20 Best Business Ideas According To Reddit
In this article, we will take a look at the 20 best business ideas according to Reddit. If you want to skip our detailed analysis, you can go directly to 5 Best Business Ideas According To Reddit.
Some Interesting Startups and Entrepreneurs
Studying existing startups provides crucial insights to budding entrepreneurs. With that, Let's read about some interesting startups and entrepreneurs. You can also read our piece on the best business ideas for solopreneurs.
Providing handyman services is a great business opportunity. According to a report by IBISWorld, there are over 416,000 handymen services businesses in the US and more than 147,000 people are employed as handymen in the United States as of 2023. To start a handymen services business, budding entrepreneurs can look into buying a franchise. Ace Handyman Services is a handyman services provider serving 367 territories in 23 states across the United States, as of 2023. Every franchisee receives a 16-week plan to get their new franchise going. According to Franchise Direct, the minimum cash required to start the franchise is $75,000. Mr. Appliance is another appliance repair franchise founded in 1996. The franchise has more than 300 locations across North America. The franchise fee is $53,125 and the initial investment may range from $94,875 to $177,345. A franchise owner must have liquid capital worth $85,000 and a net worth of at least $250,000.
Robotics is one of the best business ideas according to Reddit. Brett Adcock is an entrepreneur based in the United States. He is the founder and CEO of Figure AI, an AI robotics company. The 38-year-old has a net worth of $1.4 billion, as of May 6, 2024. On February 29, CNBC reported that the startup raised $675 million in funding from investors such as Jeff Bezos, NVIDIA Corporation (NASDAQ:NVDA), Microsoft Corporation (NASDAQ:MSFT), and OpenAI, bringing its valuation to $2.6 billion. The startup was founded in 2022, and in less than a year the team was able to develop a humanoid robot. You can also take a look at the best robotic stocks to buy now.
Starting a robotics business may be challenging and costly. However, as Redditors suggest, the design and simulation of robots is an interesting avenue to explore. Autodesk, Inc.'s (NASDAQ:ADSK) AutoCAD is a leading 2D and 3D computer-aided design (CAD) software. The software allows designers to create 2D geometry and 3D models using solids, surfaces, and mesh objects. Using artificial intelligence, designers can automate tasks, compare drawings, publish layouts, and create schedules. The software by Autodesk, Inc. (NASDAQ:ADSK) has a comprehensive architecture, mechanical, map 3D, MEP, electrical, and plant 3D toolset.
Dropshipping is another possible business idea for budding entrepreneurs. Irwin Dominguez is a dropshipper based in California, United States. He owns several e-commerce businesses in different verticals. Before starting his e-commerce business, Dominguez worked as a marketing consultant who helped small businesses gather online traffic. According to a report by Oberlo, the business owner made $1 million in sales in 8 months from his dropshipping business. Dominguez commenced his e-commerce journey by creating a shop and adding dropshipping products on Shopify Inc. (NYSE:SHOP). You can also read our piece on the biggest dropshipping suppliers in the United States.
Shopify Inc. (NYSE:SHOP) is one of the best platforms to create a dropshopping store. Budding entrepreneurs can acquire services from the platform for free for 3 days and $1 for the first month. Dropshippers do not need to hold inventory making dropshipping a less costly business venture. To start, business owners must draft a dropshipping business, conduct thorough market research, and select a dropshipping supplier. Once the intricacies of setting up a business are completed, business owners may build an e-commerce store. Some trendy products to sell include DIY products, LED Lights, car parts, and electronics. Meghan Lewis, a dropshipper and user of Shopify Inc. (NYSE:SHOP), suggested that sales for her e-commerce store have increased by 20x over the past year.
What Do Some Redditors Have to Say About Businesses
According to Redditors, freelancing is one of the best business ideas. According to a report by Upwork, 60 million people in the United States worked as freelancers in 2022, making up almost 39% of the total workforce. These individuals have contributed more than $1.35 trillion to the economy of the United States. Paul_caspian, on a thread in the r/freelance community, suggested that he spent almost $2,500 on software, subscriptions, and web hosting to kickstart his freelance business in 3D art. Another Redditor, beenyweenies suggested that software like Autodesk, Inc.'s (NASDAQ:ADSK) Maya and Zbrush brought their total investment to $600 annually. Other Redditors like Jcrowe suggested using free software as a beginner.
Jacopo Grosso is a 3D artist and a UI/UX designer from Italy, who earned over $1,200 in three months as a newbie on Fiverr. He also owns a website to showcase his work and boost his credibility. Courtney A. is another freelancer, also known as the PowerPoint Wizard on Upwork. She has a 100% job success rate and has completed 1,444 jobs, contributing more than 17,500 hours. She charges $150 per hour to create PowerPoint presentations and sales decks.
Redditors consider online tutoring a great business idea, especially as a side hustle. -Rokk-, on a thread in the r/tutoring community, suggested that they charge ￡30 ($37.7) per hour to tutor online, while their peers charge somewhere between ￡40 ($50.3) to ￡50 ($62.9) per hour. To back up Redditor's tutoring claims, let's look at Zhang Bangxin, a prominent name in the industry. Zhang Bangxin is the co-founder and chairman of TAL Education Group (NYSE:TAL), an education services provider that went public on the New York Stock Exchange in 2010. Bangxin has a net worth of $2.6 billion, as of May 6, 2024. The billionaire started his journey as a teacher but later identified the need to integrate the internet and technology into education. The company offers a range of courses to kids, adults, and professionals from beginner to advanced levels in face-to-face groups or online sessions.
Now that we have studied the current entrepreneurial landscape, let's take a look at the 20 best business ideas according to Reddit. You can also take a look at the small business ideas for teens.
A successful entrepreneur holding a statement in her hands, looking at the camera with confidence and pride in her company’s success.
Our Methodology
To come up with the 20 best business ideas according to Reddit, we went over popular threads within large community groups including r/business, r/Business_Ideas, r/Entrepreneur, r/Entrepreneurship, r/Businessideas, and r/small+business+ideas. We then extracted business ideas commonly mentioned across multiple high-volume threads and included them in our list.
20 Best Business Ideas According To Reddit
20. MVP Development
MVP Development, or minimum viable product development, is one of the best business ideas according to Reddit. A Redditor, infinitetime101 asked fellow users if they would pay $2,000 to $6,000 to develop a SaaS MVP. Most Redditors under the thread stated they would invest as it was the best cost they would find. On average an MVP developer may earn between $20 to $100 per hour or over $1,500 for a project on Upwork.
19. Virtual Assistance
Becoming a virtual assistant is another great business opportunity for individuals. According to a report by Entrepreneur, Rebecca Morassutti made $144,000 last year, up from $65,000 in her first year as a VA.
18. Robotics
Robotics is a great business opportunity, albeit costly. As stated above, Figure AI is a humanoid robot startup currently valued at $2.6 billion. The business recently received $675 million in funding from investors including Jeff Bezos, NVIDIA Corporation (NASDAQ:NVDA), Microsoft Corporation (NASDAQ:MSFT), and OpenAI.
17. Anti-scam Technologies
As per Reddit, creating anti-scam technologies is one of the best business ideas for budding entrepreneurs. Siginifyd is an e-commerce fraud protection software provider. Software developers can develop similar technologies for a specific niche.
16. Handyman Services
As mentioned above, handymen services are one of the best business ideas according to Reddit. To get started, individuals may consider purchasing a franchise. Ace Handyman Services is one such example. According to Franchise Direct, the minimum cash required to start the franchise is $75,000.
15. Tourism
The tourism industry is rapidly growing which warrants individuals to set up businesses for that industry. Redditors suggest that while becoming a travel guide is an option, starting a tourism blog or newsletter may be a lucrative business opportunity.
14. Sticker Printing
Individuals can also look into sticker printing especially due to its low investment cost. Individuals can create stickers and sell them on Amazon. A set of Fashion Angels stickers is priced at $4.99 on Amazon. More than 10,000 items of the product were sold during the past month.
13. Rental Business
A Redditor, maydaybutton, claims to run a booth rental business that generates $400,000 a year in gross revenue. The business owner targets the wedding and events space. On January 19, 2024, the user posted an update saying their business made $448,549 in annual revenue in the past year. The business owner hires employees on an hourly basis and has a small team within their state.
12. Printing
Printing is another great business opportunity for business owners. Individuals can create custom t-shirts and sell them on sites such as Amazon. A personalized custom shirt for men is available on Amazon and has a customer star rating of 4.4, as of May 6, 2024. More than 300 items of the product were sold last month.
11. Pet Grooming
To get started with a pet grooming business individuals may consider investing in a franchise. Woof Gang Bakery and Grooming is a pet grooming franchise. According to Franchise Direct, individuals must have at least $75,000 in cash to purchase the franchise. It has more than 280 locations open or under development across the United States.
10. Online Tutoring
Online tutoring is another business idea according to Reddit. According to statistics by Glassdoor, the average salary for an online Tutor is $73,088 per annum in the United States. Salaries may range somewhere between $50,000 to $88,000 per annum.
9. Dropshipping
Dropshipping is a great business opportunity. As mentioned above, Irwin Dominguez, a drop shipper, owns several e-commerce businesses in different verticals. According to a report by Oberlo, the business owner managed to make $1 million in sales in 8 months.
8. Homemade Crafts
Individuals can make homemade crafts and sell them on Etsy. The DIY solar printing kit on Etsy is priced at $8.66 and has been reviewed by more than 4,000 customers, as of May 6, 2024.
7. Freelancing
Freelancers are highly popular on Reddit. According to data by Upwork, a freelancer in the United States earns $95,000 on average per annum. The annual paycheck for freelancers may range somewhere between $71,000 and $133,000 per annum.
6. Food Truck
Setting up a food truck is one of the best business ideas according to Reddit. To get started, individuals may purchase a food truck franchise. Kona Ice is a food truck franchise with over 1,000 trucks across 49 states in the United States. It has a franchise fee of $15,000.
Click to continue reading and see the 5 Best Business Ideas According To Reddit.
Suggested Articles:
Disclosure: None. 20 Best Business Ideas According To Reddit is originally published on Insider Monkey.