TOP 5 MOST PROFITABLE BUSINESSES IN 2024

It is estimated that the global startup success rate will be approximately 8–10% in 2024. India is now called the ‘Startup Hub’ as it has more than 99,000 startups, and 107 unicorn companies worth $30 billion. Stunned, right? With startup culture at its peak, every other person is launching their own business but mind you, not every other person is growing. Those who follow the trend of the market, are the ones smiling. But due to this increasing rise in businesses, you are surely going to get confused and lost. Don’t worry, we got you. To help you identify the fields that are growing and are in constant need, we have listed top 5 businesses that give the highest returns in 2024. Not only this, giving this article a shape of guide, we have also mentioned the reasons why that particular business stands profitable and what are skills you require to get started with it.

1. Digital Marketing Services

According to Forbes, digital marketing is one of the fastest-growing in-demand skills for 2024 and beyond. In fact, digital marketing jobs are set to experience a 6% increase, which is higher than the average job growth rate.

Its 2024 and marketing is just not limited to sales calls and cold emails. Welcome to the digital world! With every other person surfing the net and using social media, businesses are now realising the importance of having a great online presence. Digital marketing services like SEO (Search Engine Optimization), social media marketing, and pay-per-click (PPC) advertising are in trend and more important than ever for businesses wanting to settle online.

Why is it a profitable option?

• Increasing Demand: Every business, whether small or large, needs an online presence to stay alive in the competition. As a digital marketer, you would be expected to provide the strategy to help them stand out in a crowded marketplace.
• Flexible Business Model: You don’t need heavy degrees or big certifications. You just need the correct skills, and all sets- but you need to prove it! Also, you can start as a freelancer or a small agency and then gradually build your portfolio by taking on more clients.
• Cost-Effective: The initial investment is minimal, and this factor also makes it one of the most sought fields. You only need the right tools- plenty of which are available for free, and required skills.

What are the necessary skills required?

• SEO: You’ll need to understand how search engines (like Google, Yahoo, Bing) work and how to improve your clients’ visibility on Google and other platforms. There are various parameters to take care while handling SEO- like Technical SEO, On-Page and Off- Page SEO. There are various things that are considered under each head and you cannot afford to ignore those. So, learn about these useful skills and apply them in the practical world.
• Content Creation: What’s the site without content? To attract the traffic, just showcasing your product and services is not enough. You’ll have to learn the art of Content Creation. It involves crafting engaging blogs, videos, and social media content. Have a look at Swiggy and Zomato? Aren’t there social media games just top notch?
• SEM: SEM or Search Engine Marketing is another important skill that is required. Understanding data and metrics to adjust campaigns for better performance is the ultimate key.

2. E-commerce and Dropshipping

As the world moves to online shopping, E-commerce emerges as one of the leading sectors and continues to dominate the global marketplace Say goodbye to long queues! On the other hand, dropshipping remains a popular way for entrepreneurs to enter the space with minimal investment. Those who don’t know, dropshipping is when a store sells products without keeping them in stock. Instead, it orders from suppliers who ship directly to customers. It is one of the most trending business options in recent times.

Statistics reveal that India’s e-commerce sector is expected to reach INR 4,416.68 billion in 2024, with an annual growth rate of 11.45% to reach INR 7,591.94 billion by 2029.

With platforms like Shopify and WooCommerce, it’s never been easier to start your own online store without worrying about inventory or shipping.

Why is it a profitable option?

• Low Overhead Costs: The best part of this business is that you don’t need to buy products in bulk or maintain a warehouse. It is up to suppliers to handle that task, so no headaches for you. It is one of the High ROI businesses out there.
• Growing Consumer Trend: As per the reports, more people are shopping online than ever before, and this trend does not seem to stop. The graph is moving upwards, paving the way for ecommerce business.
• Wide Range of Niches: From health and fitness to beauty and home goods, you can focus on any niche that your target audience is interested in. If your product serves as a solution to the problems of consumers, then it is bound to do well in the market.

What are the necessary skills required?

• E-commerce Platforms: As already mentioned before, you can make use of tools like Shopify, WooCommerce, and Amazon. These will help you set up your business and manage your store efficiently.
• Marketing: Marketing is the backbone of any business. In today’s time, a solid understanding of digital marketing, especially social media and email campaigns, is extremely important for driving traffic.
• Customer Service: Obviously if you have a business, you’ll have customers and you are bound to face queries. So you’ll need to address customer queries and concerns effectively to maintain a good reputation.

3. Online Health Services

Online health services, especially after COVID, have increased a lot. Services like medical consultations, appraisals, hospital issues- all come under Telehealth services. This has seen explosive growth in recent years, and the trend is continuing into 2024.

Offering virtual consultations and online health services allows healthcare providers to reach more patients while reducing overall costs.

Don’t believe us? No issues, you’ll believe the numbers. The global digital health market was valued at over 330 billion U.S. dollars in 2022. According to recent forecasts, this figure is expected to exceed 650 billion dollars by 2025.

Why is it a profitable option?

• Consumer Convenience: I believe that online shopping has changed the overall customer behaviour- it has spoiled us. Patients appreciate the ease and accessibility of receiving care from the comfort of their homes.
• Lower Operating Costs: Without the need for a physical office, you manage all your operations at once. Doesn’t that sound exciting? By this, you save on various operating costs like rent and utilities.
• Growing Healthcare Needs: As populations age and chronic conditions increase, demand for health services continues to rise. With change in environment and increase in the level of toxins, more no. of patients are coming forward. And it is not only limited to physical health, but mental health as well.

What are the necessary skills required?

• Medical Expertise: If you’re a healthcare provider, it is necessary to have a solid understanding of telehealth technology. You must be aware of the basics to deliver effective services to your customers.
• Telehealth Software Proficiency: There are certain softwares that are made especially for telehealth services. You must have a clear understanding of these to manage things like managing remote consultations, patient records, and billing quite effectively.
• Patient Management: Managing patients is not a cup of tea for everyone. You need to have necessary skills to handle them. If you don’t possess this skill, you may regret entering here. So, maintaining a strong rapport with patients and handling virtual consultations is very important.

4. Sustainable and Eco-friendly Products

Thanks to the new generation, now our environment is getting back the attention it deserves. Repeating outfits, which was once regarded as boring, has now become cool- which advocates sustainability. From idols to clothes to colours, Eco Friendly culture has taken over the marketplace. For example, In Holi you must have seen the rising usage of herbal colours.

This trend has not only bettered the environment but also the various sectors related to it. It has brought a permanent shift in consumer behaviour. Eco-friendly businesses that focus on reducing their environmental impact are thriving. Whether it’s sustainable fashion, organic skincare, or reusable household items, businesses offering green alternatives are experiencing tremendous growth.

Why is it a profitable option?

• Consumer Demand: Call it Trend or sudden love for the environment, there’s no denying that there is a growing market for Eco friendly items. Products that promote sustainability and environmental conservation are the first choice for people nowadays.
• Brand Loyalty: The brand speaks for itself. Eco-conscious customers are highly loyal and willing to pay more for products they believe in.
• Government Support: Environment Conversation has become the new point of discussion in various international summits. Many countries are introducing policies and incentives for businesses that adopt green practices, giving you an added advantage. So, even from the government’s side there is a green flag for growth of this business.

What are the necessary skills required?

• Product Sourcing: This is an important factor to consider when to enter this market. Knowing where and how to find eco-friendly materials is crucial.
• Marketing and Storytelling: As I said before, brand speaks for itself. But to make it heard, it would require certain efforts from your end. Consumers connect with brands that tell an authentic story about their commitment to environment conservation.
• Logistics: You would not want to do harm to the environment while advocating for it, would you? Understanding supply chains and reducing carbon footprints while maintaining profitability is very essential.

5. App Development

Last but not the least, here comes another profitable business that is trending in 2024. A business that has been there on the lists since the very beginning. App development continues to be a hot industry, thanks to the worldwide use of smartphones and tablets.

In 2024, the market is projected to reach $935 billion in revenue, up from $693 billion in 2021. This staggering growth is driven by the increasing reliance on mobile devices for daily activities, from shopping and entertainment to health and productivity.

Whether it’s creating a fitness app, a game, or a productivity tool, app developers can enjoy significant profits by providing these services.

Why is it a profitable option?

• Increasing App Usage: According to a report, as of 2024, an estimated 4.88 billion people own a smartphone. That’s an increase of 635 million new smartphone users over the past year alone (between 2023 and 2024). Consumers are spending more time on mobile apps for everything from entertainment to shopping and personal finance.
• Various Monetization Options: Apps can be monetized through advertisements, in-app purchases, or subscription models, offering multiple revenue streams. So, there are multiple ways to generate revenue for your business- ultimately profiting you.
• Low Startup Costs: This field does not require great investment. With the right skills, you can start building apps without significant costs. All you need is a computer, coding knowledge and development tools.

What are the necessary skills required?

• Programming: This is the ultimate skill that you need even before you step into the area. Proficiency in programming languages like Java, Python, or C++ is essential for building functional and appealing apps. This skill is like the foundation for building your empire in this area.
• User Experience (UX) Design: Creating a design and user experience that appeals to both the client and their customer is a must. So, you must have required knowledge in creating good user experience. People are going to judge the quality of your app just by looking at its design and overall user experience. As they say First Impression is the Last impression.

How RainDrops InfoTech can make your business more profitable?

So in the blog above, we discussed various businesses that are profitable in 2024. But what if you own a business and want to make it more profitable. Where do you go then? Don’t worry, Raindrops InfoTech has got your back! As a top player in digital solutions, we have expertise in crafting web and mobile apps that help businesses like yours survive. Whether you want to build a powerful e-commerce platform or need a custom app to boost your business, Raindrops InfoTech delivers solutions as per your needs and wants.

Since 2012, Raindrops Infotech has been the go-to IT solutions and services provider for businesses worldwide. We’ve developed over 700 websites, 150 mobile apps, and served more than 2,500 happy clients. But don’t just take our word for it—our great reviews and ratings on platforms like Clutch and GoodFirms speak volumes. While other software development companies may boast about their capabilities, we have the numbers, the reviews, and the real-world results to back up our claims.

So, now that you have a comprehensive guide explaining various emerging business trends in 2024 and the necessary information regarding it, I hope you are even more pumped up about launching your own brand.