Top Picks: Best Businesses to Buy in 2024 for Growth

Imagine this: You’re ready for a change – a chance to be your own boss, call the shots, and reap the rewards. Instead of starting from scratch, you're looking at established businesses with a history and a loyal customer base. Choosing from the best businesses to buy in 2024 might just be the smart move, especially if you have the entrepreneurial spirit but want to hit the ground running. What industries should you focus on?

While trends come and go, certain business sectors seem built to last. This means considering the resilience, profitability, and staying power of a business when assessing the best businesses to buy in 2024. Surprisingly, there are hidden gems across a variety of sectors – not just the flashy tech ventures. Ready to be intrigued?

Table of Contents:

• Unveiling the Best Businesses to Buy in 2024

  • 1. Home Services – Where Comfort is King

  • 2. Restoration and Remediation – Rebuilding for the Future

  • 3. Cabinets and Countertops – Capitalizing on the Kitchen Craze

  • 4. Niche Retail – Finding Your Tribe

  • 5. Experience-Based Businesses – Creating Memories, Not Just Sales

  • 6. Services We All Need

  • A Look at Top Performers

• FAQs about the Best Businesses to Buy in 2024

  • FAQ 1: What business will boom in 2024?

  • FAQ 2: Which business is best to start in 2024?

  • FAQ 3: Which business is best for the next 5 years?

  • FAQ 4: What business will boom in 2025?

• Conclusion

Unveiling the Best Businesses to Buy in 2024

These business ideas are not about following the crowd; these sectors are ripe for acquisition by those willing to see their potential:

1. Home Services – Where Comfort is King

Let’s be honest, whether the economy is booming or taking a breather, people always need help with their homes. Home services capitalize on the consistent need for home maintenance and repairs. This sector consistently shows up in top rankings for a good reason.

Take HVAC for example. The HVAC industry anticipates a significant CAGR of 6.1% from 2021 to 2026. That outpaces the general US economy’s projected growth. From sizzling summers to freezing winters, HVAC companies are in high demand.

But the "home sweet home" advantage isn't exclusive to HVAC. This sector includes other profitable business ideas:

• Plumbing: Smart bathroom tech is making waves and is predicted to become a $6.6 billion market by 2027. With the need for repairs and upkeep constant, this area remains consistently lucrative.

• Roofing: There are a whopping 10.5 million US homes between 20 and 31 years old. Roofing needs are cyclical, driven by both home age and weather events – which unfortunately, are becoming more frequent.

• Electrical: The steady growth of the electrician field makes acquiring an established electrical business an attractive investment opportunity. The Bureau of Labor Statistics projects a 9% increase in electrician jobs between 2020 and 2030. As more homes incorporate complex technology and sustainable solutions, demand for electricians who are up to date will continue rising.

2. Restoration and Remediation – Rebuilding for the Future

Here's a thought most people miss: natural disasters are, sadly, becoming the norm. Floods, fires, storms – these aren’t just headlines, they’re creating a massive demand for restoration and remediation services. This industry currently stands at a substantial $210 billion.

This type of work is specialized, from water damage cleanup to mold remediation, and is not something just anyone can do. With experts believing the home restoration and remediation industry will only keep growing throughout 2024 and further into the future, acquiring an existing business in this space could be incredibly lucrative. Owning an established business gives you a head start over new companies.

3. Cabinets and Countertops – Capitalizing on the Kitchen Craze

Kitchen and bathroom renovations remain a homeowner’s best friend when it comes to adding value to their property. The need for cabinets and countertops is huge. Even if the economy slows down, people will be fixing up their current homes.

While 2024 brings cautious optimism for the cabinetry industry, that translates to opportunity for the savvy buyer. Did you know the market demand for kitchen cabinets in the United States is predicted to hit $20.9 billion by 2026?

Countertops are seeing their own growth spurt. From sleek granite to trendy quartz, the countertop industry was worth nearly $90 billion back in 2019. Projections now suggest it’ll climb past $110 billion by 2027. Acquiring an existing business in this niche positions you directly within this home improvement sweet spot.

4. Niche Retail – Finding Your Tribe

In a world dominated by online giants, specialized, experience-driven retail can thrive. Let's talk about what I've seen in various niches:

• Cakes and Desserts: In 2019, the cake business was booming with a $42.9 billion market value. A steady annual growth rate of 3.3% is projected. By 2032, analysts suggest it could hit a massive $227.2 billion. People will always crave a celebratory treat – don't underestimate those bakeries.

• Bridal Boutiques: Despite the surge in online shopping, 85% of brides still prefer the in-person experience for finding "the dress." This personalized touch keeps the global industry at a solid $79.8 billion with a promising annual growth of 4.4%, on track to reach $79.8 billion in valuation by 2027.

• Sports Collectibles: A sector like this can be extremely resilient due to nostalgia, investment value, and a dedicated fanbase.

• Resale/Vintage: Thanks to companies like ThredUp this segment isn't slowing down. Eco-consciousness and unique finds are what makes the resale clothing market an attractive business opportunity.

5. Experience-Based Businesses – Creating Memories, Not Just Sales

Sometimes people need more than just stuff, they crave experiences. This opens up another avenue in our journey to uncover the best businesses to buy in 2024, businesses offering moments worth remembering:

• Food Trucks: What’s not to love about a food truck? They offer variety, a fun atmosphere, and convenience all in one delicious package. Food trucks are serving up more than just delicious meals; they're serving up a fantastic business opportunity, enjoying a growth rate of 7.9% yearly.

• B&Bs: Comfort, personalized service, and a chance to escape the everyday have made B&Bs remarkably resilient. The data on the increasing demand for overnight stays proves it.

• Party Rental: Celebrations, both big and small, never truly go out of style. The beauty of this business is the variety. The party rental industry is expected to grow at an average cost of 4.3% annually, so there’s clearly ongoing demand.

6. Services We All Need

Some services will always be needed. That is why buying an already successful service-based business can make financial sense. Let's take a look:

A Look at Top Performers

For anyone wondering which types of businesses are absolutely crushing it profit-wise, I’ve got some data points for you. While buying one outright might be tough, you can still take inspiration from those at the top:

• Giants Leading the Way: The global playing field shows that oil/gas, tech companies, and large corporations remain insanely profitable. Want proof? Just take a look at the companies topping the charts as of 2023 – Saudi Aramco, Apple, Microsoft, and Exxon Mobil are in the lead .

• Demand Doesn't Lie: Industries currently experiencing a surge include oil and gas, travel (people are making up for lost time.), and even CBD manufacturing (wellness is in.).

FAQs about the Best Businesses to Buy in 2024

FAQ 1: What business will boom in 2024?

While no one has a crystal ball, it seems likely home services, restoration companies, and anything tied into making our lives easier/more comfortable (both digitally and physically) are strong contenders.

FAQ 2: Which business is best to start in 2024?

I always tell people – passion projects are great, but sometimes the smartest businesses to start are those meeting an existing need. Look around, what are people consistently complaining about? That's your starting point.

FAQ 3: Which business is best for the next 5 years?

Look for industries where demand isn't going anywhere. Home improvement, anything digital, services people always need – those have staying power, especially with population growth.

FAQ 4: What business will boom in 2025?

If I knew that for sure, I'd be a billionaire. The ripple effects of 2023-24’s trends will likely dictate what we see. Adaptation is key.

Conclusion

Ultimately, figuring out the best businesses to buy in 2024 is about aligning your goals with real-world market needs. You should consider resilience, profit margins, and future growth potential. Remember though - business is about so much more than just profits. Passion and purpose are just as critical. So, take this knowledge, do your research, seek expert help, and trust your gut when making that purchase.

Divine Advantage

​There's an ocean of options out there and it can be a daunting process to try to nail down exactly the type of business to consider acquiring. But, we are connected to the Creator of all the oceans and thus, can traverse the seas with divine clarity. Ask God today for a divine door to open for you.

Want Help?

Are you currently looking into buying or selling a values-based and impact-driven business? Kingdom Broker can help you get connected to potential buyers and sellers of values-based and impact-driven businesses. No gimmicks and no pressure, contact us today at: www.kingdombroker.com