What Are the Most Popular Businesses to Buy in 2024?

Trying to figure out which type of business to buy this year? It’s an exciting decision, but with so many options, it can be a bit overwhelming. This guide on the most popular businesses to buy in 2024 will help break down some popular choices based on your budget.

In the <$500K Sector

The under $500K sector is a popular entry point for many first-time business owners. In the third quarter of 2023, nearly half of the buyers in this range were taking their first entrepreneurial plunge. Two types of businesses that stand out as particularly popular are:

1. Restaurants

From cozy cafes to trendy eateries, there’s something for everyone in the restaurant industry. With the rise of food delivery services and the enduring appeal of dining out, it remains a staple in the sector.

2. Personal Services

In the digital age, personal services have taken on new dimensions, leveraging virtual assistants and personal training to meet growing demands. Buying into a service-based business under $500K allows you to tap into high-quality, high-demand industries with relatively low barriers to entry.

In the $500K – $1MM Sector

If you’re looking to invest a larger amount, the $500K – $1MM sector has businesses with more established revenue streams and growth potential. Here are two options that are doing well in this sector.

1. Consumer Goods and Retail

Consumer goods and retail businesses have proven to be resilient, adapting to changing market trends and consumer behaviors. Whether it’s an online platform or a brick-and-mortar store, investing in retail offers a chance to capitalize on a growing market, especially with e-commerce and remote work influencing purchasing patterns.

2. Personal Services

The personal services sector continues to shine in the $500K – $1MM bracket, emphasizing the versatility and profitability of service-based enterprises. From event planning companies orchestrating memorable occasions to fitness centers offering tailored wellness programs, the options are diverse.

In the $1MM-$2MM Sector

The $1MM-$2MM sector represents a more substantial investment, attracting seasoned entrepreneurs looking for established businesses with solid track records. Here are two promising options in this group:

1. Construction/Engineering

For those with a larger budget, the construction and engineering sector presents an enticing opportunity. As infrastructure development and real estate projects show no signs of slowing down, acquiring a business in this industry can be a strategic move for sustainable growth.

2. Business Services

Business services encompass a variety of offerings, including project management, digital marketing, social media management, and more. Many businesses are seeking ways to be more efficient and tap into expertise, making this sector promising for good returns.

How to Kickstart the Buying Journey

To kickstart your journey into business ownership, consider partnering with a trusted business broker. At Sunbelt, we have a team of brokers who can provide you with valuable insights into business requirements, connect you with successful businesses on the market, and help you navigate the intricacies of negotiations. Our business search tool is also a valuable resource, allowing you to explore high-quality opportunities in high-demand sectors. Ready to take the first step? Find a Sunbelt office near you today to get in touch with a broker.