10 Small Business Ideas To Try In 2024

The World Bank reports that small firms in India make up roughly 95% of all businesses and serve a major role in the nation's innovation and competitiveness. Moreover, The National Sample Survey Office reports that small companies account for 40% of exports and roughly 45% of manufacturing output in the nation. These numbers are enough to prove how small businesses are taking over and will continue to do so.

10 small business ideas

If you too are interested in the world of business and are looking for some small business ideas to explore in 2024, here are the top 10 ideas you can look into!

Let's begin by looking at what these businesses are before delving into the details and gaining a deeper understanding of the specifics of each small business idea:

1. Homemade Products
2. Social Media Management Consultancy
3. Online Tutoring
4. Personal Trainer
5. Online Clothing Store
6. Print-on-demand Products
7. Digital Event Planning
8. App Development Services
9. Digital Marketing Consultancy
10. Sustainable Products or Services

While the technical and physical requirements might differ for each idea, one can explore them to understand which idea matches their niche. To help you do so, we’ll get into the details of each idea. This detailed exploration will empower you to make an informed decision, ensuring that the chosen concept not only resonates with your goals but also seamlessly integrates with your chosen field's specific demands and nuances.

What does each of these Small Business ideas encompass?

Homemade Products

The global handmade crafts business reached $752.2 billion in 2022 and is predicted to grow 9.1% annually. The love for handmade products ranges between a wide array of items. From handmade jewelry, be it necklaces, earrings, or pendants, to handmade candles whose market is still growing and is expected to be worth $16.9 billion by 2031, to DIY soap bar dishes that can be crafted from wood, ceramic, etc., it’s a vast scenario.

Another spectrum of homemade products gaining popularity is the beauty industry. Interestingly the skincare, fragrance, cosmetics, and haircare segments of the beauty market brought in about $430 billion in revenue in 2022. Homemade beauty products such as lip balm, body scrubs, handmade soaps, etc. can be a space to explore opportunities within.

Homemade products

What can make selling these and any other homemade products even more fascinating is the online e-commerce marketplaces such as Amazon. With 18,000+ crorepati sellers, Amazon allows sellers to deliver 100% of India's serviceable pin codes. Moreover, the provision of various programs also gives sellers the chance to make their businesses meet the required goals.

Social Media Management Consultancy

There are currently over 4.8 billion active users of social media sites including Instagram, Twitter, Facebook, and WhatsApp. Interestingly, this figure is not constant since it stands a chance to change as there might be many new users creating a social account. Hence, Social Media management becomes a crucial part of any brand’s success. It’s worth exploring social media management consultancy as a small business idea in 2024.

A social media consultancy generally helps people and organizations research social media. This includes expertise in social media platform data gathering, social network content analysis, audience analysis, data analysis methods, digital research ethics, and how to interpret social network data. It’s suggested to explore your niche of expertise and then take the consultancy in the same, ahead.

Online Tutoring

Have you thought about being a small business owner as an online tutor? In 2023, the size of the global market for online tutoring services was estimated to be worth USD 8.78 billion. Between 2024 and 2032, the market is projected to grow at a rate of 15.1%. Hence, exploring online tutoring services as a small business idea in 2024 can be a good option.

Ranging from academic tutoring, a business idea that provides one-on-one instruction to students to help them improve their academic performance to music lessons that can help students of all skill levels learn a new instrument and work towards achieving their musical goals, to public speaking coaching that helps people to gain confidence and speak fluently in public, online tutoring has a vast array to explore as per your interest and expertise.

Personal Trainer

A personal trainer is a fitness specialist. They typically provide guidelines and instructions for exercise. They also encourage customers to get in better health. Fitness instructors who provide one-on-one and small-group instruction fall under this industry. Individualized diet plans can also be offered by personal trainers. The health and fitness club industry is expected to rise at the fastest rate in the Asia Pacific area between 2021 and 2026, with a compound annual growth rate (CAGR) of 7.21%.

Ranging from fun dance workout tutorials to fitness blogging, the array of personal training is pretty widespread. If you have an expertise and interest in Zumba and/or aerobics, you can explore it as a business option. Considering the data the global yoga market is expected to increase at a compound annual growth rate (CAGR) of 9.6% from 2021 to 2027, from its 2019 valuation of $37,462.5 million to $66,226.4 million.

Online Clothing Store

In 2022, global retail e-commerce sales grew to a record high of an estimated 5.7 trillion USD. Hence, making this an idea to try one’s hands in. To start your online clothing store, it is advisable to prepare a business plan, conduct market research, determine the viability of the venture financially, select an effective marketing approach, and so forth.

Online clothing store

Similar to a physical space that a business owner rents out to run a business from, an online marketplace that matches your online clothing store goals plays a crucial role in giving your business a chance to grow. Amazon Marketplace gives your business a chance to reach crores of customers on Amazon.in.

Print-On-Demand Products

Print-on-demand products (“POD”) are another service sellers can explore.. You may do away with expensive upfront expenditures and inventory management with POD. Only after a customer purchases your online business are your things manufactured. Hence, making it pretty simple to manage without really breaking your bank.

The range of POD is quite wide to explore your expertise and interest in and build a niche henceforth. For instance, one particularly well-liked category is personalized posters with names, family members, and pets, as well as custom posters tailored to particular niches. Establishing a wall art POD business allows you to target particular markets. Additionally, creating trendy and seasonal artwork is always an option if you want to increase sales all year round. Or you can POD mugs or bags - this could be an opportunity to offer bulk orders and build corporate partnerships. With a mug or bag POD business, you can create mug designs for these specific events or audiences. Selling these online on a marketplace like Amazon.in can be a good idea considering the reach it provides being India’s one of the most visited shopping destinations.

Digital Event Planning

As per the data Virtual event organizers ranked increased event registration (36%), greater ROI (26%), and greater attendee engagement (25%) as the best advantages of virtual events compared to offline events. If this looks like an idea you would be interested in exploring more, you should also note that legal and regulatory formalities are part and parcel of the business world. Hence, it is essential to get done with registration and any other legal documentation. Think about getting an understanding of CRM programs like Pigeon, Hubspot, and Salesforce. Another area you should explore is event management software and the system. With the bare minimum of understanding, you could provide a seamless and customized experience for the attendees, organizers, and members. Utilizing social media management tools to monitor interaction can give you a chance to analyze future developments with the apt information you need. Once done, it is also crucial to understand your target audience and promote your business leveraging each event you host. Sending newsletters, flyers, or sharing short videos to create hype could be some of the promotion strategies.

App Development Services

App Development Services refers to designing a mobile application that meets a business's unique needs and goals. Businesses may boost sales, client engagement, and loyalty through app development. It can also enhance overall efficiency by streamlining internal procedures.

App development services

In the digital age, apps have become essential tools for businesses. They provide an uncomplicated and tailored method of client communication, streamline processes, and increase user engagement. In 2024, the revenue in the Smartphones market in India is estimated to be US$44.6bn, which highlights the enormous income potential of the mobile app business. By 2027, the mobile app market is expected to generate $753 billion in sales, according to Statista.

Considering these numbers providing app development services could be a great opportunity to explore as a small business idea in 2024.

Digital Marketing Consultancy

A digital marketing consultant's primary responsibilities include creating a digital marketing strategy and managing the efforts of other marketing experts who are tasked with putting it into action. Ranging across a spectrum of SEO consultancy, content marketing, email marketing, affiliate marketing strategy, and many more these marketing experts play a crucial role in building a digital marketing consultancy.

In 2023, the digital marketing market in India was valued at USD 5,118.55 million. The market is projected to expand at a compound annual growth rate (CAGR) of 30.3% from 2024 to 2032, with a target valuation of USD 55,372.78 million. The key driver of the industry is the growing inclination of the world's population towards digital media platforms making it a potential opportunity to explore in 2024.

It is suggested to focus on one area of expertise rather than attempting to attract clients from many industries. It gives you a chance to standardize your workflow, create more success stories, and establish yourself as the go-to person in that niche for digital marketing by specializing.

Sustainable Products or Services

Sustainable products

Energy-efficient or environmentally friendly accessories, technologies, and equipment are now being used by 57% of businesses. The data showcases the business world is shifting towards eco-friendly practices and hence having a sustainable business idea looks like an explorable opportunity considering the wokeness of people towards sustainability.

There are infinite sustainable products or services you could try your hands in as per your niche and interest. For instance, plastic cutlery and bags are becoming a thing of the past. Hence you could build a business that sells reusable products - be it straws, bags, face masks, etc. Or selling second-hand items could be another opportunity such as books, clothing, shoes, etc. For this, it is advisable to begin with your interests, consider what you could readily source or already own, how you would market your firm, and who your target market is.

Summary

While the list of business ideas to be explored in 2024 is long, these 10 small business ideas could be great to dive into realizing one’s interest and specialization. It is also important to note that since the number of online shoppers is predicted to increase to 427 million by 2027, it is crucial to take your business to online marketplaces. If you have a business idea that can be taken to the Amazon marketplace, to give it a chance to grow, - register today!

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