23 most profitable businesses in 2024 - Blogs Future

 Some people go into business with a clear vision: They know what industry they want to conquer and what path they will take to get there. However, for many new entrepreneurs, it can be difficult to figure out how to start a business - and, deciding which type of business is best to invest in.

To help you start your journey, we've compiled a list of the most profitable businesses, taking into account factors such as industry growth and competition, start-up costs and barriers to entry, and profit potential.

Small businesses are very profitable

With a solid business plan, hard work and determination, any solid business idea can be successful and profitable.

Businesses in high-growth industries with low start-up costs, however, may have greater profit potential. With the advancement of technology, for example, you will have more success starting a virtual assistant business than opening a grocery store.

While some businesses are very profitable based on the Internet, others involve personal services, and others are more suitable if you are an entrepreneur on the go. Here is our list of the most profitable small businesses:

1. Food trucks

The food truck movement has been growing for the past five years - and is expected to continue - with the market expected to grow to $6.87 billion by 2029, according to the 2023 report by Mordor Intelligence.

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. You can start a food truck business for less than a third of what it costs to open a brick and mortar restaurant; plus, you have the flexibility of locations, the ability to get high profits and the ability to create a custom menu that is yours.

Keep in mind that big, big cities like San Francisco, Boston and Washington, D.C., already have a well-stocked food truck market (and strict regulations to boot) - so this can be a successful business in a small heartland. .

Food trucks have their own special set of regulations, business licenses and safety compliance standards. They also require food business insurance, so you'll want to check with your local health department to find out what will be required.

» MORE: The best food truck financing options

2. Car wash services

Rising prices and a shortage of new cars caused by the pandemic are causing car owners to keep their cars longer. And as drivers keep their cars longer, businesses like car washes that help people maintain the value of their car investment are also expected to continue to rise.

In fact, the car wash market is expected to increase from $15.86 billion in 2023 to $23.79 billion in 2030.

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. And according to a 2023 study from the International Carwash Association, 96% of U.S. car owners and renters washed their cars at least once in the past year—and 89% did so at a car wash.

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You can make a car wash business more profitable by making it a mobile service. Customers can pay more for a car wash that comes to them, especially if they have a luxury car and prefer personal service. And like a mobile car wash and auto detailing service, you can avoid the overhead and startup costs of owning a physical location.

3. Auto repair

The average age of cars and light trucks in the US has risen to 12.5 years by 2023, up from 9.7 years a decade ago, according to S&P Global Mobility.

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. People are keeping their cars longer than ever before, which suggests that there is a significant opportunity in the repair and maintenance business.

Additionally, car owners are more likely to visit a small business for repairs. According to the Auto Care Association, more than 70% of the repair business is handled by independent repair shops compared to dealers or manufacturer-authorized repair shops.

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If you are skilled as a mechanic, you might consider a car repair service as one of the most profitable business ideas. You can offer oil changes, fluid refills, battery swaps, headlight repairs and more. And if you're looking to save on overhead costs, you can make it a mobile service and go to your customers, fixing their driveway or office parking lot.

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4. Personal trainers

Employment of fitness trainers and instructors is expected to grow 14% from 2022 to 2032, faster than the average for all occupations, according to the U.S. Bureau of Labor Statistics.

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. But turning your passion for fitness into a career doesn't mean working for a big corporate gym — and you don't need the overhead of owning your own space to train clients. 

Throw a few weights, bands and yoga mats on top of your car, and take your fitness show on the road.

You can become a personal trainer by offering one-on-one sessions in your clients' homes or group fitness classes at a local park or community center. Making fitness more accessible to your clients may be just the ticket to helping you both achieve your goals.

» MORE: Best business ideas for budding entrepreneurs

5. Neonatal and post-pregnancy services

Although millennials and Generation Z are putting off parenthood longer than previous generations, many eventually want to have children.

And as both generations consider parenthood, the demand for baby-focused businesses is growing, starting with post-pregnancy and newborn services. As a result,