7 Beginner-Friendly Businesses to Start in 2024

Dear Wealth Builders,

Starting a business is a great way to achieve financial independence, but not all ventures are created equal. Some companies have higher risks and potential rewards, while others offer more stability and lower entry costs. This post will explore seven beginner-friendly businesses to start in 2024, ranked from the most risky to the least risky. We’ll cover the cost to enter, overhead to consider, whether it can be done on weekends, how to scale, and exit plans. We’ll also include example financials and business plans to guide you.

1. Dumpster Rental Business

Risk Level: High

Cost to Enter:

• Cheap Route: Purchase a few used dumpsters and a reliable truck. Initial investment: $10,000-$20,000.

• Expensive Route: Buy new dumpsters and a specialized truck. Initial investment: $50,000-$100,000.

Overhead to Consider:

• Maintenance of dumpsters and truck.

• Disposal fees at landfills.

• Insurance and permits.

• Marketing and advertising.

Weekend Viability: Yes, rentals can be managed on weekends, but expect demand during weekdays as well.

How to Scale:

• Increase the number of dumpsters in your inventory.

• Expand service areas.

• Offer additional services like junk removal.

Exit Plan:

• Sell the business to a larger waste management company.

• Sell your equipment and client list to another entrepreneur.

Example Financials and Story:

Business Plan for Dumpster Rental:

Initial Investment (Cheap Route):

• Used Dumpsters: $8,000

• Used Truck: $10,000

• Permits and Licenses: $1,000

• Insurance: $1,000

• Marketing: $500

• Total: $20,500

Monthly Overhead:

• Truck Maintenance: $200

• Disposal Fees: $500

• Insurance: $100

• Marketing: $100

• Total: $900

Revenue:

• Average Rental Fee: $300 per dumpster

• Rentals per Month: 20

• Monthly Revenue: $6,000

Profit:

• Monthly Revenue: $6,000

• Monthly Overhead: $900

• Monthly Profit: $5,100

Story: Tom, a former construction worker, saw a need for reliable dumpster rentals in his town. With $20,000 saved up, he bought a few used dumpsters and a truck. By marketing his business on social media and local ads, he quickly secured regular clients. Within a few months, Tom was generating over $6,000 in revenue each month and planning to expand his fleet.

2. Wooden Pallets Removal Business

Risk Level: Moderate-High

Cost to Enter:

• Cheap Route: Use a personal vehicle and basic tools. Initial investment: $500-$1,000.

• Expensive Route: Purchase a used truck and additional equipment. Initial investment: $10,000-$15,000.

Overhead to Consider:

• Vehicle maintenance and fuel costs.

• Disposal or recycling fees.

• Marketing and advertising.

Weekend Viability: Yes, this can be done on weekends.

How to Scale:

• Partner with local businesses for regular pickups.

• Invest in a larger vehicle for bigger loads.

• Offer related services like pallet repair or resale.

Exit Plan:

• Sell your business and contracts to a larger pallet company.

• Transition to a related business, such as pallet manufacturing or recycling.

Example Financials and Story:

Business Plan for Wooden Pallets Removal:

Initial Investment (Cheap Route):

• Basic Tools: $200

• Personal Vehicle Upgrade: $300

• Marketing: $200

• Total: $700

Monthly Overhead:

• Fuel Costs: $200

• Disposal Fees: $100

• Marketing: $50

• Total: $350

Revenue:

• Average Fee per Pickup: $50

• Pickups per Month: 50

• Monthly Revenue: $2,500

Profit:

• Monthly Revenue: $2,500

• Monthly Overhead: $350

• Monthly Profit: $2,150

Story: Sarah, a stay-at-home mom, started a pallet removal business to generate extra income. With a small investment in tools and her family’s SUV, she began offering her services to local businesses. Sarah quickly built a client base and started earning $2,500 a month. As demand grew, she invested in a larger truck and began offering pallet repair services, increasing her monthly revenue.

3. Parking Lot Painter Business

Risk Level: Moderate

Cost to Enter:

• Cheap Route: Start with a paint sprayer and stencils. Initial investment: $2,000-$5,000.

• Expensive Route: Invest in a professional line striping machine. Initial investment: $10,000-$20,000.

Overhead to Consider:

• Paint and supplies.

• Equipment maintenance.

• Insurance and permits.

• Marketing and advertising.

Weekend Viability: Yes, most jobs can be scheduled on weekends.

How to Scale:

• Hire additional crews for more jobs.

• Expand to other services like sealcoating and asphalt repair.

• Secure contracts with commercial properties and municipalities.

Exit Plan:

• Sell the business to a larger paving or maintenance company.

• Merge with related businesses to offer a comprehensive property maintenance package.

Example Financials and Story:

Business Plan for Parking Lot Painter:

Initial Investment (Cheap Route):

• Paint Sprayer and Stencils: $3,000

• Marketing: $500

• Insurance: $500

• Total: $4,000

Monthly Overhead:

• Paint and Supplies: $300

• Equipment Maintenance: $100

• Insurance: $50

• Marketing: $100

• Total: $550

Revenue:

• Average Job Fee: $500

• Jobs per Month: 10

• Monthly Revenue: $5,000

Profit:

• Monthly Revenue: $5,000

• Monthly Overhead: $550

• Monthly Profit: $4,450

Story: Jake, a recent college graduate, started a parking lot painting business with a modest investment in equipment and marketing. By targeting local businesses and property managers, he quickly secured several jobs each month. Within six months, Jake was generating a steady income and considering expanding his services to include seal coating.

4. Service-Based Trash Hauling Business

Risk Level: Moderate

Cost to Enter:

• Cheap Route: Use a personal vehicle and trailer. Initial investment: $1,000-$3,000.

• Expensive Route: Purchase a used truck designed for hauling. Initial investment: $10,000-$20,000.

Overhead to Consider:

• Vehicle maintenance and fuel costs.

• Disposal fees at landfills.

• Insurance and permits.

• Marketing and advertising.

Weekend Viability: Yes, this service can be offered on weekends.

How to Scale:

• Add more vehicles to your fleet.

• Hire additional drivers and crews.

• Expand service areas and offer related services like recycling.

Exit Plan:

• Sell the business to a larger waste management company.

• Franchise the business model to other regions.

Example Financials and Story:

Business Plan for Trash Hauling:

Initial Investment (Cheap Route):

• Trailer and Hitch for Personal Vehicle: $2,000

• Marketing: $500

• Insurance: $500

• Total: $3,000

Monthly Overhead:

• Fuel Costs: $300

• Disposal Fees: $200

• Insurance: $100

• Marketing: $100

• Total: $700

Revenue:

• Average Job Fee: $150

• Jobs per Month: 30

• Monthly Revenue: $4,500

Profit:

• Monthly Revenue: $4,500

• Monthly Overhead: $700

• Monthly Profit: $3,800

Story: Mike, a retired military veteran, started a trash hauling business using his pickup truck and a trailer. He marketed his services to local residents and businesses, quickly building a steady stream of clients. With consistent work on weekends, Mike was able to earn a substantial income and eventually invested in additional vehicles to expand his business.

5. Pressure Washing Business

Risk Level: Moderate-Low

Cost to Enter:

• Cheap Route: Purchase a basic pressure washer and cleaning supplies. Initial investment: $500-$1,000.

• Expensive Route: Invest in a professional-grade pressure washer and additional equipment. Initial investment: $5,000-$10,000.

Overhead to Consider:

• Equipment maintenance and supplies.

• Insurance and permits.

• Marketing and advertising.

Weekend Viability: Yes, this business can easily be done on weekends.

How to Scale:

• Hire additional crews and purchase more equipment.

• Offer additional services like window cleaning and gutter cleaning.

• Secure contracts with commercial properties.

Exit Plan:

• Sell the business to a larger cleaning or maintenance company.

• Franchise the business model.

Example Financials and Story:

Business Plan for Pressure Washing:

Initial Investment (Cheap Route):

• Basic Pressure Washer and Supplies: $800

• Marketing: $200

• Insurance: $200

• Total: $1,200

Monthly Overhead:

• Equipment Maintenance and Supplies: $100

• Insurance: $50

• Marketing: $50

• Total: $200

Revenue:

• Average Job Fee: $150

• Jobs per Month: 20

• Monthly Revenue: $3,000

Profit:

• Monthly Revenue: $3,000

• Monthly Overhead: $200

• Monthly Profit: $2,800

Story: Laura, a high school teacher, started a pressure washing business to supplement her income during summer breaks. With a small investment in equipment, she began offering her services to neighbors and local businesses. Laura quickly built a loyal client base and was able to earn significant extra income. She now plans to hire additional help and expand her services.

6. Dog Poop Pickup Business

Risk Level: Low

Cost to Enter:

• Cheap Route: Use basic tools like a scoop and bucket. Initial investment: $100-$300.

• Expensive Route: Purchase specialized equipment and a branded vehicle. Initial investment: $1,000-$3,000.

Overhead to Consider:

• Disposal fees.

• Marketing and advertising.

Weekend Viability: Yes, this service is perfect for weekends.

How to Scale:

• Hire additional workers to cover more clients.

• Offer related services like yard deodorizing and pet sitting.

• Partner with local pet stores and veterinarians for referrals.

Exit Plan:

• Sell the business to another entrepreneur.

• Merge with a larger pet service company.

Example Financials and Story:

Business Plan for Dog Poop Pickup:

Initial Investment (Cheap Route):

• Basic Tools: $100

• Marketing: $100

• Total: $200

Monthly Overhead:

• Disposal Fees: $50

• Marketing: $50

• Total: $100

Revenue:

• Average Fee per Yard: $20

• Yards per Month: 100

• Monthly Revenue: $2,000

Profit:

• Monthly Revenue: $2,000

• Monthly Overhead: $100

• Monthly Profit: $1,900

Story: Jenny, a college student, started a dog poop pickup business to earn money between classes. With minimal investment, she began offering her services to dog owners in her neighborhood. Jenny’s business quickly grew, and she now services over 100 yards a month, providing a steady income while she completes her studies.

7. Virtual Assistant Business

Risk Level: Very Low

Cost to Enter:

• Cheap Route: Use your existing computer and internet connection. Initial investment: $0-$100.

• Expensive Route: Invest in a high-quality home office setup. Initial investment: $500-$1,000.

Overhead to Consider:

• Minimal overhead, primarily marketing and advertising.

• Software and tools for managing tasks and communication.

Weekend Viability: Yes, you can schedule tasks to fit your availability.

How to Scale:

• Hire additional virtual assistants and subcontract work.

• Specialize in high-demand services like social media management or bookkeeping.

• Develop a network of clients through online platforms and referrals.

Exit Plan:

• Sell your client list and business to another virtual assistant.

• Transition to a more prominent online service provider or agency.

Example Financials and Story:

Business Plan for Virtual Assistant:

Initial Investment (Cheap Route):

• Essential Office Supplies: $50

• Marketing: $50

• Total: $100

Monthly Overhead:

• Software Subscriptions: $50

• Marketing: $50

• Total: $100

Revenue:

• Average Fee per Hour: $25

• Hours per Month: 80

• Monthly Revenue: $2,000

Profit:

• Monthly Revenue: $2,000

• Monthly Overhead: $100

• Monthly Profit: $1,900

Story: Emma, a stay-at-home mom, started a virtual assistant business to provide administrative support to small businesses. With minimal startup costs, she quickly found clients through online platforms and referrals. Emma now manages her business from home, balancing work and family life while earning a substantial income.