Here is a list of the best, most profitable small business ideas to pursue in 2024.
Most Malaysians dream of starting their own businesses but what if you have the ambition to start a lucrative business but don’t know what type of business to run?
If you need profitable business ideas, you’ve come to the right place. Below, you’ll find a detailed breakdown of 10 small business ideas you can start right now.
How to determine the best small business idea for you
Take a look at your existing skill set and credentials.
For example, if you already have an accounting degree or your CPA license, working as a freelance accountant or creating your own accounting firm (as described below) could be just what you’re looking for!
If you don’t have a degree, you can earn one or pursue a different business idea that doesn’t require a college degree in the first place. If you have a background in dropshipping, consider leaning into your talents when you begin.
Determining how many people you want to work with
Some profitable small business ideas can be pursued and realized by a single person: you! Others require you to immediately or eventually hire a workforce, whether it’s just a few employees or dozens.
If you don’t want to spend so much time managing, start a modest business that doesn’t necessitate hiring a lot of extra help. Online job has gained in popularity since the pandemic. If you like people but don’t necessary want to meet them in person, try launching an online business as a virtual assistant or life coach.
Consider finances
Some small business concepts are more likely to be profitable than others. If you want to make profits from your small business, you should choose a small business idea with high profit potential rather than one that is more ideal as a side hustle or a business to keep you busy in your retirement years.
Now that you know what to think about, let’s look at 55 amazing business ideas you may start immediately.
- Accountant
Experience, training or licensing may be needed
Make a flyer that describes your services. You must first determine what services will be provided. Do you want to simply do bookkeeping for a small business? Accounting at a higher level would entail creating balance sheets, income statements, and other financial reports on a monthly, quarterly, and/or annual basis, depending on the needs of the organization. Other specializations can include tax accounting.
2. Cleaning Service
No experience needed
There are many directions you can take this small business idea. If you want to work during hours when no one else does, you can focus your cleaning business on office clients. You can focus on retail businesses and keep your customers concentrated in one or two blocks. Restaurants also require regular, thorough cleaning and can be a fantastic source of repeat customers. Perhaps you’d be more interested in house cleaning. When it comes to cleaning services, you don’t always need to spend a lot of money on advertising or marketing because most of your customers will come from word of mouth.
3. CONSULTANT
Has expansion possibilities
To be a consultant, you must be an expert in your field so that you can promote yourself as an advisor to those looking for job in that field. Perhaps you managed many large warehouses for a drugstore firm, conducted all of the marketing for a large shoe factory for many years, or established a network of beauty supply stores or takeout restaurants. You can utilize your experience to assist others achieve similar things.
4. EVENT PLANNING
Has expansion possibilities
One of the first things you need to do is visit every potential event location. Tour each site with the marketing manager to learn about what is available at each location. Begin a database that will allow you to sort venues based on several criteria, such as the amount of people each site can accommodate, the AV equipment present on site, if you will need to arrange for rental chairs, and so on. When you begin to plan an event with a client, you can find out what the key parameters are for the event and easily pull up the three or four sites that meet the basic criteria.
5. MARKETING COPYWRITER
Experience, training or licensing may be needed
If you can write copy that gets people excited about purchasing what your client has to sell, you can make good money in this business. Unless you are highly experienced from working in the copywriting field, take a course. There are online courses and classes at community colleges and universities that will help you get a head start on writing copy for brochures, catalogs, advertising, and, of course, web marketing copy.
6. PERSONAL TRAINER
Experience, training or licensing may be needed
Advertise your fitness talents and training services in public places such as restaurants and grocery stores. Having a website and a presence on social media is a fantastic idea. When it comes to getting fit, people want some privacy in their decision-making. They can visit your website to see if your approach to personal training is right for them. It is critical to emphasize the importance of personal training safety. You can assist clients in becoming fit and avoiding injury.
7. SOLAR ENERGY CONSULTANT
Experience, training or licensing may be needed
Has expansion possibilities
As a solar consultant, you can basically conduct a home inspection and give clients a report on their solar options for their particular home and site. This can range from full-fledged general solar installations that generate electricity to simple solar walkway lighting. To gain experience in the solar energy field, you could begin by working for a solar products company. However, in order to be a consultant, it is often best not to be affiliated with any one company or product and be able to recommend products and options across the field of solar energy.
8. WEDDING PLANNER
Experience, training or licensing may be needed
You’ll need to stay current on wedding trends and fads, dress styles, and color trends. Offer your customers a la carte services ranging from assisting with the selection of flowers, the wedding gown, and bridesmaid gowns to selecting the venue and hiring the caterer. Before starting your own business, visit all of the wedding shops and even pretend to be a bride-to-be to discover what services the wedding gown shop offers and how they treat potential clients.
9. DAYCARE
Experience, training or licensing may be needed
Perhaps you enjoy children or have your own, and the idea of caring for a few more for part of the day appeals to you. Many parents prefer to have their child cared for at home while they are at work rather than in a more institutional setting. These factors indicate that a home-based daycare service can get off and running immediately.
10. PET SITTING
Experience, training or licensing may be needed
Starting a pet sitting service requires almost nothing in startup costs. You do need some general credentials that will cost little or nothing to acquire. Your list of credentials should probably include personal pet ownership–if not currently, at least in the past–as well as other pet-related experience, including working at a pet food store, an animal hospital or other animal-related business. Pet sitting has incredibly low startup costs, and you are your own boss. If your business is successful, you might be able to branch out and start a pet grooming service as well.
