Top 10 Business Opportunities in Mumbai

business opportunities in mumbai

Are you willing to start your business in Mumbai? Mumbai is the brewing ground of different business ideas. With its 6.16 per cent contribution to the nation’s overall GDP, the city is successfully holding the tag- ‘Economic capital of India.’ Starting a business in Mumbai is a great idea. The large population of 19.98 million with too many financial activities, make the city fertile enough for all startups to grow. However, even if it’s Mumbai you always need to have a great business idea to succeed in this high rising competition. Here, to do our bit of help, we have come up with a list of top 10 business opportunities in Mumbai.

India’s business history states that the nation has good scope for the ambitious entrepreneurs who want to dominate the market. Most of them possess the acumen to shape the market but they are devoid of ideas to start with.

On that note, what can be a better place than Mumbai, the core of Asia’s second-fastest-growing economy– India, to explore your business venture.

So without further delay, let’s see which business in Mumbai fits the best in its economy and has the potential to grow as a brand.

Best business opportunities in Mumbai

Business ideas in Mumbai

The quest for funding and the right opportunities has always been a scourge to an entrepreneur’s existence from ages. Many feel compelled to abandon their dream of building something new, creating something innovative, and making a change. The struggles make them compromise with their dream and seldom do they realize that there unique business idea will eventually flourish.

Yes, there idea might have the potential to start a company, bring audience and finally help them capture the market. This is as a good idea may not have any monetary value, but it does holds a plethora of bursting potential.

Today, the world’s most successful entrepreneurs like Mark Zuckerberg or Bill Gates may have the aptitude of building a pyramid with a stack of notes, but their businesses didn’t thrive from the peak, gradually it started climbing the ladder of success.

Reason of stressing on these remarkable entrepreneurial examples is because here is an important lesson for all those budding entrepreneurs who dared to embark on a similar journey- A unique idea is the first step towards creating a game-changing business, and hardwork decides whether the business will be successful or not.

The city accounts for almost 70 per cent of the country’s capital trades and has been titled with the ‘Alpha World City’ recently. Being the wealthiest city in India, Mumbai houses the largest concentration of millionaires and billionaires. Due to its rich culture, history, and economic development, Mumbai has turned out to be a multi-ethnic and multicultural city with a strikingly diverse population from all over the world.

 Before jumping into any venture, you must put on market research to ensure it will sit well with the present situation, region, economy, and your targeted audience. Here we’ve done a bit of your part and found the top 10 business ideas that can turn the table and let you be the game-changer. Have a look.

1. Restaurant Business or Food Services

Investment

₹10,00,000 to ₹15,00,000

ROI

2 Years

Profit

₹3,00,000 to ₹5,00,000

You might be thinking what’s new in this idea? Well, there is a reason to enlist the restaurant business right at the top of our list of business opportunities in Mumbai. The hidden jewel is- unique concept. Yes, if you are ready to invest 3 or 4 lakhs, you can have a themed restaurant where every quality and healthy food will come at a pocket-friendly price.

The competition in this business is quite high, but you can do better than your competitors by reaching out to a large number of audience and turning them into customers by providing good food. After all, who won’t like to grab a package of lunch at an affordable price rather than the overpriced ones?

Scope of this business

A good restaurant never runs at a loss, no matter what the location of it is. Especially if you target the office crowd and start providing healthy food keeping a low-profit margin at first, there is no going back. Your customer base will be so huge that you will get the ROI and start earning a decent amount of profit very soon.

You just have to calculate your investment, expenses, and kickstart your business. There will be no dearth of demand in this city where the majority of the population is employed in different sectors.

Reasons for starting this business

  • Huge customer base can be created
  • All-year-round business
  • Always a surge in demand
  • Fast ROI
  • Highly profitable

2. Short Term Manpower Services

Investment

₹ 2,00,000 to ₹ 3,00,000

ROI

2 to 3 Years

Profit

₹50,000 to ₹1,00,000

There is always a demand for temporary manpower in Mumbai for different sectors. If you can build a network of skilled people from multiple fields who are ready to work in temporary projects, your business will run with ease.

The initial investment is less, and return on investment will depend on the projects you acquire and the type of companies you are dealing with. You don’t have to build any infrastructure to start this business. Instead, only a computer is required to handle the paperwork or to store your project files.

Scope of this business

As Mumbai is the hub of different industries, a huge workforce is a necessity to pull off various projects. Now the companies don’t go in one-to-one contracts with each worker. They prefer a single point of contact that will drive and manage the whole manpower. So it is a great business opportunity to start with a low investment. If you can garner contracts from well-established companies, you’ll make a huge profit.

Reasons for starting this business

  • Low initial investment
  • Having networking skill is a great advantage
  • High profit
  • No shortage of projects as skilled people from multiple fields will be in the team
  • ROI on completion of the first project

3. Grocery Delivery Services

Investment

₹ 2,00,000 to ₹ 3,00,000

ROI

4 to 6 Months

Profit

₹50,000 to ₹1,00,000

If you are looking for a small yet innovative business venture in Mumbai, starting a grocery delivery service can be a great idea. With low investment needs and fast ROI, the idea to deliver grocery items specifically to restaurants or even in households has a huge business prospect.

Scope of the Business

Mumbai is a city full of working-class people with busy schedules. Most of them are looking for opportunities to save valuable time and of course, energy from the tiring household work. These people with a self-pampering attitude and high disposable income can make a good customer base for your grocery delivery business.

Grocery items offer you cross-selling opportunities by packaging profitable and less profitable items in a way through which you can compensate for your loss from the less profitable item.

Reasons for starting this business

  • Low startup costs, since you can start the business with a mere 1.5 lakhs to 2 lakhs rupees
  • You can easily operate from home, minimizing the cost to set up a business place
  • One can operate the business part-time
  • Online operation is possible
  • Fast return of investment

4. Fruit Juice Kiosk

Investment

₹ 9,00,000 to ₹ 12,00,000

ROI

3 to 4 Years

Profit

₹ 3,000,000 to ₹ 5,000,000

Who doesn’t appreciate a glass of fresh fruit juice on a sweltering day? Yes, opening a fruit juice kiosk is one of the best business opportunities in Mumbai. If you can invest Rs. 9-12 lakh, your kiosk will have everything that the city people would love to chill after a tiring day.

Firstly you have to request for clearance on opening a shop in your picked locality. Following this, you have to pay rent for the shop and purchase the raw materials like a variety of fruits, juicer, containers, and other miscellaneous items.

Scope of this business

If you open a shop in such a locality which is hard to miss, you’re going to grab many eyeballs. These days people prefer drinking a glass of fruit juice rather than having fast-food. In addition to this, if you can arrange seats in your air conditioning shop, you’ll see an instant hike on the number of customers. Also, you can have a contract with the local fruit dealer to have the raw materials at a lower cost than the market price.

Reasons for starting this business

  • Mumbai is a crowded city
  • Always in demand
  • Highly lucrative

5. Automobile Repair Shop

Investment

₹ 3,00,000 to ₹ 4,00,000

ROI

6 to 12 Months

Profit

₹ 1,00,000 to ₹ 1,50,000

Here is one of the best business ideas- opening an automobile repair shop. The initial investment is not that big, so you’ll be able to get a lucrative ROI. If you possess any qualification in this field, you can do the repair stuff on your own. Else, you need to hire a skilled person to meet the requirements of your customers. You may not be able to gather many clients during the initial days, but just after a few months, you will see the difference.

Scope of this business

As you know, Mumbai is a busy city, and all of us are well aware of its traffic. Thousands of vehicles run every day which require special attention to keep up the performance. So there is a bright scope of thriving the automobile repairing business. For rapid growth, you can try investing some amount in branding to reach out to more audiences.

Reasons for starting this business

  • Low initial investment
  • All-year-round demand
  • No dearth of vehicles

6. Boutique

Investment

₹ 1,00,000 to ₹ 2,00,000

ROI

2 Years

Profit

₹50,000 to ₹1,00,000

Do you have a knack for making fashionable clothes? No matter how common this business idea is, but it’s always in trend. Yes, if you can learn the new trend and stock up your inventory accordingly, your business will flourish. Infrastructure is a major factor for all business ideas related to retailing.

That’s why you can shift your focus towards e-store. But promoting your website will take a little long, so be patient. If your product is good, and if the audience is creating a demand, your boutique will certainly grow.

Scope of this business

There is always a crave of having trendy clothes among all age groups. Especially in a metro city like Mumbai, people like to be the fashionista. So, with unique designs and strategy, you can stay on top with this business. Moreover, if you opt for an e-store, every requirement of investing in infrastructure will be dismissed.

Reasons for starting this business

  • Turn passion into profession
  • Highly profitable
  • Always a demand in the marketplace

Read more: How to Start a Boutique in India?

7. Corporate Event Management

Investment

₹ 12,00,000 to ₹ 15,00,000

ROI

3 to 4 Years

Profit

₹ 3,00,000 to ₹ 4,00,000

Do you have a laptop, an active internet connection and a mobile phone? If yes, then you can act as a corporate event planner or start your Corporate Event Management business in Mumbai. With the right skill to convince people, starting an event management business is easy and high ROI driven.

As you can start working from home, the initial costs of renting office space will be saved. Starting from brand activation & promotion events to conferences, seminars, product launch events, dealers meets, sales meet there are a plethora of events you can organise with your Event Management company.

Scope of Business

Being the ultimate entertainment hub and the commercial capital of India Mumbai has the biggest market for event management business in India. The city with diversity in a population is the place for large scale events. You get a handful of opportunities to rub your shoulders with celebrities, and corporate moguls and that allows you to build a strong network of prospects.

Reasons for starting this business

  • Low capital need to start the business
  • A plethora of opportunities to build a strong contact base
  • Highly ROI drove
  • You can work from home, no need to start spending on office space initially

8. Real Estate Consultant

Investment

₹ 3,00,000

ROI

3-4 Months

Profit

₹ 1,00,000

If you belong from Mumbai, then you already know how difficult it is to find the right home in the city. A good real estate consultant can be the ‘genie’ for the customers looking to get their perfect apartment or office space in Mumbai. Even if you charge a low commission at the early age of your business, you can easily ensure a healthy source of income for yourself.

Scope of Business

Time and time with the ever-rising population of the city of Mumbai has seen high demand in the real estate properties. Depending on your preferences and the options available, you can try your hands in commercial brokerage, land investments, and residential brokerage.

The demand for the professional real estate consultant is higher than ever and with the ideal focus, proper research and the right contacts you can easily bring the bread and butter by starting your business as a real estate consultant in Mumbai.

Reasons for starting this business

  • There are always a big demand for the right real estate consultant in Mumbai
  • Ensures a healthy source of income
  • Only good research and decent reach to your customer base that’s all it needs to start the business

9. Digital Marketing Agency

Investment

₹ 1,50,000 to ₹ 2,00,000

ROI

6 Months to 1 Year

Profit

₹50,000 to ₹1,00,000

No matter if you consider an offline or online business, Digital Marketing has become the need of the hour for everyone. The digital growth in the country has created a big space for a digital marketer. A city like Mumbai being the business capital of India has its own advantages for digital marketers.

Scope of the Business

In this era of digitisation, one thing is clear to the business fraternity, and that is promoting or branding business through digital media is the fastest and the most reliable way to target mass audiences. The humongous growth prospect is a fair enough reason to start your company if you already know the bits and pieces of Digital Marketing.

Reasons for starting this business

  • Huge prospects for digital marketers
  • No matter where you are operating, you can have your client from all over the globe. Hence the market reach is really high
  • Don’t require a huge investment to start with. Having the right knowledge all you need is a computer and an active internet connection.

10. Green Decorator

Investment

₹ 2,00,000 to ₹ 5,00,000

ROI

3 to 5 Years

Profit

₹60,000 to ₹1,50,000

Are you an interior decorator? If yes, then this business is for you. You can start by investing in displays, samples, client reviews and infrastructure.After that, hire any skilled person who is willing to work with you. Next, you have to acquire clients and take up different projects. So, branding is essential here. Try investing in online advertisements and mark your social media presence as this is the best option to create brand awareness among your audience these days.

Scope of this business

Green landscaping is becoming popular gradually in Mumbai. Due to the immense pollution rate, city people are more inclined towards making their surrounding green. So this business has a great prospect if done right. You can build a network by roping in different business contractors to get projects easily.

Reasons for starting this business

  • The initial investment is low
  • Highly lucrative
  • Best use of your skills

EndNote

We’ve shared all the best business ideas to start with. Now it’s your turn to select the one which suits you the best. You shouldn’t just pick any randomly, instead, choose whatever fits your skills and interests. Once picked, do the aftermath, including all expenses, investment, and ROI to ensure that you are not going to stumble anyway. For further queries drop a comment in the below box. Stay connected for more guides. Here we’re signing off, Adios!