketing.
For WordPress plugins, you can try CodeCanyon.
3. Your Own Website
Of course, you can create your own website too and market/sell your WordPress Themes directly. This helps you to keep a bigger chunk of the profits as compared to selling on the marketplace without needing to offer a GPL license for your Theme.
27. Become A Social Media Influencer
Social Media is no longer just a way to connect with friends and family. It is one important tool for businesses to advertise their products and hiring Social Media Influencers who have a large fan following is one of the ways brands prefer to reach out to their target customers for advertisements.
So, if you are a Social Media Junkie and have a large following on Twitter or Instagram, you can get paid big amounts to endorse products from brands.
Why Do I Recommend Becoming A Social Media Influencer?
Below are the reasons I recommend becoming A Social Media Influencer
1. Growth Prospects
With the rise of platforms such as Instagram, YouTube, and TikTok, Social Media Influencer marketing has picked up pace in the last few years.
As per a report, the Social Media Influencer market is set to grow at a CAGR of 32% during the 2016-2025 period.
A high CAGR for the industry shows that brands are willing to spend more money on Influencer Marketing opening up more opportunities for influencers.
2. Opportunities To Work With Big Brands
Social Media Influencers often get the chance to work with some of the biggest brands.
Once you build your reputation and fan following on social media, brands will reach out to you for collaboration opportunities which can be quite lucrative.
3. Get Paid For What You Already Do
If you are an active user of Social Media, then becoming a Social Media Influencer gives you the opportunity to get paid for what you already do.
All you need is to build your fan following and prove yourself as an influencer in order to start getting paid by brands for endorsements and collaborations.
Skills Required To Become A Social Media Influencer
Below are some of the skills required to be a successful Social Media Influencer
Creativity is an important skill to have if you want to be a successful Social Media Influencer.
You need to come up with unique and creative ideas for your posts that will help you stand out from the crowd.
2. Communication Skills
Communication skills are also important for Social Media Influencing. You need to be able to communicate effectively with your followers in order to engage them and ensure that your posts get a good reach.
3. Awareness About The Latest Trends
It is also important for you to be aware of the latest trends in Social Media so that you can create content that resonates with your followers.
Tools Required To Be A Social Media Influencer
Below are some of the tools that will help you in becoming a successful Social Media Influencer
1. Visual Content Creation Tools: You can use visual content creation tools such as Canva, Adobe Photoshop, and Adobe Illustrator to create stunning visuals for your posts.
2. Analytical Tools: Analytical tools such as Hootsuite and Buffer will help you to track the performance of your posts and see which topics are resonating with your followers.
How Did I Compile This List Of Online Business Ideas For 2024?
Below are some of the factors that I considered while shortlisting business ideas to be added to this list
1. Growth Prospects
Over the past month or so, I've spent a lot of time researching various online business ideas that are expected to thrive during the 2023 to 2030 period and even beyond.
I've looked through several research reports predicting the scope of business in the years to come. And based on my findings, I've either included businesses that are expected to grow rapidly in the coming years or some of the existing businesses that are expected to be stable.
2. Capital Requirement
I also kept in mind how much capital would be needed for starting different online businesses.
For example, most of the businesses in this list require minimal capital. There are a few that may need more than average but still nothing too hefty to get started.
3. Profit Potential
Another factor that I kept in mind while curating this list was the profit potential each business offers - both short-term and long-term.
People start businesses as they want to make sure they earn more than their 9-5 jobs. However, if the businesses are not scalable, their income will remain stagnant and they might end up in a situation where a 9-5 job colleague of theirs is making more money.
So it was important for me to include only those ideas that can be scaled up with time, so you can make more money as your business grows.
5. Impact Of AI And ML On The Business
Finally, I kept in mind the impact of upcoming technologies such as Artificial Intelligence (AI) and Machine Learning (ML) on these businesses.
Online businesses are the ones that are more likely to be affected by these changes. So, I've included those ideas that will not be disrupted anytime soon or with slight tweaks can easily adapt to the changes.
Now that you know the criteria I used to shortlist these online business ideas, let's dive into each one of them.
FAQs About Online Business Ideas 2024
Below are some of the FAQs about Internet Business Ideas for 2024
1. What Kind Of Online Business Is Most Profitable In 2024?
Any online business that can be vertically scaled without much investment have higher chances of turning profitable in 2024.
Some of them include Blogging, Search Engine Optimization (SEO), Web Development And Design, Digital Marketing, Affiliate Marketing, Web Hosting Business, Social Media Marketing, Selling eBooks, Selling Online Courses, Domain Flipping, Website Flipping, Starting Amazon FBA Business, Developing WordPress Themes, Becoming A Social Media Influencer
2. What Business To Start In 2024?
Any business that uses digital platform are great to start in 2024 as digital businesses are expected to grow faster than offline businesses.
3. What Are The Most Profitable Online Businesses In 2024?
Some of the most profitable online businesses in 2024 include Blogging, Search Engine Optimization (SEO), Web Development And Design, Digital Marketing, Affiliate Marketing, Selling Online Courses, Website Flipping, Starting Amazon FBA Business, Developing WordPress Themes, and Becoming A Social Media Influencer
4. How To Start A Profitable Online Business In 2024?
Each business is different and so is the planning and execution for each businesses. However, what matters the most is you pick the right business idea that has scope in 2024 and in the coming several years.
5. Which Is The Best Online Business To Start In 2024?
The best online business to start in 2024, depends on your skills, interests, investment capacity and several other factors. You can refer this blog post to see which business idea suits you the best.
6. What Are The Top 10 Online Businesses For 2024?
According to me, the Top 10 Online Businesses include Blogging, Search Engine Optimization (SEO), Web Development And Design, Digital Marketing, Affiliate Marketing, Selling Online Courses, IoT Development Business, Android Development Business, Content Writing Business, and iOS Development Business.
7. What Business Can I Start With No Money?
Businesses which you can start no money include Search Engine Optimization (SEO), Freelance Web Development And Design, Freelance Android Development, Offering Google Analytics 4 Advice, Becoming A Startup Advisor, Freelance Digital Marketing, Cybersecurity Business, Freelance iOS Development, Freelance Content Writing, Freelance Social Media Marketing, Online Tutoring, Selling Online Courses, and Becoming A Social Media Influencer
8. What Are The Cheapest Business To Start?
Some of the cheapest business to start that are also profitable include Blogging, Search Engine Optimization (SEO), Web Development And Design, Android Development, Digital Marketing, iOS Development, Content Writing, Social Media Marketing, Online Tutoring, and Becoming A Social Media Influencer.
9. Can I Start Business With No Money?
Yes, it's possible to start business with no money. Several of the ideas on this list requires no investment.
10. What Is The Safest Business To Start?
The safest business to start will be the one that requires low initial investment and high success rates. Some of these businesses include Blogging, Search Engine Optimization (SEO), Web Development And Design, Digital Marketing, Content Writing, and more.
11. What Are The Unique Business Ideas In 2024?
12. What Are The Best Business Ideas For Women In 2024?
Some of the best business ideas for women in 2024 include Blogging, Search Engine Optimization (SEO), Digital Marketing, Affiliate Marketing, Content Writing, Graphic Designing, Selling Crafts and more.
13. What Are The Best Business Ideas For Students In 2024?
Some of the best business ideas for students include Blogging, Search Engine Optimization (SEO), Web Development And Design, Digital Marketing, Affiliate Marketing, Content Writing, Social Media Marketing, Online Tutoring, Selling Online Courses, and Becoming A Social Media Influencer
14. What Are The Best Small Business Ideas In 2024?
Some of the best Small Business Ideas include IoT Development, Creating And Selling SaaS-based software, Web Development And Design, Digital Marketing, Cybersecurity Consultancy, Web Hosting Reseller, iOS Development, Android Development, Starting Amazon FBA Business, Starting An eCommerce Store, Developing WordPress Themes and more
15. What Are The Best Startup Business Ideas In 2024?
Some of the best Startup Business Ideas in 2024 include Blogging, IoT Development, Search Engine Optimization (SEO), Creating And Selling SaaS-based software, Android Development, Digital Marketing, Affiliate Marketing, Cybersecurity Consultancy, iOS Development, Selling On Amazon, Starting An eCommerce Website, and Developing WordPress Themes
Online Businesses are the need of the hour. However, finding profitable online business ideas is the most difficult part. In this article, I have listed some of the best online business ideas for 2024 that are sure to give you good returns.
If you ask me, I'd any day rate Blogging and Affiliate Marketing over other business ideas on this list. However, not everyone has the same skills and interest. So, you can pick the business idea that works best for you.
So, what are you waiting for? Go ahead and start your own online business today!