We’re sharing the top industries for entrepreneurs in 2024. Our Trends team has found data showing why these industries are booming. Plus, we’ve interviewed entrepreneurs who share their success in these industries: what they did, how you can do the same, and who these industries are best suited for.
Table of Contents
The 2024 Startup Landscape
Some elements of entrepreneurship are easier than ever; access to the internet, social networking, and remote work means that some businesses can be started with no money.
According to an Intuit survey of 4,500 respondents, starting a business in 2024 is perceived as the best way to build personal wealth. Millennials, especially, are turning to business and entrepreneurship over buying a home.
While rising costs and inflation are often presented as negative aspects of starting a business, they are also driving factors for entrepreneurs.
In his Forbes article, James Webster lists all the ways in which inflation impacts business. These impacts can be categorized into:
- Business generally (mainly cost).
- Business operations.
- Internal decision-making.
- Personal decision-making.
That said, Webster doesn’t see inflation as entirely negative. There are benefits.
Webster writes, “A natural progression of pricing and expenses lets you increase your revenue and makes it financially beneficial to expand whenever you can. When prices for everything rise gradually, you can increase prices for your products or services without raising red flags with your customers.”
In support of Webster, Intuit found that inflation costs are also a driving factor in entrepreneurship.
For instance, 64% of survey respondents said that inflation motivated them to start a business. Additionally, in support of the above points, 45% of respondents said technology is a motivating factor. In short, starting a business in 2024 is easier than ever.
The question remains, though: Which industry is right for you?
Read on to find data-backed industries and tips from successful entrepreneurs in each space.
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The Top Industries for Entrepreneurs
1. Ecommerce
According to the HubSpot Trends team, ecommerce and adjacent industries, such as dropshipping, analytics apps for sellers, Shopify plug-ins, etc., are all worthy contenders for your next entrepreneurial endeavor.
Steve Pogson, founder of the ecommerce agency First Pier, believes that ecommerce offers opportunities for new entrepreneurs.
According to Pogson, the digital landscape has significantly lowered entry barriers, allowing anyone with a unique product, service, or idea to reach a global audience.
“One successful initiative was leveraging Shopify‘s powerful ecosystem to drive unprecedented growth for our clients. This platform, combined with strategic marketing and data-driven decision-making, enabled us to optimize online stores for conversions and customer retention, proving ecommerce’s lucrative potential,” Pogson says.
In support of the findings from the HubSpot Trends team, Pogson believes that technology within ecommerce presents opportunities.
He says, “The rapid evolution of ecommerce technology and consumer behavior means there’s always room for innovation. From implementing AI-driven personalization to utilizing augmented reality for product previews, the tools at an entrepreneur’s disposal are more powerful and accessible than ever.”
AI technology and ecommerce tools can be part of your entrepreneurial journey. They can optimize your offering, website, etc., or you might prefer to create tools that help other entrepreneurs succeed in this industry.
Pogson was not the only ecom pro to share a passion for ecommerce as a top industry for entrepreneurs in 2024.
Jake Munday, CEO and co-founder of Custom Neon, says, “Anyone with a clear idea and a working knowledge of digital marketing can participate in ecommerce. Whether you're a solo entrepreneur starting from scratch or a small team with an innovative product, the key is to start small, learn quickly, and scale responsibly.”
Munday raises an interesting point about ecommerce as an entrepreneurial endeavor: Ecommerce could be suitable for those who want to scale responsibly!
Additionally, Munday’s experience shows that adjacent industries provide opportunities, too.
Munday says, “With resources like dropshipping, social media marketing, and various ecommerce platforms, entering the online market has never been easier. In this area, creativity, perseverance, and the ability to adapt to changing consumer preferences are highly regarded.”
What makes ecommerce so effective for entrepreneurs?
According to eMarketer, online sales worldwide make trillions each year and are estimated to grow in 2024, reaching 20.3% of total retail sales worldwide.
Best for: Entrepreneurs with a history of digital marketing. Marketing skills allow solo entrepreneurs or small teams to build the business in its infancy.
2. Niche Ecommerce Pursuits
Ecommerce experts recommend niche ecommerce pursuits.
The HubSpot Trends team found that the pet industry is particularly strong, especially pet humanization (spas, supplements, wellness, pet CBD, pet anti-anxiety pills, etc.) and pet tech.
Pogson commented on the value of niche ecommerce markets. He says, “I've seen incredible success in niche ecommerce markets. By specializing in specific interests or needs, businesses can carve out dedicated customer bases that are passionate about their offerings.”
QueenMee is a niche ecommerce site that turns six figures selling luxury hair accessories, jewelry, and broaches. The business was founded by Amanda Waterstone Carthy, who advises entrepreneurs to focus on a niche position.
She says, “A niche allows you to create specialist content, develop expertise in a particular area, and become known as the go-to company in your chosen field.
“It helps if the product you are offering has a high perceived value yet is light and easy to store and ship to customers.
“While ecommerce has slowed in the past year, and real-world shopping is on the rise, it is still very important to have a product that works well for ecommerce.”
What makes niche ecommerce pursuits so effective for entrepreneurs?
Waterstone Carthy says it all! Niche pursuits allow you to stand out as a specialist in a chosen field.
QueenMee scaled to six figures from the smallest investment, just £50.00. You don’t need a lot to get started with niche ecommerce.
Best for:
- Entrepreneurs with a history of digital marketing. Marketing skills allow solo entrepreneurs or small teams to build the business in its infancy.
- Entrepreneurs without investment or capital. You can succeed in ecommerce with little to no cash upfront.
3. Subscription Services
Subscription services are an industry adjacent to ecommerce and are expected to be big in 2024. For entrepreneurs, subscription-based businesses can be highly desirable for high monthly recurring revenue (MRR).
Subscription-based businesses are convenient for customers and help create a relationship between them and the brand. They are also the most efficient way to turn one-time purchases into long-term commitments.
Phil Strazzulla runs a successful subscription-based business, Select Software Reviews. The company has a loyal customer base built through providing unbiased, valuable content regularly. His journey in entrepreneurship draws on extensive experience in the HR, recruitment, and software industries.
Strazzulla believes subscription-based models are a top industry for 2024. According to Strazzula:
- Subscription services offer predictable revenue and the ability to build strong customer relationships. Industries like wellness, education, and entertainment are particularly ripe for subscription models. In these areas, customers are looking for ongoing, value-added services.
- Technology integration is crucial. Leveraging technology, especially AI and machine learning, can enhance customer experience and operational efficiency. In his journey with Select Software Reviews, he’s seen how tech integration can drive subscriber engagement and retention.
- Sustainability is becoming increasingly important. Consumers are leaning towards services that are environmentally friendly and socially responsible. Subscription models in sectors like eco-friendly products or sustainable fashion are gaining traction.
What makes subscription services so effective for entrepreneurs?
The initial set-up of a subscription-based business pulls on the aforementioned ecommerce skills. However, entrepreneurs interested in subscription-based businesses will learn in-depth about pricing, user experience, onboarding, and simplicity. It’s not a simple task; it’s a commitment to learning, but the benefits related to MRR are huge.
Best for: Highly motivated entrepreneurs who understand the ecommerce essentials.
4. Digital Marketing and Website Development
Digital marketing isn’t going anywhere; practically every business needs it. Every entrepreneur above has mentioned it as an advantage when starting a business.
Digital marketing contributes toward sales, reach, improved conversion rate, brand building, business-consumer relations, and more. It’s powerful for brands, and companies will pay for the service.
Think about it: Digital marketing or website development directly correlates with sales. When marketing or a website is a revenue generator and not a cost center, companies will find budgets for it.
As the co-founder of a boutique search engine marketing agency, forank, digital marketing is the entrepreneurial pursuit I am most experienced in. It’s rewarding, exciting, and scalable.
I’m not the only one who rates digital marketing services as a top industry for entrepreneurs.
Scott Gabdullin, founder of Authority Factors, found success in this industry. He shares insights on how you can get started. Gabdullin says, “Focus on transferable skills and passion. I found success in the digital marketing industry. I quit my full-time job when I realized it was not something I wanted to do.
“I started doing web design on the side, leading to digital marketing and web development. Eventually, I entered the digital marketing field, working for large agencies and freelancing for small businesses. This experience inspired me to start my digital marketing agency,” Gabdullin says.
Gabdullin believes that anyone with transferable skills and a passion for a particular industry can enter the entrepreneurial space.
However, he warns you should avoid “chasing trends” and instead “identify strengths and adaptability across sectors.” He advises finding an industry that excites you because the enthusiasm will drive your learning and perseverance. He suggests starting with freelance work or smaller ventures to test your fit before diving in headfirst.
I strongly agree with Gadbullin’s perspective. I started with freelance work. It took 12 weeks to replace my wage, and within a few years, I was hiring a team, turning six figures, and working with exciting brands.
What makes digital marketing so effective for entrepreneurs?
Based on the stats above, a successful digital marketing agency will always find work; brands need marketing. It’s highly scalable, especially if you’re happy dipping out of marketing and into operations and building systems that provide a business framework that operates without you.
Best for:
- Skilled digital marketers who want to scale from in-house teams or freelancers to agencies.
- Anyone willing to learn digital marketing and provide a stellar service.
- New entrepreneurs because the entry price can be very low; you only need your skills, a laptop, and wifi.
5. User-Generated Content (UGC)
If you’re creative, consider generating content for brands. UGC is media created to promote or highlight a product or service. UGC is not strictly paid for; it can be generated organically through reviews, for example.
But, entrepreneurs are making hundreds of thousands, often from the comfort of their own homes, creating content for brands.
UGC can be any media, such as articles, images, reviews, etc., though it is most prominent with short-form videos and TikTok. According to TikTok, ads with Creators on TikTok drove a 26% increase in brand favorability among users.
In HubSpot’s latest social media trends survey, it was found that:
- 62% of marketers said their company works with influencers/content creators on social media.
- 88% said influencer marketing is either very effective (46%) or somewhat effective (42%).
- 90% said they expect to invest more (55%) or maintain their investment (45%) into influencer marketing.
What makes content creation and UGC so effective for entrepreneurs?
The global influencer market is estimated to reach $24 billion in 2024 and has tripled since 2019.
For entrepreneurs, UGC is simple to start with no barriers to entry. It’s also highly scalable if building an agency or providing training is desirable.
Mia Steele is a UGC creator and co-founder at the Hive Hub Collective. Steele replaced her wage as a paramedic and earned over six figures in less than a year. She teaches others to do the same. Steele credits her success with “learning how to grow an audience and monetizing it.”
Steele says, “Digital marketing and content creation will be huge in 2024. No matter what business you start, content creation will be a huge part of it, so understanding what makes good content will be paramount to your success (and you can make a career out of it).
According to Steele, “more and more people are leaning into ‘becoming the brand’ and monetizing their content in many ways to create a diversified income.” This can include UGC and brand deals, selling digital and physical products, or being an affiliate for products. (i.e., Amazon associates and Tiktok shop).
Best for: Creatives who want to work for themselves and on their own time and new entrepreneurs because there’s no barrier to starting — you need a phone and a desire to learn.
6. Niche Consulting
Niche consulting allows you to position yourself as an expert in a narrow area or industry. It is in growing demand. For example, strategy consulting is predicted to increase by $70.08 billion.
Entrepreneurs with specific knowledge and experience can build consulting businesses and support business founders or team members to achieve success.
B12 said that the most in-demand niche consultants are accounting consultants, business consultants, and professional services consultants.
Your current experience or passion will likely influence your chosen niche. You need to know a lot now or be willing to learn to get started.
Jeffrey Calderon is a construction consultant who has worked in the industry for over 19 years. He is the president of Permits in No Time and credits his successful entrepreneurial endeavor with becoming a homeowner and working on his own schedule from his apartment.
Calderon happened upon construction consulting without a construction or consulting background.
“I only went to one year of college and didn't achieve a degree; my course of study was entrepreneurship. I learned to solve problems by confronting new ones daily. No formal training, online course, or schooling could have prepared me for this field. I was given small tasks daily with only the end goal as direction; I had to figure out the how-to part,” Calderon says.
Calderon believes his continued success comes from his hard work and dedication to learning.
He advises budding consultants to continue learning and improving their skill set but warns, “when I say learning, I mean learning from leaders in your industry who are dealing with real-world problems today, not learning from an ancient book that is not based on today's market conditions.”
According to Calderon, “anyone can apply to an expediting company in an entry-level position and be taught the ropes within six months. That is six months, and then you can shop around with your new skill set to $60-$70k per year. But this will require you to be immersed in your new field.”
What makes niche consulting so effective for entrepreneurs?
Niche consulting can be a comfortable way to build a sustainable business from home, just like Jeffrey Calderon did. You can start with zero experience if you’re willing to learn and work your way up.
Best for:
- Skilled consultants or employees who want to change their career trajectory.
- Anyone willing to learn a niche in detail.
- New entrepreneurs because the entry price can be very low.
7. Technology
It probably comes as no surprise that the tech industry is a top industry for entrepreneurs. The role of technology has already been mentioned in this article, as it is adjacent to other sectors. It is everywhere.
Zippia reports that the US tech industry accounts for 35% of the total world market. Statista reports that the global revenue in the devices market is predicted to increase by $88.4 billion between 2023 and 2028.
Rongzhong Li, CEO of Petoi, found success in the tech industry with a programmable bionic robot pet shop for adults and kids with applications in robotics education, STEM, coding, AI learning, and human companionship.
Li describes himself as “an eclectic maker, photographer, and poet with a rich background in academia.”
He earned a PhD in Physics and a Master's in Computer Science from Wake Forest University after completing a B.S. in Physics at Nanjing University.
On the tech industry, Li says, “I've found technology to be highly promising. Technology offers endless opportunities for innovation and disruption.”
Li believes his success in this industry is due to his “development of innovative solutions to address market gaps.”
Like many entrepreneurs, Li doesn’t think you need to know everything before starting your tech business. He says, “Anyone with passion, determination, and a willingness to learn can excel in technology. Whether you’re a seasoned professional or a newcomer, these sectors provide fertile ground for entrepreneurial endeavors due to their dynamic nature and potential for growth.”
What makes the technology industry so effective for entrepreneurs?
Although an industry in its own right, in 2024 and beyond, almost every sector involves technology. GeneralAssembly boldly claims that every industry is a tech industry. The opportunity is vast. Perhaps the biggest challenge is choosing the right path for you.
Best for: Entrepreneurs with investment opportunities. Although technology is booming, startups fail due to inadequate funding.
8. Personalized Health and Wellness Products
The HubSpot Trends team identifies health and wellness as a top industry for entrepreneurs. One particular niche that the Trends team perceived as valuable is women’s health, including menopause, female pleasure, supplements, pregnancy care, and period products.
The femtech space alone is projected to grow by 16.3% annually, from $17 billion in 2018 to $50 billion in 2025.
The health and wellness industry is vast, and you can make a difference in lives working in this space.
Benedict Ang, senior fitness coach at TotalShape, believes that the health and wellness sector is one of the best business industries of them all. He notes that the growing global awareness of the importance of a healthy lifestyle has created a tremendous demand for fitness products, services, and expertise.
“This industry is not only recession-resistant but also offers a diverse range of opportunities, from personal training and nutrition coaching to innovative fitness technology and wellness retreats. The growth potential is immense, driven by an increasing focus on preventative healthcare and overall well-being,” Ang says.
It is true that the health and wellness sector has long been considered a recession-proof business with countercyclicality. People will always need healthcare products and services.
This industry can be highly rewarding for entrepreneurs with a passion for health. Benedict Ang combines a passion for fitness with a commitment to helping others. He describes his business as “rewarding” and “thriving.”
Ang continues, “Using TotalShape‘s cutting-edge resources and staying abreast of the latest trends in fitness science, I’ve been able to tailor personalized programs that deliver tangible results for my clients. The satisfaction of witnessing their transformations and the positive impact on their lives has not only contributed to my success but also reinforced my belief in the potential of the health and wellness industry.”
Ang believes anyone can work in the health and wellness sector if they genuinely desire to promote healthy living.
“Diverse skill sets and ideas are welcome, regardless of your background,” he says, “You might be a certified fitness professional, nutritionist, tech enthusiast creating cutting-edge health apps, or an entrepreneur with an eye toward wellness products.”
According to Ang, the secret to success in health and wellness is a strong desire to use wellness and good health to improve lives.
What makes the health and wellness industry so effective for entrepreneurs?
It’s fair to say that a recession-proof business is desirable in today’s climate. It can also be the most rewarding industry if you enter the health and wellness space with the right intentions.
Ang says that people from all walks of life can succeed in this vibrant entrepreneurial space with the right attitude, perseverance, and commitment to lifelong learning.
Best for: Mission-driven entrepreneurs who genuinely want to improve lives.
What is the right industry for you?
The best industry for your next entrepreneurial endeavor is the one that makes the most sense logistically and emotionally. Many entrepreneurs interviewed for this article credit passion, drive, and the willingness to learn for their success.
Before starting your next business, consider your current experience, career motivations, and interests. Those, along with finding a customer need you can meet, will set you on the path to success.
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