5 profitable business to start in 2024

Many people want to start a business but struggle to decide which one to pursue. Sometimes we copy what others are doing, while other times we start with our unique idea.

Having been in the entrepreneurship space for over four years, I’ve gained valuable insights and identified several business ideas that have the potential to be profitable in 2024.

Business no 1 – Digital Service Agency

Starting a digital service agency in 2024 is one of the easiest business ventures. It requires minimal capital to begin, and you can grow your business by reinvesting your profits.

People are starting this business by simply registering it and working remotely. Initially, you can start as a solo entrepreneur and then gradually expand by building teams.

The best part is you can manage this business from anywhere. Since it’s a digital agency, everything is done online.

In my digital agency, Elite Club, I work with my team remotely. I handle sales, get paid, and deliver services all online because everything we do is digital.

Digital skills are things you can offer online, such as digital marketing, video editing, graphic design, web development, consulting, content creation, and more.

If you have a digital skill in 2024, you can begin by freelancing. Once you’ve secured clients and delivered satisfactory results, you can transition to starting your own digital service agency.

Business no 2 – Digital Mentorship

Starting a digital mentorship business is even simpler than launching a digital service agency, and I’m completely serious about this.

As humans, we naturally desire to learn things that can help us make money, improve relationships, or maintain good health. With your expertise, you can create a Digital Knowledge business by teaching others.

In Sikumna, I advertise and sell my advanced Digital Marketing Masterclass Program (DMMP) entirely online, without any physical interaction.

I promote and sell this program online, process payments online, and deliver the program online. Likewise, you can earn money by teaching others online with your expertise.

You can teach anything you’re knowledgeable about, like editing videos, building websites, parenting tips, coaching for business or health, and helping with weight loss.

Believe me, starting a digital knowledge business in 2024 is super easy.

Business no 3 – E-commerce / D2C Brand

A D2C (Direct-to-Consumer) business is one where the company creates, markets, sells and delivers its products directly to the customer. Here, you build your own physical product.

Starting a D2C brand requires a significant amount of capital because you’re developing your own physical product and brand. Your funds are invested in market research, product development, validation, marketing, operations, sales, and shipping.

A lot of people struggle with market research and sales when trying to establish a profitable D2C brand.

However, with proper planning and execution, some brands have managed to build highly profitable D2C e-commerce ventures.

For example, companies like Mheecha, Urban Girls (known for UG cakes), and Masala Beads have done well.

Business no 4 – Software as a service

Some years ago, software had to be installed directly onto computers to operate. But nowadays, we can use software over the internet through cloud-based platforms without needing to install it on our computers or laptops.

The startup costs for this business can be high because you’ll need to hire a team of developers to create a robust software solution that addresses a pressing market need.

Once you’ve developed a software, you can offer it on a monthly rental basis. Users will pay a subscription fee every month to access and use your software.

The SAAS (Software as a Service) industry is still emerging, but we might see many more of them in Nepal soon.

Starting a SAAS company can be tough at first, but if you create software that solves a big problem, you can build wealth from it.

In Nepal, there’s a SAAS company named Blanxer that offers an e-commerce platform. It allows online store owners to quickly create fully operational websites, manage orders, and accept payments online on a daily basis.

They charge a monthly subscription fee for using their platform.

Business no 5 – A Digital Platform

This business model involves bringing together two groups on one platform. One group is the sellers, and the other is the buyers. Your platform acts as the link between them.

Launching and managing this business requires significant capital due to the high operational costs associated with this business model.

You need to consistently improve your platform, market and sell it, manage daily operations, and handle various other tasks.

You’ll require a large team to manage this extensive platform. If you’re performing well, you’ll likely attract investors and funding.

Or, another company might acquire yours, allowing you to exit with a significant sum of money.

Some of the digital platforms in Nepal include Daraz, Pathao, Foodmandu, and Hamrobazaar.

These are all large companies with multiple shareholders, significant investments, and substantial funding.

Honestly, building a platform business requires courage, patience, resilience, and a great deal of hard work. However, if you succeed in establishing a successful platform, you could potentially exit with enough money to never have to work again in your life.

I hope this article has provided you with insights into the diverse range of businesses that hold potential for profitability in 2024.

Let me know in the comments which business you’re interested in starting. I’m eager to hear your thoughts!

Catch you in the next article!

23 thoughts on “5 profitable business to start in 2024”

      1. Bishnumati Bhandari

        I am just entering this field. That’s why I can’t say which business is best for me right now. But in my opinion I liked business number 4. Because we can help thousands of people by developing this software, that’s why I like this proposal.

  1. Wow,it is really interesting to know that we can start many business as digital marketers. I am really interested to start digital agency where I want to build a team who provide good services to the public.

    1. Nice Article Saugat Sir! After reading this article one can now decide which business would suit him/her. One can start freelancing and after good research of market and gaining good response from your clients
      he/she may take further step to expand other businesses of digital services, mentoring and many more.

  2. Namaskar sir!
    I would like to be an entrepreneur but still I’m not sure about that business model which is the most popular and the profitable! According to your article I like these to business ideas:
    Business no 1 – Digital Service Agency
    Business no 4 – Software as a service
    I want to know more details about this business, please guide me if possible 🙏

    1. Yes Sushila. You can definitely start any of those business you mentioned but a market research must be done to validate your product or service. I would bring more content explaining each business in depth in my future emails or articles. So stay updated Sushila.

  3. Sir
    I am also interested in digital marketing
    Tara kasari garnu tyo chai tha nai lage Raha KO xaina

  4. Thank you so much for the article 🙏, from 2 years my husband running fastfood business, there is so many foods he made by himself, such as aata roti set, paratha, momo, chowmin, burger, corndog, katti roll, keema noodles etc. But deu to congested space and high cost of rent he want to start virtual fastfood business so if you have any idea let’s talk about it. Anyway thank you so much.

    1. Hello Rita. Glad to know you liked the article.
      If your husband plans to run a virtual fast food business, then the only way is to tie up with other restaurants who can prepare the foods for you. Virtually, you can do the marketing, sales and hire delivery riders to deliver the food to your customers.
      You don’t have to become next Foodmandu, but you can tie up with limited restaurants and cater your customers through the restaurants.

      1. Thank you for your quick response 👍 🙏
        My husband is a good fastfood chef so he want to make food by himself so that we can provide healthiest food

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