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October 4, 2023

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7 Best Businesses Need to Start on Shopify in 2024

Thanks to the growth of online shopping, many people are considering starting a business on Shopify.

Shopify is a user-friendly platform that lets people build and run online stores. It doesn't matter if you're starting or have business experience–Shopify has many business ideas that can match your interests and ambitions.

In this article, we'll check out a complete list of the best businesses to start on Shopify that can set you on the path to creating and expanding a successful online business.

Why is Shopify one of the best e-commerce platforms?

So, what sets Shopify apart as a top-notch e-commerce platform? Here are seven compelling reasons:

User-Friendly: Shopify is incredibly beginner-friendly, allowing you to launch your store in just a few days, even if you're new to ecommerce.

Variety: With over 100 free and paid Shopify themes tailored to different business categories, you can easily customize and personalize your online store to match your brand.

Affordability: Starting at just $29 per month, Shopify offers an affordable entry point for businesses. Plus, they provide a risk-free 14-day trial option.

User-Friendly: Shopify handles web hosting and technical aspects, making starting and running your business easy.

24/7 Support: Enjoy round-the-clock customer service through options like live chat, even during the trial period.

Sustainability Commitment: Shopify is dedicated to sustainability, employing renewable energy and reducing carbon footprints as part of its social impact initiatives.

Marketing Assistance: Shopify offers a range of SEO and marketing tools, eliminating the need to start your marketing efforts from scratch.

Numerous businesses have succeeded using Shopify, and you can follow in their footsteps. You've come to the right place if you're seeking valuable insights and the secrets behind thriving Shopify stores.

Are Shopify stores profitable?

There's no guarantee you'll make money with Shopify, but the signs point toward future success.

Shopify's data reveals that 81% of store owners start making a profit within two years, and the typical yearly earnings for a Shopify store reach around $155,000.

It's no surprise that Shopify is highly praised as one of the top e-commerce platforms available today.

8 Shared Characteristics of Highly Successful Shopify stores

By the end of 2023, global retail ecommerce sales are projected to reach $6.3 trillion, showcasing the immense market potential. However, the challenge lies in distinguishing your store from the competition.

To stand out, it's crucial to identify the common traits shared by the best Shopify stores, and that's precisely what we've outlined for you here.

Here are some key attributes commonly found in highly successful Shopify stores:

Exceptional Customer Experiences: Top-grossing Shopify stores prioritize providing outstanding customer experiences. This encompasses appealing aesthetics, such as minimalist design, visually pleasing layouts, pleasing color schemes, and high-quality photography. It also extends to functional aspects like a seamless checkout process, user-friendly navigatio and the availability of 24/7 chatbot assistance.

Strong Brand Presence: Successful stores cultivate a strong brand identity. They establish a significant presence on social media platforms, especially Instagram, Pinterest, and Facebook. Unique selling propositions (USPs), collaborations with famous brands and influencers, and sustainability initiatives contribute significantly to their brand appeal.

Streamlined Payments: Effortless and hassle-free payment processes are fundamental to customer expectations. Top Shopify stores meet this requirement by offering secure payment options without hidden costs during checkout. Many also provide free shipping and risk-free return policies.

Utilization of Social Proof: Promising positive reviews and testimonials on the homepage influence potential buyers. Social proof has proven to boost revenues for many successful Shopify stores.

Accurate Product Descriptions: Shoppers conduct thorough research before making purchases. Therefore, top stores ensure they have precise and high-quality product images, comprehensive product descriptions, and accurate size charts. Some even incorporate advanced features like augmented reality and 360-degree product views.

Exceptional Customer Service: Building strong customer relationships and making customers feel valued is a common trait in successful ecommerce stores. This includes providing prompt assistance, offering excellent customer support, engaging through email marketing, and swiftly resolving payment and shipping issues.

Fast Website Loading Speeds: Since most customers browse on mobile devices, quick page load speeds are essential for leading Shopify businesses.

Effective Cart Abandonment Strategies: Nearly all successful Shopify stores utilize cart abandonment solutions, such as email remarketing, web push notifications, and electronic direct mail marketing. Recovering abandoned carts and re-engaging with potential customers has proven highly effective in recapturing lost revenue.

7 best business ideal to start on Shopify 2024

If you want to start your first business and keep working hard and caring a lot about it, you should see if your small business ideas can succeed by meeting customers' wants. If you can figure out what your target customers need, you might be going in the right direction with your small business idea. We've listed eight examples of ideas below that might give you some inspiration for what you're thinking about.

Dropshipping

Starting a dropshipping business can be a great choice if you want an easier way to have your own business. With drop shipping, you don't have to keep products in your storage. It's a way of selling things where you don't have to handle the items physically. When a customer buys something from you, you order it from a third party, usually a wholesaler or manufacturer, and they ship it to the customer.

You can even offer various products from different suppliers, either local or international, and display them in your online store. However, remember that even though your suppliers handle the shipping, you'll still need to do the marketing and deal with customer questions.

Pros:

Lower risk when starting.
Lower production costs.

Cons:

Lots of competition in the market.
You need complete control over the supply chain.

Print-on-demand Products

Print-on-demand is a business model that's like dropshipping. In this model, the drop shippers are responsible for keeping inventory and shipping products. But here's the difference: you can create your designs and customize the products to make them unique. To do this, you work with a supplier who can turn your ideas into products.

Some popular business ideas using print-on-demand include starting a store that sells custom t-shirts, hats, jackets, tote bags, and mugs. Small business owners can develop funny phrases or logos that match their brand and offer them for sale on a pre-order basis. You don't have to be a designer because some websites and apps provide ready-made templates for your products. If you prefer, you can also hire freelancers to help with the design work.

According to Grand View Research, the global print-on-demand market is expected to grow significantly, with a yearly growth rate of 26.1% from 2022 to 2030.

Pros:

You can keep a few extra products in stock.
Merchants only pay for the item after they've made a sale.

Cons:

You don't have control over the quality of the products.
It may take longer to fulfill customer orders.

Several print-on-demand companies are integrated with Shopify, so it will be easier to establish an online store.

Wholesale and Retail Business

Wholesale business means manufacturers or distributors sell many products at lower wholesale prices. You can set up a wholesale store using Shopify.

Wholesale Pros:

It's an excellent way to make more people know about your brand.
There's a big chance to grow your business widely.

Wholesale Cons:

Retailers who sell your products need to represent your brand better.
You'll always need retailers to buy your products in bulk.

On the other hand, a retail business is when you sell goods or services in smaller amounts. Most retail owners target customers either in their physical stores or online. Examples include grocery, convenience, and drug stores, where people buy smaller quantities. First, you must find what you want to sell, make a business plan, get the proper permits, find suppliers, and create your store or website.

Retail Pros:

You get to run the whole business according to your ideas.
Usually, you make more profit compared to wholesalers.

Retail Cons:

You'll have to work long hours.
You need to provide good customer service.

Alibaba is a prime illustration of a wholesale company that aims to offer a global B2B trading platform for businesses. They collaborate with countless wholesale buyers and suppliers from all over the world. Alibaba provides a convenient shopping experience for sellers because they have a wide range of product categories.

Handmade Goods

Another excellent business idea for 2024 is creating handmade products. A handmade business is perfect, especially if you have a limited budget, space, or workforce. This type of business involves crafting goods or items using your hands instead of machines. When starting your own business, many steps are involved, and making handmade products can be a great way to succeed if done right. This category has various handmade goods, ranging from furniture to accessories.

Some people turn their hobbies into a business to make money. Sharing your creativity in exchange for profit can be a fulfilling business idea. The arts and crafts market is expected to reach $50.9 billion worldwide by 2024. Starting this type of business requires low initial costs, the potential to grow over time, and the flexibility to adapt to different target markets.

Pros:

You can showcase your talent and skills.
It's a chance to contribute to a more sustainable world.

Cons:

You'll likely be running the business on your own.
Growth may be slower compared to other companies.

Affiliate Marketing Program

Affiliate marketing is an intelligent business idea where you don't need to deal with your stock of products, customer service, or handling returns. It's a way to help promote someone else's brand or product and profit from it. The idea is to make money by introducing other people's products and services to a larger audience.

All you need to figure out is how to set up and share your affiliate offers, and you can earn money even while you're not actively working.

Pros:

There's no limit to how much you can earn.
You get to collaborate with various business partners.

Cons:

You need to have complete control over the product.
There's a lot of competition in this field.

Online Tutoring

Even though remote education and online courses existed before, they became much more popular during the pandemic when most in-person classes had to stop. Many schools and institutions switched to teaching through online platforms to ensure that students could keep learning despite the restrictions on in-person courses. The global online tutoring industry.

Online Tutoring

is projected to grow by an annual rate of 15.38% from 2022 to 2027, with the market size expected to reach $196.35 billion.

Pros:

Lower operating costs.
You don't need expensive equipment to start.

Cons:

You need a reliable internet connection all the time.
It requires a flexible time commitment.

Digital Marketing Services

When you're putting together a business plan, it's essential to consider your skills and expertise. What business ideas align with what you know and have experience in? Let's focus on digital marketing services.

Digital marketing, or online marketing, is all about promoting different brands so they can connect with potential customers through various online platforms and digital methods. This includes email marketing, social media advertising, online ads, and multimedia messages. Many freelancers are drawn to digital marketing services because they can be profitable and do it independently without needing a big team.

You can offer your services for free to small businesses to gather feedback and testimonials to help build your portfolio.

Pros:

You can work from anywhere you like.
You can choose to work in the industry with the most expertise.

Cons:

It may require a lot of time for extensive training in digital marketing and your chosen niche.
The tasks can be time-consuming.

Some guidance on the best business idea to start in 2024

You can talk to people you trust or experts who can offer different perspectives and insights about what you need for your business. Here, we'll provide some quick tips on turning your ideas into a reality.

Conduct Market Research: Market research is about gathering information about the people you want to sell to. It helps you understand if your business or product idea will succeed. Market research involves looking into different aspects of your chosen industry, which can take several weeks or months.

Conduct Market Research

Create a Business Plan: A business plan outlines your short-term and long-term goals. It's like a roadmap for your business, covering everything from marketing to finances and operations. Your business plan should be regularly reviewed and adjusted as you achieve or change your goals.

Manage Your Business Finances: Your finances are the money you'll need to start, run, and grow your business. Depending on your business type, these expenses include marketing, startup costs, software, equipment, office supplies, etc. Keeping a close eye on your expenses helps you understand your profits and losses and allows for more strategic financial planning.

Understand Local Laws and Regulations: You must adhere to all the applicable laws and regulations in your location. This includes determining your business's legal structure, registering your business name, obtaining permits or licenses, complying with zoning laws (if you have a physical store), and adhering to insurance and health and safety regulations.

Invest in Branding and Advertising: Building a solid brand and promoting your business is essential. Word of mouth alone isn't enough, especially in today's digital age. Your online presence greatly influences potential customers' decisions. Consider investing in branding and promotional materials to increase your visibility. You can hire someone other than experts, as platforms like Shopify offer tools to help with marketing campaigns.

Consulting with trusted individuals and experts can provide valuable insights as you embark on your business journey. These steps, from researching your market to understanding your finances and adhering to legal requirements, can help you turn your business ideas into a successful reality.

Wrap-up

In summary, Shopify presents numerous business possibilities for hopeful entrepreneurs in 2024. Whether it's dropshipping, print-on-demand, crafting handmade products, or selling digital goods, there's a wealth of concepts to investigate.

Select the best business to start on Shopify that matches your passions and abilities, and make the most of Shopify's robust platform to establish and expand your online business. By dedicating yourself, being creative, and using effective marketing strategies, you can transform your Shopify business concept into a lucrative venture in the upcoming year.