Starting a business is no easy deal. You need the right information to make the right decision at the right time.
It won’t be wrong to say that business is another name for risk. However, in a vast and growing economy such as India, you can make huge profits with the right choices.
One of these choices is which business to start. There is no limit to business options in a country as vast and varied as India. However, you must still choose a business that is both profitable and suits your interest. As they say, either you do what you love or love what you do…
You May Read: Grow Your Business
The thing with limitless options is that it is as confusing as anything. Thus, choosing a business can be a very stressful task. Especially if you are a newbie. Here, I am listing the top ten business ideas that almost guarantee you success in an economy like India. The word almost is the key here!
Let’s check out the trending, easy, and profitable business ideas…
1. Website Designing
Digital marketing is certainly a trending space and is definitely here to stay in the long run. Most businesses have taken to the internet to survive and thrive in this pandemic. Keeping this trend alive, you can easily be a part of this thriving industry known as digital marketing.
The basic requirement for digital marketing is a website. Without this, no business can reach its target audience. All you need is a skill and a laptop, and you’re set for your very own business. Online marketing is expected to grow exponentially in the coming time and hence website designing is considered to be a successful business idea.
2. Interior Designing
With an estimated market evaluation of around USD 30 billion, interior designing is another successful business idea. Gone are the times when only rich and high-class people paid attention to aesthetics and well-furnished homes.
Now even lower-middle-class families go for modular kitchens, decorated living rooms, and aesthetic bedrooms. It’s not about the space, but the way in which it can be used economically and decorated aesthetically.
You May Read: Home Improvement Ideas Within a Budget
3. Real Estate
The growing number of families, inter and intrastate migration, and a lot of factors have played a huge role in the ever-increasing demand for real estate in India. With prompt urbanization, growth in the number of nuclear families, and changing standards of living, real estate in India has been estimated to reach a whopping USD 1 trillion by 2030.
Real estate requires initial capital investment. But with time, the ROI will surely serve to pay you by leaps and bounds. Additionally, people and families will always need space for living. In a populous country like India, there will never be a shortage of real estate business.
You May Read: What It Takes to Be a Successful Entrepreneur
4. Cloud Kitchen
Relatively new but rapidly growing, cloud kitchen or ghost kitchen is another amazing business idea that has been a huge success in recent times. A cloud kitchen refers to a restaurant where you cannot dine in.
You can only order food from it via an app such as Swiggy, Zomato, etc. Since you do not offer dine-in services, you save a lot on space, rent, furniture, maintenance, and more. With minimum capital investment, you can make huge profits from cloud kitchen services.
5. Channel Partner
In the world of software, Fintech, and cloud computing, the channel partner program is another renowned business idea. A Channel partner refers to an individual or an organization that markets and sells software or hardware products and services offered by another organization.
Becoming a channel partner is a great business idea if you are looking to expand your customer base or leverage your existing clientele to sell a similar product or service. If you are not looking for additional capital investment, then you should go for zero investment channel partner programs. This way you can earn good margins with no initial investments.
You May Read: Reasons for Small Businesses to Partner with Charity
6. Wedding Planning
Weddings in India have always been a huge affair. Regardless of class, people from all walks of life want a lavish wedding. However, lack of time has led people to seek professional help for planning their big day. As a result, the wedding planning industry has become a huge hit and is only expected to grow. So if you have a knack for managing things and people efficiently, then you should give wedding planning a try.
7. Pharmaceutical Businesses
Needless to say, India is the world’s largest exporter of generic drugs. The Indian pharmaceutical industry can rightly be called the most competitive in the world. With USD 55 million in revenue in 2020 alone, the Indian pharmaceutical space is growing at a rapid rate. Right from research to manufacturing and distribution, all sectors of the pharmaceutical domain are profitable.
8. Travel Agency
The growing number of travel influencers on social media and hectic lifestyles have led to a boost in the already thriving tourism industry in India. With a lot of regional, cultural and traditional diversity, India has a lot to offer when it comes to travel and tourism. There is no shortage of either Indian or international travelers. Hence, a travel agency is a great business idea.
9. Event Management
Like wedding planning, the event management industry has seen a huge rise in the past decade. Right from the corporate sector to SMEs, event management services have made their mark in almost all industries and spaces. Event management companies can start with little capital investment and the ROI is also good in the long run.
10. Food and Beverage
Indians are known for being foodies. The Indian food industry is a vast space with immense scope. No matter the number of competitors you have, you can always make considerable profits from the food industry in India. For instance, pickles, papads, and packaged food are a huge hit. Likewise, beverages also have a special place in every Indian household.
With over 1.25 billion consumers, there are ample opportunities for food and beverage start-ups. Alternatively, you can also take up a franchise if you want to play safe and have the capital to invest.
You May Read: Things Every Business Should Be Doing Right Now
In a Nutshell
There are a lot of wonderful business ideas that guarantee success. However, it is totally up to you to make the most out of the available resources. All of the above business ideas are trending in 2023 and are only going to see immense growth in the coming years.
Depending on your interests and the amount of capital that you can invest, you can choose any of these business ideas that almost guarantee success. Which of the above-mentioned business ideas would you like to go with? Have you considered any of these business ideas previously?
You May Read: Impact of Blockchain on Business Success