8 Lucrative Part-Time Business Ideas to Explore in 2024

Thinking of starting a part-time business in 2024? You're not alone!

With the rise of the gig economy and increasing interest in flexible job options, part-time businesses have become a popular choice for individuals looking to supplement their income or explore their entrepreneurial spirit. But where do you begin, or what are the plausible part-time business ideas you should look into to start a small business?

The questions are many, we know! In this blog post, we will outline the ten best small business ideas for part-time job seekers this year. So, whether you're a student, a stay-at-home parent, or simply someone in need of extra cash, these part-time business ideas are worth exploring.

Outline

• Who Are Part-Time Businesses For?
• 8 Best Small Business Ideas for Part-Time Job Seekers This Year
• Dropshipping
• Home Bakery
• Custom Meal Planning
• Print on Demand
• Custom Stationery
• Freelance Photography
• Social Media Promotion
• Local Experience Tours
• Best Part-Time Business to Start: 5 Things to Know Before You Begin
• Do Intense Market Research
• Pick a Niche that You Love
• Start Small, Learn Fast
• Connect with Others
• Think Long-Term
• Wrapping Up

Who Are Part-Time Businesses For?

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The gig economy is a billion-dollar market. Undoubtedly, the market is wide, and more and more people are starting to take up gigs part-time, and some even convert it to full-time.

And the best part of running a part-time business is that it is not restricted. They provide a unique opportunity for various audiences to earn additional income. Students looking to gain real-world experience, stay-at-home parents seeking flexible work options, or professionals wanting to test the waters of starting a small business can all consider part-time businesses. In fact, 99.9% of businesses in the US are small businesses. That makes up to 33 million small businesses in the US alone, thanks to the freedom and flexibility it offers.

What Are the Pros and Cons Involved?

Like any business, there are some pros and cons involved with part-time businesses, too.

So here are a few pros and cons of part-time businesses that you need to know:

Pros:

• Flexibility: One major plus is that you can dip your toes into a small business or be your own boss without ditching your day job.
• Financial Safety: With part-time gigs, you don't need to throw all your savings into the business upfront. It's a more budget-friendly way to test and explore the small business world out there.
• Diversified Income: Having a part-time hustle means you're not putting all your eggs in one financial basket. If one income source wobbles, you've got others to lean on.

Cons:

• Time Juggling: Managing a part-time business alongside a 9-to-5 and personal life can be difficult. It requires some serious time management skills.
• Potential Burnout: There's a real risk of burning out. You've got to be mindful not to overextend yourself.
• Slow Growth: Unlike a full-time hustle, part-time businesses might take a bit longer to hit the big leagues. Growth could be slow but gradual.

8 Best Small Business Ideas for Part-Time Job Seekers This Year

Are you ready to start your own small business part-time? Here are eight best small business part-time business ideas in 2024:

Dropshipping

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Dropshipping has been one of the most popular forms of business in the last several years. As such, it comprises what is regarded as a low-risk retail business model of selling goods online minus warehousing.

How does a drop-ship operation function? To start with, you need to choose a supplier through AliExpress, Alibaba, or other supplier platforms, and then you list them in your e-store or at some local marketplace. The seller gets notified whenever their customer makes an order on your platform so that they can also ship it directly to the customer, making it possible for you to avoid handling any inventory or shipping yourself.

Here’s why you should consider dropshipping as a part-time job:

• It comes with a low startup cost as it requires no inventory holding and is profitable.
• You can offer a wide range of products without holding any inventory.
• You can experiment with new products and different suppliers.
• Since you are selling these products online, you are able to reach a more extensive and global audience.

Though these positives seem like a great option, you need to remember some disadvantages of dropshipping.

• Total dependence on the supplier in regards to processing orders and delivery may lead to quality issues, running out of stock, or delaying the shipment.
• Dropshipping is very popular, which makes it harder to survive since it’s tough to differentiate one from its competitors.
• Handling customer inquiries and expectations is equally difficult if there are third-party suppliers.

Pro Tip: Prioritize excellent customer service. Respond promptly, address issues effectively, and provide personalized assistance to build trust and encourage repeat business.

If dropshipping sounds like an opportunity you want to explore, then platforms like DSers, Shopify, and SaleHoo are perfect for it.

The minimum investment required: $500 - $2000

Read more: 24 Ideal Businesses To Start With 10k Or Less

Home Bakery

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If you are talented at home baking, then starting a home bakery can be one of the best part-time businesses. Baking treats, using one’s kitchen, and selling them through social media, websites, or even through word of mouth can be promising small business careers to look into.

You could also work out a partnership deal with established food delivery companies. Be sure to invest in an excellent baking oven, mixers, baking tins, and so on.

This business is appealing to many home bakers and even professional bakers because:

• A home bakery is cheaper to start up and operate than a commercial one, thereby explaining why bakers prefer it.
• This gives you an opportunity to be as creative as possible to come up with new recipes and designs for baked goods that are distinctively yours.
• You may choose to work with local exhibitions, farmers’ markets, and cafes for a start, as such efforts will help build a presence around your community, thereby making you attract more customers.

However, challenges include:

• Compliance with food safety regulations.
• Expensive, time-consuming baking methods and lack of scaling ability.
• However, since baked products are perishing commodities, an inventory of bulk products cannot be made available.
• You should also expect some level of competition since you will be competing against already established local bakery shops.

Pro Tip: Join local events and markets to boost brand recognition and connect with the community. Don’t miss out on using social media for wider reach and consider collaborations with local businesses. Also, to stand out, personalize packaging for a memorable customer experience.

Minimum investment required: $200-$1000.

Custom Meal Planning

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More and more people are concerned about their health and have little time for cooking. Therefore, customized meal-planning services are highly sought after. As a custom meal planner, you should provide a weekly menu of meals, groceries, and recipes. In brief, this business opportunity helps people prepare their meals in a nutritious way without worrying about planning.

This small business comes with the following benefits:

• The demand for individualized nutrition programs is on the rise.
• This is a low-budget enterprise that can run on your talent and maybe some software for designing.
• It is important to develop a reliable model for recurrent revenues by providing subscription-based meal planning services.

However, there are times when you might encounter problems with your benefits.

• The development of a tailored plan is labor-intensive.
• Keep pace with nutritional trends and avoid potential claims of inadequate care.

Pro Tip: Offer subscription packages for recurring revenue and stay updated on nutritional trends. Consider partnerships with local health professionals for added credibility.

Minimum investment required: $100-$500.

Print on Demand

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This is specifically targeted at those people who have a flair for creative writing and artistic designs. Print-on-demand will enable one to design and sell personalized products minus initial expenses related to stocking inventory. Just design it, pick the printing on-demand system like Printful or Redbubble, and then load your artwork. When selling online, the system takes care of printing, packing, and shipping.

This is a lucrative part-time business idea because:

• Inventory is not required, which reduces the initial costs related to normal manufacturing and the risks associated.
• Entrepreneurs can freely design different types of products, such as apparel and stationery.
• This business is well-scalable, and therefore, an entrepreneur can sell a large variety of products.

Some of the challenges that print-on-demand businesses can pose include the following:

• The product may encounter some quality issues depending on the platform of choice.
• Depending on the suppliers, there could be delays as you carry zero inventory.
• Today, there is a multitude of print-on-demand channels, and it’s becoming more widespread as a business practice, leading to market saturation.

When you are selling print-on-demand products, ensure you have a good website front with seamless backend operations. Shopify is perfect for the job, and the Shopify App Store has a Printful app, too, ensuring you can create and sell custom products with print-on-demand dropshipping. Stores like Pop Chart and Raccoon Brand are great examples of print-on-demand stores on Shopify.

Pro Tip: Optimize product listings with compelling descriptions and visuals to enhance customer engagement and increase conversions.

Minimum investment required: $500-$1000.

Quick read: 8 Best Small Business Ideas In 2024 That You Can Easily Start After New Year [+ Video Tutorials]

Custom Stationery

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Despite living in a world of digital communication, handmade stationery is still demanded mostly for occasions. A custom stationery business is an appropriate way to begin your journey in targeting this market. Give customization options like monograms, design, or a specific color theme in order to personalize the event for your customers and create a lasting experience.

It comes with tons of benefits, including:

• Demand for customized stationery products for personal and business needs is on an upward rise.
• People may be able to sell their art on this business with opportunities to build a loyal customer base as well as corporate partnerships.
• The global stationery market is expected to be worth about USD 217.9 billion by 2027.

One of the challenges you need to be mindful of in this part-time business idea includes:

• There are those who cherish personalized stationery, while digital methods become more common among others. This poses a challenge, especially if you cannot reach your target market.

Pro Tip: Collaborate with influencers to showcase your products and reach a wider audience. Also, offer bundled packages for events to increase sales.

Minimum investment required: $200-$1000.

Freelance Photography

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Photography is an art. People with an appreciation of composition and who like catching moments will definitely be suited for this part-time business idea. Undoubtedly, it is a competitive market. However, if you are able to sell services at fair prices, taking on the market will be easy for you.

This is because you work on a booking system, and therefore, you could do this in a freelance or part-time way. As a freelance photographer, one can focus on different fields, including portraiture, events, and products.

Therefore, ensure that you acquire good equipment at a reasonable price, develop your portfolio, and market yourself as a professional and artistic photographer in order to attract serious customers.

The benefits of running a part-time photography business are:

• As more and more companies and people crave high-quality visual content, the demand continues to shoot upwards.
• Freelancers get an opportunity to achieve creative fulfillment while working flexibly within the business.
• Additionally, you could sell your stills as stock photographs for some more money.

Disadvantages are:

• The camera is an expensive piece of photography equipment. It is also very important to invest in a good camera, and some can go as high as $7,000.
• It is a big market with intense competition. Currently, there are a lot of freelance photographers in the market. So you will have to put in extra effort and work hard to differentiate yourself.

Pro Tip: Create bundled photography packages to attract a variety of clients. Showcase your portfolio online and use social media for client outreach.

Minimum investment required: $2000-$10,000.

Social Media Promotion

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Day in and day out, companies use social media for business and marketing purposes. However, consumers enjoy social media hence, it is an excellent platform for brands to market their goods and services to their potential customers.

The best approach in this case is to sell social media promotions if you understand social media for businesses well. Businesses' efforts in enhancing their web presence could be aided with your assistance through managing their social media accounts, creating interesting content, efficient marketing campaigning, and conducting research on outcomes for productivity and audience interaction.

Additionally, you could sign up for some social media management and marketing e-courses for more clarity and credentialing purposes.

Here's why it's a great part-time small business for job seekers:

• With businesses relying on digital marketing, there's a high demand for social media expertise.
• You can work remotely, providing flexibility for part-time entrepreneurs.
• It's easily scalable, catering to a variety of clients in different industries.

Possible challenges you may face in the social media biz are:

• You will have to stay updated on evolving social media trends and algorithms.
• Income can vary based on client projects and market demands.
• Managing and meeting diverse client expectations can be demanding.

Pro Tip: Learn how to create engaging content calendars to enhance social media performance and client satisfaction.

Minimum investment required: $100-$500.

Local Experience Tours

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Do you live around a tourist hotspot that is home to secret places of interest and undiscovered treasures? People are always ready to try out new things, such as food tours, historical walk-in tours, and outdoor activities. Conduct research on trendy destinations, craft specific packages, and add some customizations that set your tours apart from the rest. Network with local companies, work hand-in-hand with fellow tourist guides and advertise on online forums to publicize your tours and get potential clients.

Local experience tours make up for a great small business because:

• The market is leaning towards “authentic” and “local” travel experiences.
• It allows one to pursue their passions, build on local cultures, and repeat sales and partnerships for sustainability.

Challenges you might face in this business include:

• It involves pre-expenditure on transport, equipment, and maybe advertising.
• Business might experience some periods of low demand, especially during seasonal lulls.
• Take note that you will be competing against other local tour operators.

Pro Tip: Instead of competing with local businesses, you can consider collaborating for joint promotions and diversified tour offerings.

Minimum investment required: $150-$500

Best Part-Time Business to Start: 5 Things to Know Before You Begin

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Now that you have several options to consider for a part-time business, here are five things you must do before you dive in:

Do Intense Market Research

Market research enables you to ascertain what is required in the market to be satisfied. It also indicates whether there are competitors. Lastly, it highlights the probable setbacks in that particular industry. Collect extensive information about market dynamics through online tools such as BuzzSumo and Google trends, surveys, and competitor analysis.

Pick a Niche that You Love

If you’re not passionate about your business, then working towards success will be a long slog and give way to demotivation in hard times. Therefore, come up with a market notch that mirrors your inclinations and capabilities in developing a company you like.

Start Small, Learn Fast

This strategy involves starting an operation on a small scale, which will encourage manageable but quick growth and easier adjustments to customer feedback. Try out your business ideas by using small pilots or selling only selected products and services, and then scale up if it works.

Connect with Others

Network building offers support, mentorship, as well as collaborations. Go to networking events, enter trade associations of your niche, and participate in industry forums.

Think Long-Term

Having a long-term perspective assists in establishing achievable targets, preparing for steady expansion, and enduring challenging circumstances. Come up with a business plan that clearly outlines your company’s goals for the future, budget allocations, and expansion approaches.

Wrapping Up

And there you have it! With the right idea, passion, and determination, there are lucrative part-time business ideas waiting to be explored. Be sure to conduct thorough market research, stay connected with like-minded individuals, and always think long-term. So, what are you waiting for? Turn your part-time business dreams into a reality!

Remember, success comes to those who take action!

Explore more, check out: Best Small Business Ideas For Teenagers And How To Start One