15 New Business Ideas for 2024

There are lots of business opportunities that will open up this year. Aspiring entrepreneurs are the ones who help in innovation, development, economic growth, and societal progress. These are the ones who think of doing something different and helpful not only for customers but, for the country as a whole. 

The best option they have for that is to come out with unique and amazing business ideas. Whatever solution you can create for a problem becomes a new business idea. In this 21st century, no new business ideas go to waste everything is appreciated. 

If you are willing to become a part of something very new and unique then this is the right article for you. You will not only earn high profit but, these are some businesses that you will have fun working with. Further in this article, we will talk about 15 new business ideas for 2024.

Vertical farming 

The concept of vertical farming was introduced way back in 1999 by Dickson Despommier. It is a very different type of farming as compared to the traditional farming that we see. Vertical farming is the practice of growing crops in vertical layers. 

In such types of businesses, crops are grown indoors using hydroponics or aeroponic systems. Here, the term hydroponic means to grow plants using a water-based nutrient solution.

On the other hand, the aeroponic system means growing plants in the air or in the mist environment without using any substrate. In such type of farming, you can produce local vegetables and sell them at a reasonable rate in the market. 

Expertise required for Vertical Farming

If you do not know about hydroponics, aeroponics, aquaponics, sensors, automation, and data analysis then you are going to require expertise.

Other than these, you must have a solid understanding of how they work and their full efficiency. Proper installation process, operation process, maintenance, and optimization of their battery and efficiency must be there. 

Investment Required

The total investment of opening this business can start from Rs 5 lakhs and go up to Rs 50 lakhs. Now, the total investment totally depends on the requirement. 

Potential Earning figures

You can easily earn Rs 5-10 lakhs per year per acre of your land. 

Mobile app for local tours 

This is something very unique yet very efficient business idea that one can start. You can make an application that will have audio-guided tours of offbeat places in your city or local area. 

This idea will not only engage more tourists but, will give them a unique and amazing experience as well. For more attraction, you could even add other options such as hotel booking, food ordering, network sharing, cab booking, and many more. 

Expertise required for Mobile app for local tours business

If you do not know how to make an app then, you would require someone who knows how to make one. 

Investment Required

You would require a minimum of Rs 8000 to Rs 20 lakhs. Now, this depends on how attractive and on what level you are trying to make. 

Potential earning figures

The payment cycle for people downloading and using your app is different. So, the overall earning figure is not constant. But, the more people download and use the better your chances become to earn a good amount. 

Sustainable Fashion Rental Services 

One of the best business ideas out there is to launch a platform where customers can rent high-end clothing and accessories and you get paid for it. This is one of the best ways to reduce clothing wastage in the country and still get to wear stylish outfits. 

People will save quite a lot by not buying any clothes and will rent them out from your platform. Now, you must offer a wide range of clothing products targeting the right people in the market.

This is how people who download or use your platform will be attracted to your brand. The unique features or strategies you use the better chance it becomes for you to attract customers. 

Expertise required for sustainable fashion rental services business

If you are launching your rental services online then you might require someone who knows the technical world. But, if you are planning to launch it in offline mode then there is no expertise required. 

Investment Required

The average investment would be between Rs 5 lakhs to Rs 50 lakhs. Now, the more luxurious products you keep for rent the more costlier it will become for you. 

Potential earning figures

Normally small-scale businesses in India can earn a few lakhs in a year. But, if you are more into the luxurious or premium segment then you can easily earn Rs 15-30 lakhs a year in this business. 

Virtual Interior Design consultancy 

The demand for interior design is growing every day. Opening such a highly demanded business in virtual mode would surely boost your business. Virtual interior design is the latest and easiest way of getting your interior work done. 

On this platform, clients can upload pictures of their space and will receive professional advice on how they can transform their place into their dreams. You could also use AI software on the platform so that they can customize the interior. 

Expertise required in Virtual interior design consultancy 

Running a virtual interior design consultancy cannot be done alone. You require proper staff and expertise in communication, tech, artificial intelligence(if using), budget, management skills, and design trends. 

Investment Required

You can easily open a small-scale virtual interior design consultancy within Rs 10-20 lakhs. 

Potential earning figures

If you have a solid business structure you can easily earn Rs 50 lakhs to Rs 1 crore a year. 

Eco-friendly Boxes Manufacturing Business

You can create subscription boxes that will be filled with organic products, food items, reusable household products, or anything. These eco-friendly boxes can be used for other long-term purposes as well. 

Expertise Required

You do not require any expertise to run and operate this business. 

Investment Required

To start this business you require a very minimal investment of Rs 20k to Rs 1 lakh. 

Potential earning figures

People willing to start this eco-friendly business can easily earn Rs 800-1000 daily. 

Adventure travel planning agency 

You can easily create adventure-filled vacations for the ones looking for an adventure vacation. Make sure the plan you make is filled with numerous activities, including trekking, mountain climbing, biking, swimming, or any other adventurous tours. 

You can also include customized trips in your plans so that people who are not comfortable with some activities can skip or add them. This will attract lots of potential customers not only from local areas but, from different parts of the country. 

Expertise required

Expertise is surely required in such a business and they are:-

• Customer service
• Tour planner
• Tour guide
• Organizational manager 
• IT people
• Geographic knowledge 
• Marketing abilities 
• Medical team 

Investment Required

The investment of starting an adventure travel planning agency can range between Rs 10-20 lakhs 

Potential earning figures required

Such businesses can easily earn Rs 2-5 lakhs during peak season. 

Unique event planning services 

Planning any event can surely be hectic when you do not have proper support. You can easily make an app or open an offline event planning services business.

In this business, you will help your client with cost estimation, budgeting, financial decisions, tracking, invitations, and many more. Adding other unique features in this platform will surely attract more customers to your business. 

Expertise required

Some of the expertise that will be required for this business are the following:-

• Financial advisor
• Networking
• Budgeting 
• Planner 
• Organizer
• Manager 

Investment Required

You will need a total capital of Rs 1-3 lakhs to open up this business.

Potential earning sources

There is a huge earning potential from this type of business in the whole world. During event management, such things can be a very big issue. People are always ready to pay any amount for such types of services. Moreover, the earnings vary depending on the services you offer to your client. 

Customized fitness equipment manufacturing 

In this business, your target audience would be the people who are fitness freak. You can provide them with the type of machine they are willing to any exercise. You can provide any type of personalized workout equipment based on the preferences and physical condition of your clients. 

Expertise Required

Here is the expertise that will be required to start this business:-

• Technical team 
• Manufacturing team 
• Marketing team 
• Raw material source 

Investment Required

The total investment required to start and operate this business should be between Rs 5-10 lakhs. 

Potential earning figures

The charges will depend on the overall cost required to make that fitness equipment. 

Art therapy workshops for corporate 

You can offer and organize art therapy sessions that are aimed at helping employees reduce stress levels and enhance creativity. You could also include programs or therapy sessions for employees to boost their morale in the workplace. 

Interestingly, you could also include some unique artistic activities or competitions where people could be more excited to win. Doing this will help change the state of mind of the employees and there will be a chance of increased productivity in the workplace. 

Expertise required

You do not need any expertise in this field if you know about business development. 

Investment Required

You might not require any investment until and unless you are using any object or material for therapy. But, the minimum investment could be between Rs 1-5 lakhs 

Potential earning figures

You could easily charge a good amount per session for therapy workshops. The earning estimation can be around Rs 10k to Rs 1 lakh per month.

Subscription-based plant delivery service 

You can deliver low-maintenance indoor plants along with a care manual to potential clients. To make it more eco-friendly, you can use eco-friendly or plastic-free products to deliver when they are ordered by clients. You could also sell other necessary products that are required for proper plant growth. 

Expertise required

Expertise is required in this field and they are IT team, logistics team, delivery boy, maintenance boy, and manager. 

Potential earning sources

Per plant, you could easily set up a profitable cost of Rs 50 or more. If you happen to sell 100 plants a day then you earn Rs 5000 a day. So, you can easily earn Rs 1.5 lakhs a month. 

Specialized language learning courses for travelers 

Offer short-term language courses for people who are traveling abroad. Make it short and crisp so that your potential clients become attracted to these languages. This will help potential clients to learn new languages and effectively communicate with the locals of the country they are visiting. 

Expertise required

You will need a technical team who can arrange the couches properly on either on your website or app. 

Investment Required

The total investment required to start this business could be between Rs 5-10 lakhs. 

Potential earning figures

You can easily earn Rs 10-50 lakh a year. 

Creative children’s book publishing 

You can create very interactive and attractive children’s books with lots of pictures and learning outcomes. In these creative books, the lessons you provide must help children to think creatively, innovate, and increase the curiosity in their minds to do something new. 

Expertise required

There will be no expertise required until you are creative and know how to read and write. 

Investment

You will only require Rs 40k to Rs 1 lakh in this business. 

Potential earning figures

You can put up creative children’s books for sale on various online and offline platforms. Unfortunately, we do not have a rough amount but, the more it sells the greater the profit you earn. 

Custom-made natural skincare products

You can develop a personalized and customized skincare line of products for people who have skin problems. Make sure you use natural ingredients as much as possible so that many people are attracted to your business. If possible you could also show the proven results of your products to people so that they can trust your product. 

Expertise required

Here is the expertise required for this business:-

• Skincare experts 
• Marketing experts 
• Manager 

Investment Required

The total investment could be between Rs 1-5 lakhs or even more. 

Potential earning figures

The earning figure will depend on your product costs, the higher the price you put to your product the more you earn. 

Virtual personal shopping service 

People love to experience something different and real while shopping. This is where you can come in and assist buyers in buying the best shopping products for their wardrobes. 

To make it more attractive you could include some features like virtual try-ons, a variety of colors, custom designs, clothing material, and many more. 

Expertise required

You need to have exceptional customer service skills. It is because that is the only thing you will be doing in this business. 

Investment

The investment required to open a virtual personal shopping service is between Rs 5-15 lakhs. 

Potential earning figures

In this business, you can earn a very good amount of money per year. The more product you can offer the more you can earn from this business. 

Drone photography and videography Business

You can provide professional photography and videography to potential clients and earn a good amount. This is surely one of the cheapest and most highly-earning businesses on the list. You can work for various companies, real estate companies, automobile sectors, and many more. 

Expertise required

You do not need any expertise until and unless you have photography and videography skills. 

Investment Required

If you are willing to open this business on a small scale then the cost would not be more than Rs 1-2 lakhs. 

Potential earning figures

One can easily Rs 5000 to Rs 50000 in this business field. If you are highly trained and professional then you could charge even more than the average amount.