14 Profitable Business Ideas In 2024 💰 For A Lasting Success

Hi, I’m Nishant Choudhary, a business consultant and I would be sharing 14 profitable business ideas with you in this insight. You can take a quick look at all the profitable business ideas that we discuss in here:

1. Printed buttons & undergarments
2. Affiliate & dropshipping business
3. Online prasad delivery
4. Kundali & horoscope business
5. Real-estate consultancy
6. Apparels & fashion
7. Electronics trading
8. Blogging business

and don’t miss the bonus list of profitable business ideas towards the end.

But before we start discussing the listed business ideas, I want to ask you a question. Take a pause and think about the questions, and then keep reading. The question is:

What makes a business idea profitable? 

profitable business ideas

Did you ever wonder that? 

I was reading an insight by the Queensland government on “making your business more profitable”, and I really liked how they defined a profitable business – profit is the total financial gains your business makes after adjusting the total expenses in the account books. Pretty straightforward, and apt. But the question remains unanswered. What factors decide whether a business idea is a profitable opportunity or a loss making trap? 

Factors influencing business profitability

Of-course, the future growth prospects of your target business market/sector, pricing of your product and services, competition in the market in terms of demand and supply, government policies for your target business sector are some of the most visible factors but there is more to how some businesses becomes profitable, and many don’t.

While price, costs (both fixed and variable), sales volume, debt, inventory, etcetera are the direct levers of profit analysis but  non-financial factors equally impact the business profitability. What am I talking about? Non-financial factors? Yes, non-financial factors like client satisfaction, employee skills and safety, business culture, values, market share, business innovation – all play a major role in deciding profitability.

Disclaimer: Why did we discuss business profitability? 

Just to make it clear to you that just because a business idea is listed here or on any other business website doesn’t necessarily mean it would be profitable. Every business idea is profitable if it is run in the right way, at the right time, for the right people, at the right place. Of-course, a stitching business unit might not do well in the mountains, and a room heater business might not do that well in warm geographies or hot climates. Also, you can’t really run a business if you are not investing back into it.

How profitable are business ideas in this blog?

In short, it is up to you whether a business is profitable or not. The business ideas that I share on GrowthRomeo are all profitable, but if the business aptitude and execution is wrong then you can’t expect profits. Some might be comparatively more profitable then the rest, but again, if you run the business the right way – there are no limits to growth. Having said that, let’s explore top profitable business ideas to try in 2024. These businesses are very well suited to anyone reading from the USA, India, Australia or Queensland for instance.

Profitable business ideas 2024

Next I share with you some highly profitable business ideas for you that you can start in 2024. But I’ll refrain from discussing the business ideas mentioned in online business ideas blog on GrowthRomeo, or startup business ideas insight. I recommend you to read them for more business ideas. Anyway, let’s get the ball rolling and discuss our first profitable business idea in this blog.

1. Printed Buttons & Undergarments Business

undergarments & lingerie

I recently bought a shirt for my cousin to gift him on his birthday. I know he belongs to the fast fashion world and is very frequent to beaches and all. 

So, I bought him a minimalistic printed shirt with a printed button. It’s a peaking trend in India and already mainstream fashion in the west countries. Undergarments is a basic necessity when it comes to clothing industry. Shorts, boxers, bras, panties, tanks, vests, briefs, etcetera are highly popular.

Decoding undergarment business, is it a profitable business?

Usually, both men and women use a undergarment on daily basis. A new pair is durable for about 4-6 months in good condition and post that because of regular wear and tear the undergarments deteriorated in quality faster then the external wearables. This is a major driving factor behind repeat regular customers in the undergarments business. The CAGR for the undergarments industry was in single digit but the growth prospects are really strong. The industry is estimated to surpass INR 250 Billions by 2025.

Women’s lingerie is usually made up of silk, satin, cotton fabrics. Chiffon lace, lycra, etcetera are also commonly used to produce undergarments in India.

Undergarments strategy

You can source the undergarment products from the manufacturers, tag your label to it and start marketing it under your brand. You may sell undergarments by listing it on an eCommerce marketplace or start your very own small scale online store in India with logistics tie-up with one of the major eCommerce courier services in India. This was our first pick in this list of profitable business ideas in India, 2024. Next is a related one, but less risky.

Explore manufacturing business ideas for 2024.

2. Affiliate & Dropshipping Business

Affiliate & dropshipping

Have you ever heard about something called ‘Ramen profitability’? It basically means the business is profitable enough to meet the expenses of the person running the business. This is usually the outcome in the initial few years of running a business. By the way, the trend is similar in the USA, UK, UAE, Australia, India, Pakistan, China, Bangladesh, Canada, or any country for that sake. High-capital businesses take time to turn profitable everywhere, irrespective of their geography. 

But Affiliate and dropshipping businesses are instantly profitable as there is zero to minimal investment in such businesses. Some of you might not be knowing about these businesses. I’ll cover these in detail later but just to satiate your curiosity, here are one line explanations of both-

What’s affiliate business?

Affiliate business is like a sales business, it is just that you do not make the sales in-person. Then how do you sell it? By creating content and promoting the products/services via online medium. The brands whose products and services you sell provide you a way to help them identify that you/your content have influenced a particular sale. You receive a commission for that. The identification methodologies can be a link or a coupon code. Clear?

What’s dropshipping business?

Dropshipping too is about making sales. But it is different from affiliate businesses. While affiliate business is about sharing a commission, dropshipping is more about running your own ecommerce store, pricing your listed products as much or as little as you want. Basically, you are in control of the profit margins. 

Affiliate & dropshipping business tip

What do you need to invest? Almost nothing. Suppliers ship the products to customers after you have made the sale. You don’t need to worry about product returns, sourcing, delivering, quality or anything. All you need to care about is making the sale and pricing it right to grow sales revenue. The profits earned can be invested back into marketing channels to grow the business.

Isn’t it a good profitable business idea to start in 2024?

By the way, do read our blog on eCommerce business ideas for 2024.

3. Online Prasad Delivery

online prasad delivery

This is a unique profitable business idea for India. I came across this website “onlineprasad.com”. This company delivers prasad from Kedarnath, Kalighat, Shirdi Sai, Dakshineshwar Kali, and Vaishno Devi. Prasad services business opportunity is unique to India as western countries don’t have that strong craze as it is in India when it comes to Temple.

Of-course, churches & mosques attract highly religious people in millions and millions. I don’t have much information about how you source these prasads from different temples but I think if onlineprasad.com is doing it then most prolly temple authorities will have no issue in sharing the prasad with you too.

Find more online business ideas on GrowthRomeo blog.

4. Kundali & Horoscope

kundali and horoscope

Talking of religious and belief based businesses, another popular business could be that of Kundali and Horoscope services. For those who do not understand this business, here is a short description. It’s a popular belief in India that the positions of the planet, stars, sun and the moon during the birth of a child has an impact on the personality, and future of the kid. So, based on the time of birth – pundits try to predict about the character, conduct, characteristics, speciality, and challenges associated with a child/person in the near and long term future.

Horoscope analysis -a profitable business idea?

These pundits, prepare a detailed chart with graphics and tables i.e., KUNDALI. Also, based on month, day of birth, or name of the person – people are usually considered under different Rashis like Libra, Pieces, Virgo, etcetera.

Because this is a services based business, it is a highly profitable business from the start. Kundali analysis is all about using the existing knowledge to find out insights from a Kundali. It’s not a scientifically proven methodology. And there is no absolute proof about this business being true or a scam either. But that’s the character trait of faith based businesses. Right?

Find more unique business ideas for 2024.

5. Real Estate Consultancy Business Idea

real estate consultancy

Though we have already discussed the real estate consultancy business idea in another article on GrowthRomeo, still mentioning it here as almost all the consultancy based businesses are highly profitable. Click this link to read more on the real estate consultancy business idea.

Did you read our collection of best business ideas for India 2024?

6. Apparel & Fashion Products Trading Business

Apparel & Fashion

Apparel and fashion is an evergreen business, and not to mention, it is highly profitable too. The fashion trends keep evolving with the culture and economic growth. Apparel price from manufacturing to point of sale increases by 400%. 

Yes, the production cost of finished clothes that we wear or use on a daily basis is usually 1/4th of what we pay. For high—end luxury clothes, it is almost 8 times higher. If the prices are this inflated, it means that if you can bring in operational efficiency then you can definitely book good profit too. To start, you can enter into the trading business.

How to milk  profitability out of Textile and apparels

Source the clothes from the manufacturers, perform all the side work like printing, fabric softening, stitching, etcetera and directly ship the products to retail businesses. This is typically called trading on a high level. Though, trading also means taking from one hand and transferring to the other at a higher cost but that is the most simplistic form of trading.

Sourcing a minimal product, getting some job work done on it and then selling it is a slightly higher level of trading business. And trust me, this is a highly profitable business idea. Just look at the Raymonds, Linen club, Zara, and others.

Do explore the blogs on manufacturing business ideas, retail business ideas, and wholesale business ideas.

7. Electronics Trading Business

Electronics trading

Just like the apparel and fashion trading business, you can also source local products from the electronic manufacturers and wholesale it to the interested parties. There are some cases of fraud and fake brand products in the electronic business too. So, please be careful about who your suppliers are. Do very well with genuine suppliers. Else, if police catch you trading poor grade fake products, you might be in a legal problem. 

Talking profitability

Some of the highly profitable opportunities can be found in the form of electronics business ideas. Maybe, that’s one of the reasons why the major eCommerce store that we know today focuses primarily on two segments. To name the verticals, the two segments are the electronics products and the apparel products. But profitability alone is not the driving factor. High demand and scalability is also a driving factor.

8. Blogging Business

Earn online blogging

Blogging business was on a craze back in 2012 in India. A good chunk of bloggers that are popular today started 4-6 years back. And that’s exactly the time it takes on an average for anyone to make it big in the content world. 

Content consumption will keep increasing in the coming years. These days Videos have taken over the content world but Blogging still is a big channel and continues to grow. But because it has breached the maturity levels of a business phase – so now it is normal and the competition is tough. But despite being highly competitive, every creative business has this speciality that someone with good talent will shine… maybe a little late, but they do.

Evolving blogging space

Today, new blogging domains have emerged in terms of practising empathy, mental health, blockchain, political analysis etcetera. Starting your blog could be free, or may cost you somewhere between USD 1-10k. It totally depends on your blogging approach. Using a free platform like wordpress or blogger and writing your own content would cost you zero money.

But having a domain name, a dedicated hosting with good uptime and control over customization  the costs may rise to USD 1000. And having a set of crafty writers work on your content, a editor team, a graphic designer and a custom blog theme, a seo specialist could cost you upto USD 10k also. Again, it depends on your approach and business goals or growth goals. 

Here’s a not to miss list of marketing business ideas 2024.

Haaaaaah! Done? Nope. More profitable ideas..

We discussed some of the evergreen profitable business ideas for you to pursue. But as usual, those are not the only business ideas. Here are some more profitable business ideas for you. I have discussed a few of these in other articles. 

1. Peanut Butter Manufacturing Business
2. Online Education Business
3. Marketing Services Company
4. IT services & software development business
5. Cloud Kitchen Business
6. Warehouse Business

If you want to start or grow your business, GrowthRomeo is your go to resource. Do check our mega list of business ideas for 2024.

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