No city in this country can promise you a better scope and growth than Mumbai. The same goes for challenges too. If you are planning to start a business in Mumbai, you should be ready to spend a considerable amount of money and also put maximum hard work in it. Not all businesses would be successful in Mumbai. Are you looking for successful business ideas? This article showcases top ten business ideas in Mumbai.
Investment – 20,000 to 50,000
ROI – 4 months to one year
Though there are a lot of ‘dhobis’ in the city, this is still one of the best business opportunities in Mumbai. To increase growth, you need to include laundry services for various other items like silk sarees, shoes, costly suit and others. The main investments are machines and chemicals. If you are planning to focus on a large area, you might need vehicles like trucks or delivery vans. You can start as a small business focusing in a few localities and then expand the scope to far areas.
Short term man power services
Investment – 10,000 to 15,000
ROI- two to three years
Mumbai is in need of temporary manpower always. If you can create a network of various skilled and semi skilled workers who are ready to take up temporary work, you can start this business with ease. The speed of return on investment depends on type of projects you get and the type of companies you deal with. You need not spend much on building an infrastructure. All you need is internet, computer to handle paper works like printer, files and others. Though it is a small investment business, the growth depends on your networking skill.
Restaurant or food services
Investment – 50,000 to one lakh
ROI- 2 years
Mumbai is filled with restaurants. If you are planning to start a new restaurant, it should have a unique concept. If you are ready to spend 3-5 lakhs, you can own franchise of international brands. This might increase your initial investment, but the growth of your business and the speed of ROI would be very high.
Tuition centre or private classes
Investment – 10,000 to 20,000
ROI- 6 months
Investment – 1, 00,000 to 2,00,000
ROI- 2 years
Boutique is a very common business. You need to learn about the current trend and stock your inventory. You need to create a niche to attract customers. Infrastructure is an important element for business ideas related to retailing. If you do not want to spend a lot of money on infrastructure, you can start an online store. But, promoting your website would take time and you would need a unique strategy. Breaking even would take a lot more time if you are planning to start e-store. The current trend is to start a brick and mortar store and add online purchasing option.
Automobile repair shop
Investment – 50,000 to 1, 00,000
ROI- 6 months to one year
You would be well aware of the traffic in Mumbai. Thousands of vehicles are being every driven every day. Thus, the scope of an automobile repair shop is very high. Are you not skilled in repairing works? You can hire a trained worker and invest more on equipments. If you avail mobile services in automobile repair, you can catch the market soon. You may not be able to get hold of many clients during the first few months. Be patient and try to advertise your business through pamphlets.
Web and graphic design company
Investment – 10,000 to 15,000
ROI- 4 months to 8 months
All you need is a computer, a few chairs, an office space and a banner. Are you skilled in Photoshop and other related software packages? If not, are you ready to invest in software packages, office space and hire a designer? You need not spend a lot initially in this business. As your business grows, you can add similar services to it. You might have to invest money in printing essentials and samples. An online site would increase the visit of all business ideas.
Errand service provider
Investment – less than 10,000
ROI- 7 months to 10 months
Though a lot of websites provide free online delivery, there are a few things that people have to get in person. You can start an errand service provider where your helper boys can run errands for your clients. It is hard to get clients in the initial stages, but you can increase your customer base by positive word-of-mouth. Since you need not have a big infrastructure or inventory, the initial investment is very less in this business.
Investment – 2, 00,000 to 5,00,000
ROI – 3-5 years
Green landscaping is becoming very common in Mumbai. Are you an interior decorator? You can start a green landscaping business where you use plants and other greens to decorate a place. If you could partner up with a building contractor, you can break even soon. The initial cost of this business is very high as you need to spend considerably on samples, displays and infrastructure.
Used car dealer
Investment 1, 00,000 to 3, 00,000
ROI – 4-5 years
As the middle class is growing in size, business opportunities related to this idea are also very high. You need not stock up used cars. You need to maintain a network of people who are ready to sell their used cars. You need a large space for the sellers to display their cars. Business might take a lot of time to attract customers. If you are ready to spend considerably on advertisement and provide attractive offers, you can get hold of clients. The speed of return on investment depends on the frequency of clients.
Does this mean that if you choose any one of the above stated ideas, you can start a successful business in Mumbai? The answer is no. You need to choose the idea that would suit your skill, interest and also your financial background. You cannot jump into a business without analyzing about it. Pick up the idea you liked and research about the market. Learn about your competitor, restrictions in the market, growth of related business opportunities, government regulation, current strategy used and so on. Starting up a business similar to that of another would not assure you success. Determine what difference you can make to the current business plan. Market the difference and you can attract more clients!
Yes, these are the top business ideas to start in Mumbai. This does not mean that if you shower finances into any one of the idea, you can grow. Hard work, persistence and resilience are three main important characters that you need to develop if you need to shine in your market. Last but not least, these are not the only ideas which can be successful. If you have drafted business opportunities in Mumbai taking all environmental and market factors into consideration, you have a successful business plan.