The Appeal of Boring Businesses in 2024

Discover the appeal of starting a boring business in 2024. Explore the advantages, stability, and potential for high returns that these businesses offer. Learn about the wide range of options available and why entrepreneurs are finding them increasingly attractive.

When it comes to starting a business in 2024, a boring business may well be the new exciting. It may be a viable alternative to the glitz and glam of an attention-grabbing startup. While this type of business is unlikely to give you goosebumps, its relatively low risk and potentially high returns could see you laughing all the way to the bank. If you’re interested in the profits a business can rake in rather than its popularity on social media (or lack thereof), then you’re in the right place.

There’s no universal definition for what makes a business “boring”. In fact, when we term businesses as “boring”, we’re talking about businesses that do things that have to be done to maintain the wheels of society. So, while we use the term boring, “essential” is perhaps more fitting. After all, these businesses provide goods and services that play a critical role in the everyday functioning of our communities, such as refuse collection, commercial cleaning, and pest control.

Boring businesses vary in terms of their product and service offerings, but they all share some common features. People will always need what these businesses have to offer, even in uncertain financial times or in the midst of an economic downturn. They are often earmarked by slow, tedious processes from a bygone era. Think customer service software, billing software, and so on. These businesses don’t have any bells and whistles. They adhere to simple business principles, including adding value to a product or service and persuading customers to buy them.

‘Adding value’ to a product or service means that, while these businesses are stable, they can still benefit from the introduction of robust business systems, processes, and tech advancements. This sector is booming for two reasons. First, there is a growing recognition of the potential profitability of these businesses. Codie Sanchez, a well-known investor, claims to own more than 20 of these businesses, which have reportedly generated £39.5m in revenue. Second, there is an increasing desire for low-risk paths to financial freedom, especially in uncertain times.

So, what are some examples of boring businesses that you can consider starting in 2024? Here are a few:

1. Residential and Commercial Property Cleaning

An oldie but a goodie, residential and commercial property cleaning is one of the go-to services for people looking to start a business. Cleaning services can be scaled, they have few overheads, and usually attract repeat customers.

2. Landscaping

Like cleaning, landscaping is another tried-and-tested business. Tending to lawns and gardens has a couple of other things in common with cleaning: it thrives on repeat business and can be offered to homeowners and business owners alike.

3. Cash-Only Services

A big favorite of Codie Sanchez, cash-only services include ATMs, vending machines, car washes, and launderette facilities. Cash-only services eliminate electronic payments, which can lower your profits.

4. Plumbing

With opportunities to service residential and commercial customers, plumbers and plumbing business owners have huge potential for recurring revenue. Plumbing services are always in demand, and if you provide quality work, you can build a loyal customer base.

5. Window Cleaning

If you’re not afraid of heights and you don’t mind your customer occasionally saying, “you missed a bit,” a conventional ladder-and-bucket window cleaning business may be right up your street. But if you prefer to keep your feet firmly on the ground, the emergence of the water-fed pole means there’s also the option of ladder-less window cleaning.

On the one hand, the laundry list of businesses on offer means you’re spoilt for choice. On the other hand, this can make it more challenging to land on one that fits the bill. Here are five factors to consider when deciding whether to start a boring business in 2024:

  1. Market Demand: Is there a consistent demand for the product or service you plan to offer?
  2. Competition: How saturated is the market? Are there already established businesses offering similar products or services?
  3. Profitability: Can you realistically make a profit from this business? Consider the costs involved, pricing, and potential revenue.
  4. Skills and Passion: Do you have the necessary skills and passion for the business? Starting a business requires dedication and hard work.
  5. Long-Term Viability: Will the business be sustainable in the long run? Consider factors such as changing market trends and technological advancements.

Starting a boring business in 2024 may not be the most glamorous choice, but it could be a smart and profitable one. By focusing on essential goods and services, you can tap into a stable market and potentially achieve financial success. So, if you’re looking for a business opportunity that flies under the radar but has the potential to bring in steady returns, a boring business might just be the right path for you.

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