The entrepreneurial landscape is booming. According to Statista, global e-commerce sales are expected to reach $6.4 trillion by 2024. And small businesses are a major source of job creation, making up about 48% of the private workforce in the United States, according to the SBA.

Now is a great time to start or grow your venture. Whether you’re a solopreneur or building a team, this guide has business ideas for you.

We’ll explore a variety of innovative and traditional business ideas that can cater to different markets.

AI Consulting

With the rise of artificial intelligence (AI), companies need help implementing AI solutions. Starting an AI consulting firm can help businesses use AI tech to increase efficiency and better decision-making.

Offering services such as strategy development, implementation support, and training can position your business as a crucial partner in the digital transformation journey.

If you’re worried that you do not have the required skill or expertise to start an AI consultation, there are a lot of free resources online for you to study. You can also hire or partner with developers, machine learning, NLP (natural language processing), AI experts, and data scientists.

These are some services your team may need to offer:

• AI strategy development
• Data analysis and preparation
• Machine learning model development
• Integration with existing systems
• Change management and training
• Performance monitoring and maintenance
• Ethical AI practices
• Industry-specific solutions

How To Make Money As An AI Consultant!

Developing an AI tool for your niche

If you have a technical background, consider developing an AI tool tailored to a specific industry. Whether it’s an AI-based customer service chatbot for retail or a specialized analytics tool for healthcare, niche-focused AI solutions can fill significant gaps in market needs, providing opportunities for substantial revenue.

Skills you need to develop AI tools:

• Programming skills: Strong skills in languages such as Python, R, or Java.
• Machine learning knowledge: Understanding algorithms, models, and frameworks (e.g., TensorFlow, PyTorch).
• Data analysis: Ability to analyze and preprocess data for training AI models.
• Statistical knowledge: Understanding statistical methods and probability theory to inform model choices.
• Mathematics skills: Strong foundation in linear algebra, calculus, and optimization techniques.
• Software development: Familiarity with software engineering principles and version control (e.g., Git).
• Data visualization: Skills in tools like Matplotlib or Tableau to present data insights effectively.
• Deep learning: Knowledge of neural networks and frameworks for building deep learning models.
• Natural Language Processing (NLP): Familiarity with techniques for processing and analyzing textual data if developing language models.
• Problem-solving skills: Ability to identify problems and design effective AI solutions.

AI Engineer Roadmap | How I’d Learn AI in 2024

FormulaBot is a great example of how AI can create valuable niche products for businesses. Founder Daniel Stover, with a background in data science, saw the opportunity to help professionals create complex formulas in Excel and Google Sheets more easily.

FormulaBot’s AI-powered tool automates tedious tasks, making data management more efficient and error-free. This is invaluable for businesses and individuals dealing with large datasets.

Want to explore more innovative AI-driven businesses? Check out our comprehensive case studies by becoming a member at Ownerpreneur.

Offline Events or Community-based Businesses

Organizing local events or community-focused businesses can be highly profitable as in-person gatherings regain popularity.

According to Freeman, 70% of participants believe that live events are the most effective source of training and professional development.

This could include hosting workshops, seminars, or community fairs that foster networking and skill-sharing among locals while offering vendors opportunities to showcase their products.

Here’s a list of ideas for you:

• Workshop and seminar organization
• Community fairs and festivals
• Local art exhibitions
• Fitness classes and boot camps
• Networking events
• Food and beverage tastings
• Trade shows and expos
• Parenting and childcare workshops
• Craft and DIY classes
• Professional development conferences
• Cultural heritage events
• Meditation/mindfulness training
• Pop-up shops and markets

Freelance Services: Content, Development, and Other Skills

The demand for freelance services continues to grow. By offering your content creation, software development, graphic design, project management, or digital marketing skills, you can cater to businesses that require flexible support without committing to full-time hires. Platforms like Upwork and Fiverr can connect you with potential clients.

An Upwork-based agency is not a rarity in today’s day and age. As a freelance business owner, you can fix your hours, work on your terms, and find ways to work remotely.

Online or Offline Teaching

With education increasingly moving online, consider starting an online course or offering in-person workshops in your area of expertise. Whether it’s teaching a language, coding, or art, sharing your expertise can be a satisfactory and profitable venture.

Find your subject matter expertise, which could be in anything from tutoring for math to music production classes, meditation or mindfulness, sales training, digital marketing courses, etc.

Social Media Agency, Manager, or Consultant

Today, a strong social media presence is necessary for any business on their investors’ pitch deck. Businesses understand the importance of social media but often lack the time or expertise to manage their presence effectively.

Starting a social media agency that offers management, content creation, or consulting can help brands grow their online audience and enhance engagement. You need to find your niche and start there. For example, start with podcasts or short-form content or even help artists in the music industry grow their fanbase.

Food Truck

A food truck business is a more profitable option with lower overheads compared to traditional restaurants. Offering unique culinary experiences or catering to specific dietary needs can differentiate your food truck in a competitive market.

If your services work, you can build a brand around it, create content, and scale the business further to bigger venues. Still, a truck is a great starting point, especially for aspiring small business owners and new entrepreneurs!

A food business also trains you well in management skills, so that’s a plus.

Newsletter Company

Email marketing ranks as the most commonly employed marketing strategy among B2B companies, and it is utilized by 84% of them. Here’s our guide on how to do email marketing right!

In the digital age, newsletters have made a strong comeback, especially those focusing on niche subjects. Starting a newsletter company can be a great way to share curated content, updates, or insights while monetizing through subscriptions or partnerships with brands looking to reach your audience.

Milkroad: The Newsletter That Sold for 8 Figures in 10 Months

Sustainable Meat Company or Restaurant

As consumers become more environmentally conscious, establishing a sustainable meat company or restaurant can tap into this growing demand.

Cultivated, lab-grown meat, or cell-based meat, is made by culturing animal cells in a lab or a controlled environment rather than through traditional animal farming. That involves sampling animal cells, isolating them, and then using a growth medium to allow these cells to multiply and form muscle tissue.

Focusing on ethically sourced ingredients and eco-friendly practices can attract customers who prioritize sustainability in their purchasing decisions. Many cultivated meat companies are flying high.

What if you’re the first restaurant in your city that strictly serves cultivated meat? That’s a great way to build a brand while making the world a better place.

GPT Store App Development Agency

With the increasing interest in conversational AI, creating a development agency focused on building ChatGPT-based applications can be lucrative. Businesses may seek customized chatbots or assistance tools to enhance their customer interactions.

Additionally, apps like Tinder and Snapchat leveraged the early wave of the App Store and Google Play. You can similarly take the first movers advantage in Open AI’s new app store.

Source

Childcare Business

With more dual-income families and working parents, starting a childcare service can meet significant demand. Offering flexible hours and personalized care can set your business apart in a saturated market.

Licence to print money: Inside the billion-dollar childcare industry | 60 Minutes Australia

Project Management Agency

Organizations seek skilled project managers to ensure efficiency and effectiveness as projects become more complex. Launching a project management agency can provide consulting and management services to businesses looking to streamline their operations.

Skills one needs to have as a project manager:

• Leadership
• Communication
• Time management
• Risk management
• Budgeting and financial management
• Problem-solving
• Negotiation
• Organizational skills

Additionally, here’s our in-depth guide for tools every startup project manager needs to have!

Podcast Agency or Studio

The podcasting sphere continues to grow, presenting opportunities for audio content creators. Starting a podcast agency or studio can involve aiding clients in developing their shows, offering editing and marketing services, and enabling them to reach their target audience.

How Much My Video Podcast Studio Makes | Building a Podcasting Business

Cryptocurrency Consultancy

As cryptocurrency becomes mainstream, many individuals and businesses seek guidance in navigating this innovative landscape. Establishing a cryptocurrency consultancy can help clients understand blockchain technology, investment opportunities, and regulatory compliance.

According to a report by MarketsandMarkets, the global blockchain technology market is predicted to rise from $3.67 billion in 2020 to $39.7 billion by 2025, indicating a significant opportunity for consultants to capitalize on this growth.

A cryptocurrency consultancy can provide valuable services, such as educating clients about the intricacies of blockchain technology and how it applies to their specific industries. Additionally, consultants can help clients identify viable investment opportunities within the diverse cryptocurrency market, ensuring they make informed decisions.

Indie Hacking: Building a SaaS (Software as a Service) Company

Indie hacking refers to creating and running small, independent businesses—often tech-oriented—without relying on outside funding or large teams. This entrepreneurial approach empowers individuals to design, develop, and market their products or services while maintaining complete control over their projects.

Pieter Levels, for example, launched 12 startups in 12 months, created 70+ prototypes for small businesses, and finally arrived at a few that paid without hiring any employees.

His approach is simple! Create various MVPs (Minimum Viable Products) and develop the ones in demand.

How Pieter Levels Makes $2.7M/Year With 0 Employees

Conclusion

Starting a business requires the right skills and knowledge. Whether you’re technical, specialized, or have strong soft skills, there’s a business idea out there for you.

While this article has helped you explore different business ideas, you can find more inspiration by reading our guide on how to brainstorm a business idea.

Once you have your idea and are ready to begin developing it, our guide on developing your first product will come in handy.

Become an Ownerpreneur member for free access to stories from founders on how they discovered ideas that generated millions in revenue!