AVOID These Businesses! (What Business To Start In 2024)

What business should you start in 2024?

Here are the businesses you should avoid starting in 2024 and why:

- Drop shipping - The 80/20 of this business is having a product that isn’t already “commoditized” that you can be first to market in. The reason is when you're first to market lets say to amazon’s marketplace or ebay, you can start to generate sales and build up your profile as a verified and well trusted seller with multiple 5* reviews. Their algorithms will then prioritize those sellers and push more of what works and what can be trusted. To come into a saturated market with a new product you have to innovate and unless you’re able to patent a technology or process that product does that others can’t do, most of the innovations get copied by the top sellers and just get added to their product lines. It’s a highly saturated and highly competitive environment and requires a lot of investment up front to find wholesalers, r&d new products and ship them to the warehouses ready to sell.
- SMMA - The entire model of producing content and adverts for clients is disappearing from the creative marketplace as artificial intelligence becomes more and more indistinguishable from human work. They can come up with thousands of concepts in a timespan of minutes that you can pick and chose from, can iterate on designs, split test the results and automatically post for you. Not just SMMAs but web agencies, bloggers, content writers and photographers are all under threat, imo.

Here’s what I would start:

- Traditional brick and mortar businesses that have been run by boomers for the last 10-25 years, have positive cashflow and could do with some technological upgrades and processes. Usually these owners are looking to sell and retire and want a small multiple of their annualized cashflow to sail off into the sunset with. This is a great opportunity because you know the market isn’t going anywhere, they’re not likely to be replaced by AI and they have been around for decades before so have very predictable revenue.
- Anything that requires human intervention, think chiropractor, dentist, personal trainer etc.

⌚Timestamps:
0:00 Intro
0:14 Dropshipping / E-commerce
1:57 Social Media Marketing Agency (SMMA)
2:40 Traditional Businesses

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