There are approximately 33.3 million small businesses in the United States. And with an average of 430,000 new U.S. business applications per month in the first half of 2024, that number is only expected to rise. If you’ve been considering starting your own small business, these seven business ideas are currently in high demand and are predicted to remain profitable for the coming years.
Seven In-Demand Small Business Ideas
E-commerce: Earlier this year, the National Retail Federation forecasted that retail sales will see an increase between 2.5% and 3.5% through the end of 2024. Non-store—any sale that takes place outside of a brick-and-mortar location—and online sales are also expected to end the year with 7% to 9% growth.
Baby Products: Online baby product sales have been on the rise with revenue expected to reach $12.8 billion by the end of 2024. The most popular categories include safety products, furniture, and entertainment and toys.
Toys: Toy sales have been holding steady with the majority of purchases taking place online or from retailers offering curbside pickup. Top sellers include fashion dolls and accessories, sports equipment, and building sets.
Beauty: The beauty industry is becoming more inclusive with one of the fastest-growing categories targeting male customers. Another major trend is clean beauty, meaning the products are safe and non-toxic.
Home Improvement: According to the Better Business Bureau, the remodeling industry has an average profit margin of 6.3%, which should remain consistent through 2027. As consumers continue to transform their spaces, the outlook is strong for contractors and entrepreneurs selling organizational products and services.
Food Truck or Ghost Kitchen: With lower startup costs than a restaurant, a food truck or ghost kitchen can operate in less costly parts of a city.
Tutoring: Tutors are in great demand, with ZipRecruiter reporting that private tutors average $72,000 a year.
Whatever type of business you decide to open, you’ll need to follow the appropriate steps to get it up and running. That includes obtaining small business insurance to protect your investment. Examples of coverages available include business property insurance, general liability insurance, and workers compensation. Contact Westwood and talk to an agent to determine which coverages make sense for your specific situation.
Please Note: This article is for general informational and educational purposes only. It does not represent any specific insurance policy and does not modify any provisions, limitations, or exclusions of any current policy.
