Business Ideas in India

Overview

• If you're planning to start a business in India and looking out for some profitable business ideas then you're at the right place! Market trends are constantly changing every day. In a nation like India, which is a fast developing country, there are always new avenues for investment and exploration. However, the overall state of the economy and society play a vital role in determining the demand for various services and products.
• With the growth of e-commerce and artificial intelligence, the digital sector of India continues to boom. Also, there is an increase in the per capita income of the average Indian, hence increasing the disposable income. Products that were perceived as wants are now classified as needs and there is an overall shift towards better standards of living.

Website Designing: A profitable business for techies

Blogging and digital marketing are some of the most popular options for employment. This has created a heavy demand for online resources. Almost every firm today has a website of its own. According to a report by Adobe, 48% of people cited that the design of the website was the primary factor in determining the credibility of a business. Furthermore, the lockdown has rendered physical spaces almost obsolete. Reports note that online shoppers in India reached 120 million in 2018 and are expected to reach around 220 million by 2025. This high demand for websites makes it one of the best businesses in India.

Interior Designing and Decoration: Best business for creative minds

According to reports, the market for interior designing and renovation in India is estimated to be between USD 20 Billion- USD 30 Billion. Aesthetics is no longer a concept in the homes of the uber-rich. A large number of middle-class families are opting for modern kitchens, fancy interior decorating, quality upholstery and new colour schemes. There is also a high demand for furniture and lighting, especially antiques. As a result, interior designing and decoration had become a popular topic in not just architectural and design firms, but across social media as well. The domain is witnessing a large number of influencers, particularly on Instagram and Facebook. Undoubtedly, it is one of the most profitable businesses in India.

Real Estate: A booming business in India

Real estate has always been a thriving sector in India. The real estate sector in India is expected to reach US$ 1 trillion by 2030. With the rapid rate of urbanisation, as well as a growth rate of nuclear families, real estate is a booming sector across India. Housing sales alone reached 2.61 lakh units across seven major cities of India in 2019. However, a real estate business is quite expensive. It requires a high amount of capital for high returns, and lower investments do not fetch many profits. Indeed, it is one of the best businesses in India.

Building Materials: 'Make in India and Build in India'

With a growing market for real estate, one can also expect an increase in building materials. This is particularly with steel, as current trends indicate that India might grow to become the second-largest exporter of steel. Reports suggest that the Indian steel industry would produce about 300 million tonnes by 2029-2030. This demand is also fuelled by the growing auto industry. While steel is imported too, the government has recently placed a lot of emphasis on 'Make in India and Build in India'. These initiatives have been very successful in domestic production.

Wedding Planning: A business with huge potential

Gone are the days of two-day weddings and a simple ceremony! India is seeing a spike in destination weddings or at least themed weddings over the past few years. The wedding industry is developing so rapidly to inspire multiple cinemas and TV shows as well. The 'Big Fat Indian Wedding' market is around $40-50 million in worth and is growing at a rate of 30-40% every year. This is an excellent business option for a beginner as it caters to multiple income brackets and you can make a choice based on your budget.

Pharmaceutical Businesses: A business that you can rely on

Next on our list of the best businesses in India in the pharmaceutical business. Today, India is the world’s largest exporter of generic drugs. The Indian pharmaceutical market is the fastest-growing and the most competitive amongst all in the world. The revenue in the financial year 2020 was $55 million, clearly indicating the scope for profit in the domain. The pandemic has increased the purchase of drugs further over the past months. The industry is very competitive with a large workforce including scientists and engineers, as well as entrepreneurs and other businessmen who are a part of the distribution.

Organic Farming: One of the most popular businesses in India

Organic farming has become extremely popular in India. Recent concerns over chemicals used as pesticides as well as preservatives have propelled a lot of people to explore the organic farming market. One can enter the organic farming business in two capacities- as a cultivator of the crops or as the distributor of the same. India comprises close to 30 per cent of the total organic producers across the globe.

Food and Beverage: A business with a good profit margin

India is the fastest-growing economy in the world with 1.25 billion consumers of food and beverages. It is home to a large variety of cuisines, each of a different flavour and appeal. These are primarily due to the use of a number of spices during cooking. Exporting these spices is a very lucrative business idea. Most of these spices are produced in small scale industries. Once a network is developed, and export permits are obtained, the business can be highly profitable as India is one of the largest exporters of spices. Similarly, taking up a franchise of a beverage chain can also reap significant profits. These all factors make it one of the best types of business in India

Labour Contractor: The business with evergreen demand

Finally, with a developing economy and a population as large as India, recruitment is undeniably one of the most happening sectors. Contract workers make up 34% of India's massive workforce. It is a fairly easy business to enter with minimal capital requirements. There are quite a few legal requirements around this business as you will be working directly with human capital. However, the business will always be on demand and is very viable for people with minimal financial investment.

Travel Agency: For the wanderlusts

India is a very common tourist destination owing to its picturesque landscapes, stunning architecture as well as myriad cultures. Starting a travel agency anywhere in India is sure to fetch a significant profit. According to the WTTC, India ranks 10 out of 185 countries for the contribution of tourism to the GDP. However, the business will require good collaboration between multiple stakeholders such as for, hospitality and transport.

Best Low Investment Businesses In India

There is an old-school thought that states that to start a business, you need high investment. Times have changed and the truth is completely different. Now you don't need heavy investments and can easily start a business with zero investment. Check out the best business opportunities in India that need low to zero investment:

• Paintings And Arts- If you are a painter or an artist, this could be the perfect zero investment business for you. You can sell your art pieces and paintings on various social media and online platforms.

• Coaching Classes- You can start teaching junior classes to build confidence before targeting advanced classes.

• Customised Gift Baskets- People need gift baskets for all occasions like anniversaries, birthdays, etc. This is a high-profit zero business idea to start your entrepreneurial journey.

• Customised Printing On Merchandise- This zero investment business involves printing customised merchandise like t-shirts and caps. This small business idea is relatively easy to handle because payments are mostly made in advance.

• Sell a service online- Many websites allow you to list yourself as a service provider like photographer, content writer, fitness trainer, dietician, etc.

• Career Guidance And Counselling- Career guidance and consulting business can easily be started online, and you can work from home. You can list yourself on any online platform and provide students with online counselling.

• Dropshipping And Resale Store- Dropshipping is a completely zero investment business where you act as a middleman between manufacturers and customers. In the resale business, you first purchase products at discounted prices and then sell the same to other customers at higher prices.

Conclusion

Soon after the COVID 19 lockdown, there has been a paradigm shift in user behaviours. With work from home being the new normal, the demand for certain things has risen, especially in Tier II and Tier III cities. This is the reason why most people are switching to businesses. 

Questions and Answers

What are the most successful small businesses in India?

• Insurance. The potential for selling insurance in India is such that many working professionals sell insurance policies on the side

• Travel Agency

• Cloud Kitchen

• Website Design & Development

Which business is good in lockdown?

There is a huge demand for freelancing tasks related to translation, content writing, graphic designing, etc. Join websites like Upwork and Freelancer to get freelancing projects as per your expertise. Build a good reputation with clients today, and you can continue with this small business idea in the future also.

Which business can I start with 100000?

• Cab Fleet. You Can Start a Taxi Service with Used Cars or Bikes with a Capital of Rs 1,00,000. 

• Home Automation Services

• T-Shirt Printing

• Investment Business

• Stationery Store Startup