Known to be one of the world’s fastest-growing economies, India has positioned itself as a lucrative region to invest in with many large corporations already making moves to take advantage of the attractive developing market which is expected to grow even further in the next few years.
According to Deloitte, India is expected to grow by 7.1%–7.6% in FY22–23 and 6%–6.7% in FY23–24. This will ensure that India reigns as the world’s fastest-growing economy over the next few years, driving world growth even as several major economies brace themselves for a slowdown or possibly a recession.
Despite the effects of the pandemic, the war in Ukraine and other factors, India remains a potential investor magnet no one should skip on. If you’re looking to invest in a business idea within India, then you’re in the right place. So, without wasting precious time, we will discuss a couple of small business ideas you can invest in India.
21 Small Business Ideas to Undertake In India
Considered an old traditional work mostly done by Indian women, boutiques have become a lucrative business for many and with the advancement of technology, it has become easier to get started. Even men indulged in this activity nowadays have been able to earn some good money from it.
I can bet on this business idea to grow in the future because a few schemes led by the government and rapid growth in the textile industry are going to make it one of the best-earning sources.
It is one of the most reliable and fast-spreading businesses these days. It does not take much investment. You can also do it part-time and it is still new to the Indian market. However, in certain regions such as the western world, blogging has been a popular activity for a while now.
A lot of people have made money from blogging. The best part of this business is that you can do it from home. You just have to take a domain name and make a site. Yes, like every business it will take time to grow initially but it has very high potential.
Consulting is a business with good growth potential. You just have to know which technology best suits your growing needs in today’s market. You can make use of your skills to offer consultancy work to the public by advertising yourself on social media and other platforms. When people start trusting you, then you can charge them a good amount.
4. Content Writing
Making content is a business which will never go out of trend any time soon since people love to read. Humans are always ready to learn and discover new things. Content writing is prevalent for thousands of years.
You can scale this business as much as you want. You can also start freelancing initially to get used to it and then start your own. Some platforms on which you can start content writing are Kirkus and Listverse.
5. Affiliate Marketing
Affiliate marketing has been key to the growth of giant companies like Amazon and Flipkart. People are earning from it and it also makes a good fit for a very scalable business since it is often simple and easy to do.
You can start it anytime and also need to have social media accounts with good reach to fully take advantage of it. As you were told earlier, it is a growth-oriented business so be relaxed about its prevalence. According to reports, affiliate marketing is going to boom in the next 10 years.
6. Baking and Cooking Classes
If you are an experienced person in this field then you can start teaching cooking and baking online through meeting apps like Google Meet and Zoom. You can offer people to join your classes initially for free then after some time, you can offer them based on a subscription fee.
If you are good at taking photos then you can use social media as your advertising platform to attract potential clients and get offers. For example, Instagram can be a good choice for you to showcase your work and also run cheap ads to build a customer base. You can also get hired at platforms like Hirect.
8. Digital Marketing
Considered a good source of income these days, social media is a great way to market your products and services on a wide scale through digital marketing. It is slightly different from affiliate marketing.
If you have a good reach on social media then this business is as good as entrepreneurship for you. You can get brand endorsement very easily too depending on the content you share.
9. Yoga Teacher
Yoga is gaining a lot of attention in the western and Indian subcontinents as people are growing more aware of its benefits. If you are a yoga specialist then you can start online coaching yoga. You can teach people from the whole world. Your chances of scalability will be very high. Though you can do it offline, a suggestion would be to do it on both levels.
The best part of this business is that you don’t have to buy any products to start selling. You will get a commission for every sale of a product. However, depending on how you approach it, you might have to build your own e-commerce store. You will also have to get in touch with suppliers like Amazon and Flipkart to get access to products.
11. Home Tutor
Teaching is one of the basic and safe sources of good income. You can start home tutoring in any area of India. You can visit the homes of students to teach or you can open your own tuition centre. You can also start tutoring for a specific subject in which you are very skilful.
If you are creative and good at art, then you can try making handmade products. You can sell these products on social media platforms like Instagram and Facebook. This will also help you to build your brand. Once your brand gets legitimacy in public then you can scale it very easily.
13. Pet Care
In metro cities of India, people are fascinated by pet care. There is a huge gap in this industry so if you are the person who has some knowledge about it and can lead a team then you should consider it. It is a business of high margins.
14. Delivery Services
Most of the giant delivery companies are facing problems in delivering their products in rural areas. If you can solve this problem in your area, then you can tie up with companies for delivering their products. This business is commission based but it can be scaled at a good level if demand is high and stable.
15. Fashion Design
Fashion design can be a good opportunity for you. If you live in an urban area or any metro city then you will have an edge over people as you can keep up with trends easily. However, you need to be aware of the fashion sense in your surroundings and also make use of online platforms to gain visibility.
16. Customized Gifts
A culture of uniqueness is spreading faster in India. Everybody wants to look and appear unique. So, you can make gifts or presents for birthdays and anniversaries. Your creativity will decide your earnings in this business and are more likely to get a good response in urban areas.
17. Organic Farming
These days people are getting attracted to organic products. So, you can take advantage of this opportunity. If you have a garden beside your home or you have a farm then you can grow organic vegetables and fruits. You can either sell your products online or offline.
18. Tiffin Services
In metro cities, you can start a tiffin service though it has tough competition. This sector often suffers from bad quality food. So, if you think you can provide quality services then you stand a chance of making it profitable.
19. Stock Trading
Post pandemic period has been a lovely period for stock market traders and investors. Market professionals and data reports are claiming a bright future for Indian traders. If you have some knowledge about it then strengthen your skill and be patient. You can also consult others about stock signals and earn money. Its drawback is that it is highly risky so be careful.
YouTube has revolutionized content creation leading to the growth of a media-consuming culture in India. It also pays very well though at the start it is difficult to get support or grow your numbers easily. But your patience and integrity will be rewarded.
We all know social media influencers like Ranveer Allhabadia and Dr. Vivek Bindra. They all have built their brand through YouTube.
21. Web Development
If you are tech savvy person then you can go for web development. This business has good potential for growth. Just be your best in this field and you will be rewarded well by clients for your services.
Conclusion – small business ideas in India
In conclusion, I think there are a lot of flavours to choose from when it comes to opening a business of your own. You just have to find what suits your personality the most and research well on that before diving in. Make sure to add your own sparkle to your business to set it aside from all other businesses.
Author: Ankit Kumar
Ankit is a business consultant and digital marketer. His passion is to help people in all aspects of business and digital marketing. He provides guidance and online resources through blogs which you can find on LetSayYes.