1. Anything wedding-industry related
In the multi-million dollar wedding industry (think diamond rings, dressmaking and alterations, photography, printmaking, cake baking and more), Thanksgiving through Valentine’s Day is known as “engagement season.” And 2024 is expected to see the start of a full rebound in wedding proposals post-COVID lockdown, according to National Diamond Syndicate.
In a typical year, around 2.8 million couples get engaged in the U.S. The pandemic put a lot of dating and engagements on hold — until now. “With a gradual return to pre-pandemic lifestyles, the coming season should reflect the beginning of a rebound, with 2.4 to 2.5 million engagements expected in 2024,” says Signet, the largest diamond retailer in the world. The company’s proprietary analytics predict the I-do trend will continue to build back to pre-pandemic levels over the next three years.
The opportunities for entrepreneurs in this field are many. If you’d previously shelved your pandemic business as a bridal stylist, wedding planner, DJ or caterer, or if you’ve ever considered starting a business in the wedding and wedding events field, this could be your year.
2. Anything artificial intelligence-related
Artificial Intelligence (AI) made headlines in 2023 with the generative AI chatbot ChatGPT garnering 1 million users within the first five days of its release. The tool’s capabilities gave the general public another glimpse at AI’s potential to shape the future. With people finding new uses for AI daily, its estimated market size is staggering: $407 billion projected by 2027.
While many fear AI will displace workers and cause job loss, the World Economic Forum estimates AI will create around 97 million new jobs. If you have AI-related skills (or wish to develop some), the moment could be suitable to become a solopreneur consultant, freelance research scientist or AI engineer, offering your knowledge to companies hungry to improve their products and operations. According to an Indeed report, generative AI-related job posts have increased on its platform by nearly 250% from July 2021 to July 2023, making it a hot opportunity for freelancers.
3. Residential remodeling
Rising mortgage interest rates have impacted the housing market and reduced housing demand. As a result, homeowners have moved to an “improve in place” mentality.
According to home remodeling and design website Houzz, the most popular remodels are bathrooms and kitchens, and 91% of homeowners plan to hire at least one professional, including general contractors, electricians and cabinetmakers, to help them execute their vision.
Learn more about home improvement business ideas.
4. Solar panel installers
Solar panel installers assemble, set up and maintain solar-electricity systems that convert sunlight into energy. Employment of solar photovoltaic installers is projected to grow 22% through 2032, much faster than the average for most occupations, according to the BLS.
Electricians, roofers or other contractors can pivot onto this career path with relative ease. Entry into the field usually requires a high school diploma, and most installers train on the job with experienced professionals.
5. Smart home installers
You may already use smart technology in your home, from wi-fi-connected doorbells and thermostats to app-controlled refrigerators and lighting. The average U.S. home now has approximately 20 connected devices, according to an analysis of 41 million homes and 1.8 billion connected devices.
The smart home services market is expected to grow 11% by 2028 as more people begin adopting intelligent technology and it becomes less expensive. And home automation (the automatic and electronic control of household features) is standard for newly constructed homes. Demand could also increase as more Millennials and Gen Z begin buying homes.
Barriers to entry for this job are pretty low as most of your education will happen via experience and on-the-job training. If you’re already in a related field, such as security installation, HVAC technician, electrician or appliance repair, you could easily transition to this role, expand your skills, or offer upgraded services.
6. Restaurants, cafes and food service
The food service industry is forecast to reach $997 billion in sales in 2023, and the workforce is projected to grow by 500,000 jobs — surpassing pre-pandemic levels — according to the National Restaurant Association (NRA).
While the cost of a meal has grown due to increased food prices, customers have pent-up demand for dining out and enjoying a social meal away from home.
The NRA has also found that 90% of restaurants and eateries employ fewer than 50 employees, making it an ideal venture for entrepreneurs with a creative passion for food and hospitality. If you’ve been waiting for the right moment to open your own restaurant, cafe, bakery or catering business, 2024 could set the table for your success.
7. Home healthcare workers
Home healthcare workers are projected to keep growing by almost 8% through 2030, according to a study tracked by Grand View Research. Traveling nurses and other in-home caregivers who assist the growing elderly population and patients with disabilities can expect to earn a comfortable wage without a huge investment in formal education.
While not the highest-paying job, job growth is much faster than average, according to the U.S. Bureau of Labor Statistics. Home health aides and personal care assistants only need a high school diploma to start, and this field is expected to be in-demand for years to come.
8. Personal financial advisors
“Do I have enough saved for retirement?” is a question that’s crossed the minds of adults everywhere. Luckily, financial advisors exist and can help their clients plan for the future.
Job opportunities for personal financial advisors are projected to grow due to longer lifespans, baby boomers retiring and the shift from company pension payments to individual retirement accounts.
While a bachelor’s degree is usually required for this occupation, there is no specific degree or course of study to obtain. Personal financial advisors must get licensed, and they will receive on-the-job training from senior advisors. However, your effort may pay off; this could be a lucrative profession, with the median annual wage being $95,390 in 2022.
9. Massage therapists
With no advanced degrees required and a median annual wage of nearly $50,000, becoming a massage therapist has a low barrier to entry for health-focused entrepreneurs.
The Bureau of Labor Statistics projects job growth for massage therapists to increase by 18% through 2032 — much faster than average across all job categories.
Not just perceived as a way to relieve stress anymore, massage therapy has become a popular treatment for managing pain and recovering from sports injuries. Demand for massage therapists is expected to increase as more people become interested in maintaining their health and well-being.
10. Pet care and animal trainers
Pet care of almost every kind is on the rise. 66% of households have at least one pet, according to Forbes Advisor. In 2022, people spent $136.8 billion on pets, with growth year-over-year since at least 2018.
Pet sitting is projected to grow well into 2030, and pet training is expected to grow 6% through 2026.
This interest and demand in animal services are reflected in job growth. The BLS projects job growth for animal care and service workers to increase by 29% through 2031 — much faster than average across job categories.
With a high school diploma, some vocational training and, in some cases, certifications and licensing, opportunities in pet boarding, dog walking, animal grooming or pet training abound.
11. Manicure and pedicure technicians
Both women and men are hitting nail salons harder than before, resulting in an $81 billion personal care market.
This demand has spurred job growth for nail technicians, which will increase by 22% through 2031 — considerably faster than other job categories.
You don’t need a higher education degree to get into this field, but practitioners are required to complete a state-approved training program and pass a nail tech licensing exam in most states.
12. Cybersecurity professionals
Cyberattacks are proliferating and leaving a $2 trillion business opportunity for technology and service providers in their wake, according to McKinsey & Company.
For small business owners, cyber insurance can help protect your business’s digital assets. But if you’re looking to start a business or grow your skills, a career in cybersecurity could have tremendous promise.
The McKinsey study states that chief information security officers around the globe struggle to find enough talent to fully staff their organizations. “A global cybersecurity talent shortage means that IT leaders often have little choice but to do business with third-party service partners.”
If you’re an IT consultant with a security background, the time could be ripe to develop your skills and your business.
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