And we’re not talking about a lot of the tried-true methods we’ve seen before.
You know what we’re talking about: stuff like content writing, virtual assistance, music lessons, dog walking, bookkeeping, digital marketing. Sure, those business ideas are still relevant even today; but don’t dismiss the new age of 2024, what with AI creeping into the lives of every entrepreneur!
As Earth globalizes, business adapts into what is commonly known as the “side hustle”
And make no mistake: it’s definitely relevant today. Especially with the layoffs everyone’s been seeing across the board.
Now the myth, though, is that a “side hustle” as any so-called “lucrative” business idea doesn’t fit the bill as your standard 9-5 with a 401k does. But we beg to differ with these particular business ideas that just might blow your mind.
Yes, they’ll cost you pennies to run. But these business ideas will make a heck of a lot more than just pennies if you strategically invest in them!
#1: Online coaching
There’s a chance that even today this particular business idea ranks at #2, though. But for what? The fastest-growing vertical globally — that’s what. And you can honestly attribute that to the pandemic.
How fast has it been growing? Try a global estimate of more than $11 billion by 2032. That’s the current forecast, achieving CAGR growth of more than 10% since 2022. And all you’ll need? Just a subject matter you’re passionate about and one cleaned-up social media profile!
- You could venture into eCommerce
- Or perhaps property coaching is the field
- What about personal growth, motivational speaking?
Sky’s the limit, really.
But the best part? Zip Recruiter states top earners for online coaching command up to $80.5K in annual revenue. The average online coach? Expect around $65K a year.
Not too shabby.
#2: Subscription box businesses
When you think about it, this type of business is just about the easiest to get into with the trend you might’ve seen before. Here are a few examples:
- Trendy Butler
- Bespoke Post
- The Dollar Shave Club
- And…. Netflix
What do these businesses all have in common? You guessed it: they’re technically “subscription box businesses.”
Even as Netflix operates a digital streamer, its business model still operates as something as simple as a box subscription, leveraging dropshipping for order fulfillment. Remember those DVDs you’d get in the mail back in the day? Same business model.
The thing is the box subscription business is soaring for obvious reasons. The product sampling and recurring payments make for a steady stream of income, and all you have to do is send products by postal service. Brand the business and target it for a specific demographic, and you’re golden. Get products aligned with that demographic on a discount and then up-charge? You’re platinum.
And the growth rate? Dear me…. The Business Research Company listed this particular vertical rising from only $31.4 billion in 2023 to a measly $36.8 billion in 2024, compounding annually at over 17%.
Needless to say, it’s a business doing quite well in this digital age.
#3: Search engine optimization
While many enterprises often have this worked on in-house, the fact is many businesses just flat out don’t — and a lot of that largely stems also from layoffs. There’s just not enough revenue in the bucket to account for marketing — and that includes SEO.
So what do companies do? They outsource.
Still to this day, eCommerce relies on search engine optimization as the cornerstone for what it takes to transcend paid advertising and maximize reputation with the right long-tail keywords. The best part? It’s something you can do from the comfort of your own home — with a measly laptop. Even better? Businesses far and wide still need it just to:
- Reach the target audience
- Build brand awareness and trust
- And get more eyeballs on websites
It takes an analytical mind, but you running this type of business makes you a valuable commodity with a global SEO market expanding to $170 billion by 2028. That’s no joke. Do the math, and that’s a CAGR of 17.6%. You could run the business just using Google Keyword Planner (for free), and if you know what you’re doing, businesses will pay a premium for it.
Consider either technical, on-page, or off-page SEO — or all three — as part of your repertoire. It means you’re proficient in website performance, content creation, and external backlinking. Might be small potatoes for someone like you. But big Idahos for, like, Disney or something!
Now bear in mind, there are other business ideas out there
And you’ll get to learn about more as you explore the latest whispers in the small biz space here! Keep tabs on what’s uttered and muttered in this secret grapevine of biz secrets. Who knows — you may find a winning business idea for pennies right here!
