Small Business Ideas For 2024

 Every day, hardworking individuals choose to step away from their employers and start their own companies. Small businesses launched by everyday entrepreneurs have added over 12.9 million jobs to the United States. economy in the last 25 years. If you’re looking to join the fray but aren’t sure which path is best for you, here’s a list of 19 profitable small business ideas.

1. Virtual Assistant business executives are turning to virtual assistants (VAs) to help them with certain business tasks. This saves the business money because they don’t need another full time employee with benefits while still getting the work done. As a VA, you will do certain tasks, such as managing social media, coordinating travel and maintaining the calendar. There is no prerequisite to becoming a VA. You just need to be good with people and have keen organizational skills. You’ll want a computer with a fast internet connection to service your clients. 

2. College Consultant Parents will do whatever they can to help their children get into the college of their dreams. This includes hiring a college consultant who can help prepare them for standardized tests, review personal statements and navigate the world of financial aid and scholarships. There is little to no overhead as a college consultant. You simply need a computer and a good internet connection. While there are no required certifications, the College Consultant Certification from Heartland Institute can help give you credibility in a competitive market. 

3. Antique Sales You might love going to garage sales and auctions. This hobby can become a business where you buy antiques and then resell them after freshening them up with some paint. You may even work on consignment for clients to limit your cash outlay. This is a business where you can work from your garage or invest some money and open a storefront. The cost will depend on your location and the size of the store. 

4. Life Insurance Agent If you’re passionate about helping families prepare for the worst-case scenario, then you may be highly fulfilled working as an independent life insurance agent. You’ll work with people to help assess their life insurance needs and find the right type of coverage. You’ll become their main point of contact for sales and service. To become a life insurance agent, you must pass a state licensing class and a standardized test. Once you do that, you’ll need to get appointed with life insurance companies to offer their products. 

5. Life Coach A life coach helps people navigate through difficult times in their lives. Coaching may come into play for relationships, parenting or other challenging life transitions. A life coach has a lot of experience and can bring that experience to the table to help people successfully navigate through their troubles and blocks. While you don’t need a certification to become a life coach, it does help to give you credibility in what you do. A certification may cost you anywhere from $500 to $1,000, depending on where you get it from. The International Coach Federation offers a three day, accredited program that is $995.

6. Tutoring If you’re a master of a particular subject, you can help students struggling in their classes by becoming a tutor. No certification is required to become a tutor, but you should be an ace in the topic. Usually, a tutor has a college degree in the subject they are tutoring. You can teach in person or online to expand your target market. You may want to invest in some teaching aid tools, such as Canvas or Blackboard. These will help you interact more effectively with online students. You can market yourself or join a tutoring platform, such as BuffTutor, that brings clients to you.

7. Music and Voice Lessons Are you skilled with a musical instrument, or do you have golden pipes? Do you love teaching as well? Sharing those skills with others can help foster a love of the arts. You can either set up a studio at your home or travel to your clients’ homes, depending on what works best for your situation. The flexibility means the possibilities here are endless. You can market yourself to local schools or community theaters where parents are looking to get their kids music or voice lessons. A good teacher quickly gets word of mouth referrals for new business, which helps reduce the amount of marketing that you need to do.

8. Dropshipping Website A drop shipping website promotes products that it doesn’t keep in stock. Instead, it has a deal with a distributor who will take your orders and mail them to your customers on your behalf. This eliminates the cost of having inventory and expands the number of products that a business owner can market and sell. To start a drop shipping business, you’ll need to find relationships with dropshippers. There are big companies that have thousands of products, such as Oberlo and Alibaba, that do this. You’ll also need to create a website that features the products. Getting started may cost you $500 to $1,000 if you need help setting up a website.

9. Dog Grooming Dogs’ coats need regular care, and dog grooming is a service that is in high demand. Washing dogs, trimming their nails and clipping their fur must be done as often as every 4-6 weeks for some breeds. While you can do this in a client’s home, most groomers have either a retail location or a mobile pet salon where they have all their supplies and tools. To have a complete setup, a mobile pet grooming van may cost anywhere from $10,000 to $100,000. If you’d prefer clients bring their pups to you, converting a shed into a grooming salon may be a more convenient option. 8. Copywriter Just about every business has an online presence, most with some sort of blog or distributed content. This content needs to be written, and most business owners don’t have the time to do this themselves. They hire a professional writer. If you have a passion for certain topics, an ability to do deep research and are a good writer, this can be a profitable business for you. There are no startup costs other than having a computer with a good internet connection. Many writers market their services on LinkedIn or in business social media groups. You can also reach out to the marketing director of businesses to offer your services.

10. Pet Care Services A dog walking business is an excellent opportunity for someone who loves dogs and is good with other people’s dogs. You get out every day and enjoy fresh air with grateful pups. This business requires you to go to people’s homes to let their dogs out to play or go for a walk. You don’t need any special credentials to be a dog walker, and since you’ll be using your clients’ leashes, you don’t need to invest in much. Primarily, you should purchase items, such as dog treats and waste bags, so that you are prepared for any situation. If you live in a rural area where clients are spread out, you could pursue the option of offering more generalized pet sitting services for those who are on vacations or business trips. The income for this type of service may be less consistent, but it’s an excellent fit for someone with experience handling different types of animals. Many small critters, such as birds, reptiles and fish, require very detailed care that their owners don’t trust just anyone to handle. If you can build a reputation for taking good care of these pets, winning new clients will come with ease.

11. Subscription Box Service Subscription boxes are a hot trend right now. There are subscriptions for anything and everything, including vitamins and contraception. If you have an idea for a subscription box, you could have the next hot trend. You’ll want to establish a website where customers buy your box. At the end of the month, you send each customer a curated box of goodies. While you can often purchase these items based on the demand, you may need to carry some inventory of certain products. It will all depend on your subscription box.

12. Copy Editor With hundreds of blogs and content streams starting every day, there’s a huge demand for reliable editors who can ensure high quality content goes live. If you have an eye for grammar and punctuation, you might consider becoming an editor who reads and helps improve content. And you don’t have to be limited to blogs or social media; you can edit books and print articles as well. Make sure that you are a grammar stickler and that you know the differences between AP and Chicago style writing. You’ll want to invest in these manuals so that you can help your clients meet the right style guides. Other than that, you only need your computer to start this business. You’ll market yourself in online groups and may choose to invest in building a website to help promote your new business.

13. Wedding or Events Planner If you’d love to help make a special day as memorable as possible, the events business is very rewarding. Those who organize these events should have strong networking skills, pay close attention to details and be highly organized. It helps to have a creative edge that enables you to come up with new and exciting ideas for your clients. If you want to focus on weddings, be prepared to help with all aspects of the wedding, from the decorations and venue to entertainment and food. While you don’t need any licensing or credentials to do this, you want to have a Rolodex of professionals who can fill certain roles at the event.

 

How customer communication helps with B2B commerce conversion rates

Elastic Suite’s latest updates simplify instant customer communication and therefor improve conversion rates. With enhanced calls to action on the marquee and a new communication widget at checkout, brands can now more seamlessly guide their customers through the buying process.

Enhanced Calls to Action on Marquee The marquee is the first thing customers see when placing orders, and Elastic Suite has made it even more effective in capturing their attention with branded marketing assets and billboard like call to actions and buttons. With eye catching calls to action, brands can provide valuable information and incentives, more effectively engaging their audience. When linked directly to an open to buy catalog or collection, the Shop Now button has an average 30% conversion rate.

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Customer Information Widget at Checkout

At the critical checkout stage, the new Customer Information Widget streamlines the process, making it easier and more efficient for customers to complete their purchase. By simplifying this crucial step, Elastic Suite ensures a smoother transition from browsing to buying, reducing cart abandonment rates. The new dashboard functionality allows brands to communicate important information like credit limit or data, contact details, or account information. Because of advanced ship dates or inventory availability variances, communication with the customer post-purchase is also critical. With these updates, Elastic Suite empowers brands to move from chaos toward conversion, with tools and solutions that simplify, not distract from the B2B or wholesale commerce process

 

Some Colleges Will Soon Charge $100,000 a Year. How Did This Happen

NASHVILLE, Tenn. It was only a matter of time before a college would have the nerve to quote its cost of attendance at nearly $100,000 a year. This spring, we’re catching our first glimpse of it. One letter to a newly admitted Vanderbilt University engineering student showed an all in price room, board, personal expenses, a high octane laptop of $98,426. A student making three trips home to Los Angeles or London from the Nashville, Tennessee, campus during the year could hit six figures. This eye-popping sum is an anomaly. Only a tiny fraction of college-going students will pay anything close to this anytime soon, and about 35% of Vanderbilt students those who get neither need based nor merit aid  pay the full list price. a few dozen other colleges and universities that reject the vast majority of applicants will probably arrive at this threshold within a few years. Their willingness to cross it raises two questions for anyone shopping for college: How did this happen? And can it possibly be worth it?

Who Pays What According to the College Board, the average 2023-24 list price for tuition, fees, housing and food was $56,190 at private, nonprofit four-year schools. At four-year public colleges, in-state students saw an average $24,030 sticker price. That’s not what many people pay, though, not even close. As of the 2019-20 school year, according to federal data that the College Board used in a 2023 report, 39% of in-state students attending two year colleges full-time received enough grant aid to cover all of their tuition and fees (but not their living expenses, which can make getting through school enormously difficult). At four-year public schools, 31% paid nothing for tuition and fees while 18% of students at private colleges and universities qualified for the same deal. Those private colleges continue to provide hefty discounts for people of all sorts of incomes. A National Association of College and University Business Officers study showed private nonprofit colleges and universities lowering their tuition prices by 56% from the rack rate during the 2022-23 school year. Vanderbilt provides discounts, too, and its financial aid is extraordinarily generous. Earlier this year, it announced that families with incomes of $150,000 or less would pay no tuition in most instances. Still, more than 2,000 students there who get no need based or merit aid will soon pay $100,000 or more. Why does Vanderbilt need all of that money

Where the Money Goes At a few small liberal arts colleges with enormous endowments, even $100,000 would not cover the average cost of educating a student, according to the schools. Williams College says it spends roughly $50,000 more per student than its list price, for instance. In other words, everyone is getting a subsidy. Perhaps its list price should be more than $100,000 too, so that its endowment is not offering unneeded help to wealthy families. Or, perhaps, a price that high would scare away low-income applicants who do not realize that they might get a free ride there. According to Vanderbilt, its spending per undergraduate is $119,000. “The gap between the price and cost of attendance is funded by our endowment and the generous philanthropy of donors and alumni,” Brett Sweet, vice chancellor for finance, said in an emailed statement. No one at the school would meet with me to break this figure down or get on the phone to talk about it. But Vanderbilt’s financial statements offer clues to how it spends money. In fiscal year 2023, 52% of its operating expenses went to faculty, staff and student salaries and wages, plus fringe benefits. Robert Archibald and David Feldman, two academics who wrote “Why Does College Cost So Much?,” explained in their book why labor costs are so tricky at these institutions. “The critical factors are that higher education is a personal service, that it has not experienced much labor-saving productivity growth, and that the wages of the highly educated workers so important at colleges and universities have soared,” they said. “These are economywide factors. They have little to do with any pathology in higher education.”

American Businesses

Businesses in America encompass a broad spectrum, ranging from colossal multinational corporations to independent entrepreneurs. This diversity includes large enterprises, small businesses, home based operations, online ventures, as well as both corporate and family-run farms. Serving as a crucial cog in the American economic machinery, businesses play a pivotal role by supplying goods and services globally. The consumption of their outputs serves as the primary engine propelling the nation's gross domestic product (GDP) forward. Moreover, businesses serve as engines of employment generation, avenues for wealth creation, and platforms for investment opportunities. Capitalism, as an economic system, fosters the growth of businesses. However, unchecked expansion can lead to concerns about monopolistic practices within industries. Instances of corporate fraud and accounting scandals have corroded public trust in the integrity of large corporations. Additionally, societal expectations place emphasis on the impact of businesses on environmental sustainability, local development, and the overall welfare of communities. Balancing the pursuit of profit with ethical considerations and societal responsibilities remains an ongoing challenge for businesses operating in America.

HISTORICAL DEVELOPMENTS

The economic landscape of America has undergone significant transformations since the arrival of the first colonists. Initially, trade with native peoples revolved around furs, food, and the exchange of American resources for imported goods. The early economy was characterized by industries such as agriculture, timber harvesting, and shipbuilding. However, with the nation's independence and the advent of the Industrial Revolution, manufacturing began to ascend in importance.

LEGAL STRUCTURES OF BUSINESSES

 Indeed legal and tax considerations play a crucial role in determining the structure of a business entity. Here's a brief overview of the main forms of business structures: 

Sole Proprietorship: This is the simplest form of business structure, where the business is owned and operated by a single individual. The owner retains full control over the business and its profits but is personally liable for all debts and obligations. From a tax perspective, income and expenses of the business are reported on the owner's personal tax return. 

Partnership: A partnership involves two or more individuals who share ownership of the business. There are two main types: general partnerships and limited partnerships. In a general partnership, all partners share equally in the management and liability of the business. In a limited partnership, there are both general partners who manage the business and have unlimited liability, and limited partners who invest capital but have limited liability. Partnerships also pass through profits and losses to individual partners, who report them on their personal tax returns. 

Corporation: A corporation is a separate legal entity from its owners (shareholders). It provides limited liability protection to its shareholders, meaning their personal assets are generally not at risk for the debts and obligations of the corporation. Corporations are more complex to set up and maintain, with specific requirements for governance and compliance. They are taxed separately from their owners, with profits taxed at the corporate level, and dividends taxed again when distributed to shareholders.

Limited Liability Company (LLC): For legal and tax purposes, all businesses must be structured as one of several legally defined forms: sole proprietorships, business partnerships, corporations, or limited liability companies (LLC). Each offers both advantages and disadvantages to the business owner.

THE ROLE OF SMALL BUSINESS IN A COMPLEX ECONOMY 

It's a common misconception that the American economy is solely dominated by large corporations. While it's true that many of the world's largest companies are headquartered in the United States, the reality is that a significant portion of employment in the country is driven by small and medium-sized businesses. According to data from the U.S. Census Bureau's 2002 economic census, a substantial number of Americans are employed by companies with fewer than five hundred employees. Specifically, out of America's 115 million workers in 2001, approximately 57.4 million were employed by such smaller enterprises. This underscores the significant role that small and medium-sized businesses play in driving employment and contributing to the overall economy.

Home Based Businesses

The landscape of small businesses in the United States includes a significant portion that operate from home. As of 2003, home based businesses accounted for 53% of all small businesses in the country. These businesses span various industries, with a notable presence in service industries, construction, retail trade, and other sectors such as finance, communications, manufacturing, and transportation. The majority of home-based businesses, approximately 91%, were structured as sole proprietorship, reflecting the simplicity and ease of setup associated with this form of business ownership. Additionally, 5% were structured as sub chapter S corporations, and 4% as partnerships, offering varying levels of liability protection and tax benefits to their owners. It's noteworthy that the vast majority (91%) of home based businesses had no employees, indicating that many entrepreneurs in this category operated as independent operators. Furthermore, less than half of these businesses operated on a fool time basis, with owners typically dedicating around twenty six to thirty five hours per week to their businesses. This suggests a flexible and often part time approach to entrepreneurship among home based business owners, allowing for a balance between work and personal life commitments.

U.S & Pakistan Business Council

The American Business Council of Pakistan was established in 1984 and has since been accredited as the voice of US businesses operating in Pakistan. It is a non profit organization one of the largest groups of single-country overseas investors in Pakistan and currently consists of Fortune 500 companies, small and medium enterprises, renowned business leaders and entrepreneurs, both American and Pakistani. The American Business Council of Pakistan is affiliated with the Federation of Pakistan Chambers of Commerce & Industry (FPCCI) and is a member of the U.S. Chamber of Commerce (USCC), Washington D.C., as well as the Asia-Pacific Council of American Chambers of Commerce (APCAC). ABC also has a close working relationship with the U.S.-Pakistan Business Council and utilizes its platform to create a dynamic exchange of ideas between its members, businesses, the State of Pakistan, United States of America and the world.

U.S & Pakistan Business Council

The U.S. Chamber’s U.S and Pakistan Business Council (USPBC) is the leading business private sector association of U.S. companies with business and investment interests in Pakistan. Through our policy recommendations, our active engagement with U.S. and Pakistani government officials, private sector organizations and think tanks, and particularly our trade missions, the USPBC has worked to expand commercial opportunities and promote a level playing field for American companies in Pakistan. Our membership is made up of senior level executives of U.S. companies from every business sector that are major investors in Pakistan and are firmly committed to the Pakistani market.

Council Visibility The USPBC furthers its mission and members’ policy goals through an extensive schedule of programs, outreach to Pakistani and U.S. government officials, and publications. 

Pakistan Presence The USPBC maintains close relationships with leading business organizations in Pakistan, including the American Business Council of Pakistan (ABC) and the American Business Forum (ABF). Council officials conduct policy missions to Pakistan to promote members’ priorities in meetings with senior Pakistani government officials and business leaders.

U.S.-Pakistan Business Council Membership 

Members have access to U.S and Pakistan Business Council information services and are and are involved in shaping policy priorities and outcomes. As an active and growing council, we offer an array of services and valuable networking opportunities for companies doing business in Pakistan. We hope that you find our website helpful and informative, and we welcome you to get involved in our efforts to strengthen commercial ties between Pakistan and the United States.

 

10 Great Business Ideas for Entrepreneurs

This list of 10 great business ideas will help you get started on your entrepreneurial journey. Note that many of the ideas below only require you to have a credit card processing partner to get started, so you can keep upfront expenses relatively low. Read on for some inspiration into the many types of businesses that could launch you to success. 

1.Real Sstate For many people, navigating the housing market is overwhelming. As a real estate agent, you can help people find their dream home at a price that fits their budget. In many states, you only need to complete a few months of classes and pass an exam to qualify as a real estate agent. Keep in mind that even with a certification, you’ll need strong social skills, so if you’re not a people person, this might not be the route for you.

2. Online resellingIf you’re interested in clothing and sales, you might consider starting an online reseller business. Although it takes time, dedication and an eye for fashion, you can start your business as a side hustle and turn it into a full-time resale business. You could start by using online store websites like Postmark and America to sell your unwanted clothing and items, then expand to your own resale website. Consider shopping estate sales and flea markets for hidden finds at a low cost and then listing them for a profit online. You may be able to collect a substantial inventory of items that are in good shape for very little overhead if you’re diligent enough and search the right places.

3. Pet sitting When these families go away for extended periods, your pet-sitting small business can give them peace of mind. As a pet sitter, you’ll watch over your clients’ dogs, cats or other pets at their house. As part of the job, you’ll need to feed them, give them water, play with them, and (with dogs) walk them as needed. To help keep clients satisfied, you’ll need to regularly update them on how their pets are doing. If you have other sources of income that require nothing more than an internet connection and a laptop, pet sitting may be an especially apt small business idea. Almost all pet owners will be glad to let you work on your laptop while you spend time at their home with their pets, meaning that you can run two income streams simultaneously. 

4. App development If you are knowledgeable and experienced in technology, you may want to consider a career in app development. Smartphones are an everyday accessory for many Americans that has increased the demand for mobile apps. Similarly, virtual reality software has become popular in recent years, so there is also a demand for VR app development.

5. Digital marketing The importance of the internet grows with every passing day, but it also becomes harder for businesses to cut through the online clutter and properly market themselves. Digital marketing services are always in demand. Yet, many small and midsize companies would rather outsource them than establish a costly in-house team. If you have chops in SEO, content marketing, pay-per-click advertising, web development or social media management, you could seize a business opportunity that allows you the freedom to work from home. Digital marketing is an important part of any brand, so you’ll need to respond to developments in your clients’ marketing strategies. Social media management entails watching for comments and messages around the clock, not just scheduling posts with a set-it-and-forget-it mindset. If you enjoy strategizing and implementing marketing plans meticulously, digital marketing could be the right business for you. You may also consider becoming an affiliate marketer, which is another form of digital marketing. 

6. Owning a food truck Food trucks come in all shapes and sizes, serving up a wide range of snacks and cuisines. Take your favorite style of food on the road, and sell your culinary passions directly to hungry customers. Sure, you’ll be working, but you’ll be in a space you’re passionate about, with a chance to connect to people who have similar interests. Starting a food truck is a great small business idea for entrepreneurs with a taste for the culinary. The overhead and upkeep for a truck is significantly less than for a restaurant, and you have the added benefit of mobility.

7. Medical courier service If you have a reliable vehicle and good time management skills, consider creating your own courier service more specifically, a medical courier service. As a driver, you would be responsible for transporting medical items like lab specimens, prescription drugs and equipment. You could start your courier business on your own or hire other drivers to work for you.

8. Online teaching The demand for online education has opened up possibilities for entrepreneurs. Since this is an online venture, you can choose any subject you know about and teach a course regardless of location. If you don’t have advanced knowledge in any particular subject, consider teaching English as a foreign language online to students overseas.

9. Rideshare driving If starting your own business seems daunting or too much of a risk, you can always use your car to become a rideshare driver. The overhead and responsibility of running the company fall on the rideshare service, giving you the freedom to work as much or as little as you want. Rideshare applications such as Uber and Lyft allow people to start side hustles that pay well and require little more than a willingness to drive people to their destinations and make occasional friendly conversation. Rideshare drivers have the independence of a small business owner without the heavy workload required to manage behind-the-scenes logistics. If any of the other business ideas seem to require too much effort or upfront capital, ridesharing might be the way to dip your toe into the world of entrepreneurship.

10. T shirt printing If you have a sense of fashion (or humor), you might enjoy launching a T shirt printing business. You can also license someone else’s designs and screen print them onto a blank tee. Either way, if you have space for a T shirt printing setup, you can easily acquire the necessary tools to get started.

What would be a good small business to start? 

If you want to maximize your profit while minimizing your workload, try any of the small business ideas that most frequently prove successful. However, if you’re more interested in pursuing your passions while earning enough money to live, start a small business that fulfills you, requires you to use your skills and offers you a good work life balance. There are so many great business ideas  and you know better than anyone what small business ideas will bring you happiness, success and stability.

Ministry Points out Key Risks to Pakistan Economy

The Ministry of Finance has identified eight critical fiscal risks that could potentially escalate vulnerabilities within Pakistan's economy. These risks encompass macroeconomic imbalances, escalating debt levels, guarantees, climate degradation, losses within State Owned Enterprises (SOEs), risks associated with public private partnerships, fiscal indiscipline among provincial governments, and governance challenges.

According to the Fiscal Risk Statement (FRS) for 2023-24 released by the Ministry of Finance, Pakistan has experienced significant volatility in its inflation rate in recent years. This volatility has been attributed to several factors, including currency devaluation and fluctuations in energy and food prices within the global market. The acknowledgment of these influences underscores the complex nature of inflation dynamics within Pakistan's economy. It emphasizes the need for strategic measures to mitigate the impact of external factors and to stabilize inflation rates, ensuring greater economic predictability and resilience. The Pakistani rupee has experienced significant depreciation in recent years, influenced by various risk factors such as trade imbalances, external debt, political instability and global economic conditions. The State Bank of Pakistan (SBP) is actively responding to increasing inflation by raising the policy rate. Moreover, the government is also focusing on taking effective policy, administrative, and relief measures to control inflation and stabilise the economy, the FRS said. The inflation outlook has deteriorated, and there is a heightened risk to external stability. The uncertainty surrounding the future adjustment path in energy prices is the main upside risk to the inflation outlook. However, a potential moderation in international commodity prices may contribute to a reduction in inflation. Further, exchange rate adjustments, passing on the impact of energy price increases, and interest rates on the higher side would enable the prices to decline over the medium term. Subsequently, it would follow the expansionary monetary policy and improvement in fiscal space given the decline in mark-up payments. As such, the stabilization measures taken during the last year can bring macroeconomic and fiscal benefits in the medium term.

Pakistan is among the top 10 countries most vulnerable to the impacts of climate change, as highlighted by the Global Climate Risk Index 2021, published by the German watch. With the number of days per year with a heat index greater than 35°C projected to rise significantly, Pakistan will be exposed to a more severe, frequent, and longer droughts, while the melting of the Himalayan glaciers will pose a major threat. The Ministry of Climate Change has already identified 33 glacial lakes prone to hazardous glacial lake outburst flooding (GLOF), which could put millions of people at risk. Moreover, Pakistan ranks 12th in the world in terms of climate vulnerability, as per the Climate Vulnerability Monitor, highlighting the need for an urgent action, the FRS said.