With the evolving market trends, India, the fast-developing countries, always witness a good scope in new avenues for investment and exploration. Besides, the economy also plays an imperative role in evaluating what businesses will be most profitable and sustainable.
A good idea may not have a monetary value but will assuredly bring the bursting potential. Take examples of the world’s most prominent entrepreneurs; Steve Jobs, Bill Gates, Mark Zuckerberg, or Elon Musk; none of them started at the top of the ladder. Bill Gates developed Microsoft after he decided to drop out of college. Moreover, he invested a minimal amount initially to build Microsoft.
To embark on a similar journey and get inspiration from successful entrepreneurs’ stories, it is needless to say that an efficient business idea may help you build your empire and get recognized worldwide. The importance of a robust business idea may also help you create a game-changing business. Agree?
Just never lose hope, and always keep dreaming. As is truly said, ‘ You Can If You Will.’
Well, we know for sure that one must be ambitious, visionary, committed, focused, and skillful to establish a brand/business/organization so that you get the highest possible returns.
However, some people have exceptional business acumen but are not cognizant of the best profitable business in India. Are you one of them? Not a problem, as we are here to help you inform, which business is best in India?
Top Business in India (2021)
India is a country full of lucrative opportunities and aspiring entrepreneurs. So why not grab one of the opportunities and become a successful businessman. Listed below are some of the top business ideas in India turning to be the most profitable businesses:
1. Wedding Planner
You must have heard or been a part of a ‘Big fat Indian wedding?’ The term exists for a reason. Be it any culture, weddings are taken very seriously, and people are ready to spend a hefty amount to make their weddings memorable.
Today, the scope of earning through this profession has become so evident that even multinational corporations like Uber are tapping into this industry, so why not you!
Before becoming a planner, launch yourself in wedding consultancy, make a captivating website, and reach out to potential clients online. Start sharing your ideas regarding what best can be done in a wedding, leaving an indelible impression on the visitors.
If people like your ideas, and consultation, then they might hire you to organize and manage the entire wedding event. You can turn the whole event into an unforgettable saga, from the pre-wedding shoots to the ‘bidai’ ceremony.
The best part about this profession is that there is no recession and downfall in this profession. People will get married and spend money on organizing their wedding, no matter what!
2. Travel Agency
Did you know India ranks 10th in the world for travel and tourism? So, undoubtedly, our country is a renowned tourist destination which makes it a great industry to make your career in.
Ample travel agents are earning exceptionally well as this industry witnessed a fantastic surge in the past decade. Maybe it is because of the home-based cost-effective travel agencies.
The importance of travel was overlooked in older times. But now people want to see the world, witness different cultures, new sites, music, enhance their creativity, enjoy the sense of happiness and satisfaction through traveling.
These attributes make it one of the best profitable businesses in India. The best part about this profession is that you can operate this business from home as well. Starting this business from home is very easy, as you need to tie up with a host agency. As it will help you keep your costs low and let you earn higher commissions. At the same time, tying up with them will help you receive the benefits of pace (allow you to get IATA, CLIA, or ARC number faster) and enable you to perform all the back-end functions seamlessly.
3. Real Estate Agents
The business has ample money and is known to be one of the most thriving sectors in India. Without a doubt, many individuals have become filthy rich after getting involved in real estate. By 2030, Indian real estate is expected to reach $1 trillion.
With the rapid rate of urbanization and growing nuclear families, the demand for housing has increased significantly. Also, the frequent new construction of the houses, buildings, apartments, offices, high-street retail complexes allowed real estate agents to yield high-end margins out of it.
If you are looking to generate massive revenue through this profession, you need to invest a large amount of capital. However, you can also start this business in low capital, but it will not allow you to fetch greater profits. You can easily earn 1% to 6% commissions on the property value you are selling, leasing, or renting.
4. Website Design and Development
Every business needs a website. But, with e-commerce leading the way, no business could afford an ordinary website. It is only the website helping your business stand out from the clutter and your competitors. In order to achieve this target, one needs to have an exquisite and engaging website leaving a solid impression on the audience.
According to a survey, the best way to gauge the business’s credibility can be determined after seeing the design/layout of the company’s website.
Furthermore, all types and sizes of businesses have realized the value of online presence. Thus, the website development stream has a broad scope and can allow you to earn handsome revenue. The business can turn to be highly profitable if you find instant customers.
Also read: 120 Best Affiliate Programs
5. Interior Designing
The industry of interior design is rapidly growing in India. In 2021, the industry is expected to increase by 3.5%. Plus, the stream has a comprehensive scope, the overall growth in the real estate sector, construction of houses/offices, growing population, and urbanization.
Getting your hands on interior designing can lead you to the ultimate path to success.
You might be thinking how? With the adoption of a lavish lifestyle by many people, they are opting to renovate their old houses, change the interior of their bathrooms and kitchen, and bring new color themes.
All in all, the demand for modern furniture, especially antiques, has also seen a tremendous upside. Plus, the domain is witnessing many influencers on social media channels, including Twitter, Facebook, and Instagram.
If you are able to grab solid clients, you can earn very well in this profession as interior designers charge extravagantly.
6. Pharmaceuticals Business
The business is everlasting and cannot die. Many attributes make this business a sustainable venture if you start your journey in the pharmaceutical business.
Undoubtedly, the profession leaves every profession behind if we see the significance and profitability, which is why it is considered the top business in India.
India is the world’s largest exporter of generic drugs, which clearly determines the scope of profit-making in this stream of business. You can earn magnificently well if you purchase the products directly from the company and sell them in bulk to the distributors or wholesalers. Simultaneously, you can also earn a decent margin if you are selling pharmaceuticals in retail.
However, the industry is very competitive with a massive workforce of engineers, entrepreneurs, and scientists, and doctors who are a part of this vast business stream.
7. Building Materials
The market goes alongside real estate. Just because the real estate sector is booming, how can the demand for building materials!
Seeing the current trend, you can become filthy rich by supplying all types of building materials needed to build the office, house, or any other structure. For instance; supply of sand, soil, concrete, cement, bricks, steel, and aggregates.
You can also start the production of steel as the steel demand is increasing, and it is expected to grow in the future due to the auto industry and the rise in construction worldwide. In addition, it is expected that the Indian steel industry would produce more than 290 million tonnes by 2030. So, why not be a part of the industry and enjoy the profits.
8. Clothes and Accessories
One of the oldest industries in the Indian economy is the textile sector. The industry is dating back multiple centuries.
According to the industry analysts, the scope of earning profits from clothes manufacturing ranges from 5% to 15%. However, the retailers earn pretty more depending upon their clients, location, and other factors.
If you do not want to enter the production stream, you can also grow your business while procuring accessories and rent them at much lower prices than the original one. It might be a good start-up if you are a beginner and are not willing to invest much!
9. Educational Mobile Apps
Are you tech-savvy? If yes, you can utilize your skills to create technical aids, such as educational apps. It is a booming industry as everything is going digitized. So why not education.
Many schools are trying to adopt digital books instead of forcing the child to carry the compilation of a heavy set of books.
Hence, entering the business of producing apps with expertise in a subject matter and enhancing knowledge on a particular subject. Or, you can also build overall development apps dealing in multiple subjects.
You can generate ample revenue through this business as the online education industry has a bright future.
10. Furniture Making
Furniture is requisite, even if it is your house, office, or factory. It is also required in schools, banks, and other government/private institutions. Thus, it has an everlasting demand.
Moreover, the fascinating pictures of swanky houses/offices on Pinterest, Facebook or Instagram, inspire many individuals to realize their dream home and upgrade their space with contemporary furniture. The opportunity is lucrative, even if you manufacture it (which may require a more extensive investment), or you can also buy it from any distributor/wholesaler and supply it to your clients.
You can earn significant profits by buying custom-made or upcycled furniture, which you may get at affordable prices, and re-sell it at higher prices.
Dealing in some other unique, small-sized, and trending furniture that takes up less space, and serves multiple purposes, is one of the robust marketing ideas for becoming famous and fetching more clients.
Also Read: Top 20 Franchise Business in India
11. Accounting and Auditing
Accounting is one of the most crucial aspects of every business. Therefore, efficient accountants and auditors are always in high demand as their primary function is to manage and manipulate the accounts of financial transactions, helping businessmen save taxes undisputedly.
Today, every almost everyone is filing their tax return, no matter they are involved in small-town businesses or a startup.
Being an accountant or auditor, your primary role is to summarize the transactions in financial reports and create financial statements. An accountant is also liable for data management, consultation & analysis, and ensuring regulatory compliance in the company’s accounting practices.
If you have a background in finance, and accounting, go for it and earn immensely.
12. Consultancy Services
Want to run a one-man show? That too, without putting in more of an investment? You can start with home-based consultancy services that rose to prominence in the past decade.
Finding an answer for which business is best in India? Here it is!
Many people come through for queries around a particular field. You can charge them with high fees (hourly-based) and provide your impeccable services that help them transform their lives and achieve what they have always desired.
You can also conduct leadership programs helping people find and explore their potential to achieve what they have never even thought of. Make them dream big because it is important to make them realize that every dream can come true until they have the courage to pursue it!
13. Organic Farming Business
These days the fast-paced lives are leaving a negative impact on our minds and our overall health. To balance those demerits, numerous people are resorting to a healthy lifestyle.
To adopt such a lifestyle, they need to consume healthy, pure, and natural food that does not contain any pesticide or artificial fertilizer residue. These attributes have resulted in the inclination of people’s minds and souls towards consuming organic food, leading to its demand surge.
Many companies are buying organic food directly from farmers as there are no middlemen. This provides those farmers with a huge profit margin, especially on organic food. What can you do?
You either start with cultivating in your own backyard or small garden or purchase farmland if you want to start on a large scale. Farming is not very difficult to learn; you can learn it and master your skills while watching videos and getting training from actual farmers.
Once you polish your skills in growing food naturally without artificial ingredients, the next step is to apply for organic certification, find the market, sell your product, and enjoy the profits.
14. Co-working Spaces
Catching on a co-working space is another best business in India. It was not expected this might be the second booming industry in the corporate industry a few years back. However, many co-working spaces such as Innov8, 91Springboard, Regus, Awfis, etc. are doing pretty well and earning plentiful money in India.
Opening a co-working space is making the most effective use of your vacant spaces extraordinarily. Instead of pouring massive money by leasing a bigger space, you can initially start renting your own vacant space available at your home or in your backyard. All you need to ensure is that the space is equipped with sufficient furniture, pantries, seamless internet, and conference spaces. Once you witness a good response and fetch multiple clients for your space, you can lease a bigger space and start making more money.
Whereas, in these pandemic times, the ‘plug and play’ co-working business model is sustainable.
15. Pet-Friendly Services
The pets are not only adorable but also the best companions one can look for. Many people have started adopting pets as they are the ones helping to manage anxiety, depression, loneliness, and keep stress away. Owning pets also increases fitness and brings happiness to their owners.
With so many upsides of owning a pet, the demand for places to take care of pets has surged magnificently. You can open a pet daycare and charge people for leaving their pets on an hourly or per-day basis. Besides daycare, you can also provide pet grooming services and sell all other products required to pet owners for their enchanting pets.
Today, this profession can absolutely be considered to be on the list of the top business in India.
Also Read: 22 Top Money Earning Websites
16. Research-Based Business
Big multinational and corporate companies assign different work to their research team as per the requirements. While these research teams working for different companies outsource their research work to independent researchers or freelancers working in the same field on a contractual basis.
You can generate ample revenue while working for those research teams. Undoubtedly, it is the best business in India that can increase your net worth impeccably.
17. Fashion Designing
Are you a fashionista? If yes, you can follow the profession of fashion designing that can help you yield plentiful money.
You can open your own boutique or sell your designed products online once you choose your product niche, be it jeans, t-shirts, women’s suits, dresses, etc. With your flamboyant work, you can lure the eyes of the customer to buy your product.
In modern times, you can save your costs by up-cycling old clothes into captivating and unique pieces. Plus, you can also manufacture or trade-in bio-degradable khadi woven products and charge them accordingly.
Also Read: 60 Best Business Ideas for Women
How to Start the Best Profitable Business in India?
Still thinking, which business is best in India? Now is the time to act, not just think. Not sure where and how to carve a path and embark on a journey to start a new business. You must be aware of a few steps while you set up any business in India. These steps include:
1. Start with a Robust Plan
The foremost step before thinking of setting up any business is comprehending the nitty-gritty of your business. Then, based on your understanding, the next crucial step is to make a well-thought-out business plan after identifying your competitors.
2. Identify your Target Audience by Knowing your Market
A profound understanding of the potential clients for your business is imperative. To know your audience, you are required to know your market comprehensively.
The fact is, the Indian market is made up of many collections of smaller markets, and each market has an approach of targeting different types of customers. If you have a niche, it will help you target a specific group of customers and will facilitate in achieving the desired sales numbers.
3. Embrace a Positive Business Culture
Be it any business; they are immensely dependent on your network, connections, and relationships. If you are able to build a positive rapport and trust, it will definitely add value to your company as business goodwill is an intangible asset.
In addition, recording the value of goodwill on your business’s financial statement and recording impairments will let you know the fair market value of the company’s assets and liabilities. It may take some time and a lot of effort, but it will turn out to be the most effective way if you want to ensure your business thrives.
4. Either you Grow or Decay- There is No Middle Ground
Keep polishing your skills. Learning is never enough. So never stop learning, and always think of growing and learning new skills.
The Indian market is dynamic. Always remember that you need to evolve with the market by upgrading your personal and professional skills. Holding a learner-centered approach will always help you carve your way to success; however, keeping the instructor-centered approach will restrict you from growing, personally and professionally.
5. Ace the Marketing Game
Marketing is indispensable for the continued survival of any business. It allows businesses to maintain sustainable and long-lasting relationships with their audience.
A decade ago, marketing your products online was not substantial. However, today it has become essential for a business to market products on as many online platforms as possible to witness a steep growth curve.
Being a business owner, your primary role is to reach a wider audience while retaining your existing customers. This can be achieved by promoting your business on multiple social media channels and platforms and even setting up your online store to effortlessly sell your products.
Q1. What are the Fastest Growing Businesses in India?
A1. Fast Moving Consumer Goods (FMCG), and the Indian Pharmaceuticals market are the fastest growing sectors in the Indian market in 2021. As per the records, the FMCG industry has been building growth momentum and consistently booming. The same goes with the Indian Pharmaceuticals sector, as the total revenue in the financial year 2020 reached $55 million in India.
Q2. What is the easiest business to start in India?
A2. The service-oriented business can be started effortlessly if you are a beginner compared to manufacturing, trading, or procuring businesses. Being a beginner, you can earn well if you can sell your skill effectively and are proficient in the place of goods and services. Another advantage you may get is the minimal risk, as usually, no or very less investment is required in service-oriented businesses.
Q3. What are the best upcoming businesses in India?
A3. Here is the list of the businesses having a massive scope now and in the future:
- Digital Marketing
- Starting an E-commerce business
- Sell Custom Printed Products such as T-shirts, Mugs, etc
- Affiliate Marketing
- Web development services
- Graphic Designing
- Instagram Marketing/Influencingl Podcasts
- Online courses/Tutoring
- Online Reselling
- Online Bookkeeping
- Consultancy and Counseling Services
- Medical Delivery Services
Q4. How to think of a Unique Business idea?
A4. You can think of a unique idea by following the simple steps:
Let go of originality, as there are thousands of businesses and billions of people worldwide. So, whatever business you choose, it is unlikely that you would be the first one to start with that particular business. So chill!
- Use your skills/expertise
- Explore online
- Solve a problem
- Look abroad for gaining exposure and motivation
- Experiment with ‘may be’ ideas
Some of the unique business ideas include manufacturing professional mermaid outfits, organizing party bus business, renting and selling mannequins, bonsai tree business, setting vintage map store, dried flower business, dart store, stained glass business, chicken diaper business, renting or feeding a chicken, custom treehouse business, goat rental business, pet hotel & cafe, and Glamping business.
Q5. How many types of business ownership exist in India?
A5. There are 5 different types of business ownership in India, including:
- Sole Proprietorship
- Public Limited Company
- Co-operative organization
- Private Limited Company
- Non-Banking Financial Company (NBFC)
Q6. Which manufacturing business is the most profitable business in India?
A6. With the increasing price rise of oil worldwide, packaged/bottled oil manufacturing business has a bright future ahead. Plus, the exotic oils and blends are providing a leading opportunity for many individuals to earn immensely.
Q7. Which agricultural business is most profitable in India?
A7. Organic Farming is a great example to be a perfect fit for getting listed in the top business in India. The most enticing part about this business is its sustainability. Moreover, with increasing health-conscious people all over India, the organic food industry witnessed a surge in demand.
Q8. Which chemical business is the best business in India?
A8. Chemical businesses worth considering are:
- Perfume making
- Detergent Powder manufacturing
- Liquid Soapmaking
- Nail Polish making
- Neem Oil extraction
- Rubberband manufacturing
- Matchstick manufacturing
- Sanitizer manufacturing
- Bleach manufacturing
- Pesticide manufacturing
- Cleaning Chemicals manufacturing
All the businesses we mentioned in this guide include a certain amount of risk and vincible barriers, while at the same time, every business idea holds the robust potential to become an astounding success story.
Recommended: Top Cryptocurrency Exchanges In India
So never lose hope, as you are the one who will be dreaming and making them come true with your hard work and smart work.
Also, do share or comment if you have any views/questions/feedback related to this article.