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Profitable Small Business Ideas in 2024

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The wave of digitization has swept several industries across the world. While it has helped bridge the gap between a business and customer, it has also opened the doors to many new companies. Be it groceries, stationery products, health and fitness or services such as SMS, etc. the scope of profits powered by the digital world is endless.

Statistics suggest that the total miksemar global eCommerce sales for the year 2019 were 3.5 trillion-dollars. By the year 2024, the sales are estimated to reach a whopping 6.542 trillion dollars. When we talk of eCommerce, the first thing that comes to mind is brands like Amazon, Flipkart, Alibaba, etc. Even though these are some of the industry’s top players, it doesn’t mean that all small businesses are struggling.

Reusable Bags

Climate change is an existential crisis, and every nation is accepting it. Be it the visible changes or extensive awareness campaigns by activists; people are becoming more aware. Some are realizing the importance of reusing bags and reducing the amount of plastic waste. So, if you have a business idea revolving around preserving the environment, you can start materializing it instantly. For example, start a business that sells reusable plastic bags.

Furniture

Furniture is one of the evergreen business categories. Now that even the smallest things we require are being sold online, furniture presents a huge market. You can start selling furniture and at the same time also offer an option for people who want their furniture to be custom made. Whether we enter the age of AI, the demand for furniture will always prevail in the market. You can choose to set up a manufacturing division for furniture or start a dropshipping business without risks.

Shoe Laundry

This type of business hasn’t earned a lot of popularity, even in the most developed countries. Quite underrated, the shoe laundry business has a lot of potential and close to none competitors. With people buying expensive shoes or seasonal ones like boots, it becomes essential to take care of them from time to time. Be it polishing or mending minute scratches on leather shoes, and there’s a lot that you can do with this revolutionary business idea.

Athleisure

Once a non-existent business, Athleisure is one industry that has fulminated like nothing else. People are now using athleisure daily, regardless of whether they’re working out. Statistics suggest that the athleisure market will be worth a striking $215 billion by the end of 2022. This makes it one of the best profitable ideas for small businesses.

Plus Size Clothing

The standards of beauty are changing in today’s world. This shift from the skinny model culture to being comfortable in one’s skin is not just much needed for the society but also a profitable business proposition. Plus size clothing is an excellent opportunity for small businesses to enter and establish their expertise in. Being a standalone niche, It is one of the top business ideas of 2021.

Wireless Earphones

If there’s been one consistent trend in the electronics industry, switching to wireless equipment has been switched. People are no longer interested in getting into the hassle of tangled wires. Even statistics suggest that the wireless earphone category is growing at a 7 percent rate and own a share of 31 percent in the market. This gives quite an opportunity for small business owners to venture into the niche.

Posture Correctors

The working population is facing a lot of posture defects in today’s world. Blame it on the long work hours during which some even forget to take a break and stretch in between. As a result, we hear a lot of back and neck pain issues. What we intend to say is that the chiropractic field is a massive opportunity for small businesses.

Phone Cases

While they might not seem like a big business, the reality is quite distant. The phone accessory industry is, in fact, worth $121.72 billion. This also includes other products, but despite this, phone cases are something that almost every smartphone owner possesses. Be it for the sake of protecting their phone against a drop or making it more stylish, phone covers are becoming everyone’s favorite. They make an excellent option for small businesses because of their low investment and higher customer demand.

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