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One of the main difficulties in starting your own business is finding ways to differentiate yourself from your competitors.
If you’re selling a common product or service that many others are also selling, it means there’s a lot of demand for it. However, this also means you’ll face tough competition from bigger and more established companies.
On the other hand, if you have a completely original product that no other company offers, it’s easier to stand out. But you need to make sure there’s enough demand for your unique product to keep your business running successfully.
It’s a challenging task to balance these factors, but having a good startup business idea to begin with can make it a bit easier.
Know About India's Best Business Opportunity
These are the franchise options we will discuss here:
20 Best Startup Business Ideas To Try In 2024
1. Laundry Business
You will be surprised to know that laundry service can give you a massively profitable business. Even after being a daily need of half a billion urban Indians, it is still underrated as a business idea.
You should know that laundry was valued at $38.53 bn industry and it is forecasted to grow at a CAGR of 4.96%. However, the laundry business will demand rigorous efforts, hard work, and time towards research and ground-level work. If you don’t have enough time and calibre to start from scratch, you can join a successful laundry franchise. To analyse which option is better, you can read more on franchise V/S own Business in the laundry industry.
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2. Food Truck
If you enjoy cooking, you might have dreamed of having your own restaurant someday. However, since 2016, the mobile food industry has been growing faster than traditional restaurants.
Interestingly, during the COVID-19 pandemic, while many restaurants faced challenges and difficulties, food trucks were actually experiencing remarkable growth. This current situation creates an ideal opportunity for newer brands seeking to establish themselves in the industry.
3. Sell Home Decor Products
During the COVID-19 pandemic, people spent more time at home and got interested in home decor. It became a highly profitable industry. Since 2021, the home decor industry has been growing and is expected to keep growing until 2026.
With the help of augmented reality, online shoppers can now see how furniture and decor will look in their homes before buying. This has led to the emergence of a new type of business called virtual interior design.
Virtual interior design is still quite new, so it’s a great opportunity for new brands to enter the market. There are even online platforms like RoomPlays that connect virtual interior designers with clients who want their services.
4. Pet-Care Business
If you really love dogs, you might be excited about spending lots of time with them. Pet care can be a suitable startup business idea for you.
In this business, providing good customer service is crucial, so being friendly and loving both people and dogs is essential for success.
The services you offer in your dog-walking business will depend on where you operate. For instance, besides regular dog-walking and pet-sitting services, you can also offer adventure walks in certain locations.
5. Virtual Teacher
More colleges, universities, and even elementary schools are offering online courses than ever before. With people becoming more accustomed to learning online, there’s a growing market for remote teaching, a trend that’s expected to continue.
Online courses can teach just about everything a person might want to learn—from cooking to playing the piano, so it’s an industry that offers a ton of niching possibilities. A growing industry with a ton of niches is perfect for new merchants looking to establish themselves.
In terms of revenue streams—you could sell access to recorded lessons, sell tickets to live streaming sessions, and even sell relevant, accompanying products in an online store.
6. Event Catering
Whether it’s a wedding, baby shower, product launch, or a store opening, we Indians love to celebrate everything on a grand scale. Hosts don’t have the time to do everything with such big celebrations. Here comes the role of an event management company. They are rarely out of business.
You need an office as your base, a workforce, and contacts of multiple reliable vendors to run an event management business successfully.
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7. Day Care Services
Daycare services are extremely in demand by the working class. If you have reliable resources to provide ideal care to children while their parents are at work, you should definitely consider this business idea.
As per IBIS World, the daycare business has a profit margin of around 15%. And according to Technavio reports, this market is forecasted to grow at a CAGR of 9.57% in India and scale to $957.86 million by 2026. There is no end to opportunities, demand, success and growth for those offering trustworthy daycare services.
8. Blogging
Blogging is undoubtedly best for those who are interested in an extremely low-investment startup business idea in India. Because all you need is to have fluent writing skills to start your own blog. People are running their blogs as a side hustle while working 9-5, you can do it too.
Here is what all you need to do:
- Select the blog’s niche
- Select hosting service and free domain
- Select blog name
- Develop content strategy
- Promote your blog
- Keep it updated
9. Baking
This startup business in India is a better option for those who want to work from their home. This startup business opportunity will work better if anyone loves to do all kinds of bakery items. People love to eat tasty bakery items and eagerly go to the Bakery shops. If someone is good at bakery skills, this startup business idea in India can run well. One needs a very low setup cost before doing this startup business in India.
The best part of this business opportunity in India is that one can make a great profit. A good margin can be gained. By beautifully decorating and adding delicious taste and hygiene, anyone can do well. This startup business in India can be initiated from home or a shop.
10. Fitness Coaching
The buzz around health and fitness these days is hard to miss these days. And those who are looking for business ideas in India should never miss something that’s mainstream. Hence, the fitness coaching business deserves your attention.
The global personal fitness trainer market was estimated to be valued at USD 39.750 million in 2022. Whereas, in India, the total revenue is expected to grow at a CAGR of 9.39% and the expected value is USD 34.60 million by 2027.
11. Self-Improvement Coaching
With a growing hustle culture, people now prefer having mentors in life. They are valuing external perspective, support and guidance to achieve their goals. A self-improvement coach provides people with all these things.
You can research how to become a self-improvement coach and upgrade your skills in this realm. If you think you cannot enrol on long-term courses, you can build an agency and hire qualified professionals. In such a set up your role will be to market the organization and maintain its operations.
The “self-improvement” or “personal growth” market was boosted in 2020 due to Covid 19 and the recession it brought. As per GrandViewResearch, the global market size was valued at USD 41.81 billion in 2021 and is expected to grow at a CAGR of 5.5% from 2022 to 2030.
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12. Mushroom Farming
Mushroom is loved by Indians and used massively everywhere from households to restaurants and hotels. Mushroom farming can provide you with a profitable startup business with low investment.
There are three types of mushrooms that are cultivated in India: straw mushroom, button mushroom and oyster mushroom. All three of them need specific temperatures to grow. This implies if you want to grab this business opportunity, you will have to consider multiple things for mushroom farming, such as a green room where the temperature can be controlled.
13. Party Décor
Party décor or event décor business will suit everyone as parties, celebrations and events take place at all scales in India. If you want to start a low-investment business or launch a grand business, this niche can accommodate both abilities.
It is better to consider this business idea in India if you are ready to invest time in the venture. Managing a party décor business along with a full-time job or an already existing business can be tough during the initial phase as it requires major involvement.
14. Handicrafts
Handicraft is a great startup business idea in India. Because it is one of the most promising and important sectors in the Indian economy. You can deal with products like handprinted textiles, sculptures, products containing special embroideries like zari, attars, glassware, pottery, woodware, imitation jewellery, art metal wares, etc.
There is a huge demand of authentic Indian handicrafts in both domestic as well as in international markets. And, handicrafts can be easily sourced from rural areas. Hence, if you are looking for a profitable startup business by spending less money, handicrafts can help.
15. Accessories Business
Scrunchies, phone cases, jewellery, watches, wallets, and so many other products are counted as “accessories”. You can actually start a small or large-scale business in this realm as per your budget.
Those who consider there is no great growth in this business idea should study the market size. As per reports, the accessories market in India was valued at INR 285.6 billion. Today, people (irrespective of their gender) show an inclination towards fashion accessories. You only need a little creative sense and a reliable source of beautiful and futuristic fashion accessories to rule the market. And this can be one of the best low-investment startup business ideas, especially if you are trying to do it as a side hustle.
16. Exclusive Nursery
Gardening is a much-loved hobby of many people. Even people with small homes manage limited space for gardening. Plants are also widely used as home decorations and natural air purifiers. And with increasing awareness, everyone considers plantation as their responsibility and contribution towards reducing global warming. Therefore plant nurseries are in demand in both small and big towns. You can definitely have your own nursery and start your own startup business of exclusive plants.
17. Pharmaceutical Products
India is the world’s largest exporter of generic drugs. The global pharmaceutical manufacturing size was approximately $486.62 billion in 2021. If we look at the Indian drug & pharmaceutical exports, it was a whopping $2,196.32 million in September 2022. These massive numbers clearly indicate the immense scope for growth in the pharmaceutical business.
Pharma is one of those industries which did not slow down during the Covid 19 pandemic. It is indeed one of the most profitable startup businesses in India. And, the best part is there are multiple gateways to enter this industry such as manufacturing, research, raw material procurement, engineering, etc.
18. Professional Organizing
Professional organizers offer a varied range of services ranging from designing a functional wardrobe to organising a room set-up. They help in improving the proper management of time, resources and possessions. Hence, their services are considered valuable in urban areas.
Currently unpopular, this startup business idea is steadily coming into the limelight. This is the right time to enter this realm, build contacts, offer the best quality service and advertise aggressively. By doing all of this, you can establish yourself as an unparalleled brand and dominate the market in the upcoming years.
19. Cloud Kitchen
Cloud Kitchen, also known as Ghost kitchen has created a buzz around. It is basically a shared kitchen space between various restaurants. You should only have a well-equipped cooking space in a commercial area. Unlike mainstream restaurants, cloud kitchen facilitates online food orders at low cost. Due to this reason, they are expected to have substantial growth in upcoming years.
As per some reports, the domestic cloud kitchen market will reach USD 1.05 billion by the end of 2023. This is a clear indication that a cloud kitchen can give a profiltable startup business in India with low investment.
20. Medical Courier Services
You might already know Netmeds. It is a leading online pharmacy run by Reliance. While many people consider it a dominant competitor, there is still immense scope for new businesses. First of all, you can learn from the business model of Netmeds. And you can definitely build space by aggressively marketing your business in your target areas. The good part is you don’t have too many giant competitors in this business. For example, if you start a fast-food chain, there is Domino, McDonald’s, Burger King, Subway and many more. But in medical courier service, there is only one big business organized involved. So, you can definitely go with this startup business idea.
Key Takeaway
Most of the above-mentioned startup business ideas are easy to start with low as well as high investment. The best part is that they do not require any specialization in terms of education. You don’t have barriers of money or specific knowledge, thus, leverage the opportunity and don’t leave your chance to have a successful startup business.
Disclaimer: The opinions expressed in this article are those of the author. They do not necessarily purport to reflect the values or views of Tumbledry.
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