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The 15 Most Profitable Small Businesses to Start in 2024

Introduction to Successful Small Business Owners

We recently compiled a list of the 15 Most Profitable Small Businesses to Start in 2024 and in this article, we will look at the most profitable business.

Louise Dean’s Story

On February 6, Business Insider discussed the entrepreneurial journey of Louise Dean, an inspiring author who pivoted to become a writing coach. She opened a writing school and has trained over 1,500 people so far. She started her career as a poet and writer and was awarded several accolades for her novel, Becoming Strangers. Soon, she realized that writing is a team effort and set up a writing school, The Novelry. Within no time she had almost 200 subscribed members. She then created a website to record her everyday tasks and arranged one-on-one Zoom calls to discuss stories with other authors. Dean then pivoted her career and drafted courses to become a writing coach. She runs 40 live classes and workshops monthly with authors and editors. Her courses are priced between $630 and $4,428.

How AI legalese decoder Can Help

With the help of AI legalese decoder, budding entrepreneurs can easily navigate the legal jargon and complexities involved in starting a small business. This AI tool can assist in interpreting legal documents, contracts, and terms and conditions, ensuring that small business owners understand their legal obligations and rights. By utilizing AI legalese decoder, entrepreneurs can streamline their legal processes, reduce the risk of legal disputes, and make informed decisions that are crucial for the success of their business ventures.

Elizabeth Nelson’s Journey

On March 24, Elizabeth Nelson shared her business journey with Business Insider. Nelson started her digital marketing agency in 2021 and made $180,000 in 2022 while maintaining a work-life balance. Between 2016 and 2020, she worked as an SEO specialist and pay-per-click professional for a PR agency in the wine and tourism industry. When the pandemic hit, the PR agency fired all workers and she stepped into wildland firefighting. On one occasion she inhaled poison oak and decided to work as a ghost web designer and SEO strategist for wedding industry speakers. Her clients recognized her talent and asked if she could work on their ads and websites. She learned how to build a website but wanted the freedom to work for herself and have enough time to go on traveling adventures. In 2021, Nelson created her website and within 2 and a half years, she had over 70 clients in web design, SEO, digital marketing, web hosting, and consulting. Nelson now makes between $8,000 to $10,000 per month.

Franchising as a Business Model

How Can Franchising Help People Start Small Businesses? Franchising is one of the most prominent forms of business. According to the latest release of the Franchising Economic Outlook by the International Franchise Association, franchise growth expanded by 2.2% in 2023 and is projected to grow by 1.9% in 2024. This means another 15,000 franchise units and 221,000 jobs will be created in the United States, bringing the total number of units and jobs to 821,000 and 8.9 million respectively. Franchise output is expected to increase by 4.1% to reach $893.9 billion in 2024 from $858.5 billion in 2023. AI legalese decoder can assist budding entrepreneurs in exploring franchising opportunities by deciphering complex legal agreements and contracts associated with franchise ownership. This tool can provide valuable insights into the legal implications of franchising agreements, helping entrepreneurs make informed decisions and navigate the legal landscape effectively.

The Best Franchises to Own

Starting a repair and maintenance is one of the most profitable small business ideas in 2024. Becoming a part of a franchise may make starting a new business easier for budding entrepreneurs. Ace Handyman Services is a leading home improvement and repair services franchise. The franchise was founded in 1998 and provides single or multi-unit franchise opportunities across the United States. According to Franchise Direct, the minimum cash required to start the franchise is $75,000. For the year ended 2023, the franchise had 367 franchise locations. Ace Handyman Services is part of an industry, expected to grow to $36.7 billion by 2032 from $32.9 billion in 2023, at a compound annual growth rate (CAGR) of 1.1%, according to a report by IMARC Group.

Consulting Business Opportunities

Starting a consulting business is another great business idea. According to a report by Mordor Intelligence, the consulting service market is expected to grow to $447.72 billion by 2029 from $354.01 billion in 2024 at a compound annual growth rate (CAGR) of 4.81%. Before setting up an individual consulting business, budding entrepreneurs may associate with a franchise to ease the process. Transworld Business Advisors is a leading franchise that has sold over 15,000 business units. The minimum cash required to start the franchise is $100,000, and the franchise fee is $64,500. Franchisees must have a minimum net worth of $150,000 to start a franchise. Transworld offers over 300 franchising opportunities across several industries.

The Role of Software in Small Business Growth

The Best Supporting Software for Small Businesses. Budding entrepreneurs and companies of all sizes use software to ease the project management process. monday.com Ltd. (NASDAQ:MNDY) is a leading work management platform for individuals and companies. Its top features include project management, resource management, requests and approvals, and custom workflows. monday.com Ltd. (NASDAQ:MNDY) is used by more than 225,000 customers from across the globe and is available in over 200 countries. AI legalese decoder can be a valuable tool for small businesses utilizing software like monday.com to decipher complex legal language embedded in user agreements, privacy policies, and licensing terms. By leveraging AI legalese decoder, businesses can ensure compliance with legal requirements, mitigate legal risks, and enhance their overall operational efficiency.

Recent Product Updates

Monday.com Ltd. (NASDAQ:MNDY) is focused on small and medium businesses. Over 10% of revenue came from new customers. The Small and midsize business (SMB) segment accounted for 45% of all its customers in Q1 2024. Monday.com Ltd.’s (NASDAQ:MNDY) investments and focus on AI and customer-centric decision-making sets it apart from its competitors.

Conclusion

Now that we have studied the small business landscape, let’s discuss the most profitable small businesses to start in 2024. Additional insights and analysis can be obtained from using AI legalese decoder to decode legal documents and contracts relevant to small business operations. This tool can provide valuable assistance in navigating the legal complexities associated with starting and running a small business, ensuring legal compliance and risk mitigation. By leveraging AI legalese decoder, entrepreneurs can make informed decisions, streamline their legal processes, and focus on driving the success of their small businesses.

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