Which Small Business Is Most Profitable In India – Here we are in 2022 and if you are planning to start a business in India, this year is expected to be one of the most fruitful years for you. From advancements in technology like BNPL and contactless payments to government initiatives for MSMEs, 2022 will be a great year for you if you want to start a new business. To help you, we have listed some of the best profitable businesses you can start.
After the onset of the Covid-19 pandemic in 2020, there has been a drastic change in user behavior and priorities, and people are now more interested in online businesses than ever before. Market trends are changing daily and as a result, businesses like cloud kitchen, online bakery and digital marketing services have seen a massive boom. In a fast developing country like India, there are always new avenues for investment and exploration. However, the overall condition of the economy and society plays an important role in determining the demand for various services and products.
Which Small Business Is Most Profitable In India
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With the growth of e-commerce and artificial intelligence, India’s digital sector continues to grow. Also, there is an increase in the per capita income of the average Indian, hence the increase in disposable income. Products that were considered necessities are now classified as necessities and there is an overall shift towards better living standards.
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After the COVID 19 lockdown, there has been a paradigm shift in user behaviours. As working from home becomes the new normal, the demand for certain things has increased, especially in Tier II and Tier III cities. This is the reason most people turn to the profession. If you are one of those people, then we have listed the best profitable businesses in India in 2022 for you.
Blogging and digital marketing are some of the most popular options for employment. This has created a high demand for online resources. Today almost every company has its own website. According to a report by Adobe, 48% of people cited website design as the number one factor in determining a business’ credibility. Also, locking has made physical locations almost obsolete. Reports indicate that the number of online shoppers in India reached 120 million in 2018 and is expected to reach around 220 million by 2025. This high demand for websites is one of the best businesses in India.
According to reports, the interior design and renovation market in India is estimated to be between USD 20 Billion- USD 30 Billion. Aesthetics are not a consideration in the homes of the uber-rich. A large number of middle class families are opting for modern kitchens, luxurious interior decoration, quality upholstery and fresh color schemes. Furniture and lighting, especially antiques, are in high demand. As a result, interior designing and decorating became a popular topic not only among architecture and design firms, but across social media. The domain sees a large number of influencers especially on Instagram and Facebook. Undoubtedly, it is one of the most profitable businesses in India.
Real estate has always been a thriving sector in India. The real estate sector in India is expected to touch USD 1 trillion by 2030. With the rapid rate of urbanization and growth rate of nuclear families, real estate is a growing sector across India. In 2019, home sales in India’s seven major cities alone reached 2.61 lakh. However, real estate business is very expensive. High returns require a large amount of capital, and low investments do not yield high returns. In fact, it is one of the best businesses in India.
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When talking about the best businesses to start in India, we should not ignore the building materials business. Along with the growing market for real estate, one can also expect an increase in construction materials. This is particularly the case with steel, where current trends indicate that India may grow to become the second largest exporter of steel. Reports suggest that the Indian steel industry will produce around 300 million tonnes by 2029-2030. This demand is fueled by the growing automotive industry. While steel is imported, the government has recently been giving more emphasis to ‘Make in India and Build in India’. These efforts are highly successful in domestic production.
Gone are the days of two-day weddings and simple ceremonies! Destination weddings or at least themed weddings have been on the rise in India for the past few years. The wedding industry is growing so fast that it has inspired many movies and TV shows. The ‘Big Fat Indian Wedding’ market is valued at $40-50 million and is growing at a rate of 30-40% every year. It is the best business option for a beginner as it offers multiple income brackets and you can choose based on your budget.
Next in the list of best business in India is pharmaceutical business. Today, India is said to be the world’s largest exporter of generic drugs. The Indian pharmaceutical market is one of the fastest growing and highly competitive in the world. Revenue for fiscal year 2020 was $55 million, clearly indicating the intent for profitability in the domain. The pandemic has further increased drug purchases over the past few months. The industry is highly competitive with a large workforce including scientists and engineers, as well as entrepreneurs and other businessmen who are part of the supply chain.
India is a very common tourist destination due to its beautiful landscapes, stunning architecture and myriad cultures. Starting a travel agency anywhere in India is sure to make substantial profits. According to WTDC, India ranks 10th out of 185 countries for the contribution of tourism to GDP. However, the business will require good cooperation among many stakeholders such as hospitality and transportation.
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Organic farming has become very popular in India. Recent concerns about chemicals used as pesticides and preservatives have prompted many people to explore the organic farming market. One can enter the organic farming business in two capacities- as a grower of the crops or as a distributor of the same. India accounts for 30 percent of the total organic production worldwide.
India is the fastest growing economy in the world with 1.25 billion food and beverage consumers. It is home to a wide variety of cuisines, each with a different taste and appeal. These are primarily due to the use of many spices during cooking. Exporting these spices is a very profitable business idea. Most of these spices are produced in small-scale factories. If a network is developed and export permits are obtained, the business can be more profitable as India is one of the largest exporters of spices. Similarly, taking ownership of a beverage chain can also yield significant profits. All these make it one of the best business types in India
With a developing economy and a large population like India, recruitment is one of the most happening sectors. Contract workers constitute 34% of India’s largest workforce. It is a very easy business to enter with minimal capital requirements. Since you are working directly with human capital, there are certain legal requirements surrounding this business. However, the business is always on demand and is very viable for those with limited financial investment.
A cloud kitchen is also known as a ‘ghost’ kitchen, delivery kitchen or virtual kitchen. It is a commercial kitchen space that provides food businesses, facilities and services for food preparation. It only focuses on online food orders and delivery.
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Cloud technology enables online ordering at low cost. A cloud kitchen can be a centralized commercial food production facility where multiple restaurants can share resources and prepare food. The number of cloud kitchens in India is expected to grow at over 50% per annum and is one of the top businesses to start in 2022.
There is nothing better than following your passion and starting a business with it. If baking is your passion, then it’s time to use your skills and start a cake and bakery products delivery business from home. The setup does not require much investment and you can start by selling to family, friends and neighbors and gradually take online orders. So, this is one of the best businesses in India that you should definitely consider.
The pandemic has prompted companies to turn to online event management, and you can see the influence of this strategy in small and large businesses alike. While the pandemic has been a curse for many companies, it has been a blessing for a few, including virtual event planning businesses. In fact it is one of the best businesses you can consider in 2022.
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Despite the challenges that have arisen in the era of online learning, online education has many benefits. In
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