Best businesses for 2024

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Welcome to another issue of Passionate Income.

Today, we’ll be discussing the most profitable business models to start for 2024 that don’t require startup capital, advanced degrees, etc. In short, these are ideas anyone can start on a limited budget and learn while you go.

Let’s dive in.

#1 - Faceless YouTube Channel

In the past, running a faceless YouTube channel required you to have serious video editing skills. Which, unfortunately, most people don’t have.

But with all these AI tools coming out, including text-to-video generators, creating video content has quite literally never been easier. Especially given how good some of these AI voice generators are.

Not to mention, YouTube is the #2 highest trafficked website in the world, with the average person visiting 11 pages and spending 20 minutes on the site per visit. Meaning, YouTube ad revenue payouts - like the ones Mr. Beast gets - are only going to keep going up.

#2 - A “Boring” Business

Over the last 10 years we’ve seen an explosion in young people becoming ‘online entrepreneurs and digital nomads (myself included). So what does this have to do with starting a boring business?

In the past, many children would take over their parents’ businesses. But with most young people wanting to work online, there are fewer and fewer people starting and buying “boring businesses.” Which is great news for you. Why?

Because it means less competition. With everyone trying to be an influencer or drop shipper, nobody in their 20s or 30s wants to operate vending machine biz or parking lot. What they fail to realize, however, is that boring businesses require very little work, throw off consistent profit, and can be sold 🤑

#3 - AI Integration Consultant

Unless you’ve been living under a rock, you know how hot AI has been lately. Sure, the ChatGPT hype has died down a bit. But studies show business owners are hungry for this stuff.

First, a surprising number of small businesses have already begun integrating artificial intelligence into their systems and processes. More important, surveys show small business owners are hungry to invest even more into AI…

Problem is, they don’t know how the darn stuff works.

Meaning, if you can launch a service where you show businesses how to use AI to either save money or make more, you can charge them thousands of dollars.

#4 - Kindle Publishing Business

For better or worse, the economic situation in the West is not looking good. From unaffordable housing to persistent inflation, an increasing number of people are speaking out about how expensive everyday living has become.

And because of that, consumers are cutting “unnecessary” expenses.

But even when someone’s on a tight budget, we as humans still have the need for entertainment. Meaning, while people might spend less on travel, concerts, etc., low-cost books have proven themselves to be recession proof.

Sure, you might not see yourself as an author. But by using tools like ChatGPT, you can crank out random nonfiction books without being an expert on the topic. Even better, you can learn everything you need to know on YouTube and start today with a handful of low-cost SaaS subscriptions.

#5 - Retention Marketing Agency

Surveys show CEOs are becoming increasingly worried about the economy. So while Western governments keep trying to pretend everything is Ok, odds are we’re going to see a recession next year.

Which is bad news for (most) marketing agencies, as history shows marketing is the first thing companies cut when the ish hits the fan. But that’s because most marketers focus on driving new business. The problem?

Getting new customers, clients is expensive. But you know what’s free?

Helping a business sell more stuff to the customers, clients and patients they already have. AKA Retention Marketing.

In most cases, this means following up with reminders, promos, and anything that will get someone to come back and buy again. And the best part?

Doing this type of marketing is extremely simple, but because it’s not “sexy” like TikTok is, very few people offer it.

💡 Takeaway: Study enough entrepreneurs and you realize many of them credit their success to luck and timing. Meaning, if you understand the macro-trends happening in business right now - like AI, remote work and a slowing global economy - you can choose the business model most likely to succeed.

I'll leave you with this quote…

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