Ranked: The Most Profitable Small Business Ideas for June 2024

If the idea of working for someone else makes your skin crawl, it may be time to strike out on your own. Several factors go into determining the kind of business you should start, including where your passion lies and potential income. Here, we feature some of the hottest business ideas for 2024 and let you know a little more about how much you can expect to earn.

1. Auto repair shop

There are nearly 297 million registered vehicles on the road, and dependable auto repair shops can be worth their weight in gold. As evidence: The auto repair business grosses over $383 billion in revenue annually, making it one of the largest industries in the U.S.

If cars are your thing and you're one of those people who can efficiently diagnose and repair a vehicle, opening an auto repair shop may be for you. Before you hang out a shingle, check local ordinances to learn what you need to do about licensing and where your shop can be located.

2. At-home bakery

If your baking skills are all the rage with family and friends, consider cashing in on your natural talent. According to Zip Recruiter, depending on the state, bakery owners can expect to earn anywhere from $88,200 to $135,600 annually. Of course, the amount of business you drum up will make a huge difference in earnings.

Before you rush to pop a dozen cupcakes or cookies into the oven, research the laws of your state. Some states have stricter requirements than others. In short, you need to know if your state requires licenses or permits and if there are any labeling laws that you must follow.

3. Consignment shop

Rather than invest thousands of dollars in buying inventory, a consignment shop owner allows others to display their own inventory. In return for giving them a place to sell (or selling for them online (if you choose to go the online route), you get to keep a percentage of the profits. After covering expenses, Medium pegs the estimated income for a consignment shop owner at around 25% to 35% of sales. So, if you generate $200,000 in sales annually, you can expect $50,000 to $70,000 to hit your business account.

Business Credit Card Comparison

Consider these business credit cards that offer a convenient and efficient way to separate personal and business expenses, simplifying accounting and tax reporting.

Additionally, business cards can provide valuable perks such as rewards points, cashback, and expense tracking tools, enhancing financial management and the potential to help save money in the long run.

Offer	Our Rating	Welcome Offer	Rewards Program	APR
Ink Business Unlimited® Credit Card Apply Now for Ink Business Unlimited® Credit Card On Chase's Secure Website.	Rating image, 4.50 out of 5 stars. 4.50/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor	Earn $750 bonus cash back Earn $750 bonus cash back after you spend $6,000 on purchases in the first 3 months from account opening.	Earn unlimited 1.5% cash back on every purchase Earn unlimited 1.5% cash back on every purchase made for your business	Intro: 0% Intro APR on Purchases Purchases: 0% Intro APR on Purchases, 12 months Balance Transfers: N/A Regular: 18.49% - 24.49% Variable
Ink Business Preferred® Credit Card Apply Now for Ink Business Preferred® Credit Card On Chase's Secure Website.	Rating image, 4.50 out of 5 stars. 4.50/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor	Earn 100,000 bonus points Earn 100,000 bonus points after you spend $8,000 on purchases in the first 3 months from account opening.	Earn 3 points per $1 in select business categories Earn 3 points per $1 on the first $150,000 spent in combined purchases on travel, shipping purchases, Internet, cable and phone services, advertising purchases made with social media sites and search engines each account anniversary year. Earn 1 point per $1 on all other purchases-with no limit to the amount you can earn.	Intro: N/A Purchases: N/A Balance Transfers: N/A Regular: 21.24%-26.24% Variable

4. Consulting business

Special skills are in demand, particularly among small business owners. Whether you've spent years as a media specialist, manufacturing whiz, or software specialist, you can expect to earn between $100 and $400 per hour before expenses. The wide pay range reflects different skill sets. For example, an IT consultant might earn between $100 and $250 per hour, but a cybersecurity specialist is more likely to earn in the $225 to $400 range.

5. Food truck owner

The food truck industry has come into its own. While food trucks might have once been seen in the heart of large cities at lunchtime, they're everywhere today -- from small-town festivals to birthday parties and casual weddings. After the cost of truck expenses, food, insurance, and licenses are taken into account, Cloud Waitress reports that a food truck owner can easily drive away with 30% of the money earned. For example, if your food truck brings in $300,000 annually, you can expect to bank about $100,000.

There's nothing quite like breaking away from the crowd to pursue your own career path. If starting a business has long been a dream, now may be a good time to make it a reality.