When you look up ‘business’ in Google or any other search engine, the suggested keywords are likely related to business and startup ideas. Even when you’re highly satisfied with your job, when the entrepreneurial bug bites, it’s hard to resist trying new things out. However, which idea is right for starting a new business?
Lucrative startup ideas for entrepreneurs in 2024:
1. Low-cost startup idea – Event planning
Startups are always low on money. So, when we talk about low-cost business startup ideas, it refers to building a business with a shoestring budget. While several businesses can be started with very limited personal funds, event planning presents a lucrative opportunity. It’s the perfect business model for entrepreneurs who love to plan parties and are highly organized.
You don’t need to go big or go home on this one. Look into low-risk options like small birthday parties and school reunions that are easy to organize and require very little capital. You can also offer a few events for free to gather experience, spread your name, and build connections. This also allows you to build a portfolio with images and videos for your website and social media channels. It’s an effective way to start and grow your business without compromising the advantages of bootstrapping your own startup.
2. Home business ideas – Grow a monetizable audience
If you have a blog, make YouTube videos, trendy TikToks, or Instagram reels, you’re already aware of the potential of a sizable audience. With a sizable audience, you can find monetizing opportunities to create a sustainable business. For instance, if you are a creator with thousands of subscribers on YouTube or a blogger who consistently gets millions of clicks, considerplanning a new ventureto monetize your audience.
This can be in the form of:
- Ad-revenue
- Selling merchandise or digital goods to your audience
- Starting affiliate marketing
- Getting sponsors for your content
3. Start a niche rental business – E-bike rentals
Rental businesses always come up as one of the top startup business ideas as long as you nail the niche. Research the market to assess demand for a particular product and figure out if it’s viable enough to build a strong rental business. For instance, E-bikes are a hot commodity in the rental market.
They allow you to provide your customers with an effective solution for commutes within the city or test out a new sport. As cars continue to get more expensive and cities struggle to provide effective public transport solutions, e-bikes provide an affordable solution. If you live in a city or region that gets a lot of tourists, your e-bike rental business has a paved path to success.
4. Start a delivery-only restaurant – Ghost kitchen
Opening or running a profitable restaurant costs a lot of money. You must scout a good location, pay a high rental fee, hire highly qualified staff to serve your patrons and invest in decor to stylize your establishment. That’s why restaurants have razor-thin margins and one in three don’t survive the first year.
No wonder ghost kitchens have popped up as an innovative idea for business startups. Ghost kitchens aren’t just thriving, they are on the rise. You can open one in your basement as long as you adhere to the health and safety codes and start a profitable business by partnering with food delivery apps. With a charged-up entrepreneurial spirit, you can expand to several locations at an astonishing breakneck pace when your brand gets recognizable enough.
Great startup business ideas don’t need to be grand. They simply need to be sustainable, should be easy enough to execute, and deliver a good return on your investment. Stay updated on such ideas and all things business by following our blog.
Amilia Brown is a seasoned business writer & strategist who simplifies complex business concepts and turn them into engaging narratives. As a trusted business writer, she delivers actionable insights with precision.
