5 Most Lucrative Online Business Ideas in 2024

I have found five of the most lucrative online businesses to start in 2024 from your home. So, if you’ve been thinking about starting an online business but are unsure which one to start, you have come to the right place because I have many friends who started online businesses. I’m also a part of different organizations with over a thousand business owners.

It’s pretty easy for me to see which online businesses have great success and which are incredibly difficult to break into. Today, I will discuss every business in detail and try to share every aspect of each business. I will rate each business in today’s article according to the market and my knowledge. 

1- High Ticket Remote Setter Business or A High Ticket Remote Closer Business

Number one on the list will be a high-ticket remote setter business or a high-ticket remote closer business. Now, this is a sales-type role, where you would either be a setter, usually someone who makes the initial contact with a lead, or a closer who sells the product or the service to them. Now, being a setter or a closer has pros and cons. Closers tend to make more money but are more complex and require a high skill level. Meanwhile, a setter doesn’t make as much money, but learning and landing a job is much easier.

You might be thinking, Arslan, I have clicked on this article to learn how to do an online business. Why are you discussing something that I could get a job with? Going from zero experience to starting a business is challenging. If you look at the number one career path that millionaires and billionaires have in common, it’s almost always sales. Sales is like the gateway drug, so to speak, between being an employee and a business owner. And there are a lot of positions out there where you’d be what’s known as a growth partner.

In that case, you would be an entrepreneur and own a business, but you’d still be doing a sales role. Honestly, there are so many industries where you can get sales roles. Some of my favorite ones are going to be the info product industry. And this is basically where you sell high-ticket coaching or masterminds to people. I have purchased many of these products before to learn a skill. But I want to save a lot of time and effort. I’ll go to someone who I 100% know has that skill, and they also have a coaching program with the course and feedback.

So that way, I know I can learn the skill ten times faster. Another good one is the solar industry, another good one is the insurance industry, and then one of my favorites is the software industry, which would be what’s known as tech sales. Generally, appointment setters usually make between $5,000 to $10,000 per month, and then high ticket closers will make more like $10,000 to $15,000 per month, and you can make so much money because you get paid chiefly based on commission.

So, for appointment setters, for instance, if you make the initial contact with the excellent lead and they end up buying the product, you’re probably going to get paid somewhere between 3 and 8% of the sale. Now, this varies a lot depending on the industry you’re in. So I’m just very generally here, and then for a high ticket closer position, you’ll likely get paid between 10 and 20% of the sale. So yeah, sales is an incredible skill to learn, even if you end up not doing sales for very long.

I recommend that everybody do this job at least once because it reprograms your brain to think differently, right? You start thinking about what the other person wants. Not what you want. What does the other person want? The only way to get good at sales is to have the emotional intelligence to realize that the other person wants something, and you need to connect your product to that thing they want, right? Your product needs to solve their problems, which completely changes your paradigm of thinking, and that’s why so many salespeople go on to start successful businesses.

So I like this one. I only gave two of them on this list a 10 out of 10 opportunity score, but I will give this one a 10 out of 10. It’s phenomenal. 

2- Social Media Marketing Agency

You’ve probably seen this one a million times before. Tai Lopez was the first one to start talking about SMMA. Lately, the king of SMMA is Iman Gadzhi, and I will be honest with you. This one is hard to break into, and even if you can, you have a successful SMMA making like $10K per month. For instance, it is incredibly stressful. I did this before I repurchased Tai Lopez’s course in the day. Enough, and it was okay. You know I’m not a hater, right? It was.

I learned the basics, but it wasn’t enough to succeed in SMMA. I had to learn a lot more beyond the course, and I eventually got some success. What I found is I wouldn’t say I liked it. I hated having to answer the phone when I was out with my friends or with my family or something like that, and the client needed me to change something on their website or change something about the funnel, right? You’re basically at your client’s back-end call; they will fire you if you don’t serve them.

However, I do have to say that starting an SMMA business will teach you the fundamentals of business, right? So many business owners know their first ever business they tried was an agency-style business similar to an SMMA. The reason for that is because it’s much easier to sell somebody a product or service known as done for you, right? So, when you’re selling products or services, it’s typically going to be done for you. I’m done with you. Or just some sort of information-type product like a course.

If you think about it from the buyer’s perspective, you are advertising to real estate agents and teaching them how to get leads. They are swamped, and it’s much easier to sell them a done-for-you product than a done-with-you product or a course because real estate agents don’t have time to go through a course, and they don’t have time to go through coaching because coaching is typically done with you.

They want someone to take care of the problem for them, and that’s why it’s so much easier to sell service-based offers than a coaching program or a course. But with that being said, it is a lot of work. Now, what people typically do is they will start in an agency-type model where they’re just doing it for them. Right? So it’s done for you. After they get some experience, they figure out how to get the client results. They will quickly transition into a done-with-you model because done-for-you is incredibly difficult, stressful, and challenging to scale.

However, being done with you or some other automated model is much easier. Usually, it is much more attractive, and you can scale it, right? I can’t tell you how many SMMA gurus I’ve seen have transitioned into making a done-with-you coaching type offer, or if they stay with the SMMA model, they’ll usually only work with businesses that give them a percentage of the profit or excellent revenue. So yeah, SMMA is a good opportunity. You’re probably not going to get results. Just buying a course can be a good investment in some cases to learn the basics faster. 

So, I’m going to go ahead and give this one a 9 out of 10 opportunity score.

3- Freelance Writing Agency

There are a lot of different types of freelance writing you can do. For instance, you could be a freelance writer on SEO or search engine optimization, and that’s where you write good articles optimized for search engines so they will be optimized so that specific things can be easily found when people search certain keywords on a search engine such as Google. Now, you can get hired as a freelancer doing this. It’s relatively easy to do that, or you could go ahead and start an agency.

Now, the key here, what is incredibly important, is that your niche is down, right? You cannot just be a generalist writer because there is no writer. That knows a lot about everything. Nobody knows a lot about everything. No one is an expert on everything out there. However, you can be an expert on one thing, and it’s not that hard to get to that level of being an expert if you focus on one thing. So, for instance, if you are going to start a freelance writing agency, I would highly recommend doing it for something like e-commerce.

Maybe you can become an expert on SAAS, which is software as a service, or become an expert on the info product industry, and you can make approximately, for instance, $27,000 a month with a writing agency. Now, is that typical? No, most people fail in business. I forgot about six or seven times before finding something that worked for me. That is the risk you take as an entrepreneur, the word itself. Entrepreneur means somebody who takes risks, right? If it weren’t risky, then it wouldn’t be business.

However, entrepreneurship is an intelligent risk. Because the benefits of being able to start a business outweigh the risks, and chances are, you will fail your first few times starting a business. But if you keep going, you will find a suitable business model. That matches your personality, and you will eventually succeed. I want to set realistic expectations here. Because most people on the internet set unrealistic expectations because they are marketing to you, getting a job is much easier than starting a business.

However, if you can start a successful business, it’s much better than a job for many people because it will give you time, location, and financial Independence. So yeah, a freelance writing agency is a good one. I know many people out there who are crushing it with this. A lot of them are working in SEO. You could also go ahead and start your blog as well.

I will give this one an 8.5 out of 10 opportunity score. 

4- Starting a YouTube Channel

You might have noticed recently that many already successful people have been starting YouTube channels—anything from Hollywood Stars to Athletes to billionaires like the guys who started the all-in podcast. There’s a reason for that: when the most intelligent, most successful people in the world who are probably already crazy busy are taking time out of their day to start YouTube channels, that should get your attention because YouTube is an incredibly massive opportunity.

Some YouTubers have income reports on their channels and are very transparent about sharing that information. It would be best if you honestly appreciated that. For instance, I’m okay about how much I make on this channel. I won’t say how much I make, but it’s over six figures monthly. I know people crushing at 10 or 20 times more than I am, and you’d be surprised because some of the highest-earning YouTubers aren’t that big.

If you pick the right niche, you could make millions a year with a channel with less than ten thousand subscribers. For instance. Charlie Morgan only has about 20,000 to 30,000 subscribers, and he makes over a million dollars a month. Most of his revenue comes from YouTube. But yeah, starting a YouTube channel, in my opinion, is the absolute best opportunity of 2024.

It has never been easier to make money on YouTube, and you see famous people on Instagram or TikTok and all these other social media platforms. They all want to migrate to YouTube, and there’s a reason: YouTube is where the money is. It is easier to make money on YouTube than any other platform.

So, this one also gets a perfect 10 out of 10 opportunity score. 

5- Affiliate Marketing

Finally, I will talk about a type of digital marketing: affiliate marketing. This is another one where many people out there market this one and talk about it all the time. This is marketed to beginners because it sounds so good in theory, right? You don’t have to create your product, and you don’t have to create your own company. You take an existing product that’s already crushing it, drive people to that product, and then you get a certain percentage of the sale. It sounds great in theory, but the only problem is that urging people to buy the product is one of the hardest things to do.

I love affiliate marketing, but you typically have to pair it with a different business model. For instance, you could start a YouTube channel and then do affiliate marketing or create a blog and then do affiliate marketing. But honestly, the simplicity of affiliate marketing, where you have to focus on one skill, traffic generation, makes it one of the absolute best business opportunities, right? So you focus on that one skill, which is getting attention and traffic, and then the company takes care of everything else.

Whereas if you start a full-blown business, you have to pay attention to traffic generation, then you have to pay attention to lead generation, then you have to nurture the leads, then you have to have a marketing and sales process. You have to create a product that people want. Then, once people buy it, you must ensure the product Is good. So, there are many steps when starting a business, and you must be relatively good at them. Meanwhile, with affiliate marketing, you must be good at generating traffic, and that’s all.

So, it is one of the most accessible business models with the caveat that you have to pair it with a different business model, and usually, that other business model will involve traffic generation. So yeah, I love affiliate marketing. It’s one of the main ways that I make money as well. The difference between good and bad affiliate partners can be like night and day, right? You won’t make any money if you get a terrible affiliate partner. If you get a good affiliate partner, you’ll drive like $30,000, $50,000 a month. So yeah, affiliate marketing is excellent, but you do have to pair it with another business model that involves traffic generation.

I will give this one a 9 out of 10 opportunity score. 

Why I Have Recommended Online Business Ideas

These are the five most significant recommendations for beginners on the types of businesses they should start. If I could go back and start these businesses, I would start a blogging business with my current knowledge. The advantage of a blogging business is not having to spend vast amounts of money on it. But take a complete beginner where I’m not sure what their personality is and what they will be good at. I’d want to start them with different business models. These would be the five that I would look at now.

There are other business models out there. That is amazing. For instance, starting a software business like SAAS is incredible, but it’s not very beginner-friendly. There are way too many skill sets that you have to have to be successful. Starting a SAAS, these are the five that would give you the best chance to succeed as a beginner. Even with that, you will likely fail your first few tries, and the reason you’re going to die isn’t necessarily because you aren’t good. But in many cases, it will just be because the business model doesn’t fit your personality.

For instance, I tried Amazon FBA and shipping physical products online, and honestly, when I tried it, I probably could have succeeded, but it just didn’t fit my personality. I hated having to source products, deal with manufacturers, and do hours and hours and hours of product research. Having to deal with inventory and logistics was so dull to me. It’s just like such a headache. It was so boring. Whereas other people might be their forted, they might love that. So, the best thing to do is just to get started. Eventually, you’ll find the right one if you don’t give up.

If you don’t want to start a business, you want to get a high-paying remote job. I wrote an article that ranked the “12 High-Paying Easy Work From Home Jobs“; you can check that out by clicking on the title.