What New Businesses Will Generate The Most Profits In 2024?

Following the COVID-19 pandemic, in 2021, almost 50 million people in the UK left their jobs. The 48 million resignations changed entrepreneurship in a variety of ways as people were compelled to take employment matters into their own hands.

The pandemic created an influx of full-time workers who wished to have control over their own employment.

As a result of the pandemic relief funds, which provided people with the essential financial means to invest in new business ventures, new business applications have soared over the past two years.

The mass walkout has since been dubbed the 'Great Resignation' and it saw a change in the most profitable businesses.

Dog-Walking

During the pandemic, 3.2 million homes in the UK bought a new puppy. The surge of puppy purchases amid the COVID-19 lockdown has been dubbed the "puppy pandemic phenomenon".

More than one-third of the households, 38 per cent, admitted that the new puppy was a baby replacement.

After the pandemic measures were relaxed and people returned to their full-time jobs, there has since been a demand for dog walkers.

With little start-up costs and a possible work-from-home arrangement, there is much opportunity for dog-care enterprises to generate large profits sourced by the pandemic puppy phenomenon.

On average, dog walkers in the UK are paid £14 for an hour-long walk. In many cases, following the recommendations of animal welfare experts and dog behaviourists, dog walkers are able to walk up to four dogs at one time.

Considering this business allows for entrepreneurs to see too many clients at one time, a dog walker is able to generate an income of up to £56 per hour.

Tutoring

After the COVID-19 pandemic pushed students and teachers into online education, it is expected that the online tutoring market will see massive growth for the next seven years – until 2030.

Online video calls have become a popular source for hybrid-remote and remote workers since the 2020 lockdown – which saw the number of people regularly working from home increase by 2.73 million.

Reports have found that the average salary for an online tutor in the UK stands at around £43,800 per year – equal to some £22.50 an hour.

For in-person tutors, the average annual salary has been boosted, currently measuring between £48,750 to £68,250 per annum.

Food Trucks

While the hospitality sector in the UK is fighting a staffing crisis, takeaway food businesses are thriving. The UK's obsession with food trucks has boosted the industry's income to more than £1 billion.

Reports note that it is easy for entrepreneurs to earn back the funds that were spent on initial overhead costs, considering the independent food stall industry is expected to grow to £1.6 billion by 2028.

Most food stalls can expect to turn over around £100,000 each year, according to The Standard.

Thom Elliot, the co-founder of Pizza Pilgrims, spoke to reporters about how the food truck industry has allowed him to open fourteen restaurants across the UK.

Elliot noted that while the number of restaurants proves his entrepreneurial success, "with a fixed address the paperwork goes through the roof compared with having a van".

"You're busier, you're more legit and people are more demanding," he explained.

Cleaning

Cleaning businesses have proven to be extremely profitable, considering a physical location for the business is not necessary and cleaning equipment is relatively cheap.

New cleaning companies also thrive off of in-person marketing, widely known as 'word-of-mouth marketing', and the low entry barrier makes the business easy to generate.

Cleaning businesses are versatile and allow entrepreneurs to choose between tending to residential facilities or cleaning homes and commercial facilities instead.

Operating in the commercial cleaning sector could be hugely beneficial to new entrepreneurs, as the cleaning market is set to grow by six per cent each year by 2026.