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For many, going into business for themselves is the American Dream. Keep reading to learn about five of the hottest small business ideas for 2024. [[{“value”:”
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If the idea of working for someone else makes your skin crawl, it may be time to strike out on your own. Several factors go into determining the kind of business you should start, including where your passion lies and potential income. Here, we feature some of the hottest business ideas for 2024 and let you know a little more about how much you can expect to earn.
1. Auto repair shop
There are nearly 297 million registered vehicles on the road, and dependable auto repair shops can be worth their weight in gold. As evidence: The auto repair business grosses over $383 billion in revenue annually, making it one of the largest industries in the U.S.
If cars are your thing and you’re one of those people who can efficiently diagnose and repair a vehicle, opening an auto repair shop may be for you. Before you hang out a shingle, check local ordinances to learn what you need to do about licensing and where your shop can be located.
2. At-home bakery
If your baking skills are all the rage with family and friends, consider cashing in on your natural talent. According to Zip Recruiter, depending on the state, bakery owners can expect to earn anywhere from $88,200 to $135,600 annually. Of course, the amount of business you drum up will make a huge difference in earnings.
Before you rush to pop a dozen cupcakes or cookies into the oven, research the laws of your state. Some states have stricter requirements than others. In short, you need to know if your state requires licenses or permits and if there are any labeling laws that you must follow.
3. Consignment shop
Rather than invest thousands of dollars in buying inventory, a consignment shop owner allows others to display their own inventory. In return for giving them a place to sell (or selling for them online (if you choose to go the online route), you get to keep a percentage of the profits. After covering expenses, Medium pegs the estimated income for a consignment shop owner at around 25% to 35% of sales. So, if you generate $200,000 in sales annually, you can expect $50,000 to $70,000 to hit your business account.
4. Consulting business
Special skills are in demand, particularly among small business owners. Whether you’ve spent years as a media specialist, manufacturing whiz, or software specialist, you can expect to earn between $100 and $400 per hour before expenses. The wide pay range reflects different skill sets. For example, an IT consultant might earn between $100 and $250 per hour, but a cybersecurity specialist is more likely to earn in the $225 to $400 range.
5. Food truck owner
The food truck industry has come into its own. While food trucks might have once been seen in the heart of large cities at lunchtime, they’re everywhere today — from small-town festivals to birthday parties and casual weddings. After the cost of truck expenses, food, insurance, and licenses are taken into account, Cloud Waitress reports that a food truck owner can easily drive away with 30% of the money earned. For example, if your food truck brings in $300,000 annually, you can expect to bank about $100,000.
There’s nothing quite like breaking away from the crowd to pursue your own career path. If starting a business has long been a dream, now may be a good time to make it a reality.
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