Starting a business might sound easy, but making it profitable and successful is a different ball game altogether. It requires a wealth of skills, in-depth research, patience, and profitable business ideas. The business environment also plays a role in the success of the company.
Being a fast-developing country, India has great potential for investors. It’s ranked as the world’s fifth-largest economy by GDP. Government stimulus through incentives and government expenditure and the booming international trade has increased businesses’ success.
In the past three years, India has had an annual growth rate of 6-7%. This guide examines the key business ideas you can adopt to start a successful company that taps into this vast market.
Aspects to Consider Before Starting a Company in India
a) Market demands
Understanding the market forces of the products or services that your business will be offering is vital. You also have to learn about India’s unique business customs. With a population of 1 billion, India provides a large market for most products and services.
b) Legal requirements
You need to understand all the legal requirements for starting a business in India. This involves understanding the applicable laws, such as:
- Business license
- Intellectual property protection
c) Business overview
You need to understand all aspects of the business, such as customers, suppliers, and where you will source raw materials and skilled labor.
Profitable Ideas to Start your Small Business in India
1. Tiffin service
To the uninitiated, tiffin refers to the delivery of meals to workplaces and residences. It’s a massive enterprise as service providers make more than 250,000 deliveries daily, and the market projections are estimated to hit $4 billion in 2020. There’s a potentially massive demand for such services considering India has more than 501 million workers.
2. Interior Design
Real estate is the second-highest employment generator in India, with the industry valued at US$ 120 billion in 2017. With such a vast market, you should think about interior design services.
3. Tourism industry
The tourism sector generated $247 billion in 2018, and the FICCI-Yes Bank Report made projections that it will grow by 6.7% by 2029. They estimate that by 2029, tourism will contribute close to 9.2% of India’s economy.
The beautiful natural landscape, unique architecture, and rich cultural and historical heritage attract tourists globally. Starting a company in this niche, such as a travel agency, has excellent potential.
4. Auto repair shop
India had more than 300 million motorcycles and vehicles as per 2019 figures. Opening an auto repair shop is potentially one profitable idea you could have.
Tools that will Help You Create your Indian Business
a) Online business planning software
If you’re short on ideas, a business plan software should be top of your priority list. The software helps entrepreneurs create business models, develop their ideas, validate the concept, and come up with a viable plan.
According to Statista, India has more than 560 million internet users, second only to China. Market your business online and build credibility among customers, and you stand a chance of tapping into this vast market.
c) Management and time tracking software
This kind of software will help track time spent on activities and projects developed by each employee. It will increase efficiency and make it easier to achieve set goals.
d) POS and credit card processing software
You can keep tabs on the store payments and widen customer payment options using credit card processing and POS software.
e) Accounting and financial management software
Keep your financial records in order using the bookkeeping and financial management software. They work a charm in keeping your financial records updated and even allow the creation of professional invoices, filing taxes, easy control of finances, and monitoring profits and losses.
India has great potential for many businesses. Some of the most profitable business ideas include interior design, automobile repair shops, and tiffin services. Follow the link in the introductory paragraph for more information on good ideas to start.