49 Business Ideas For Data Scientists You Can Start Today [2024]
Interested in starting a business as a data scientist in 2024?
If managed well, building a business as a data scientist could be more lucrative than employment. So, which are the best business ideas for Data Scientists?
We put together 39 of some of the best data scientist business ideas you can start in today.
For each business idea, we'll show you real-world examples of other data scientist businesses to help you see what it takes.
Here's the full list:
1. Start an ai platform ($402K/month)
As a Data Scientist, you could channel your expertise into launching an AI platform that offers tools and frameworks for seamless AI integration. Your platform could provide ready-made solutions for data analysis, machine learning models, and automation, lowering the technical barriers for other businesses. This could empower organizations to optimize processes, make data-driven decisions, and boost productivity, all without needing to hire specialized AI teams.
With the growing demand for AI technology, companies are keen to adopt but often lack the necessary expertise. By offering a plug-and-play solution, you could bridge this gap and tap into a lucrative market. Starting an AI platform requires a strong foundation in AI and software development but offers significant rewards in terms of growth and impact.
How much you can make: $5,000 — $3,000,000/month
How long does it take to build: 150 days (?)
A founder shares how he built AudioPen.ai, a tool that transcribes voice notes, generating $15,000 monthly with minimal costs and no paid marketing, highlighting the importance of focusing on the product, word of mouth, and personal communication with users for sustainable growth.
2. Start a data mining and analytics tools business ($237K/month)
As a data scientist, starting a data mining and analytics tools business could be an excellent way to leverage your expertise to generate additional income or even build a full-fledged enterprise. Imagine transforming raw data into actionable insights through software that extracts, processes, and analyzes data, helping businesses uncover patterns and trends. By developing sophisticated tools tailored for key industries like finance, healthcare, and retail, you could offer solutions that drive smarter, data-driven decision-making.
With the increasing demand for data-driven insights, there's a burgeoning market for innovative analytics solutions. Your proficiency in programming, statistics, and machine learning puts you in a prime position to create tools that address these needs. This path not only offers financial opportunities but also allows you to make a significant impact by empowering businesses to make informed strategic decisions, thus pioneering their success and driving industry transformations.
In essence, this business idea combines your technical skills with an acute understanding of market needs, offering both a challenging and rewarding entrepreneurial journey.
How much you can make: $450 — $1,500,000/month
How much does it cost to start: $750 (?)
How long does it take to build: 107 days (?)
Parseur, the data extraction tool, helps businesses automate their data entry process, catering to multiple industries such as food delivery, real estate and marketing, and has grown to over $40k in revenue per month since its launch in 2017.
3. Start a customer intelligence analytics business ($107K/month)
Starting a customer intelligence analytics business could be an excellent opportunity for a Data Scientist looking to supplement their income or venture into entrepreneurship. By leveraging your data analysis skills and strong communication abilities, you could help businesses of all sizes make better decisions and drive customer engagement based on actionable insights. This capability is increasingly in demand, as firms recognize the value of understanding their customers more deeply.
You could emulate industry leaders like Verint, whose platform helps organizations translate customer interactions into valuable insights, achieving substantial revenue, such as Verint's $1.3 billion in 2022. With expertise in customer intelligence analytics, you could offer services that range from improving marketing and sales strategies for small businesses to enhancing customer retention rates for larger corporations. This business idea is versatile and growing in popularity, opening doors to a wide array of clients in various industries.
How much you can make: $100 — $840,000/month
How long does it take to build: 180 days (?)
EspoCRM, an open-source CRM application for small and mid-size businesses, has seen an average of over 16,000 downloads per year and makes up to $30k per month, offering efficient tools to systematize customer data, improve sales cycles, and automate routine administrative tasks.
4. Start a music streaming app ($101K/month)
Starting a music streaming app could be a lucrative opportunity for data scientists looking to supplement their income or create a side business. As a data scientist, you possess the analytical skills to leverage data-driven insights and deliver a personalized user experience. By applying your expertise in machine learning algorithms, you could develop advanced recommendation systems that cater to individual preferences, setting your app apart in the competitive market.
Given the market's impressive CAGR of 14.7% and the projection to reach $29.45 billion, you could tap into a rapidly growing industry driven by the increasing use of digital platforms and smart devices. Additionally, your skills can be instrumental in optimizing user retention and engagement through analytics, ultimately driving revenue through subscription models, advertisements, or in-app purchases. In summary, creating a music streaming app in 2024 presents a promising business venture where your data science capabilities can significantly enhance the app’s marketability and user satisfaction.
How much you can make: $70,000 — $150,000/month
How much does it cost to start: $3,000 (?)
How long does it take to build: 135 days (?)
Streamloots is a marketplace where viewers can buy real-time interactions with live streamers, allowing content creators to monetize their audiences and earning over $1M in just the last quarter with a community of more than 12K active streamers.
5. Start a micro saas ($83.3K/month)
As a Data Scientist, starting a micro-SaaS business could be an excellent way to supplement your income or even launch a full-fledged side business. Leveraging your expertise in data analysis and machine learning, you could develop targeted software solutions that address niche problems, such as automating data cleaning processes, predictive analytics tools, or anomaly detection for specific industries. Given your deep understanding of data, you would be well-equipped to create highly customized solutions that cater to the unique needs of your customers.
By focusing on niche markets, you could gain an in-depth knowledge of your customers' specific challenges and deliver tailored solutions that make a significant impact. This allows you to build a closer relationship with your customer base, ensuring a higher rate of customer satisfaction and loyalty. Prioritizing customer feedback will be crucial for refining your product over time and ensuring its long-term success in a competitive market.
Starting a micro-SaaS business offers a high level of precision in addressing market demands and scalability to grow with your success. By identifying a distinctive problem and choosing a robust platform, you could transform your data science insights into a profitable venture.
How much you can make: $117 — $1,766,666/month
How much does it cost to start: $500 (?)
How long does it take to build: 60 days (?)
SuperLemon, a WhatsApp plugin for Shopify eCommerce stores, crossed $29,000 in MRR as of July 2020, with 20,000 users from 50+ countries and 1700+ paying customers, all acquired through organic marketing strategies and a relentless focus on customer service and satisfaction.
6. Build an AI tool ($297K/month)
As a data scientist, you could leverage your strong technical skills and experience in computer science to create AI tools that supplement your income or even serve as the foundation for a successful side business. AI tools, such as chatbots, virtual assistants, and machine learning platforms, are in high demand across various industries like healthcare, finance, manufacturing, and retail, offering plenty of entrepreneurial opportunities.
With the growing emphasis on automation and efficiency, businesses continually seek AI solutions to streamline processes and enhance customer service. Developing an AI tool could help you capitalize on this burgeoning market, where revenues are projected to soar from 9.5 billion U.S dollars in 2018 to 118.6 billion U.S dollars by 2025.
By applying your knowledge and understanding of AI technologies, you could create innovative solutions that address current market needs, ultimately positioning yourself as a leader in the rapidly-evolving AI landscape.
How much you can make: $1,000 — $3,000,000/month
How much does it cost to start: $6,500 (?)
How long does it take to build: 57 days (?)
SkillSoniq, the world's first AI-powered recruiting app, connects companies with skilled freelancers on a trial basis, saving companies 60%+ in hiring costs and earning $350,000+ in gross revenues in its first year, with a current average of $40,000 a month, and plans to raise a second round of seed funding to achieve escape velocity and continue to form a world-class company.
7. Start a social media management tool ($31.6K/month)
As a data scientist, launching a social media management tool could be a natural extension of your skillset. Leveraging your expertise in data analysis, you could design dashboards that offer insightful analytics on social media performance, trends, and audience engagement. This would enable businesses and influencers to make data-informed decisions, improving their social media strategies and reach.
Imagine the possibilities: a cohesive platform that not only schedules posts but also predicts optimal posting times, identifies viral content trends, and measures ROI on advertising efforts. Additionally, the back-end algorithms you develop could deliver personalized recommendations, enhancing user experience and retention.
In an era where effective social media is vital for business growth, a tool that simplifies and optimizes management tasks is invaluable. Building your own social media management tool taps into this growing demand, offering a profitable venture that solves a universally recognized problem.
How much you can make: $100 — $125,000/month
How much does it cost to start: $2,000 (?)
How long does it take to build: 105 days (?)
This case study is about how the founder of AdvertiseMint, a Facebook advertising agency, started the company with just one employee and has since grown it to 25 employees, managing close to $100 million in digital media buys for clients such as Coca-Cola and Viacom.
8. Start an entrepreneurship blog ($23.2K/month)
As a data scientist, you could leverage your analytical skills and entrepreneurial insights to start an entrepreneurship blog. By sharing your journey, strategies, and challenges in building a business, you provide valuable content such as how-to guides and interviews with successful entrepreneurs. Your unique perspective as a data scientist would make your blog stand out, appealing to readers eager to learn from someone with a strong data-driven approach.
With the growing demand for practical business advice and real-life success stories, you could build a loyal audience interested in actionable insights backed by data. Effective content creation, SEO, and social media marketing could help you grow your readership and monetize the blog through advertising, sponsored posts, or affiliate marketing. Passionate about business and writing? This side project could not only supplement your income but also assist countless budding entrepreneurs on their journey.
How much you can make: $1,200 — $240,000/month
How much does it cost to start: $225 (?)
How long does it take to build: 30 days (?)
From blogging about the best technology ideas to earning $10K/month through paid newsletters and courses, this case study explores the journey of entrepreneur and blogger Thomas Oppong and his successful online platforms.
9. Start an AI SaaS business ($39.3K/month)
As a Data Scientist, your expertise in AI and data analytics positions you perfectly to start an AI SaaS business. You could offer cutting-edge technology solutions without the need for extensive infrastructure by developing cloud-based software powered by AI. Imagine businesses subscribing to your services for natural language processing tools or predictive analytics, allowing them to leverage sophisticated technology without having to build it themselves.
The sector is brimming with demand and innovation, making it rich with opportunities. By designing and deploying these applications, you could generate a steady income stream as companies pay to use your software. If you're tech-savvy and vision-oriented, launching an AI SaaS business could be the pathway to a scalable and thriving enterprise, fulfilling various industries' needs with your sophisticated solutions.
How much you can make: $150 — $200,000/month
How much does it cost to start: $2,750 (?)
How long does it take to build: 20 days (?)
NotionForms, a SaaS company offering a form builder integration to Notion, boasts an impressive total of 26k users, 850 paid subscribers, and an ARR of $182k, with steady growth since its launch and being used internally by many huge tech companies.
10. Become an IT consultant ($27.4K/month)
As a data scientist with a strong background in IT, branching out into IT consulting could be a lucrative side business or even a full-time venture. Your analytical skills and proficiency in understanding complex systems position you perfectly to diagnose and improve a company's IT infrastructure.
You could leverage your experience to help businesses optimize their data systems, making their operations more efficient and data-driven. The demand for IT consultants is high as companies continuously seek ways to enhance their technological capabilities and address IT challenges.
How much you can make: $2,100 — $4,166,667/month
How much does it cost to start: $500 (?)
How long does it take to build: 45 days (?)
This case study features Md. Yousuf Ali, the founder of Rank Trends, who shares how he started a successful digital marketing agency, which generated a revenue of over $6k per month through SEO and video production services.
11. Start a ridesharing company
As a data scientist, you could leverage your analytical skills to start a ridesharing company that stands out in a competitive market. By applying your expertise in data analysis, machine learning, and predictive modeling, you could optimize routes, improve customer experience, and reduce operational costs. You could also harness data to identify underserved areas or peak times for higher demand, making your service more efficient and profitable.
Furthermore, your background in data can help in personalization and customer retention strategies. By analyzing user behavior and feedback, you could tailor experiences that keep customers coming back. Additionally, your understanding of data privacy and security would be invaluable in ensuring compliance with regulations and building trust with your user base.
Thus, combining your technical skills with entrepreneurial drive could allow you to innovate in the ridesharing industry, making supplemental income or even transitioning into a full-fledged business owner.
12. Start a saas company ($296K/month)
As a Data Scientist, you could leverage your unique skills and deep understanding of data to start a SaaS (Software as a Service) company. By identifying a niche problem that can be solved through data-driven solutions, you have the opportunity to develop a platform that automates complex processes, analyzes vast datasets, or offers advanced data visualizations. Such products can attract businesses looking to enhance their efficiency and gain insightful analytics without the overhead of on-premise software.
Consider creating a subscription-based software service that incorporates features like project management, a robust automation engine, or a workflow designer tailored to your target audience. With the SaaS business model, you could achieve a steady stream of recurring revenue, similar to industry giants like Salesforce, which generates nearly all its revenue from SaaS tools. Your expertise in data and technical skills would be instrumental in building and marketing a high-quality SaaS product, ultimately allowing you to supplement your income or even transition into an entirely new entrepreneurial venture.
How much you can make: $20 — $20,833,333/month
How long does it take to build: 120 days (?)
Time commitment per week: Min. 5 hours/week
AI-powered web application, Excelformulabot.com, generates Excel formulas within seconds for a subscription fee of $6.99/month or free for five formula requests per month, resulting in $14k/month in recurring revenue since its launch in September 2022, accruing millions of visitors through word of mouth, influencer marketing, SEO, and PPC, implemented through no-code web application Bubble.io, while preparing to penetrate a B2B market and focus on B2B outreach in the future.
13. Start a wellness subscription box
As a Data Scientist, starting a wellness subscription box could offer a unique business opportunity that leverages your analytical skills and market understanding. By carefully curating products like online wellness courses, health club memberships, and health-related software, you could cater to the growing demand in the wellness sector. Your ability to analyze data on customer preferences and habits could enable you to continuously refine and improve the subscription offerings, ensuring higher customer retention and satisfaction.
Additionally, your expertise in data analysis could help you identify and target niche markets, optimizing marketing strategies to attract a broad yet specific audience. The recurring billing nature of a subscription model offers predictable cash flow, and the consistent need for wellness products encourages long-term customer commitment. This creates a stable revenue stream, making it an attractive venture for an entrepreneurially minded Data Scientist.
14. Start a vegan restaurant
As a Data Scientist, you could leverage your analytical skills to identify the optimal location, target audience, and menu offerings for a vegan restaurant, capitalizing on the booming $50 billion global vegan and vegetarian market. Given the market's projected 30% growth, there's a significant opportunity to cater to increasing consumer awareness about healthy eating habits.
You could utilize data-driven insights to optimize operations, from inventory management to customer preferences, ensuring a more efficient and profitable venture. Whether you choose to focus on delivering healthy meals to commercial centers or attracting walk-in customers, your ability to analyze market trends and consumer data could give you a competitive edge in establishing a successful vegan restaurant.
How much you can make: $30,000/month
How long does it take to build: 730 days (?)
This case study follows the journey of Wen, the founder of House of Leaf & Bean, an organic restaurant and cafe, who left her corporate job due to her passion for healthy living and curing her Irritable Bowel Syndrome through lifestyle changes, and now serves fresh and organic meals to help patients reverse or improve their health conditions, with a goal to make healthy food and healthy living more affordable and accessible.
15. Start an investment consulting business ($263K/month)
Starting an investment consulting business could be a lucrative and fulfilling way for a Data Scientist to leverage their analytical skills and financial acumen. Given your expertise in data analysis, you could offer clients tailored investment strategies based on in-depth market analysis and predictive modeling. Your ability to interpret complex data and trends would position you uniquely in advising clients on how to manage, grow, and protect their financial assets.
Additionally, your knack for translating complex information into accessible insights would help build strong client relationships. As the demand for personalized financial advice continues to grow, you could carve out a niche for yourself in the investment consulting space. With your passion for finance and guiding others to financial success, starting an investment consulting business could be an incredibly rewarding venture.
How much you can make: $2,000 — $2,000,000/month
How long does it take to build: 135 days (?)
Equity Residences is a luxury real estate investment fund that has raised $40 million from over 200 investors, offering them access to a portfolio of luxury vacation homes for investment and personal use, with a minimum investment of $161,500 and plans to acquire a further twenty residences ranging from $1.5M to $4M.
16. Start a contact lenses business
As a Data Scientist, you could leverage your expertise in data analytics to identify trends, preferences, and gaps in the contact lenses market, aiding in the development of a data-driven product and marketing strategy. Utilizing predictive modeling, you could forecast demand and optimize inventory, ensuring you meet consumer needs while minimizing costs.
Additionally, your skills in machine learning and artificial intelligence could be applied to develop personalized recommendations for customers, enhancing their shopping experience and increasing customer loyalty. By harnessing the power of data, you could create a competitive edge in a market that relies heavily on customer satisfaction and precision. Starting a contact lenses business not only supplements your income but also allows you to apply your technical skills in a practical, high-demand industry.
17. Start a web development business ($91.1K/month)
As a Data Scientist, starting a web development business could be a natural extension of your skillset, allowing you to leverage your coding expertise and analytical thinking. By combining your proficiency in programming and data analysis, you could create highly optimized, user-centric websites that not only look appealing but also perform exceptionally well. This could be particularly valuable for clients who require websites that handle large datasets or provide advanced functionalities.
Moreover, your background in data science could offer a competitive edge, enabling you to provide unique insights and analytics solutions integrated into the web design. You could help clients with features like data visualization, personalized user experiences, and real-time analytics directly on their websites. This entrepreneurial venture not only supplements your income but also establishes you as a multifaceted professional capable of bridging the gap between data science and web development.
How much you can make: $3,000 — $700,000/month
How much does it cost to start: $3,000 (?)
How long does it take to build: 60 days (?)
Vuetify is a popular open-source user interface library, built with the Vue.js framework, that generates revenue through digital content and services such as paid digital content in the Vuetify store, direct support through consulting, ad revenue from Carbon ads on the documentation pages, and donations/sponsorships via GitHub and Patreon, generating an average income of $6,500 per month.
18. Start a christian bookstore
As a Data Scientist, you could leverage your analytical skills to identify trends and preferences within the Christian community to curate a highly appealing selection of books for your Christian bookstore. Your expertise in data analytics could help you optimize inventory, marketing strategies, and customer engagement, ensuring the high traffic you seek, whether online or in a local church setting.
Additionally, the precision and attention to detail required in data science could assist in creating a robust online platform that utilizes AI-driven recommendations to enhance the shopping experience for your customers. Starting a Christian bookstore not only allows you to diversify your income but also provides a platform to merge your professional skills with a mission-driven business that could positively impact your community.
How much you can make: $13,000/month
InfluenceKit is a reporting tool that helps content creators increase their sponsored content revenue with accurate, always-updated reports, who have 180 paying customers so far, popular among bloggers, Instagrammers, YouTubers and podcasters.
19. Start a virtual assistant service business
For entrepreneurial-minded Data Scientists, starting a virtual assistant service business could be an ideal way to supplement your income and leverage your analytical expertise. By utilizing your skills in data management, task automation, and efficiency optimization, you could offer high-quality virtual assistance that stands out in a crowded marketplace. Your ability to analyze client needs and streamline processes could position your service as a premium option, attracting more clients and commanding higher rates.
In addition, your experience with data-driven decision-making can help you identify the most in-demand services and tailor your offerings accordingly. This targeted approach could enhance client satisfaction and lead to repeat business. Whether as a side business or a main venture, a virtual assistant service allows you to capitalize on your existing skills while exploring new entrepreneurial opportunities.
20. Start a video content creation business ($125K/month)
As a data scientist, starting a video content creation business allows you to leverage your analytical skills and storytelling ability in a visually engaging format. You could produce a variety of videos, from promotional content to social media clips or educational tutorials, all while using data to optimize content for audience engagement. By applying your understanding of data trends, you could create highly targeted and effective videos that meet client needs.
Given the increasing demand for video content across various platforms, there is a significant market opportunity waiting for innovative creators. Small businesses, influencers, and other professionals all seek polished and engaging video content to boost their online presence. By combining your technical know-how with creative skills, you could carve a niche in this booming industry and build a profitable side business or even a full-time venture.
How much you can make: $7,000 — $500,000/month
How much does it cost to start: $2,500 (?)
How long does it take to build: 135 days (?)
Silksocial produces rockstar video ads for eCommerce brands, with a turnover of around $30K/month and a focus on differentiation through a deep understanding of e-commerce video ad production techniques that optimize investment returns.
21. Start a niche newsletter ($38.1K/month)
As a Data Scientist, you could leverage your expertise by starting a niche newsletter focused on topics like emerging data science technologies, best practices in machine learning, or deep dives into data analytics tools. By curating and delivering valuable, targeted content, you could cater to a specific, highly interested audience eager for expert insights that help them advance in their own careers or projects.
Imagine sharing your in-depth knowledge on subjects like natural language processing (NLP) advancements or effective data visualization techniques. Not only would you be establishing yourself as a thought leader in your field, but you'd also be meeting the strong demand for specialized knowledge, which people are willing to pay for. This venture would involve consistent research, writing, and promotion, but it has the potential to become a sustainable income stream, offering both financial rewards and personal satisfaction.
How much you can make: $400 — $250,000/month
How much does it cost to start: $3,055 (?)
How long does it take to build: 30 days (?)
Sex blogger turns a free WordPress blog into a $2,000 a month part-time digital business by investing in education, self-hosting, and building relationships within the NSFW community.
22. Start a data analysis service ($42.6K/month)
Starting a data analysis service is an excellent way to leverage your skills as a Data Scientist to supplement your income or pivot into a full-time entrepreneurial venture. Businesses across various industries are increasingly looking to make sense of their data to gain insights into customer behavior, optimize marketing campaigns, and make more informed decisions. Your expertise in data analysis, coupled with the ability to communicate effectively with clients, positions you perfectly to offer a service that is both in demand and highly valuable.
You could assist companies in streamlining their analytics processes, much like iTechArt, which helped generate $209 billion in revenue and created millions of jobs. Not only would this opportunity allow you to monetize your skills, but it also offers the satisfaction of helping other businesses thrive through informed decision-making. With the high demand for data analysis services and the potential for significant profits, this could be an ideal next step for the entrepreneurial-minded Data Scientist.
How much you can make: $20 — $250,000/month
How much does it cost to start: $3,500 (?)
How long does it take to build: 90 days (?)
Founder of PropertyData creates a subscription website for UK property investors and developers that is now making $128,000 per month in recurring revenue.
23. Start a business growth service ($151K/month)
Leveraging your analytical skills as a Data Scientist, you could start a business growth service to help companies scale efficiently and strategically. With your expertise in data analytics, you could provide tailored support to businesses looking to expand their market presence and boost revenue by analyzing performance metrics and crafting data-driven growth strategies. Your understanding of complex data sets and predictive modeling could be invaluable in identifying market trends, optimizing customer acquisition, and refining business models.
In today’s competitive business environment, companies are eager to invest in specialized growth services that can offer transformative change. Your ability to interpret data and improve decision-making processes could make you an essential partner for businesses aiming to streamline operations and enhance digital marketing efforts. If you possess a knack for strategic thinking and a passion for helping companies succeed, starting a business growth service could be both a fulfilling and lucrative endeavor.
How much you can make: $1,000 — $1,500,000/month
How much does it cost to start: $1,000 (?)
How long does it take to build: 60 days (?)
GrowthMentor, a platform connecting vetted growth mentors for one-on-one calls, founded by Fotis Panagiotakopoulos, has had over 2,500 mentorship calls booked to date and has seen success in using word of mouth, content marketing, and leveraging other people's networks as the primary drivers of customer acquisition.
24. Start a sex toys business ($24.2K/month)
As a Data Scientist, you could seamlessly leverage your analytical skills to dive into the rapidly growing sex toy industry. By harnessing data analytics, customer segmentation, and predictive modeling, you could identify market trends, understand customer preferences, and optimize your product offerings. This industry is evolving with increased online sales and social media influence, creating ample opportunities for data-driven marketing strategies and personalized customer interactions.
Moreover, your ability to analyze consumer behavior could lead to improved product recommendations and inventory management, ensuring that your business remains competitive and responsive to market demands. With the comfort level of online shopping on the rise, you could capitalize on this by offering a discreet and user-friendly e-commerce platform, driving both convenience and privacy for your customers. The sex toy industry offers a dynamic and profitable niche where your data-driven insights could make a significant impact.
How much you can make: $500 — $125,000/month
How much does it cost to start: $625 (?)
How long does it take to build: 60 days (?)
SexToysForMen.Co founder shares how he stumbled into the adult toy industry, and through organic content marketing and referrals, has grown the business to bring in monthly revenue of $2,000-$3,000 with an email list accounting for 30% of sales.
25. Become a business law consultant ($518K/month)
As a Data Scientist, you possess analytical skills that are invaluable in the realm of business law consulting. You could leverage your expertise in data analysis to provide businesses with detailed compliance auditing and legal risk assessments, ensuring they are consistently meeting regulatory requirements. By interpreting complex data sets and identifying potential legal pitfalls, you can offer actionable insights that help companies mitigate risk and avoid costly legal issues.
Moreover, this side venture could benefit from your proficiency in utilizing advanced tools and algorithms to streamline contract reviews and other legal processes. The growing demand for business law consultants means that your unique combination of data science and legal advisory skills could position you as a sought-after expert in this field. By starting a business law consultancy, you not only supplement your income but also transform your analytical prowess into a crucial asset for businesses navigating the complexities of regulatory compliance.
How much you can make: $80,000 — $1,500,000/month
How much does it cost to start: $2,000 (?)
How long does it take to build: 30 days (?)
Rankings.io is a hyper-focused SEO agency that helps elite personal injury law firms dominate first page rankings and was ranked #858 in the Inc. 5000 list of the fastest-growing companies in America for 2018, with a current revenue just under $300,000 per month, with plans for a record-breaking year.
26. Start a flip flop brand ($270K/month)
As a Data Scientist, starting a flip flop brand could serve as a lucrative side business, leveraging your analytical skills to navigate market trends and consumer behavior. Your expertise in data analysis could help identify niche markets and unmet needs, allowing you to design and produce flip flops that meet specific consumer demands. By tapping into the growing demand for comfortable footwear, you could create data-driven marketing strategies to optimize your brand’s reach and engagement.
Moreover, with your problem-solving capabilities, you could efficiently manage the logistical aspects of production and supply chain, ensuring quality and durability in your products. Data-driven decisions regarding material selection and production methods could keep startup costs low while maximizing profitability. In essence, your data prowess could transform a simple flip flop brand into a well-oiled business machine.
How much you can make: $40,000 — $500,000/month
How long does it take to build: 720 days (?)
Combat Flip Flops is an e-commerce business that employs artisans and entrepreneurs in conflict zones and has funded 217 years of school for Afghan girls and cleared 2814 square meters of landmines in Laos through direct-to-consumer sales and social media distribution.
27. Start a dairy store business
Starting a dairy store business could be an intriguing venture for a Data Scientist interested in leveraging their analytical skills in a new domain. You could utilize your expertise in data analysis to optimize inventory, predict customer demand, and streamline operations, ultimately enhancing efficiency and profitability. By applying machine learning algorithms, you could forecast sales trends and optimize supply chain management, ensuring that the right products are available when customers need them.
Additionally, you could harness data to personalize marketing strategies, targeting specific customer segments with tailored promotions and recommendations. Your understanding of data could also help you analyze customer feedback and continuously improve the products and services you offer. This approach not only supplements your income but also provides a practical application of your skills, potentially transforming your side business into a thriving enterprise.
28. Email marketing agency ($1.32M/month)
As a Data Scientist, starting an email marketing agency could be a lucrative and rewarding side business. With your analytical skills, you could excel at crafting data-driven email campaigns that other businesses need to reach their target audiences and grow their customer base. Your ability to analyze metrics will allow you to continually optimize these campaigns, ensuring higher open rates, click-through rates, and overall conversions for your clients.
Email marketing is a cost-effective method for companies to boost sales, but it requires time and expertise that many business owners lack. You could fill this gap by offering specialized services like copywriting, analytics, and campaign management. Your familiarity with platforms like Mailchimp or Constant Contact, combined with your proficiency in data analysis, would make you a valuable asset for any business looking to enhance their email marketing efforts.
Moreover, your knack for digital marketing strategies, paired with your technical skills, could set you apart in this field. This venture would not only supplement your income but also provide you with the flexibility to scale it into a full-fledged business if you choose to.
How much you can make: $7,500 — $8,300,000/month
How much does it cost to start: $5,000 (?)
How long does it take to build: 90 days (?)
Time commitment per week: Min. 3 hours/week
Boundless Labs is an email marketing agency for eCommerce brands that has generated over $25 million in email attributable revenue for their clients since launching 18 months ago and currently makes around $90K per month, with plans to reach $100K per month by the end of January 2020 through client referrals, strong relationships, and hard work.
29. Start a gmail plugin ($160K/month)
As a Data Scientist, leveraging your analytical skills to create a Gmail plugin could be a lucrative side business or even a full-fledged entrepreneurial venture. You could develop a plugin that offers advanced email tracking, automated responses, or enhanced organizational tools tailored to specific pain points. For instance, consider a feature that uses machine learning to categorize emails, flagging priority messages or even predicting the optimal time for responses.
The market for productivity-enhancing tools is growing, making this an opportune moment to tap into user demands. You could start by analyzing existing plugins, evaluating their strengths and weaknesses, and then focus on developing a unique solution that offers clear, data-driven advantages. With the right development team or technical skills, your Gmail plugin could transform how users manage their emails, ultimately making their interactions more efficient and your business prospects brighter.
How much you can make: $1,000 — $450,000/month
How long does it take to build: 90 days (?)
GMass, an email marketing platform that allows users to send cold emails and email marketing campaigns with Gmail, has attracted over 500,000 user signups, including major tech companies like Uber, LinkedIn, and Google, and now generates over $200K in monthly recurring revenue through a successful content marketing strategy and focused ad spend.
30. Start a beauty and fashion marketplace ($149K/month)
Starting a beauty and fashion marketplace could be a lucrative venture for a data scientist by leveraging your data analytics skills to understand consumer behavior and market trends. You could use your expertise to optimize product offerings, personalize shopping experiences, and improve inventory management, ensuring high customer satisfaction and operational efficiency. Your ability to analyze large datasets could also help identify emerging trends, enabling your marketplace to stay ahead of the competition by continually updating and expanding product lines based on data-driven insights.
The strong analytical skills you possess could aid in designing effective marketing strategies, such as targeted social media campaigns and influencer collaborations. By using data to segment your audience and tailor your promotions, you could maximize engagement and conversion rates. Additionally, your knowledge in predictive analytics could enhance customer service by anticipating customer needs and addressing them proactively, thus building a loyal customer base.
By combining your data science expertise with the dynamic world of beauty and fashion, you could create a marketplace that not only meets but exceeds customer expectations, while also staying agile and competitive in a fast-paced industry.
How much you can make: $5,000 — $658,333/month
How long does it take to build: 165 days (?)
This case study showcases the journey of Tradlands, a women's clothing brand generating $134k in monthly revenue, which was started with just $15k, and grew through email marketing, Instagram, and influencer collaborations.
31. Start a travel safety website
As a Data Scientist, starting a travel safety website offers a unique opportunity to leverage your analytical skills to address real-world challenges. You could analyze vast datasets from various sources to provide real-time alerts, safety tips, and risk assessments tailored to specific destinations. By utilizing machine learning algorithms, you could predict potential safety issues, helping travelers make informed decisions.
Moreover, you could create interactive visualizations and dashboards that present complex safety data in an easily digestible format, enhancing user experience and engagement. With your expertise, you could also implement natural language processing to parse user reviews and news articles, extracting valuable insights about travel safety trends. This side business not only diversifies your income streams but also contributes positively to public welfare by keeping travelers informed and safe.
32. Start an ornamental fish farming business
Starting an ornamental fish farming business could provide a unique supplemental income opportunity for Data Scientists, leveraging their analytical skills to optimize breeding processes and track market trends. This entrepreneurial venture caters to a growing market of interior designers and property owners who seek the aesthetic and relaxing benefits of ornamental fish for homes and offices.
By applying data-driven techniques, you could efficiently manage breeding cycles, monitor water quality, and reduce operational costs, ensuring a high-quality product that stands out in the market. Moreover, the demand for ornamental fish is on the rise, giving you a scalable business model that fits well as a side business or a full-time venture.
33. Start a bookkeeping service
Starting a bookkeeping service as a Data Scientist could be a natural extension of your skill set, allowing you to supplement your income or even launch a successful side business. Your proficiency with data manipulation and analysis would enable you to handle accounts receivables, create and send invoices, and manage accounts payable with precision and efficiency. Additionally, your analytical skills can help identify trends and financial insights that could add value to your clients’ businesses.
To get started, pick a niche market where your understanding of data can be particularly beneficial. Invest in robust bookkeeping software and set up essential business infrastructure, including a website, an address, and client database software. Implement file-sharing tools that ensure clients can easily access their records, facilitating a seamless and professional service experience.
How much you can make: $8,000/month
How much does it cost to start: $515 (?)
How long does it take to build: 7 days (?)
A4E, a full-service accounting business, grew five times from when it started about a year ago when it was only offering tax services, and its current MRR is around $8k with a targeted MRR of $13k, providing 100% done-for-you accounting solutions that combine bookkeeping, taxes and CFO services under one roof and for an amazing value for US-based businesses in tech-related industries and services.
34. Start a romantic date planning service ($8.95K/month)
As a Data Scientist, you could leverage your skills in data analysis to create highly customized romantic date planning services. By gathering and analyzing data on customer preferences, local venues, and trending activities, you could offer personalized date night packages that cater to the unique tastes of each couple. This data-driven approach could help you stand out in a market saturated with generic date planning services.
Additionally, your ability to utilize machine learning algorithms could further enhance your business. For instance, predictive models could be developed to forecast customer preferences and seasonal trends, allowing you to anticipate demands and offer tailored experiences that delight your clients. If you’re entrepreneurial-minded, this venture could serve as a lucrative side business or even a full-time endeavor, providing you with a creative outlet and an opportunity to supplement your income.
How much you can make: $1,000 — $30,000/month
How much does it cost to start: $500 (?)
How long does it take to build: 40 days (?)
Meet Ta'Veca Collins, founder of Romance On The Go, a concierge service that promotes romance and intimacy; since becoming a preferred vendor for The W Hotel Fort Lauderdale, their gross income has increased to around $3,200.00 monthly, and they are currently expanding their team to meet the demands of new partnered hotels.
35. Start a vehicle maintenance business
Starting a vehicle maintenance business could make sense as a Data Scientist by leveraging your analytical skills to optimize operations and predict customer needs. You could apply machine learning algorithms to forecast maintenance schedules, thus ensuring high customer satisfaction and repeat business. Additionally, your ability to analyze market trends could help you identify underserved areas and tailor your services accordingly.
Moreover, your expertise in data visualization and reporting could streamline inventory management and customer relationship management. By making data-driven decisions, you could minimize costs and maximize profits, turning this side venture into a viable supplementary income source or even a full-time business.
36. Start a frozen yogurt business
As a data scientist, starting a frozen yogurt business could offer you an exciting opportunity to apply your analytical skills to a tangible product. You could leverage data analytics to understand customer preferences, optimize inventory, and even personalize marketing efforts. This approach could not only enhance customer satisfaction but also improve your profit margins by identifying trends and reducing waste.
Additionally, you could experiment with location-based analysis to identify prime spots for franchises, or apply machine learning algorithms to predict the best product mixes and seasonal flavors. By integrating your data expertise, this venture could serve as a lucrative side business or a full-time entrepreneurial endeavor that showcases the real-world impact of data-driven decision-making.
37. Start a marketing automation business ($46.7K/month)
As a data scientist, starting a marketing automation business offers a seamless way to leverage your analytical skills and technical expertise. You could design and implement sophisticated marketing systems that automate repetitive tasks, such as email campaigns, social media scheduling, and ad management, thereby enhancing efficiency for other businesses. Your capability to analyze and interpret customer data can help clients create highly targeted and personalized marketing strategies, driving better engagement and higher ROI.
The growing demand for streamlined, data-driven marketing solutions underscores the scalability and long-term potential of this business. By offering tailored, efficient marketing automation services, you could help companies track customer behaviors and improve their overall marketing efforts. This venture sits perfectly at the nexus of technology and marketing, making it a compelling and rewarding option for the entrepreneurial-minded data scientist.
How much you can make: $120 — $125,000/month
How much does it cost to start: $2,850 (?)
How long does it take to build: 90 days (?)
Ascend Marketing founder Jim Ackerman developed a six-month 1-on-1 coaching programme to help small business owners improve their marketing, advertising, and sales systems, resulting in over 600 businesses enrolled with a unique 200% ROI guarantee and a $15k monthly profit selling 2 dozen programs yearly, and now the company provides a business opportunity for marketing professionals seeking to become marketing coaches.
38. Start a mannequin retail business
As a data scientist, you could leverage your analytical skills to identify niche markets and trends in the mannequin retail industry, optimizing inventory and sales strategies. By utilizing data-driven insights, you might fine-tune your product offerings to cater to specific segments such as boutique fashion stores or e-commerce businesses, thereby maximizing your return on investment.
Additionally, your expertise in machine learning and predictive analytics could streamline supply chain management, ensuring timely restocking and efficient logistics. Turning data into actionable strategies, you could enhance customer experience through personalized marketing campaigns, ultimately creating a robust and profitable side business or a full-fledged enterprise.
39. Start an oyster farming business
As a Data Scientist, starting an oyster farming business could offer a unique opportunity to leverage your analytical skills for both profit and environmental impact. The controlled conditions required for oyster farming, such as monitoring water quality and temperature to induce spawning, could be optimized using data analysis and machine learning algorithms. This would not only enhance the efficiency of your farm but also could lead to innovations that set you apart in the market.
Moreover, the aquaculture industry's growth and its alignment with sustainable practices make it a potentially lucrative side business. Given that oysters take about 24 months to mature, this endeavor offers balanced long-term planning and periodic revenue streams, allowing you to balance it alongside your primary profession. Venturing into oyster farming could serve as both a profitable enterprise and a meaningful contribution to combating climate disruption and water pollution.
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Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
