Top 3 side businesses to start in 2024

Freelancing, side hustles and legitimate side businesses are increasingly more popular in 2024 and changing the workforce. It’s now more common to not rely on just a standard 9-5 to make your income, you can leverage the world of freelance and online businesses in order to maximize your monthly income.

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While there is a truly endless list of side businesses you can jump into, the top three are ones that allow you to leverage your current assets, experience, and skillset. 

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Leveraging your side business with SmartWiz

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Bookkeeping Services: Meeting the Demand for Financial Management

In the financial world, businesses of all sizes require efficient bookkeeping and accounting services to manage their finances effectively. As requirements evolve and businesses want to advertise their financial transparency, the demand for skilled bookkeepers remains high. Bookkeeping services have emerged as a lucrative side hustle for individuals with an interest in numbers and attention to detail.

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Why Bookkeeping Services

• Businesses are required to adhere to various financial regulations and reporting standards put in place by regulatory authorities. Professional bookkeepers help ensure compliance with these regulations, minimizing the risk of penalties and legal issues.

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• Beyond basic bookkeeping tasks, skilled professionals offer valuable financial insights and analysis to help businesses make informed decisions. From budgeting and forecasting to cash flow management, bookkeepers play a pivotal role in optimizing financial performance.

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• Many small and medium-sized businesses lack the resources to maintain an in-house finance department. Outsourcing bookkeeping tasks to qualified professionals allows business owners to focus on core operations without sacrificing financial accuracy or efficiency.

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• Hiring full-time accounting staff can be expensive for businesses, especially startups and solopreneurs. Outsourcing bookkeeping services on a freelance or part-time basis offers a more cost-effective solution while ensuring access to expertise.

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• The integration of cloud-based accounting software such as QuickBooks, Xero, and FreshBooks has streamlined bookkeeping processes, making them more accessible to entrepreneurs and small businesses. Bookkeepers proficient in these platforms can leverage technology to enhance efficiency and accuracy.

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How to Excel in Bookkeeping

• Use SmartWiz and the Tax Preparation Course. Your bookkeeping journey will flourish and you’ll be able to leverage your newly learned skills during tax season and help other entrepreneurs prepare their taxes. 

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• Identify a niche or industry specialization within bookkeeping to differentiate yourself from competitors. Whether it's e-commerce businesses, freelancers, or non-profit organizations, specializing allows you to tailor your services to meet specific client needs effectively.

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• Accuracy and attention to detail are paramount in bookkeeping. Develop strong organizational skills and meticulous record-keeping practices to ensure the integrity of financial data and reports.

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• Effective communication is essential when liaising with clients, explaining financial concepts, and presenting reports. Cultivate clear and concise communication skills to build trust and rapport with your clients.

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• Stay updated on changes in accounting standards, tax laws, and software advancements through ongoing professional development. Embrace lifelong learning to refine your skills and stay ahead of industry trends.

eCommerce Stores: Capitalizing on Digital Marketplaces

eCommerce continues to be a thriving domain, offering entrepreneurs a platform to showcase and sell their products worldwide, from digital and physical products. The global pandemic accelerated the shift towards online shopping, leading to unprecedented growth in eCommerce activities. In 2024, this trend continues, with eCommerce stores emerging as one of the most lucrative side businesses.

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Why eCommerce Stores

• With user-friendly platforms like Shopify, WooCommerce, and Etsy, setting up an eCommerce store has never been easier. Individuals can leverage these platforms to create personalized storefronts without the need for extensive technical knowledge.

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• Unlike traditional brick-and-mortar stores limited by geographical constraints, eCommerce enables entrepreneurs to reach a global audience. This vast reach opens up opportunities for niche markets and specialized products.

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• Running an eCommerce store offers unparalleled flexibility. Entrepreneurs can manage their business operations remotely, allowing them to balance their side hustle with other commitments such as full-time employment or personal endeavors.

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• As the business grows, entrepreneurs can scale their eCommerce operations by expanding product offerings, investing in marketing strategies, and optimizing logistics. The scalability of eCommerce ventures makes them an attractive option for individuals looking to build sustainable long-term income streams.

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• With dropshipping, print-on-demand, and affiliate marketing models, entrepreneurs can diversify their product offerings and revenue streams within their eCommerce store. This versatility minimizes risks associated with relying on a single product or market segment.

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How to Succeed in eCommerce

• Identify a niche with sufficient demand and relatively low competition. Conduct thorough market research to understand consumer preferences, pain points, and trends within your chosen niche.

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• Focus on offering high-quality products that provide value to your target audience. Establishing a reputation for reliability and excellence is crucial for building customer trust and loyalty.

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• Utilize digital marketing channels such as social media advertising, influencer partnerships, and search engine optimization (SEO) to drive traffic to your eCommerce store. Engage with your audience through compelling content and personalized messaging.

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• Prioritize the customer experience by providing responsive customer support, seamless checkout processes, and transparent communication. Positive customer experiences contribute to repeat purchases and word-of-mouth referrals.

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• Stay abreast of market trends, technological advancements, and consumer preferences to adapt your eCommerce strategy accordingly. Flexibility and agility are essential for navigating the ever-evolving eCommerce landscape.

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Consulting Services: Leveraging Expertise for Business Growth

Consulting services include a huge range of expertise, from management consulting and marketing strategy to IT consulting and human resources. As businesses seek to increase performance, improve their presence, and overcome challenges, consulting professionals play a major role in providing strategic guidance and solutions. Consulting services have emerged as a yet another side hustle for individuals with specialized knowledge and industry experience.

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Why Consulting Services

• Consultants offer valuable strategic insights and solutions tailored to the unique needs and objectives of their clients. Whether it's business process optimization, market expansion, or organizational restructuring, consulting professionals provide actionable recommendations for driving growth and efficiency.

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• External consultants bring an objective perspective to business challenges, free from internal biases or preconceptions. This impartiality enables consultants to identify opportunities and inefficiencies that may go unnoticed by internal stakeholders.

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• Consultants possess specialized knowledge and expertise in their respective fields, acquired through years of experience and continuous learning. Clients benefit from access to this expertise without the overhead costs associated with hiring full-time staff.

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• Consulting engagements can vary in duration and scope, providing consultants with flexibility in managing their time and workload. This flexibility is particularly appealing to individuals seeking to balance consulting projects with other professional or personal commitments.

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• Engaging in consulting projects exposes individuals to a diverse range of clients, industries, and professionals, facilitating valuable networking opportunities. Building a strong professional network can lead to future consulting engagements and referrals.

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How to Succeed in Consulting

• Cultivate strong relationships with your clients based on trust, transparency, and communication. Listen attentively to their needs, provide tailored solutions, and maintain open lines of communication throughout the consulting engagement. A satisfied client is likely to become a repeat client and refer others to your services.

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• Stay abreast of industry trends, emerging technologies, and best practices relevant to your consulting field. Invest in ongoing professional development through workshops, seminars, and certifications to enhance your skills and maintain your competitive edge in the market.

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• Focus on delivering tangible results and measurable outcomes that demonstrate the value of your consulting services. Set clear objectives, track progress against milestones, and communicate the impact of your recommendations on the client's business performance. A track record of success builds your reputation and attracts new clients to your consulting practice.

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• Networking and Collaboration: Leverage your professional network to expand your reach and access new opportunities. Attend industry events, join professional associations, and collaborate with other consultants or firms to broaden your client base and offer complementary services. Networking not only helps you acquire new clients but also fosters collaboration and knowledge-sharing within your industry.

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• The business landscape is constantly evolving, presenting new challenges and opportunities for consultants. Stay flexible and adaptable to changes in client needs, market dynamics, and technological advancements. Embrace innovation and creativity in your approach to problem-solving, offering fresh perspectives and innovative solutions to your clients' challenges.

Let’s Recap

There are a ton of side hustles that you can start in 2024 to leverage an increase in income, but these top three are ones you can start immediately. You can be successful by enrolling in learning courses and education that’s not the traditional college degree. SmartWiz has the #1 Tax Preparation Course that can help you leverage accounting skills, and Course Careers has a ton of educational content that can level-up your skills to start a side business. 

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Making more income in 2024 doesn’t have to be complicated, and can truly change how you’re able to manage your finances and become financially free in 2024.