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To come up with the most effective business idea, it’s important to carefully research the market and develop strategies that align best with your strengths. In the article below, we’ve compiled the top 20 promising business opportunities for 2024 tailored for aspiring entrepreneurs.
1. Online fashion business
With the negative impacts of the environment and the influence of various pandemics, the online business market is gradually gaining a significant edge in the fashion industry.
The fashion and clothing industry has always been a highly promising sector with a strong consumer demand. However, due to current trends, traditional brick-and-mortar retailing faces numerous challenges. On the other hand, the online fashion business is thriving. With the rapid growth of e-commerce platforms, delivery services, and social media networks, you can easily set up your own online fashion store on platforms like Shopee, Lazada, Tiki, or even through social media platforms like Facebook and Instagram.
To succeed in the fashion business, it’s essential to understand key factors such as sourcing products and market trends.
2. Healthy food business
Consumers today are increasingly focused on health and fitness. As a result, adopting a healthy eating lifestyle has become a growing trend. There’s also a rising demand for diet-friendly food products. These healthy products typically include dry foods that are long-lasting and have a long shelf life.
If you are known for your passion for cooking and can create dishes such as biscotte, whole grain bread, oatmeal cookies, along with other items like brown rice noodles, oats, and diet cereals, as well as various nuts like almonds, walnuts, pumpkin seeds, cashews, and chia seeds...
This could be a great business idea for 2024 as more people are trending towards dieting to maintain their figure. With many business advantages, a growing customer base, low initial investment, and products that have a long shelf life and are not prone to spoilage, this venture offers significant potential.
3. Snack food business
With the undeniable appeal of snack foods, this remains one of the most evergreen business options. This business requires minimal investment but offers high returns. Many young entrepreneurs have launched online snack businesses and achieved considerable profits.
The products you can consider selling in 2024 include items like bubble tea, fried chicken, desserts, chicken feet, and fried sweet potatoes. These products are easy to sell, with a large customer base and frequent purchases.
4. Handmade product business
Handmade items continue to be a popular choice, attracting a wide range of customers. These products often carry unique, personal meaning and individuality. Starting a handmade business requires minimal investment, but you must put in effort and passion into the products. However, handmade items tend to be priced higher and are highly sought after.
You can consider selling items such as jewelry, bags, and paintings. Building a brand for handmade products is often simpler compared to other products, as they carry the unique personal signature of the creator.
Additionally, running a handmade product business allows you to indulge in your passion and express creativity through each unique item you create.
5. Miniature plant business
Office workers often love purchasing mini plant pots to decorate their workspace, while also benefiting from the positive feng shui associations they bring. With low startup costs and steady revenue, these mini plant pots are affordable for most customers, and they don't tend to return or exchange them often. You can consider selling popular plants such as money trees, snake plants, or cacti.
6. Cosmetics business
The growing demand for beauty products among women has made this type of business one of the most popular and successful trends, particularly in the online cosmetics sales market. With a relatively small investment, no need for a physical store or sales staff, many have earned substantial revenue from this highly promising market.
7. Health consulting service business
In an era when health-related concerns are becoming increasingly prevalent due to frequent outbreaks, health has become a top priority for many. One of the most popular areas you can enter is the nutritional and psychological health consulting sector.
8. Goods transportation and order services business
This business model is currently very popular in Vietnam. Especially as society continues to develop, it is considered a very practical and suitable business idea, aligning with the current purchasing habits of consumers. You can link and transport everything without investing too much money or facing significant risks in the process. To start a business in the order service sector, you will need to create a website and a Facebook Fanpage to receive customer orders, and then coordinate with partners to source products from abroad for resale.
9. Marketing consulting service business
Marketing is seen as an essential part of any business, whether small or large, and every product needs marketing services to achieve optimal results. Not every business has its own marketing team. Marketing outsourcing services were created to support businesses without their own marketing department, those looking for external ideas, or simply those wanting to reduce the workload of their in-house marketing teams.
Marketing businesses require expertise and the ability to assess the market effectively. The demand in the marketing industry is high, with the potential for substantial profits. As a result, marketing campaigns often require significant investment. You can choose to operate in areas like SEO services, running ads, or branding.
10. Electronic device repair service business
Smart devices and electronics are becoming increasingly common today. The production of these devices requires various factors and considerable effort, but repairing them has proven to be a very smart business idea. With the increasing number of smart devices like smartphones, computers, and TVs hitting the market, the demand for repair services is also rising.
Therefore, starting an electronics repair business is a great idea for many, even for those with limited capital. Additionally, this business model recoups investment quickly, and the revenue is steady.
To get started in this business, you must acquire good knowledge of electronic device repair and stay updated on new devices to be well-prepared before launching your business.
11. Grocery business
The grocery business is still considered one of the safest and most promising options for entrepreneurs because it offers essential products that cater to the daily needs of nearly everyone.
Profit margins for a grocery store typically range from 1,000 to 100,000 VND per item sold, depending on the type of product and its selling price. Although the profit for each product may not be high, the volume of sales is significant, and with a diverse range of products, this remains a highly potential business.
12. Household goods business
The household goods business is also considered one of the most promising industries in 2024 due to its potential for high profits. Don’t limit yourself to just a few specific products, but instead diversify your inventory to meet the varied needs of your customers.
In your store, you can consider offering popular household items such as: pots and pans, dishes, glasses, blenders, ovens, water purifiers, and more to make your household goods store more diverse.
13. Pet supplies business
With the increasing popularity of pet ownership, the pet product market holds vast potential for growth in the future. Pet products are incredibly diverse, ranging from food, toys, accessories, and clothing to health care and grooming services for pets. Therefore, you can easily choose the products that best align with your interests, budget, and target customer base.
If you're an animal lover with a deep passion for pets, starting a business in this field will surely bring you joy and fulfillment, allowing you to do what you love every day.
14. Regional specialty business
Vietnamese cuisine is rich and diverse, with countless unique specialties from each region across the country. Recognizing the immense potential in this sector, many have chosen to start businesses focused on regional specialties, earning substantial profits and establishing their own brand identity.
Some regional products we suggest for you to consider in your business include: Bánh tráng Bình Định, Bơ Đăk Lăk, Trái cây miền Tây, Chả cá Nha Trang, Xoài cát Hoà Lộc, Sầu riêng Tây Nguyên, and more.
15. Selling healthcare products
The healthcare industry is essential and plays a critical role in protecting and improving public health. Because of this, it is considered one of the business sectors with the potential for substantial profits.
To succeed in this field, we recommend not focusing too much on just one type of product. Instead, diversify your offerings to include items such as medical equipment (tools and machines used for diagnosing and treating illnesses), medical supplies (bandages, gauze, syringes), pharmaceuticals (prescription medications, over-the-counter drugs, supplements), and medical cosmetics (skincare products that assist in treating certain skin conditions), among others.
16. Bakery business
There are many bakeries opening up in the market these days, but most of them produce mass-produced pastries that lack a distinct taste. Therefore, if you have culinary skills, this is a great business opportunity that can help you develop your abilities and make money from home, especially during holidays and festivals.
Instead of making traditional birthday cakes, try baking cookies or small treats. These are popular items that are easy to sell and meet the demands of most consumers today. Don't forget to decorate them attractively, as young people particularly love pastries with unique decorations.
17. Ceramic Business
Ceramics are known as a favorite product among foreign visitors, making them an ideal target audience for your business. A ceramics store should ideally be located in areas frequented by tourists. However, this also means rental costs will be high. But with the right business strategy, you can earn significant profits from selling ceramics.
18. Late-night food business
Selling late-night food has become a highly profitable business in recent times. However, this business can be demanding as you will need to operate during late hours, catering to night shift workers, late-night commuters, or people who have a habit of staying up late. If you have a passion for cooking, this could be a great opportunity to explore.
19. Hotel and Homestay Business
In recent years, the hotel and homestay business has become a hot trend. This type of business is gradually becoming more popular in Vietnam, driven by the increasing demand for travel. Moreover, unique and creative homestays can easily capture the attention of international tourists.
20. Business selling travel combos
This is also a highly suitable business idea for students, individuals with free time, or stay-at-home parents looking to earn extra income. You can collaborate with travel companies to sell travel combo packages, flight tickets, and more, without incurring any fees. All you need is a smartphone with an internet connection to reach out to a vast number of potential customers.
In the article above, we have compiled a list of the top 20 promising business ideas for 2024 for aspiring entrepreneurs. Wishing you a wonderful day ahead!
