7 Small Businesses That Are Growing Fast in 2024

If you are looking for a profitable and exciting business idea to start in 2024, you might want to consider some of the fastest-growing small businesses in the US and around the world. These are the businesses that are meeting the needs and demands of the changing market, leveraging new technologies, and creating value for their customers.

In this article, we will explore seven small businesses that are growing fast in 2024, based on data from the Bureau of Labor Statistics, industry reports, and market research. We will also provide some tips on how to start and run these businesses successfully.

Key Takeaways

Residential remodeling is a fast-growing small business that involves improving the spaces of existing homes.

Solar photovoltaic installers are fast-growing small businesses that install and maintain solar panels that convert sunlight into electricity.

Smart home installers are fast-growing small businesses that install and configure smart devices and systems in homes.

Online education is a fast-growing small business that delivers educational content and instruction through digital platforms.

Pet care services are fast-growing small businesses that provide various services for pet owners.

Subscription box service is a fast-growing small business that delivers curated boxes of products or samples to customers on a regular basis.

Dog grooming is a fast-growing small business that involves bathing, trimming, styling, and caring for dogs’ coats, nails, ears, and teeth.

1. Residential Remodeling

With rising mortgage rates and limited housing supply, many homeowners are opting to improve their current spaces instead of buying new ones. According to a survey by Houzz, 37% of homeowners completed a remodeling project in 2022, and 23% plan to do so in the next 12 months. The most popular areas to remodel are bathrooms and kitchens, which can increase the value and comfort of a home.

To start a residential remodeling business, you will need some skills and experience in construction, design, plumbing, electrical, or carpentry. You will also need to obtain the necessary licenses and permits, as well as insurance and bonding. You can market your services through word-of-mouth referrals, online platforms, social media, or local directories.

2. Solar Photovoltaic Installers

Solar photovoltaic installers are technicians who install and maintain solar panels that convert sunlight into electricity. This is a booming industry, as more people are looking for ways to save money on their energy bills, reduce their carbon footprint, and take advantage of tax credits and incentives. The BLS projects that the job growth for solar photovoltaic installers will be 27% through 2031, much faster than the average for all occupations.

To become a solar photovoltaic installer, you will need a high school diploma or equivalent, and some on-the-job training or certification. You will also need to have some basic tools and equipment, such as ladders, drills, meters, and safety gear. You can find clients through online platforms, referrals, or partnerships with solar companies or contractors.

3. Smart Home Installer

Smart home installers are professionals who install and configure smart devices and systems in homes, such as connected doorbells, thermostats, cameras, speakers, lights, and appliances. These devices can enhance the security, convenience, efficiency, and entertainment of a home. The smart home services market is expected to grow 11% by 2028, as more people adopt smart technologies and the devices become more affordable and accessible.

To start a smart home installation business, you will need some technical skills and knowledge of various smart devices and platforms. You will also need to have some tools and equipment, such as screwdrivers, wire strippers, testers, and routers. You can market your services through online platforms, referrals, or partnerships with smart device manufacturers or retailers.

4. Online Education

Online education is the delivery of educational content and instruction through digital platforms, such as websites, apps, videos, podcasts, or e-books. Online education can offer convenience, flexibility, affordability, and personalization to learners of all ages and backgrounds. The online education market is expected to grow 19% by 2028, as more people seek to learn new skills, upgrade their qualifications, or pursue their interests.

To start an online education business, you will need some expertise and passion for a specific subject or topic. You will also need to create high-quality and engaging content and instruction, using tools such as Canvas, Zoom, or Udemy. You can market your courses or programs through online platforms, social media, email marketing, or SEO.

5. Pet Care Services

Pet care services are businesses that provide various services for pet owners, such as grooming, walking, sitting, boarding, training, or veterinary care. Pet care services are in high demand, as more people own pets and treat them as family members. The pet care industry is expected to grow 8% by 2028, as more people spend money on their pets’ health and well-being.

To start a pet care service business, you will need some skills and experience in handling different types of pets
and their needs. You will also need to obtain the necessary licenses and permits, as well as insurance and bonding. You can market your services through word-of-mouth referrals, online platforms, social media, or local directories.

6. Subscription Box Service

A subscription box service is a business that delivers curated boxes of products or samples to customers on a regular basis, usually monthly or quarterly. Subscription box services can offer convenience, surprise, and value to customers who want to discover new products or enjoy their favorite ones. The subscription box market is expected to grow 18% by 2028, as more people seek to simplify their shopping and indulge their hobbies or passions.

To start a subscription box service business, you will need to identify a niche and target market for your boxes, such as beauty, fitness, food, or books. You will also need to source and package your products, using tools such as Cratejoy, Subbly, or Shopify. You can market your boxes through online platforms, social media, email marketing, or influencer marketing.

7. Dog Grooming

Dog grooming is a service that involves bathing, trimming, styling, and caring for dogs’ coats, nails, ears, and teeth. Dog grooming can improve the appearance, health, and comfort of dogs and their owners. The dog grooming industry is expected to grow 11% by 2028, as more people own dogs and value their grooming needs.

To start a dog grooming business, you will need some skills and experience in grooming different breeds and sizes of dogs. You will also need to have some tools and equipment, such as scissors, clippers, brushes, shampoos, and dryers. You can operate your business from your home, a mobile van, or a storefront location. You can market your services through word-of-mouth referrals, online platforms, social media, or local directories.

Tips

Choose a small business idea that matches your skills, interests, passions, and market needs.

Do some research on the industry trends, customer demand, and competition before starting your small business.

Create a business plan that outlines your goals, strategies, and resources for your small business.

Obtain the necessary licenses, permits, insurance, and bonding for your small business.

Provide high-quality products or services that solve a problem or fulfill a need for your customers.

Build a strong brand identity and reputation for your small business.

Use various marketing channels and strategies to reach and attract your target audience.

Monitor and measure your small business performance and make adjustments as needed.

Statistical Report: Small Businesses That Are Growing Fast

Small businesses are the backbone of the economy, providing jobs, innovation and diversity. According to the U.S. Small Business Administration, there are over 31 million small businesses in the country, accounting for 99.9% of all businesses and 47.1% of the private workforce.

But which small businesses are growing the fastest in 2023? What are the trends and opportunities that drive their success? And what are the challenges and risks that they face in a competitive and uncertain market?

In this report, we will explore some of the fastest growing small businesses in 2023, based on data from various sources, such as the Bureau of Labor Statistics, Forbes, Next Insurance and Exploding Topics. We will also analyze the factors that influence their growth, such as consumer demand, technology, sustainability and innovation.

Construction and Home Improvement

One of the fastest growing sectors for small businesses is construction and home improvement. This includes businesses that offer services such as residential remodeling, solar panel installation, smart home installation, landscaping, roofing, plumbing and painting.

The demand for these services is driven by several factors, such as:

Rising mortgage rates that discourage home buying and encourage home improvement
Increased consumer spending on home renovation projects amid recession fears
Growing awareness and adoption of smart technology and renewable energy sources
Aging housing stock that requires maintenance and upgrades
Increased demand for outdoor living spaces due to the pandemic

According to the Bureau of Labor Statistics, the employment of construction and extraction occupations is projected to grow 8% from 2020 to 2030, faster than the average for all occupations. In particular, solar photovoltaic installers are expected to grow 27%, while electricians are expected to grow 10%.

According to Next Insurance, residential remodeling is one of the fastest growing small businesses in 2023, with a median spend of $18,000 per project in 2021, up from $15,000 in 2020 and $13,000 in 2019. Similarly, solar panel installation is expected to grow 11% by 2028 as more homeowners look to save money and reduce their carbon footprint.

Healthcare and Personal Services

Another fast growing sector for small businesses is healthcare and personal services. This includes businesses that offer services such as home health care, personal care, fitness training, massage therapy, acupuncture, yoga instruction and pet care.

The demand for these services is driven by several factors, such as:

Aging population that requires more care and assistance
Increased health awareness and wellness trends among consumers
Rising pet ownership and spending on pet products and services
Growing popularity of online platforms and apps that connect service providers with customers
Increased demand for personalized and convenient services due to the pandemic

According to the Bureau of Labor Statistics, the employment of healthcare occupations is projected to grow 15% from 2020 to 2030, much faster than the average for all occupations. In particular, home health aides are expected to grow 34%, while personal care aides are expected to grow 33%.

According to Forbes, pet care services is one of the best small business ideas for 2023, with a projected revenue of $109 billion by 2024. Similarly, fitness training is expected to grow 15% by 2028 as more people seek to improve their physical and mental health.

E-commerce and Information Technology

A third fast growing sector for small businesses is e-commerce and information technology. This includes businesses that offer products or services online, such as subscription boxes, dropshipping websites, web development, graphic design, digital marketing and cybersecurity.

The demand for these products or services is driven by several factors, such as:

Increased online shopping and spending due to the pandemic
Low barriers to entry and high scalability of online businesses
Rapid innovation and adoption of new technologies and platforms
Growing need for digital transformation and security among businesses
Increased demand for creative and technical skills in the digital economy

According to Statista, global e-commerce sales are expected to reach $6.5 trillion by 2023, up from $4.2 trillion in 2020. In particular, subscription boxes are expected to grow 68% by 2025, while dropshipping websites are expected to grow 28% by 2025.

According to Exploding Topics, web development is one of the fastest growing startups in 2023,
with a growth rate of 1.7x in the last year. Similarly,
graphic design is expected to grow 13% by 2030 as more businesses need visual content for their online presence.

Frequently Asked Questions:

Q1: What are the benefits of starting a small business?
A: Starting a small business can offer many benefits, such as independence, flexibility, creativity, satisfaction, and income potential.

Q2: What are the challenges of starting a small business?
A: Starting a small business can also pose many challenges, such as competition, risk, uncertainty, stress, and responsibility.

Q3: How do I find a profitable small business idea?
A: To find a profitable small business idea, you should consider your skills, interests, passions, and market needs. You should also do some research on the industry trends, customer demand, and competition.

Q4: How do I finance my small business?
A: To finance your small business, you can use various sources of funding, such as personal savings, loans, grants, crowdfunding, or investors.

Q5: How do I market my small business?
A: To market your small business, you should identify your target audience, value proposition, and unique selling point. You should also use various marketing channels and strategies, such as online platforms, social media, email marketing, SEO, or word-of-mouth referrals.

References:

https://web.stanford.edu/~rkatila/new/pdf/KatilaSEJ12.pdf

https://www.linkedin.com/pulse/20140813173935-8497556-are-entrepreneurs-and-start-up-founders-the-same

http://fortune.com/2014/09/25/why-startups-fail-according-to-their-founders/

https://www.sba.gov/sites/default/files/advocacy/2021-Small-Business-Profiles-US.pdf

https://www.nextinsurance.com/blog/fastest-growing-small-businesses/

https://www.forbes.com/advisor/business/small-business-ideas/

https://www.statista.com/statistics/379046/worldwide-retail-e-commerce-sales/

https://explodingtopics.com/blog/fast-growing-companies

https://www.nextinsurance.com/blog/fastest-growing-small-businesses/

https://www.forbes.com/advisor/business/small-business-ideas/