Many of us want to become successful entrepreneurs. Still, only a few of us actually start working on a business idea. What are the factors that stop you? Lack of massive investment? Risk of failure? Or just a lack of lucrative ideas? You can eliminate all that by trying out these 10 upcoming business ideas.
Upcoming Businesses in India
Find all about the latest business ideas in the list given below
- Face Masks
- Online Grocery Store
- 3D Printing
- Fitness Instructor
- Home Solar Energy Setup
- Inventory Management or Warehousing Business
- Mobile Payment Wallet
- Biometric Sensors Company
- Web Designing
- Wi-Fi Installation Company
1. Face Masks
If the pollution didn’t, the pandemic made us all realize it’s not a bad idea to wear a mask after all. Indeed, the competitors in mask manufacturing have multiplied. But there’s still good reason to start this business. Masks are needed not just for Covid but also to counter pollution. And the effects of the virus are here to stay, which means masks won’t come off people’s faces and shopkeepers’ shelves for a long time.
How to Start the Business?
- Set up a sewing area, buy some fabrics made of nylon, cotton, and other lightweight materials. Start yourself if you know how to stitch.
- Advertise your business online on websites like Etsy or social media websites like Facebook, Instagram, and more.
- Reach out to local dealers and shops around your area
- Try selecting a name for your brand. You’ll need to get your company registered as an LLC. This is highly recommended while creating a large corporation.
2. Online Grocery Store
Gone are the days when families had just one breadwinner. With the turn of the decade, more and more couples have started working. They hardly have time to hit the grocery stores. Also, with the pandemic, going out isn’t favorable either. Online grocery stores aren’t a luxury but a need these days.
How to Start the Business?
- You’d need a full-fledged smooth functioning website and a catchy name to start. Ensure the website is well-categorized and is user-friendly.
- Connect with wholesalers of goods. Pitch them your business idea and ask them for discounts on bulk orders. You can also provide your customers with discounts.
- Connect with a delivery service or start delivering on your own at the start.
- Advertise the business well on social media, local listings, and newspapers.
3. 3D Printing
3D printing is one market expected to grow by five times by 2024. This is because of the wide range of possibilities it opens to the world. You don’t need to create molds physically anymore. Instead, you can get it printed using a 3D printer now.
It’s gaining immense popularity in industries for testing the practicality of an idea. It is also being used to create tools, machinery, miniature gifts, and more. This business requires substantial investment but will give high returns quickly.
How to Start the Business?
- Do a course to learn about 3D printing.
- Decide whether you want to start with a machine or two at home or set up a manufacturing unit already.
- Start selling the printed materials online. Try finding B2B channels apart from selling your products on Amazon and eCommerce sites.
- Try pitching the benefits of your business to industries and educational institutions.
4. Fitness Instructor
The importance of maintaining a healthy body and chiseled physique has grown immensely in recent years. A study reported that fitness apps grew by about 46% in just the first half of 2020. This displays how fitness has become of utmost priority to people. If you are fit and experienced in the field, start instructing people to exercise correctly. You can even hire some fitness coaches and create an offline and online personal training business.
How to start this business?
- This upcoming business Idea in India is more about marketing than service. Take the example of Cult or Healthify and start something on similar lines.
- Create a mobile app and try expanding your services. Offer meal and diet plans apart from goal-based workouts.
- Advertise as much as you can. Focus on any one particular niche like yoga, CrossFit, weight loss, and so on
5. Home Solar Energy Setup
India is never short of sunlight. It’s increasingly being used to create energy and save power. You can choose to become the manufacturer, the contractor, or the Solar EPC that bags third-party projects and unifies it to offer the service in a lump sum package. People are still ignorant of using solar energy as a power source. If you have good connections around, you can spread the positive word about solar panels.
How to Start the Business?
- Pitch the clients and market your service on B2B magazines, local listings websites, and through word of mouth.
- Create an investment plan by understanding the size of the prospective project
- Get in touch with solar module suppliers and fix a rate that suits your client as well.
- Get a contractual team for proper mechanical fitting.
6. Inventory Management or Warehousing Business
ECommerce stores sell so much stuff. Do you know where they store, package, and label all that? At warehouses. The rise of eCommerce websites has prompted the rise of warehouse-using businesses. You can set up distribution channels for eCommerce brands that include providing ample storage space, buying fleet trucks, and packaging and labeling. It can earn you huge profits once everything gets streamlined, including delivery channels and fleet management.
How to Start the Business?
- Buy a large piece of land or lease one. It’s helpful if you already have some land around the city.
- Get in touch with a shipping company for smooth and hassle-free delivery.
- Advertise your business on local listings, B2B portals, and magazines. Ensure that you target specific companies in your marketing pitch.
- You can charge for each shipment or on a lump sum contract.
7. Mobile Payment Wallet
As the cigarette shops and rickshaw drivers have started using mobile payment wallets, the market reaches its true potential. Online payments have been on the rise and are expected to rise to 1.31 billion by 2023! So it’s not a bad time to start a mobile payment app, even in big players’ presence. Apps like Paytm and GPay have reduced their discount offerings which you can capitalize upon. Market your payment portal aggressively and provide bonuses to start your journey.
How to Start the Business?
- Make a strategy by researching as much you can. Download different wallet apps and see what you liked as a user in each one of them
- Employ a team of experienced and upcoming app developers, engineers, and product managers
- Obtain a prepaid wallet license which may require you to be PCI DSS Certified at times
- Get a marketing team on board and start the campaign focusing on why your wallet is better than the bigger names.
8. Biometric Sensors Company
It might sound too out of the box, but it is the need of the hour. Biometric sensors have been promoted by the Indian government right since the inception of Aadhar. And now, several corporations are using Biometric sensors for registering the employees and recording attendance.
If you have a substantial investment or can raise some funds, try out this future business idea. If you can gain contracts with some multinational companies, your business would be up and running soon.
How to Start the Business?
- Employ a team of technical experts to develop the biosensors according to the needs of the companies
- Build a manufacturing facility to provide sensors in bulk.
- Start B2B marketing because this is your primary market. List your business on B2B websites and magazines and portals.
9. Web Designing
It might seem like an old idea, but the website business is booming. The website count has grown exponentially since 2016. The availability of cheap internet services is one reason behind it. Having a digital footprint has become of utmost importance for any business trying to find its footing. So this low-investment business idea could be your way to financial growth.
How to Start the Business?
- Organize a team of web designers, content writers, and marketing specialists.
- You can also start as purely a web designer and start marketing your services.
- Try to offer innovative websites and handle complete internet marketing for clients that don’t have an in-house team.
- Target foreign markets to gain maximum profits.
10. Wi-Fi Installation Company
Every company’s need to be in digital space apart from work from home requirements has substantially increased the demand for Wifi in India. With over a billion mobile internet subscribers as of 2020 in India, it’s not hard to fathom how quickly your wifi setting business can grow. Start with your local area, and you can expand your wifi network throughout cities as you grow.
How to start this business?
- Find a location to set up your wireless internet network. You’d need a rooftop too.
- Purchase bandwidth from different Internet Service Providers for you to resell to customers. You’ll need a license for it too.
- Use a wireless link or buy fiber lines to connect to the Internet Service Providers from your data center.
- Purchase hardware like routers and computers.
- Start marketing your wifi business aggressively at low profits.
Conclusion
These businesses are expected to grow continually in the next decade. So you don’t have to worry about risking your money too much. Good planning, consistency, and execution can make you a millionaire in a quick time.
Now that you know some fantastic business ideas, what are you waiting for? Start with developing the idea using research. Don’t have enough investment? Start small and try to pitch investors to bring your business idea into reality. Start soon, and climb the stairs to success!
