Yayyy!!! It’s 2024, and I’m hoping we are past the lockdown days, bye bye Corona. We are back to being normal. Calls for a celebration. But as much as Corona being a past, I’m happy that you’re looking out for innovative business ideas to startup in 2024.
Maybe you’re based out of India, USA, Australia, UAE, or a country where you reside – home sweet home. It’s a good sign for the country when people look to start their own ventures.
In this insight, let’s discuss some innovative business ideas for inspiration, including –
We share 11 more in the innovative business ideas list towards the end of this insight ...to start with, we’ll look at some pertaining questions that may help you in identifying the right innovative business idea for you.
What’s the right way to find an innovative business idea in 2024?
- Shouldn’t we choose innovative business ideas not based on a list but by evaluating how much “impact” the business would have on our life and the world around us?
- Shouldn’t we come up with innovative business ideas that actually solve problems that WE care about rather than focusing on a business opportunity with an intent to just book profits?
You already know the right answer.
Problem-solution approach to discovering innovative business ideas
So, let’s breeze through this collection of innovative business ideas, but only as an inspiration.
I’ve tried my best to bring in the problem angle that these businesses could solve.
If you relate to the problem, if you feel it’s worth solving the problem, only then pursue these innovative business ideas.
If I was Ravana, I would have put every single head of mine in pursuing one of these innovative business ideas. Because I personally care about all the problems discussed here, and the impact these innovative business ideas might bring with them.
Okay, back to the topic!
Factors to consider while evaluating innovative business ideas
- Do not choose any of these just because these are tagged “innovative”.
- Choose innovative business ideas by factoring in your personality, capability, learning-ability, and resourcefulness to successfully run the selected innovative business idea.
I believe that if your chosen innovative business idea is feasible, irrespective of whether it is on this list or not, then the aforementioned personality criteria would decide on the success chances of you running that business.
By the way, this list of innovative business ideas is way too short. But don’t worry. I have a mega list of business ideas for you with 277+ opportunities to consider for starting up! Do check it out.
A must-read book if you want to improve your success chances as an entrepreneur…
I do hope that you’ll agree with me on what has been said so far in this article.
Irrespective of whether you agree or not, before I share 14 innovative business ideas for 2024, I would recommend you to read “The lean startup” book. It just expands your entrepreneurial brain and the mindset you need to excel.
You can open that book in a new tab by clicking on it and book it right away. It’s a must-read, but first, let’s go through this list of innovative business ideas.
Boom, boom, go.
14 innovative business ideas in 2024
We have detailed 3 innovative opportunities here, the remaining 11 you can find at the bottom – they will be detailed soon too.
1. Healthy food outlet innovative business ideas
Problem/Objective:
The world around you is unfit. Agree?
You’ll find people who are too fat, people who are too thin, people who look fit but actually get tired by walking for 5 minutes, people who look okay but are actually ageing fast because of their nutrition and diet, and unhealthy lifestyle.
Solution:
Innovative business ideas that cater to the taste of consumers but is healthy too. We need healthy food outlets!
- Design for scalability, and start a healthy food outlet with an app that tracks users eating habits.
- The app will give insights into how much saturated & unsaturated fat the consumer has consumed from your outlet and elsewhere.
- How much sodium intake they have had on average, the sugar consumption, the timing, and everything important from nutrition point of view.
- In short, give your users an insight into how their eating habits are affecting them.
Starting an innovative healthy food outlet business idea
Anyway, this is the first opportunity proposal out of the 14 innovative business ideas.
You can consider starting an innovative healthy food outlet.
This doesn’t mean that you don’t have to serve fast foods, you must. But the branding of your outlet should be on “healthy foods”.
And that’s what your app would also be doing i.e., bringing in loyalty from users who do care about their health & nurture the users who don’t.
Some items could be
- bean chats,
- pulp drinks, and
- mixed salads.
A few branding ideas in addition to ‘healthy outlets’ could be ‘remote work cafe’, ‘health in the food truck’, etcetera.
Foodies, please don’t get angry 😛
I’m not against fast food, but most of us don’t care about how we are consuming food. In fact, if someone points out then we respond with “tere baap ka khata hun kya?”. That’s the sad truth. Is it not? We need to make healthy choices, and so healthy food outlet was a must-add to the innovative business ideas list.
Anyways, do check our blog on food business ideas to start in 2024.
2. Immersive Yoga, Fitness, & wellness studio – innovative business ideas
A good tagline for fitness related innovative business ideas could be
“don’t forget the physical in the world of digital”.
Nice line, right?
See! I always tell my friends, I’ve got a knack for marketing! Just kidding, they say that, and I’m yet to believe it.
Anyway, so, what’s the problem fitness related innovative business ideas are gonna solve?
What’s the problem?
Yoga is considered as something for the jobless, and for old people (general perception among the youth).
Lemme tell you, this is a very toxic and incorrect interpretation of what Yoga is!
Same is with wellness studios like psychiatrists, mental health centers, Dental cares too.
They say, psychiatrists are for mental people.
Many believe that dental checkups and regular health checkups are not needed. But the fact is WHO says, a lot of diseases arise because of ignorance and unawareness of the general public about nutrition, wellness, and fitness.
So, are you gonna solve this with an innovative approach.
Solution:
Immersive & gamified fitness center
Second addition to innovative business ideas is an immersive and gamified fitness center. A scalable business opportunity, but with cut-throat competition. There are so many gyms and fitness centres all around the world.
That’s why, the positioning we suggest is of being immersive with the use of AR, VR, MR technologies.
Start an immersive gamified fitness center, where people do not really come for fitness but they walk-in for fun and experience, and walk-out from your centre being better, being fit.
What do I mean by gamified?
If you ask people to hit gym everyday and get fit, they will say “F*** Off”.
But if you organise daily fun challenges like who hits the 20k steps target in a week will win a free beer, or something like community challenge that connects a batch of people on leading the fat loss monthly challenge, then people might be lured more towards it.
In parallel, you can run campaigns around yoga awareness, fitness awareness, and nutrition awareness for the public. You may invite them for quizzes and get them interested in your app/startup.
Ummm… interesting? Exciting? Then pursue it 🙂
By the way, before we detail on other innovative business ideas, did you get a chance to read our collection of best business ideas for India in 2024? It’s a lot of good business ideas, do check it.
Continuing our hunt for innovative business ideas.. next one is something related to the professional world 😉
3. Remote office, co-working, co-living spaces, real-estate related innovative business ideas
Real-estate related innovative business ideas are close to my heart.
I’ve spent nights without food. Not that I’m poor, I just like to live on my own (irony is, despite that attitude I’ve loans worth INR 2 million from my relatives). I’ve tried to live frugally, because I was living on a relative’s money and didn’t want to misuse their hard earned money. Though the person has not asked for the money back, I must return it. Don’t wanna be an Ehsaan-faramosh guy! Why I’m sharing this? Because this innovative business idea can solve the problem I faced while living life on pennies (not literally, but yeah).
Why we need co-working or co-living spaces?
Co-working & co-living spaces could be transformational innovative business ideas for the working class & students.
Problem:
So, while I used to live frugally on a meagre amount of 10k a month, I know how hard it was to find a good place to live, a good hotel to get healthy food at affordable rate, and get some “Me time” space.
This was a long time back, but I know not just students, many professionals who are in a job go through this as well.
Professionals find it suffocating in extra expensive PGs with the best ‘poor quality service’ and the worst of ‘the worst food’. In fact, people struggle to find a noise free place, or a place where people don’t interfere in your work (esp for freelancers, and content creators).
Solution:
A smart co-living & co-working jugaad
Can Jugaads be called as innovative business ideas? I was reading this book titled “Crooked Minds” – by Kiran Karnik (An IIM-A alumni, administrator, and one of the director members in RBI). In that book, Kiran says, innovation is subjective – for some it means Jugaad, for some it means invention. The more people you ask this, the more definitions you will find for innovation.
So yeah, co-living & co-working spaces are innovative business ideas for me if you execute & run them on the following model. Lemme warn, not easy but feasible.
The co-living & co-working innovative business idea needs execution at an OYO scale business. It would need a lot of money investment. But it can be started small.
You must be like “Okay! But what’s the solution?”.
Coming to that…
Start a PG + Office kinda building. Where the space in your building is a PG during the night, and an office during the day.
Is this a feasible innovative business idea?
You must be like:
“Tu pagal hai kya? Kya, bol kya raha hai tu”.
Is this even feasible?
I know this sounds insane, I too thought of not sharing this, but I also believe that there would be someone out there who would find this interesting enough to pursue. Steve jobs said, “those who think they can change the world are the ones who do”.
Okay, continuing on the idea!
So, you might have come across modern multi-functional innovative furniture, right? Esp, the wall furniture! Where you pull off a bed from a wall, and make the same bed as your wardrobe as well.
Ever seen those innovative furniture items?
Diving into the business feasibility…
If not, it’s time you hit youtube and watch those videos to get a good hang of what I am talking about.
Just like innovative home furniture, we have office furniture as well.
Now, students are normally in college during 8-4 PM, and that’s usually the working hour as well for professionals. Some of you might be saying right now, “No bro! not at all… my working time starts at 2 PM”. I do understand.
But this idea or any business idea is not meant to serve the entire humanity.
Who this innovative business idea is for?
This business idea is for needy people, for students who would want to rent out their PG space to solopreneurs or a small team of entrepreneurs who work only 4-6 hours a day (trust me, we are getting closer to 4 hours a day work style soon!).
And digital solopreneurs, don’t actually need to leave any doc or physical asset in the PG room. Even if they need to then they can lock it in their multi-purpose office furniture’s shelf. So, this sounds a little complex but feasible.
What’s the trick to get this idea click?
Alternatively, the PG owner can build it in a way that some rooms are dedicated for Bed furniture (sleeping in the night) and Office furniture, and some rooms are dedicated for common food space, recreational sports activities, and locker rooms for both PG renters and office renters.
Final words for the co-living, co-working business idea
See! The idea is not that hard, just a little new. But imagine the finance involved here, you would be optimizing the rent space to its full efficiency. It’s like renting a hotel on a 3 hour basis and charging a 12 hour rate. So, the user sees it as 50% savings for them because they need room for only 3 hours so why should they pay for 24 hours. While, the hotel owner gets to book the room 6 times a day, considering 1 hour goes into cleaning and refreshing the room after use.
Win-win for everyone!
This idea must have sounded crazy and naive. But there are some other, more sensible, innovative business ideas awaiting you next. Additionally, you can also read GrowthRomeo’s collection of startup business ideas to find profitable startup opportunities. Or else, try our our collection of future business ideas, there too you will find lot of innovative business ideas.
Innovative business ideas list for you…
- Emerging Tech & digital marketing consultancy business
- Subscription boxes business
- Website/gadgets rentals business
- Intelligent farming/Agtech business
- VR led OTT business ideas
- Animal care, training, & food business
- Influencer management agency business
- SME credit management – intelligent invoice status updates, client’s due diligence, unpaid invoice tracking & reminder email scheduling, legal collection initiation
- AI powered gig talent – & – gig project tracking
- Intelligent real-estate platform for millennials & gen-z
- Cybersecurity startup to secure banking & finance sector
Read our collection of unique business ideas for 2024.
The real game begins after choosing your innovative business idea
Choosing an innovative business idea is one of the easiest steps in starting your business. The real challenge starts when you launch your business and execute your plans.
- How do you build an app?
- How do you pull off marketing?
- Who will take care of finances?
- How to find the right talent?
Too many things to take care of!
That’s where a co-founder, your employees, and your partner agencies come in handy.
Let me know if you need any help in launching your innovative business ideas. I’m a small business tech & marketing consultant. I works with a pool of agencies to pull off your business. And pretty much, we shall together do everything viable to push your innovative business ideas on trajectories that head to growth & profit.
Wait, is it like your hunt for innovative business ideas continues…
If you were not able to find any good innovative business ideas in this insight, I would highly recommend you to write 10 problems you see today in the world that you would want to solve and think of ideas to commercialize your solution.
Else, get to the mega list of best business ideas that I’ve curated for you. And see if you find any inspiration over there 🙂
Endless business resources for innovative entrepreneurs
There are some other amazing resources for business professionals on GrowthRomeo. Do read them every once in a while, these will help you take your business to the next level.
Also, consider subscribing to our newsletter where we share crisp actionable tips & updates on “growing your business”. Highly recommended for entrepreneurs in the b2b and b2c space.
Do share with me in comments your favourite idea from the above list. You may also share your own innovative business ideas in comments or email to brainstorm with me on the idea.
Tada, Nishant.
