Small Business
Jun 7, 2024

20 Best Businesses to Buy In 2024: Ranked, In Order

Starting a small business can be an incredibly tough process. There are many tiny details to consider and you always risk losing your investment.

That’s why many entrepreneurs prefer buying an existing firm rather than starting a new one. This allows them to skip the tedious setup phase and jump straight into the action.

So, if you’re figuring out the best businesses to buy, then you’ve come to the right place.

In this article, we walk you through everything you need to know to decide on investing in a company. We’ve also compiled a list of the best businesses to acquire.

What Is the Most Profitable Business to Own?

When deciding on a venture to launch, it’s always a good idea to consider the potential revenue streams. With the right plan and enough elbow grease, any business idea can become profitable.

Although, some companies have an easier time turning a profit. For example, businesses in high-growth industries are more lucrative. That includes sectors like construction, direct retail, and information technology.

Some of these offer virtual services, while others focus on in-person sales. The business you choose will depend on your preferences and skill set.

So, without further ado, here’s a quick look at some of the most profitable ventures.

The Best Businesses to Buy (Overview)

We’ve included an overview of our top picks below. For detailed information on each pick, scroll down.

Most Profitable Businesses

  1. Business Consulting
  2. Legal Services
  3. Food Truck
  4. Real Estate

Best Businesses to Invest In

  1. Copywriting
  2. Accounting
  3. Event Services

Fastest-Growing Businesses

  1. Online Retail
  2. Healthcare
  3. Social Media Marketing
  4. AI

Best Businesses to Buy for Passive Income

  1. Digital Products
  2. Affiliate Marketing
  3. Online Education
  4. Dropshipping

Best Businesses to Buy for Cash Flow

  1. HVAC
  2. Home Healthcare
  3. Vending Machines
  4. Vacation Rentals

Most Profitable Businesses in 2023

Before we get too far down the list, let’s first touch base on the most profitable businesses to own in 2023.

Business Consulting

One of the most valuable assets in the business world is knowledge.

It takes years to build up a working understanding of the ins and outs of running a company. That’s why new entrepreneurs will spend a pretty penny to hire a consultant.

So, if you have extensive business know-how, then this venture may be for you.

As companies grow, the workflow will become more complex and difficult to manage.

Because of that, the demand for business consultants is constantly increasing. That’s especially true for firms that deal in specialized industries.

Legal Services

There are many rules and regulations that businesses have to follow to operate.

These terms can be a little tricky to decipher because of the tough legal terminology.

That’s why there’s always a need for legal services. Companies will pay lawyers to help with contracts, both internal and external.

The best part about this venture is that you can choose your mode of operation. For instance, you may opt for an in-person service or virtual assistance.

Food Truck

The food industry is typically incredibly tough to break into. That’s because there are hundreds of restaurants launching every day.

However, that doesn’t mean there’s no way into the industry. If you want to make use of your culinary skills, then a food truck may be the way to go.

For starters, mobile eateries keep gaining popularity as time goes on. For that reason, you should be able to find customers.

Other than that, they have a much lower startup cost than a traditional restaurant.  

Real Estate

Real estate is one of the most profitable ventures that you can launch.

Every day, there are countless people looking for a new place to stay. That means there are plenty of opportunities to enter the industry.

Other than that, real estate tends to appreciate in value as time goes on.

Which Businesses Are Best to Invest In?

Starting a business is hard and usually involves a certain level of risk. This may deter people away from launching a company.

That’s why investing in a business may be a good way to dip your toes in the water. In this section, we’ll cover some of the best companies to fund.

Copywriting

The copywriting industry is fast growing because of the constant demand for content. As businesses move towards the digital age, the need for websites increases.

So, if you’re particularly good with your words, then this venture may be for you.

Copywriters are in charge of coming up with content for clients. This can be in the form of catchy slogans or in-depth reviews of products or services.

If you launch the company as an independent contractor, you can hit the ground running at almost no cost. The only issue will be finding clients and making a name for yourself.

However, as soon as you do that, generating a lot of revenue should be a breeze.

Accounting

Accounting is one of the most important pillars of any business. It helps you track expenses and revenue to make calculating potential profits possible.

However, bookkeeping can be incredibly tedious and time-consuming. On top of that, even the smallest mistake can have terrible consequences.

For that reason, many companies will rely on accounting firms.

These businesses will handle the financial aspects of the workflow. That includes payroll, compiling expenses, and filing taxes.

Whether you’re a certified accountant or a wizard with math, this venture is an excellent option.

There are few financial requirements to launch the business, and it’s easy to operate.

On top of that, there’s never a shortage of people that need help with accounting. In fact, when tax season comes around, you may find that you have more clients than you can handle.

Event Services

After years of staying at home, people are itching to get out of the house and have fun. That’s where event planners come into play.

These agents help businesses and individuals, organize parties and other celebratory occasions. That includes birthdays, company retreats, and formal seminars.

Thankfully, most of these events occur at least once a year. This means that there’s a solid need for event services.

The only drawback of this type of venture is the initial start-up costs. You may need to invest a sizable sum to buy a few event necessities.

For example, you’ll want to rent out tables and chairs, and buy centerpieces. This may prove to be a little expensive, depending on your taste.

So, you may want to consider applying for start-up loans. Although, that’s not the only solution. Starting a virtual event planning firm is more affordable than an in-person one.

Which Business Is Growing Fast?

If you’re looking for a new venture to invest in, then focus on industries with a speedy growth rate.

Not only are these typically easier to start up, but they also have high earning potential. That’s why it’s crucial to research a field fully before you jump into the market.

To help you out, here’s a list of some of the fastest-growing businesses.

Online Retail

Over the last few years, more people are spending time at home. So, it’s no wonder that the online retail industry has seen a major boom in the last while.

People all over the world rely on e-shopping to get all sorts of items. That includes buying clothes and accessories or even purchasing essentials like groceries.

Because of that, you should be able to find customers for your service in no time. Plus, running an online store is much more manageable than a physical one.

That’s because there are far fewer expenses. You won’t need to pay rent or utilities on a property.

In addition, if you’re selling stuff online, you’ll be able to reach more clients. With the right shipping company, you should be able to provide your services across the world.

Healthcare

Everyone needs healthcare. At some point or another during our lives, we’ll need to make a trip to the doctor’s office.

Because of that, the industry is one of the most stable and profitable ones. In addition, due to technological advances, healthcare businesses grow exponentially.

There are a wide variety of services you can provide with this type of venture. For instance, you can open up an assisted living facility for the elderly.

Other than that, launching a small clinic is also a possibility.

However, more often than not, to run this business, you’ll need some sort of medical certification. This will allow you to apply for licenses and permits to operate the venture legally.

Other than that, you may need a sizable capital. To buy all the latest equipment, you’ll need to invest quite a bit of money.

Luckily, you should be able to apply for a grant to help you out.

Social Media Marketing

Over the past decade, social media has become an essential part of our lives, with no signs of slowing down.

We use the platform to stay in touch with friends and to get the latest news. That’s why most businesses today need a strong online presence.

It allows potential customers to find the ventures and purchase their services. Yet attracting the right type of clients can be a little tricky.

For that reason, social media marketing agents are crucial. They provide fresh and exciting advertising techniques to pull in new shoppers.

The best part about this venture is that it won’t cost much to launch. You can start the business with a small capital since there are few operational costs.

All you need is a laptop and a stable internet connection. Although to run the business successfully, you should keep up with various trends.

AI

Artificial intelligence is one of the world’s fastest-growing industries for many reasons.

First off, it provides a wide array of services. That includes:

  • Automation
  • Data analysis
  • Predictive analytics
  • Advanced filtering

Each one of the services can be useful to many types of industries. For example, healthcare, transportation, and finance businesses rely on these tools.

AI helps companies speed up tedious processes, reduce waste, and improve workflow. Because of that, the firms can operate much more efficiently with minimal losses.

As you can imagine, all industries in the world can benefit from these advantages. Because of that, AI has become an essential part of our world.

There are plenty of companies that are on the lookout for AI specialists. So, finding new clients should be a piece of cake.

Sadly, due to the high demand, the AI industry can be incredibly competitive. For that reason, you’ll need to spend a while collecting certificates.

Best Businesses to Buy

Investing in a business is usually a good idea, but you’ll have limited control.

To make sure you’re running the show, you may have to buy the company outright. Although, this process may be quite a challenge.

There are countless details to consider and you have to invest a sizable capital.

To make the process simpler, you can use tools like BizBuySell. However, they’ll be difficult to use if you have no knowledge of the market.

So, in an effort to make your life easier, in this section, we’ll cover the best businesses to purchase.

Best Businesses to Buy for Passive Income

Passive income projects generate revenue without your direct involvement. Once the initial setup is over, all you have to do is sit back and collect the profits.

Digital Products

If you’re looking for a way to make passive income, then digital products may be the way to go.

You can create electronic files and sell them online. These products include:

  • Music
  • E-books
  • Podcasts
  • Writing templates
  • Sticker designs

The initial setup can be a bit tricky. You’ll need to spend some time coming up with original content to sell.

Depending on what product you choose, the duration of this process will change.

Yet, as soon as the setup is out of the way, there’s nothing left for you to do.

There are virtually no running costs to selling digital products. Since you don’t pay for shipping or recurring manufacturing, expenses are minimal.

The only catch is that you have to create unique content. For that reason, it’s best to rely on a pre-existing talent.

If you have an especially angelic voice, then recording music may be the way to go. Yet, if you’re better with arts and crafts, then go for a design project.

Affiliate Marketing

Affiliate marketing is when a business pays people to promote its services. This is a performance-based tactic.

That means every time the affiliate makes a sale, they get a percentage of the profits.

Typically, these agents can use a wide variety of advertising techniques. They can choose to promote products on their blogs or social media platforms.

Other than that, they may rely on websites or online communities. All you have to do is find a company that you’re willing to promote.

Then, reach out and inquire about any affiliate programs they may have running.

At this point, you’ll have to choose an offer that you can market to potential clients. After that, you get a personalized link that you can use across all platforms.

The commission you receive from each sale will change based on the brand and the offer you’re promoting. It can range anywhere between 1% to 50% of the profits.

Online Education

Pursuing an education is an excellent way of improving your earning potential.

There’s usually a direct positive correlation between wages and academic level. That’s why people are always on the lookout for new learning opportunities.

Unfortunately, in-person classes can be pricey. So, to keep costs down, many people prefer to sign up for an online course.

Because of this, the online education market is typically profitable. Using platforms like Skillshare or Udemy, you can create your own custom courses.

Then, you can share these classes with students for a price.

Still, there’s a slight drawback to this online business. To teach certain courses, you may need special certification.

So, before you start recording the classes, check your state requirements.

Dropshipping

Dropshipping is a retail fulfillment method where the seller doesn’t hold the inventory. Instead, wholesalers or manufacturers are responsible for delivering products and services.

This is similar to selling products online, but with one major difference.

With dropshipping, you never have physical custody of the inventory. That means you won’t need to pay for storage or other utilities. All you need is an online store.

Then, you can choose a few products to promote on your website. Every time you make a sale, you’ll receive a commission.

With this venture, you won’t need to worry about shipping costs or handling the products. That makes it the perfect profitable small business idea for passive income.

To top it all off, dropshipping is easily scalable. You can grow your online website and add as many products as you like without much additional effort.

Best Businesses to Buy In 2023

If you prefer being in the middle of the action, then you may want to opt for an active income business.

In this section, we’ll go over some of the best options when it comes to buying a firm.

HVAC

There are HVAC systems in most homes and commercial buildings in the country. Because of that, there are plenty of opportunities to turn a profit.

First off, HVAC companies have lower overhead expenses than other similar ventures.

All you’ll need is a small office and a few tools to get started. This means you should be able to hit the ground running in no time.

Other than that, HVAC systems need constant repairs and maintenance. So, when you’re not installing new devices, you’ll be fixing existing ones.

Lastly, the industry seems to be faring well, even with fluctuations in the economy. No matter the financial climate, people still need their HVAC systems serviced.

Home Healthcare

There are many benefits to operating a home healthcare business.

For starters, there’s no shortage of people looking for a bit of help to get around.

That’s thanks to the growing senior population. This high demand means that finding jobs should be a breeze.

Besides that, there is almost no operational cost. You may need a stethoscope and a few other basic necessities, but other than that, you should be good.

Vending Machines

If you’re looking for a low-effort business, then you may want to invest in a vending machine firm.

Right off the bat, this company should be incredibly easy to run. Once you install the machines and stock them, you won’t need to rely on additional staff.

This will keep the operational costs at a minimum. Plus, you can place the devices anywhere you like.

Although, sales will depend on foot traffic. That’s why you need a thorough business plan.

To ensure the success of the venture, you’ll need to spend a bit of time researching the market in your area.

For a bit of help, you can rely on these business plan examples to get you started.

Vacation Rentals

People all over the world are willing to pay a pretty penny to travel.

Every year, countless tourists visit vacation destinations all around the globe.

Once they get there, they’ll need to find some type of accommodation for their stay. That’s when you come in.

If you manage to buy a property in a tourist hotspot, you can rent out your abode.

Yet, this venture is seasonal and can’t generate steady cash flow throughout the entire year.  

Frequently Asked Questions

What Businesses Do Most Millionaires Own?

The majority of millionaires have some dealings with banking and other financial services.

However, they also heavily invest in technology.

Other than that, many millionaires have fashion and retail companies.

Which Business Is Most Profitable Over the Course of All Time?

Typically, firms like oil companies and banking firms tend to be the most profitable.

Besides that, business consultation agencies and IT support services also generate sizable revenues.

Wrapping Up

Figuring out the best businesses to buy can be a taxing process. There are many factors to consider and details to take into account.

If you’re looking for profitable firms, then legal services, food trucks, and real estate are the way to go. Moving on, the best businesses to invest in are copywriting and event services.

To ensure you’ll be able to find customers, consider investing in a fast-growing industry. That includes online retail, healthcare, social media marketing, and AI.

Other than that, if you want to buy a company outright, there are several excellent options.

For passive income, you can opt for selling digital products or affiliate marketing. You can also choose online education or dropshipping.

Lastly, when you’re looking for an active income business, then HVAC or home healthcare may be the way to go.

Overall, the best businesses to buy include dropshipping and online retail. They both require little effort to run and generate a steady stream of income.

If you have any additional questions, be sure to leave them in the comments down below.