Aspiring entrepreneurs often seek out the most promising low-cost business ventures, so we’ve gathered insights from top industry professionals including CEOs and Founders. From starting a virtual event planning company to beginning an online reselling business, here are the top four small business ideas they recommend for 2024.
Start a Virtual Event Planning Company
One of the best low-cost, small-business ideas to start in 2024 is to establish a virtual event planning company. The pandemic dramatically shifted how people gather, and even as physical events have returned, the demand for virtual and hybrid events remains high. This business requires minimal upfront costs but offers substantial potential returns, especially if you target niche markets that are less saturated.
Starting this business mainly involves investing in good software and tools for hosting webinars and virtual meetings, as well as marketing your services. Your target market could include corporations looking to host webinars, virtual conferences, online training sessions, and even virtual team-building exercises. Additionally, you could offer services to educational institutions, non-profits, and individuals looking to organize family gatherings or social events online.
The key to success in virtual event planning is offering unique and engaging experiences that go beyond basic video calls. This might involve integrating interactive elements like live polls, Q&A sessions, or virtual breakout rooms. Marketing your business effectively on social media and through digital marketing strategies will also be crucial to reaching a wider audience and establishing a strong brand presence.
This business model not only taps into current trends but also aligns with growing sustainability concerns as virtual events significantly reduce the carbon footprint associated with travel to in-person events. With the right approach and a focus on creativity and customer service, a virtual event planning business can be a lucrative and sustainable venture in 2024.
Niclas Schlopsna, Managing Consultant and CEO, spectup
Launch an Artisanal Coffee Business
If you’re on the hunt for a low-cost business idea that’s primed for success in 2024, let me spill the beans (pun intended) on something brewing in the world of beverages. How about diving into the realm of artisanal coffee blends?
Think about it—coffee is practically a universal language. And in a world where folks are constantly seeking out new tastes and experiences, there’s a golden opportunity to introduce them to something special. Picture this: You curate a selection of top-notch beans from around the globe, perhaps with a focus on sustainable sourcing and fair-trade practices. Then, you work your magic to craft unique blends that tantalize the taste buds and leave folks craving more.
You don’t need a fancy brick-and-mortar setup to get started. Nope, you can kick things off right from the comfort of your own kitchen. Start small, maybe sell your blends online or at local markets to gauge interest. As word spreads and demand grows, you can scale up operations and expand your reach.
Capitalize on Your Digital Skills
Small business owners constantly amaze themselves with their resourcefulness and grit. Inspired to join them in 2024? Low-cost options abound. Leverage your existing skills. Tech-savvy? Offer virtual assistant services. Social media guru? Manage social media for local businesses.
All you need is a computer and the internet to launch. Or explore digital products. Sell presentation templates if you’re a pro at crafting them. E-commerce platforms make reaching a global audience a breeze. With planning and effort, your passion can become a thriving online business. So, don’t wait! Your small business can be a 2024 success story with the right idea and dedication.
Dhari Alabdulhadi, CTO and Founder, Ubuy Kuwait
Begin an Online Reselling Business
One of the best low-cost small business ideas to start in 2024 is an online selling business. With the rise of e-commerce platforms and the increasing popularity of online shopping, there’s a growing demand for unique and niche products.
Starting an online reselling business allows you to leverage existing marketplaces like eBay, Etsy, or Amazon to sell a wide range of products without the need for significant upfront investment in inventory.
You can source products from wholesalers, dropshipping suppliers, or even thrift stores and garage sales to offer a diverse selection to your customers. With effective marketing strategies and a focus on customer satisfaction, an online reselling business can quickly become profitable while offering flexibility and scalability for future growth.
Samuel Jackson, Co-Founder, Guyker
