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Ellorukkam Vanakkam! Your search for the best business ideas in Chennai ends here as we bring you a list of the top 10 businesses that you can start.
These are the franchise options we will discuss here:
Chennai is the sixth most populous metropolitan city in the country and is the capital of Tamil Nadu. This is an economic powerhouse where there is a huge scope for new businesses to grow.
With several ports located along Chennai’s large coastline, the city is also known as the industrial hub. As per FICCI, Chennai ranked fourth in overall tax collection at INR 74,000 crore between 2018 and 2019.
It further stated that the automobile, electronic hardware, information technology, and information technology-enabled services (IT-ITeS) sectors are the three pillars of Chennai’s economy.
With a revenue of over USD 18.51 billion, the IT-ITeS sector has generated direct employment for over 4,00,000 people in Chennai. The city also attracts close to 45% of the health tourists coming to India and is known as the “Health Capital of India.”
List Of Top 10 Business Ideas In Chennai
1. Laundry Service
Laundry is one of the most common everyday needs yet it is often 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%. A laundry business can not only be profitable but it has the potential to grow faster than other mainstream businesses. However, it requires immense hard work and research to establish and run this business from scratch. An easy way to do a laundry business is by joining a successful laundry franchise. If you want to analyse which option is better, you can read more on franchise V/S own Business in the laundry industry.
Don’t let go of your chance to own India’s most profitable laundry business.
2. Interior Design and Decoration Business
People who have a creative edge in them can definitely build a successful career in interior design and decoration. You can learn interior design and decorations to gain a professional perspective via both short-term and long-term courses. This implies even if you don’t have relevant knowledge it is easier to gain.
The interior design market of India is expanding, it was valued at 28.6 billion USD in 2022. The reason behind such a high growth prospect is that fancy and lavish interiors are no longer limited to the richest section of India. For a long time, the Indian middle-class segment is also switching their basic interiors to fancier options, such as innovative colour schemes, smart furniture, modular kitchens, and aesthetic decorative items. With a very limited investment and creative approach, you can definitely make your own space in this realm.
3. Website Designing and Development
Just like digital marketing, website design and development has immense scope for growth. From NPOs to businesses every entity has a website that showcases all about them. You can consider a website as an online identity for any brand, business or individual.
If you are currently thriving as a website designer or developer, you can build your own agency. You can pitch clients without any geographical borders. With a handful of skilled people, you can definitely enter website designing and development on a large scale and this can be the best business to start in India.
You still have a chance to join one of India’s 7th largest & golden industry of the decade.
4. Dropshipping
Dropshipping is a retail fulfilment method. In this type of business, a store does not keep products in stock. A seller purchases an item from a third party (manufacturer or wholesaler) and gets it directly to the customer. Whereas, in a traditional retail model seller has to handle the product by maintaining inventory.
The size of the global dropshipping market was valued at a whopping USD 102.2 billion in 2018 and it is growing at a CAGR of 28.8% approximately since 2019. This proves that there is immense scope for carving a profitable business in India with this unique retail model.
5. Affiliate Marketing
Ever seen a “Sponsored” tag on influencers’ posts? They promote some products and leave a link to purchase them in their posts or articles. Whenever someone clicks through the link and makes a purchase, the influencer gets a small commission. This is what we call “affiliate marketing”.
We explained this with the example of influencers, but this does not mean that they can do it. Anybody can do affiliate marketing, there are just two major requirements: basic knowledge about affiliate marketing and a set audience on any popular platform. If you can build a community where people will purchase on your recommendation, then it is a good business idea for you.
The affiliate marketing platform was valued at USD 15773.09 million in 2021, which clearly means there is a lot to do in this field.
6. Copywriting Service
If you are a professional writer or you think you can write well, you can try your hands at copywriting. People do copywrite jobs as well, however, starting a copywriting business is completely different. In a way, it is working as a freelancer. You will have to work for multiple clients on a temporary basis depending on contractual agreements or the scope of work.
Copywriting is indeed a promising business idea, but, it will not give you instant results. You will have to work hard for polishing for skills, pitch clients consistently, delivering high-quality content on time and several other things. In all, you will have to work towards personal branding which will take time.
7. Pet-care Service
If you love animals, then pet care services can be the best business to start in India. Pet care services include dog walking, pet sitting, pet grooming, pet boarding, veterinarian consultation and much more.
The size of the pet care market in India was estimated at INR 7,400 Cr in 2021 and it is forecasted to expand to INR 21,000 Cr by 2032. This clearly shows that there is enough scope for growth in this business.
You can join India’s largest laundry and dry clean chain & get assured profits.
8. 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.
9. Translation services
A translation business offers translation services for a wide range of documents while maintaining the privacy/ confidentiality of its clients. The business requires professionals having expertise in translation. Because of the meaning and context of the translations must be exactly the same as the original document keeping the grammar and syntax on track.
Due to the growing market requirements and privacy/ disclosure laws, the demand for translation services is also rising. As per a report by MRFR, the global translation service market is projected to hit $47.21 bn by 2030.
10. Online Book Keeping
Big companies often use bespoke accounting software that can integrate a huge amount of data derived from different departments. Accounting software is a computer-generated program which is used by online bookkeepers and accountants to record and report financial transactions for a company.
If you are an accountant or working in the field of accounting, this can be the best business to start in India. Because you may already have basic knowledge about the core product. You can initially operate the business on your own. And even if you lack expertise and hire professionals, you can monitor their work. Nevertheless, it is not mandatory to hail from an accounting background, you can always hire skilled professionals to do online bookkeeping and focus on client acquisition. The global accounting software market size is forecasted to reach $45.3 bn by 2028. This clearly shows that there is immense scope for growth in online bookkeeping.
Key Takeaway
Identifying the best business to start in India and actually starting it are two different things. The initial stages of setting up a business are full of challenges. Still, consistent efforts into the right directions can bring success your way.
You must choose the best business to start in India as per your investment capacity, interest, knowledge and various other factors. Then, you must have a full-fledged plan to set the foundation of best business startup ideas in India.
Appropriate planning and execution of best business ideas is very important. This will require money, effort, and undeterred dedication. If you are ready to invest in all of these then only you should start your business.
FAQs on best business opportunities in Chennai
All of the above-mentioned businesses can give you good returns. However, the best business to start in India is quite subjective, it depends on your investing capacity, knowledge and involvement. However, you can definitely go for a franchise business as you will get complete support in establishing and running the business.
India has massive population, due to which there is huge demand for an array of products and services. From organic harvests to junk food, from tiffin centres to plant nurseries, you can try your hands at multiple things. However, it is best to solve an unsolved problem with your startup idea. For example, you can offer high-quality laundry service in an area that lacks well organized laundry services.
You can start a plant nursery, placement consultancy, junk food stall, tiffin centre, handmade chocolates, Incense sticks, Disposable plates and cups, mushroom farming and various other businesses with an investment of INR 1 lakh in India.
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