5 Small Business Ideas If You Want to Become an Entrepreneur in 2024

Since its launch in 2006, Shopify has grown to be the leading ecommerce platform, having helped millions of entrepreneurs build successful online businesses.

What’s more, the popularity of online shopping has grown alongside it, with research from Oberlo showing that the number of online shoppers is already at 2.71 billion in 2024.

That’s 70 million more than last year, marking a 2.7% year-over-year increase!

It’s clear that with this kind of growth, aspiring entrepreneurs have both a reliable platform and a healthy market to take advantage of.

In this article, we’ll explore some of the best Shopify store ideas for people who want to kickstart their entrepreneurial journey in 2024.

Whether you prefer the simplicity of dropshipping or you want to create and ship products with your own two hands, you’ll find something that suits your skills in this article.

Dropshipping

Dropshipping is arguably the easiest business model to get started with thanks to the minimal initial investment required and low risk.

In a nutshell, this business idea allows you to skip managing inventory and shipping products by partnering with suppliers who handle these tasks on your behalf.

The biggest advantage of dropshipping is its low barrier to entry. If you’re good at marketing, you’ll just need an internet connection to see the first few sales.

Dropshippers need to focus on finding trusted suppliers and marketing their products online, regardless of where they’re working from.

As with all business ideas, there are also disadvantages to weigh up, mainly that dropshipping might just be too popular for its own good, causing an increase in competition.

Another thing worth pointing out is that you may lack the opportunity for “personalized interactions.”

A 2021 report on personalization by McKinsey & Company shows that 71% of consumers expect personalized interactions.

Since sellers who outsource shipping rarely have a say in product packaging or shipping methods, maintaining consistent branding and communications with customers can be challenging.

While these downsides exist, if you’re good with social media and want to invest time and effort into finding reliable suppliers, there’s nothing stopping you from starting a successful dropshipping business.

Subscription boxes

Subscription boxes have gained more traction in recent years because of their convenience and the small but pleasant surprises they offer.

Customers can pay monthly to receive recurring deliveries of unique products in their favorite niche without having to choose each item individually.

The beauty of subscription boxes is that you have a wide range of interests to capitalize on, ranging from cosmetics, arts and crafts, or even something as fringe as true crime.

The fact is almost anything with pop culture sway can become a successful subscription box.

Though this store idea requires an initial investment, it’s still fairly simple to set up once you’ve picked what niche you want to aim for.

Let’s take the simple example of beauty products.

You can carefully curate items that are eco-friendly and cruelty free to target a more specific audience, or even pair that with sourcing products local to you to help reduce CO₂ emissions.

After deciding on the frequency of your deliveries (we recommend starting with monthly), you can start marketing your online store and creating a recognizable brand—especially the packaging and personalization!

For aspiring entrepreneurs in countries like Korea or Japan, you can even leverage popular cultural trends and build your business around food or media merchandise (namely anime and Kpop).

Sustainable and eco friendly clothing

“Eco-friendly” and “green” have become buzzwords in ecommerce, with consumers actively seeking products and services that prioritize sustainability.

For entrepreneurs looking to align their fashion choices with their values, a Shopify store selling sustainable, thrifted clothing is a perfect choice.

By offering unique, pre-owned pieces at affordable prices, you can provide customers with a green alternative to fast fashion, while also catering to their desire for stylish, one-of-a-kind fits.

If you’ve got the time, you could also sell your own handmade clothing or source local fashion artists that create clothing that fits your criteria.

With so much active focus on sustainable business, this type of store can attract a wide audience of environmentally conscious shoppers.

Online courses

Online courses are a promising idea in today’s market, as they cater to the increasing demand for remote learning and skill development.

Since the pandemic, there has been a noticeable rise in people working remotely, which can seamlessly translate into learning remotely, too.

You could try starting in this business model by using whatever existing skills you currently have.

For those who are good at math, you can offer online tutoring services to students and young people. If you speak a second language, you can teach people and help them become fluent. Maybe some of you even have a knack for coding or art, so create simple introductory courses to get people into the field.

There are practically infinite options for what your course could cover.

The global language learning market size was valued at USD 61.5 billion in 2023 and is expected to continue growing.

The convenience of online learning makes it an attractive option for both students seeking personalization and flexibility in their educational journey, as well as entrepreneurs looking to share their knowledge with others while generating revenue from their expertise.

Custom apparel

As we said above, personalization is a key aspect that consumers actively look for when shopping, so it’s no surprise that this extends to the products themselves.

Custom clothing could involve hand-crafted or engraved jewellery that reflects a customer’s taste or holds sentimental value for them.

Hand embroidered or painted clothing and footwear is also a viable option, as it allows people to follow the current fashion trends but also stand apart with something that is one-of-a-kind.

With a business model like this, retailers skilled in art and design can build a small store with loyal customers willing to pay more for handcrafted apparel.

A powerful invoicing app for new businesses

One of the biggest hurdles new Shopify stores face is creating valid invoices for their customers.

Staying compliant with regulations across the EU, UK, and US can feel overwhelming, especially when you’re also having to grow your brand and focus on increasing sales.

Instead of spending valuable time on invoicing compliance, imagine automating the entire process.

Sufio simplifies your workflow by automatically creating and sending valid invoices and credit notes from your Shopify orders.

Our growing team of accountants ensures your documents remain compliant in over 50 countries, giving you the confidence to sell in more countries and grow your customer base.