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25 Most Profitable Businesses in 2024 [Up to $1m+ per year]

The world of business is ever-changing—what was profitable last year might not be this year. If you’re debating launching a business, keeping up with this information is key. Below, we’ll explore some of the most profitable businesses in 2024, along with how much you could expect to earn with each.

Most Profitable Businesses of 2024

1. Accountant ($207k)

To start an accounting firm, you’d need to obtain a bachelor’s degree, pursue certification, and pass a few required exams. While it’s a bit of leg work upfront, independent accountants earn around $207,000 per year.

2. Freelance Social Media Manager ($100k+)

It’s no surprise the global social media management market is anticipated to grow at a compound annual growth rate (CAGR) of 23.3% from 2023 to 2030. TikTok has become the primary search engine for Gen Z and has over 1 billion active users each month. This gives brands an opportunity to get in front of their ideal customers without the expense of running paid ads.

As a freelance social media manager, you’d help grow a client’s brand on social media platforms like TikTok and Instagram. You’d create social media strategies, film and edit content, and engage with their community. Some social media managers earn an easy six figures, while others earn around $63,000 per year.

3. Freelance Medical Writer ($140k)

Freelance writing is a profitable endeavor in general, but focusing on a profitable niche takes it to the next level. Medical writing, for example, is valued at $3.8 billion and is expected to grow at a CAGR of 10.46% by 2030.

What makes medical writers so in demand? The rise in health-focused social media content and the need for accurate information.

One study revealed that 60% of social media users rely on health information posted on social media platforms. Health companies want to capitalize on this but need to follow industry regulations, so they hire medical writers to help create accurate content.

Medical writers earn an average of $93,000 per year, although top performers earn $140,000.

4. Freelance Website and App Developer ($150k)

With the rise in technology comes increasing demand for website and mobile app developers. These are the professionals who build and maintain the websites and applications we use on a daily basis.

Top freelance web developers earn $72 per hour, or around $150,000 per year.

5. Freelance Graphic Designer ($100k)

While launching a graphic design business isn’t the most profitable on this list, it’s perfect for creatives. The market has an expected growth rate of 3% from 2022 to 2032, which is on par with the average. Plus, successful graphic designers earn upwards of $100,000 per year working for themselves.

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6. Virtual Assistant ($200k)

A virtual assistant helps clients with a range of administrative, creative, and technical tasks. You’ll have your hands in a variety of projects, from calendar management to booking travel reservations.

If you’re willing to specialize, like focusing on marketing or CRM management, you can earn $100 per hour or more.

7. Maternal Mental Health Practitioner ($132k)

If you’re a certified mental health practitioner—like a psychologist or psychotherapist—consider opening a private practice specialized in maternal mental health. The maternal mental health market is expanding rapidly, with an expected CAGR of 28.45% from 2023 to 2030.

There’s an increasing incidence of postpartum depression, along with a rise in awareness of available programs. More mothers are seeking help and looking for providers to help guide them. Plus, private practice therapists earn upwards of $132,000 per year—not bad.

8. Social Media Influencer ($43k/month)

Niccoya Thomas, a successful lifestyle creator, earns around $43,000 per month as a social media influencer. Brian Lindo, a food and travel creator, earns around $37,000 per month.

Don’t be fooled—these are two examples of highly successful content creators whose brands have grown and evolved over time. Having a successful influencer business doesn’t happen overnight. It’s worth investing the time into if you’re passionate about the work though.

9. Financial Advisor ($520k)

Employment opportunities for financial advisors are expected to grow 13% between 2022 and 2032. As an advisor, you’d help clients create and implement a financial plan that aligns with their goals. As the owner of your own firm, you can charge around $250 per hour, which equates to $520,000 per year.

10. Online Course Sales ($1 million+)

The online course sales space gets a bad rap, and rightfully so. While there are several multi-level marketing schemes embedded in the space, there are also legitimate professionals selling courses on a range of topics.

Here’s what we predict a few people make with their online course business:

11. Long-Term Rental Real Estate Investor ($124k)

Long-term rentals are properties rented to tenants for longer periods of time—think 12-month leases. As the owner of the business, you might also fill the role of landlord. You’d manage tenants, accept rent, and coordinate property updates and fixes when needed. On average, full-time real estate investors of this kind earn $124,000 per year.

12. Short Term Rental Business ($44k+)

With the advent of platforms like Airbnb, the short-term rental market has exploded. With a current valuation of $109 billion and a CAGR of 11.2%, it’s a profitable market to launch a business in.

While earnings vary, Airbnb hosts earn an average of $44,235 per year per property. Those that purchase multiple properties and run their business full-time see significantly higher earnings.

13. Cleaning Business ($127k+)

Some successful cleaning businesses earn $370,000 per year—if you’re also thinking WHAT?!…us too. In areas where demand for cleaning services is high—like towns with a high number of short-term rentals or high-income households—you can make a killing.

For example, the average cleaning business in Massachusetts earns $133,000 per year. Top performers earn $370,000. The national average is $127,973 per year.

14. Personal Trainer ($250k)

Personal trainers guide clients through workout programs designed to push them toward their health and aesthetic goals. You can offer one-on-one in-person training or sell virtual programs online

Earning potential varies depending on the services you offer, how many clients you take on, and what you charge. That said, some successful personal trainers report earning $250,000 per year.

15. Dropshipping ($100k)

Dropshipping is an industry packed with scams, so it’s important to exercise caution if you decide to pursue a business in this niche. That said, successful dropshippers can earn up to $100,000 per year, on average.

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16. Food Truck ($153k)

Some food truck owners make a whopping $153,000 per year. If you enjoy cooking, interacting with customers, and being on the go, this might be the business for you.

17. Bridal Gowns and Accessories ($100k)

If you’ve ever dreamed of living out your Say Yes to the Dress fantasy, it might be time to open a bridal gown store. The market is expanding rapidly, with a CAGR of 4.30% and being on track to surpass $85.52 billion by 2031. Depending on the city you open a store in, you can expect to earn around $100,000 per year or more.

18. Automotive Technician ($1 million)

If you prefer hands-on work and don’t mind completing a certification, a mechanic business might be up your alley. These services aren’t going out of style—folks will always need an oil change or tire rotation. On average, franchised auto repair shops earn $1.4 million in gross revenue per year. 

19. Consignment Shop ($100k)

ThredUp, a major player in the online resale market, released a report predicting the global secondhand market to reach $350 billion by 2028. More than 50% of shoppers have purchased something secondhand in the last year, many doing so to afford higher-end brands.

Consignment shops tend to have low margins and solid profits, earning owners anywhere from $30,000 to $100,000 per year.

20. Landscaping ($180k)

Landscaping never goes out of style—lawn care, gardening, and snow removal can’t be done by a robot. The industry is expected to grow at a CAGR of 5.09% over the next 17 years.

Landing a few larger clients—like HOAs, corporate campuses, and apartment complexes—can lead to a steady, high income. For some, this leads to a $180,000 salary.

21. Party Rental Business ($250k+)

The party rental market is currently valued at $7.9 billion. Some of the folks that own these businesses earn upwards of $250,000 to $900,000 per year.

Reality is, hosting parties is expensive. Weddings cost the same as a new car, kids’ birthdays are becoming increasingly extravagant, and people are looking for ways to save. Renting decor and equipment is becoming an increasingly popular way to do so.

22. Midwife ($140k+)

Midwives are healthcare providers who support women through pregnancy, childbirth, newborn care, and postpartum health. While the demand for midwives increases, the World Health Organization predicts a shortage of midwives is on the horizon.

Meet the demand by starting a midwife private practice. You can expect to earn around  $140,000 per year. That said, the level of demand suggests this business could become far more profitable.

23. Baker ($450k)

If baking is your favorite pastime, turn your passion into a business. Bakeries bring in an average of $325,000 to $450,000 in revenue per year. Depending on where your expenses wind up, you might be able to keep a decent chunk of this in your pocket.

24. Acupuncturist ($200k)

This one might sound strange, but hear us out. A report from the New York Times found that more than a third of Americans are supplementing or substituting traditional medical care with alternative therapies like acupuncture, meditation, and yoga. Because of this, the acupuncture industry is expected to grow 5-8% over the next 10 years, which is faster than average.

You can’t just start poking people with needles and calling it an acupuncture business though. You’ll need a few certifications to get started. That said, some successful acupuncturists earn $200,000 per year, so it’s worthwhile to explore.

25. Mobile Car Wash Owner ($124k)

The mobile car wash market was valued at $5.84 billion in 2022 and is expected to grow at a compound annual growth rate of 10.5% between 2023 and 2030. 

Consumers love the convenience. They don’t need to drive their car anywhere; you simply show up to their home, wash their car in their driveway, then head out. You can specialize in either exterior or interior cleaning, although you’ll likely earn the most by offering both services.

Based on standard rates for these services, you can expect to earn around $124,000 per year cleaning 15 cars per week.

Frequently Asked Questions (FAQs)

What is the most profitable business to start in 2024?

The most profitable business to start in 2024 is financial advising. Financial advisors can earn around $520,000 per year by helping clients create and implement financial plans. The demand for financial advisors is expected to grow 13% between 2022 and 2032, making it a lucrative field.

Do I need special certifications to become a freelance medical writer?

The most profitable business to start in 2024 is financial advising. Financial advisors can earn around $520,000 per year by helping clients create and implement financial plans. The demand for financial advisors is expected to grow 13% between 2022 and 2032, making it a lucrative field.

How much can I expect to earn as a freelance social media manager?

As a freelance social media manager, earnings can vary widely. Some social media managers earn an easy six figures, while others earn around $63,000 per year. Your income will depend on your experience, the number of clients you take on, and the success of the social media strategies you implement.

Is it necessary to have a degree to start a graphic design business?

While having a degree in graphic design or a related field can be advantageous, it is not strictly necessary. Many successful graphic designers are self-taught or have completed online courses and certifications. Building a strong portfolio and gaining practical experience can be more important than formal education. Freelance graphic designers can earn upwards of $100,000 per year.