Here are 10 top rewarding businesses in India that one can do after COVID-19 if you’re looking to start a new business in 2023.
We are at the corner of the bend toward 2023, and we hope the coming year will be one of the most rewarding years for you. In terms of business, here are some ideas that could help you in the ongoing year.
Start a Travel Agency:
Travel Agency: India is a very familiar ancient tourist destination starting from the Silk route trading times. With its picturesque landscapes, spectacular architecture as well as rich ancient culture, India is a lure for tourists internationally. Starting a travel agency in any spot in India is sure to fetch a significant profit.
According to the WTTC, India rates 10 out of 185 countries for the contribution of tourism to the GDP. However, the business will require good collaboration between multiple stakeholders such as hospitality, transport, and hotels.
Homestays are becoming a popular resting spot for travelers with their scenic settings and homemade food and care.
2. Online Sales, Marketing, Website Designing, and Blogging:
Website Designing: This is a very promising business for techies and writers. Blogging and digital marketing are some of the most favored options for employment. Due to COVID-19, there has been a heavy demand for online resources. Almost every business today has a website of its own promoting its work.
According to a report by Adobe, 48% of people mentioned that the creative design of the website was the prime characteristic in deciding the credibility of a business. Furthermore, the lockdown has rendered physical spaces almost bygone.
Even before COVID-19, it was recorded that online shoppers in India reached 120 million in 2018 and are expected to reach around 220 million by 2025. This high demand for websites makes it one of the most profitable businesses in India today.
If you’re planning to start a business in India from advancements in technologies such as BNPL and contactless payments to government initiatives for MSMEs, 2023 could be indeed one of the best years to start an online business.
It was noted during the COVID-19 pandemic in 2020, there has been a drastic change in user behavior and priorities and people are now more willing to start online businesses than before.
Market trends are constantly changing every day. People are ordering online clothes and decorative items.
Online saree businesses today can be incredibly profitable as sarees are always in demand in India consistently making profits and sarees never go out of fashion and are always evolving with trendy new designs. Although it can be overwhelming in the beginning, saree businesses are rewarding in the long run.
Online plants are being shipped to buyers, online seeds are being sold, and businesses such as cloud kitchens, online bakeries, and digital marketing services have seen tremendous surges. In a nation like India, which is a fast-developing country, there are always new avenues for investment and exploration. However, the overall state of the economy and culture plays an essential role in defining the demand for various services and products.
With the growth of e-commerce and artificial intelligence, the digital sector of India continues to boom so online websites are very profitable.
3. Pharmaceutical Businesses:
Again, the need for medicines is huge, and especially during the pandemic, medicines became vital for survival. The pandemic has raised the purchase of drugs further over the past years.
India is known to be the world’s largest exporter of generic drugs, starting decades back. The Indian pharmaceutical market is the fastest-growing and the most competitive amongst all in the world. The revenue in the financial year 2020 was $55 million, clearly indicating the scope for profit in the domain.
The industry is very competitive with a large workforce including scientists and engineers, as well as entrepreneurs and other businessmen who are a part of the distribution, and starting a pharmaceutical business is very lucrative.
4. Wedding Planning:
Indian weddings are becoming a big business. India is seeing a spike in destination weddings or themed weddings over the past few years. The wedding industry is developing so rapidly boosting multiple cinemas and TV shows as well. The ‘Big Fat Indian Wedding’ market is around $40-50 million in worth and is growing at a rate of 30-40% every year. This is an excellent business option for a beginner as it caters to multiple income brackets and you can make a selection based on your budget.
Wedding planners set up the entire wedding with exotic food, pretty takeaway gift booties, and beautiful decorations, taking off the headache from families, which is a big stress buster. Paid heavily for their efforts, wedding planners are starting to earn heavily.
5. Interior Designing and Decoration:
According to reports, the market for interior designing and renovation in India is estimated to be between USD 20 Billion- USD 30 Billion. Aesthetics is no longer a notion in the homes of the super-rich. There are a large number of middle-class families going for modern kitchens, grandiloquent interior decorating, high-quality upholstery, and attractive colour schemes.
There is also a high demand for furniture and lighting, especially antiques. As a result, interior designing and decoration had become famous topics in not just architectural and design firms, but across social media as well. The profession is catching a large number of influencers, particularly on Instagram and Facebook. Undoubtedly, it is one of the most profitable businesses in India.
6. Real Estate:
Real estate has always been a thriving sector in India. The real estate sector in India is expected to reach US$ 1 trillion by 2030. With the fast rate of urbanization, as well as a growth rate of nuclear families, real estate is a thriving sector across India.
Housing sales alone reached 2.61 lakh units across seven major cities in India in 2019. However, a real estate business is quite expensive. It requires a high amount of capital for high returns, and lower investments do not fetch much profit, so one would need to be wealthy to start this business.
7. Building Materials:
With a market for real estate, one can also anticipate an increase in building materials. This is particularly with steel, as current trends indicate that India might grow to become the second-largest exporter of steel.
Reports suggest that the Indian steel industry would produce about 300 million tonnes by 2029-2030. This demand is also fuelled by the growing auto industry. While steel is imported too, the government has recently placed a lot of emphasis on ‘Make in India and Build in India’. These initiatives have been very successful in domestic production.
8. Organic Farming:
Organic farming has become extremely popular in India. Recent concerns over chemicals used as pesticides as well as preservatives has propelled a lot of people to explore the organic farming market. One can enter the organic farming business in two capacities- as a cultivator of the crops or as the distributor of the same. India comprises close to 30 percent of the total organic producers across the globe.
9. Home-Based Bakery and Food Business:
There is nothing better than following your passion and starting a business with it. If baking is your passion, it is time to use your skills and start a cake and bakery product delivery business from home. The setup does not need much investment, and you can start by selling to family, friends, and neighbors and gradually expand to taking online orders. Hence, it is one of the top businesses in India that you should definitely consider
India is the fastest-growing economy in the world with 1.25 billion consumers of food and beverages. It is home to a large variety of cuisines, each of a distinct flavour and appeal. These are primarily due to the use of a number of spices during cooking. Exporting these spices is a very lucrative business idea. Most of these spices are produced in small-scale industries.
Once a network is developed, and export permits are obtained, the business can be highly profitable as India is one of the largest exporters of spices. Similarly, taking up a franchise of a beverage chain can also reap significant profits. These all factors make it one of the best types of business in India
10. Online Tutions:
Despite the challenges that have emerged in an era of online learning, there are various perks of online education. In a space designed for virtual learning, having the right educators and resources can help students flourish. Not only students but instructors can also avail themselves of the maximum benefits by starting an online tutoring business.
Online classes have emerged as a significant career choice. Students are looking for online tuition, specifically at the graduation level. Online tutors for graduation level are more in demand these days. Thus, if you have the required knowledge in particular subjects along with the zeal of earning money online, you must consider providing online classes.
Lastly, if nothing works, just set up a cart, get a license and start a chai stall by the side of the road. Tea always works because all Indians love tea, or a coffee stall, some Indians love coffee too! All the best!