Executive Summary

The article discusses five potential business ideas that could be profitable in 2024. Some of the ideas include electronics repair, online courses, and personal wellness services. The article provides some data to support the potential profitability of these businesses, such as the growing demand for electronics repair and the increasing popularity of online learning. The article also suggests that starting a business in one of these areas can be relatively inexpensive.

More: 10 Best Business Ideas for 2024

List of 5 Best Business Ideas

Electronics Repair

Pew Research Center estimates that by 2021, over 75% U.S. adults will own a laptop or desktop computer. With more people working at home, the reliance on electronics is even higher.

When something goes wrong, people want to fix it as quickly as possible. Electronics repair is therefore a lucrative business. According to the Business Research Company’s 2022 report, the global market for electronics repair and maintenance is expected to grow between $8 billion in 2020 and $9.6 billion by 2026.

You could fix every iPhone screen, laptop battery, or Wi-Fi card that’s broken. You might even be more successful if your are willing to travel to the customer. Apple and other electronic retailers have been criticized for their long wait times. This could be a boon to mobile providers.

Mobile electronics repair businesses have some overhead costs in the form of the purchase of supplies. However, you don’t need to pay for a physical location.

Courses of study

Online entrepreneurs can provide courses on educational platforms, or directly through their websites. According to a report from Technavio, the U.S. E-Learning market has experienced rapid growth since the COVID-19 Pandemic. It is expected to grow by $21.6 billion by 2024.

Start your business with courses that are traditional academics. You could offer online instruction for grade-level reading and math, science, geography, history or test preparation. You could create a review program for parents who want to help their teens with algebra homework. The possibilities are endless if you’re creative.

Academic courses do not have to stop at high school or college. You can share your passion for political history, Buddhist theology, or rocket science by creating an online course. You’re not the only one who is interested in that subject.

Learn to speak a foreign language

According to the Census Bureau, currently, 1/5 of U.S. households speak a language other than English. The demand for online courses to learn languages is increasing as more and more languages are spoken across the country. According to a report by Technavio, the market is expected to grow by $5.7 billion between 2021 and 2026.

If you’re a linguist with a strong grasp of English or if you have mastered Swahili, you can teach someone else a new language.

If you are a native speaker of a language in high demand, like Mandarin, Spanish or Arabic, online-based courses for languages could be incredibly profitable.

Business or Marketing Courses

Since the COVID-19 pandemic began, the number of employees who are interested in changing jobs or working from home has increased. LinkedIn, for example, saw a 53% rise in global learning hours from 2020 to 2021.

In recent months, companies have increased or introduced new tuition reimbursement coverage. This means that workers now have more money to spend for these classes. According to the 2022 Harris Poll conducted on behalf of Fortune 14% of employees said their companies offered some type of reimbursement or coverage for online training. Over the past six month, 10% of employees stated their employers had expanded or launched a new coverage.

You can create online courses for a little money if you want to share your career knowledge. Topics include QuickBooks accounting software, WordPress web design, graphic design, or how to write an effective cover letter or resume.

Personal Wellness

Do you have a background as a therapist, counselor, yoga instructor, life coach, or long-time meditator? You can earn a lot of money if you are passionate about your wellness.

According to a report published by Allied Market Research in 2019, the U.S. accounted for nearly 50% of global yoga sales in 2017. According to the same report, by 2025, the U.S. market for yoga will grow at an annual compound growth rate (CAGR) of 11%. According to a survey conducted by OnePoll in 2019 and Eventbrite, Americans who practice yoga spend an average of $90 per month. The number of people who participate in wellness activities online is also on the rise. Yoga was the ClassPass digital workout that saw the highest increase in bookings in 2019, with a 25% rise.

As with many other options, starting a personal business is not expensive as long as you are knowledgeable.

Online courses cater to this desire. You could make money by sharing your expertise.

Conclusion

While the future is uncertain, there are several business opportunities that will be available in 2024. These ideas, whether they are based on capitalizing on an ever-growing market for electronics repair, venturing into lucrative online education, or catering to a booming personal wellness industry, offer the potential for financial success as well as personal fulfillment. Each path has its own set of challenges. The key is to identify your strengths, leverage available resources, and embrace the ever-changing landscape of digital business. Take a leap of confidence, sharpen your skills, and prepare to take advantage of the business opportunities in 2024.