Top Billion Dollar Business Ideas For 2024

Rapid growth in industries is giving employment to many people. Every business startup requires punctual employees to arrive at their workstations, and that's where an online billion dollar business idea emerges.

An enthusiastic entrepreneur can use this idea to provide transportation services for employees. In exchange for the service, business owners must pay based on the number of transported employees.

Market analysis by Mordor Intelligence states that the market growth in employee transportation is expected to reach $36.21 before 2023. It tends to reach $46.79 by the end of 2028.

To manage transportation, fleets, drivers, and fares, businesses can opt for an employee transport management system to automate various tasks like billing, intelligent routing, and smart communication.

Liquor Delivery Business

The majority of the USA like to taste varieties of liquor, so why not take it as an advantage to open a billion dollar business idea? Online Liquor delivery businesses let customers order their favorite liquor and have it in a matter of time. It is an online platform where an individual can browse, select, pay, and order a liquor brand and get it delivered in an hour.

According to surveys, starting a liquor delivery business can generate billions in revenue. This segment is expected to reach $34.51 billion by the end of 2027. It is estimated that there will be an incremental revenue growth of 5.55% every year until 2027, which secures the thought of investing in a liquor delivery business.

Businesses can collaborate with liquor shops or open an inventory with different liquor brands to serve the users. To manage all these processes, it is obvious to have an alcohol delivery app for contactless delivery, global access, and inventory management.

Multi-Service Marketplace

In a world full of service applications, why not create a multi-service platform that serves as one platform for every service that people may need. A multi-service marketplace allows individuals to order food, book cab & transportation, find the right accommodation, plan their trip, car rental, etc., from a single platform.

A multi-service marketplace is an all-in-one platform that lets users browse any kind of on-demand service and avail it in a few minutes. This approach increases the likelihood of making a purchase from the user.

According to Global Market Estimates, a multi-service marketplace shows a CAGR of 23.9%, which is a big reason for choosing it to open a billion dollar business online.

For instance, Gojek is a popular multi-service marketplace which deals in ride-hailing, food & grocery deliveries, car repair, babysitting, plumbing, house cleaning and many more.

So do you find Gojek a profitable startup? You can also get your Gojek clone app from Hyperlocal Cloud. Contact us to try the demo.

EV Charging Station Business

The revenue segment in the EV charging station business will reach $561.3 billion before 2023 and is expected to be $906.7 billion by the end of 2028 (Stats = Statista). For entrepreneurs who want a lucrative and sustainable business, starting an EV charging station can be an effective billion dollar business idea.

The rise in demand for EVs has also raised the need for EV charging stations. At present, 2.32 million EVs are running on the roads of the USA. With the help of an EV charging software, business owners can connect with multiple EV stations and monitor their battery percentage, number of EVs charged, and remaining electricity, and generate revenue from a single platform.

By creating an effective business strategy and implementing successful promotions, any entrepreneur can achieve billion dollar profits.

eCommerce Business

Ecommerce businesses are gaining popularity rapidly as they decrease the need to visit any storefront and let users order their products online.

Ecommerce marketplaces allow you to follow a single or multi vendor business model. Either way, it lets businesses provide services online and reach a much wider audience than they would from a physical store.

An eCommerce business will require an application and website to manage orders, inventory, and feature products. Get in touch with Hyperlocal Cloud to build an online eCommerce store. You can customize it per your requirements and make the online shopping experience better for your customers.

Cosmetic Skincare Business

Cosmetic & skincare is one of the most trending business ideas in the USA, allowing business owners to dive into another online billion dollar business idea. A survey from Statista shows that there would be a 24.18% hike in financial growth, leading to a $25.1 billion dollar profit before 2028.

A cosmetic skincare business can be initiated following 2 ways: connecting with cosmetic vendors with an online platform or opening a storefront. An online platform will assist in listing vendors’ products and earn a commission on every successful payment made by the user.

Read More:- How To Open A Profitable Skincare Business?

On-Demand Food Delivery Business

According to Statista, the revenue growth in the food delivery business is projected to reach $1.02 trillion in 2023 and $1.65 trillion by 2027. By offering different varieties of food, businesses can become successful in reaching customers and generating income.

Food delivery is a common but effective billion dollar business idea to consider starting in 2024. It could be a single vendor or a multi-vendor business platform. A single-vendor food delivery business lets business owners sell their own products by establishing an inventory. Businesses can connect with wholesalers and update grocery products in a timely manner to serve customer’s needs.

Multi-vendor food delivery businesses let entrepreneurs connect with different vendors and sell items. Opening a food delivery app helps in saving costs because it doesn’t require owning a physical storefront.

Freelancing Business

The demand for freelancers is consistently increasing worldwide. With the shifting dynamics of the labour market, more professionals are opting for flexible work arrangements and embracing the freelance lifestyle.

This trend is not limited to industries but is also prevalent across various sectors, such as graphic design, software development, writing, marketing, and consulting. A freelancing platform lets businesses tap into a growing market by creating a platform that connects freelancers with clients..

The scalability of a freelancing platform like Fiverr is immense. Once the platform gains traction and attracts a large user base, the potential for exponential growth becomes a reality. As more freelancers join the platform, it increases the available talent pool, attracting more clients seeking skilled individuals for their projects. This network effect can lead to rapid expansion and significant revenue generation.

E-learning Business

The global eLearning market has been experiencing significant growth in recent years. Surveys from Statista show that in forthcoming years, the revenue in an online eLearning platform is estimated to grow to $239.30 billion by the end of 2027, making it appear among the top online billion dollar business ideas.

The ongoing COVID-19 pandemic has accelerated the adoption of online learning. With schools and universities shifting to remote learning, there has been a rise in the demand for eLearning platforms. As a result, many traditional educational institutions are seeking eLearning solutions to cater to their students' needs.

An eLearning platform or a LMS Solution offers scalability and cost-effectiveness. Compared to traditional brick-and-mortar institutions, eLearning platforms can reach a wider audience without the need for physical infrastructure.

Also Read: - How To Build An Online Platform?

Travel & Tourism Business

As the travel and tourism industry is being updated every year, it has created an opportunity to open a billion dollar business. Wonder how?

The global travel & tourism industry is projected to grow to $1016 billion by the end session of 2027. The United States has been the hub of several tourist places, that’s why it is expected to make $190.40 billion by 2023.

People are becoming more adventurous and willing to explore new domestic and international destinations. This trend is fueled by factors such as rising disposable incomes, improved connectivity through air travel, and the desire for unique experiences.

Moreover, the emergence of online travel agencies (OTAs) and technological advancements have made it easier for travelers to plan and book their trips. This has further boosted the demand for travel and tourism services. OTAs provide a convenient platform for travelers to compare prices, read reviews, and make reservations, thereby streamlining the entire process.

The rise in popularity of platforms like Airbnb has created new opportunities for travel and tourism businesses. Accommodation providers, tour guides, and local experience providers can now easily connect with travelers and offer unique and personalized services.

On-Demand Taxi Business

Taxi apps and ride-hailing services have been seen growing rapidly. Taxi apps like Uber and Lyft are still in huge demand. It denotes how people are finding it comfortable for transportation. So, let’s take advantage of this to create a billion dollar business idea.

Opening an on-demand taxi app is projected to reach revenue of approximately $202.20 billion by 2027. The industry is expected to grow with a CAGR of 7.04% in 2023-2027 presenting opportunities for a successful business.

Whether you are an enthusiastic entrepreneur or multiple car owners, an on-demand taxi app business can help you generate billions with an on-demand taxi app like Uber, Curb, and Gett.

Let’s take a look at the top taxi apps in the USA and their latest revenue:

• Uber - $31.8 billion
• Lyft - $4.1 billion
• RideAustin - $253.27 billion
• Cabify - $0.68 billion

Cryptocurrency Exchange Business

The market volume of Cryptocurrency exchange is en route to growth. It is estimated to reach $2.2 trillion by 2025. The demand for cryptocurrency exchanges is rising as businesses are adopting for their financial transactions.

Cryptocurrency exchange works similarly to the stock exchange. It lets users trade in digital currencies like Bitcoin, Ethereum, and Tether. The online cryptocurrency exchange business eliminates the process of receiving crypto by mining or maintaining transactions using offline and online forums.

The exchanges in Cryptocurrency platforms are decentralized, which means the transactions made under the platform are secure, safer, and invulnerable to cyber-attacks.

This business profile lets admins earn by trading fees, listing fees, and withdrawal fees.

So why should you think about starting a cryptocurrency exchange business? Here are the reasons:

• Cryptocurrencies are gaining popularity day by day for investment and transactions. It indicates that the Cryptocurrency business is in high demand.
• The startup cost is low, and regulatory approvals to start a cryptocurrency exchange business can be easily obtained.
• Every transaction is secured by the blockchain, which grants each transaction speed, straightforwardness, and security to deposit in receipt accounts across the globe.
• Such platforms allow different digital assets for trading, which are known as NFTs, Ripple (XRP), and Bitcoin (BTC), that offer versatility in a business.
• As a peer-to-peer exchange platform, it is highly scalable and can be utilized by various industries in the future.

Virtual Event Platform Business

 A virtual event platform gained popularity back when the pandemic stopped every business and made socializing difficult.

Virtual event platforms have revolutionized traditional event management systems. There are many brands and businesses that have global clientele, and the workforce uses online virtual platforms to communicate.

If you want to start a billion dollar business that doesn’t require physical presence, higher cost and paperwork, then launching a virtual event platform can be effective.

Need a virtual platform? We have demo-ready white label solutions of top virtual event hosting platform like Zoom clone.

How To Start An Online Business?

All the businesses mentioned in our list of top billion dollar business ideas have a high potential for success in the coming year. As they all are online businesses, it is essential to understand what it takes to start one.

Examine The Market

Market research is an important step that needs to be taken before starting any business. It helps determine the scope of the business, competition and market trends. Here are some steps to conduct a proper market research:

Use the keyword of your business and check the SERPs. Go through organizations and companies with a business niche similar to what you are planning to start.

Visit any marketplace that resonates with your business niche and find out any market gap by analyzing user comments and feedback on a particular product.

Use tools like Google Trends and Semrush to know what interests your target audience.

Target Audience

The process of knowing the interests of the target audience is way easier when it comes to starting an online business. Unlike the traditional method, entrepreneurs can conduct an online survey and launch an MVP to know how much the audience is showing interest.

Use these 2 methods that can aid you to identify your target audience better: Demographics and Psychographics.

Obtain Legal Licenses

Some of the billion dollar businesses mentioned above require licenses from authorities. That’s why investing prior to obtaining licenses is highly recommended. A billion dollar business needs licenses from the financial department for taxes, merchant license, and federal business license. In the case of the liquor delivery business, a license from the US Food and Drug Department.

Online Presence

The majority of people use mobile phones to trade in any service rather than visit any storefront. That’s a reason to establish a digital presence of the business with an online platform. There are two ways to develop an online presence: white label and custom development. Let’s see what’s the difference between them:

Connect With An On-Demand App Development Company

The final step is to find an experienced on-demand app development company. Luckily, businesses looking for an on-demand company don’t need to go anywhere because Hyperlocal Cloud is experienced in helping you start billion dollar businesses mentioned above. We hold 13+ years of experience in creating on-demand apps catering to the needs of 1250+ clients worldwide. Our 150+ well-versed developers create a unique platform that helps generate revenue, attract customers, and gain a competitive edge.