Introduction – Indian Business Market in 2020
Before jumping right into knowing the most profitable business in India, you must ask yourself do you have the required skill and funds to open if not it is the time of switching the whole idea we should first understand the status of the current Indian business market.
India’s economic growth is rising rapidly, according to Confederation of Indian Industry (CII) buyer capacity could climb up to 3.6 trillion by 2020. They also added on the scale of global consumption will double itself at 5.8% by 2020. According to McKinsey Global Institute (MGI) if the same growth continued India will be the 5th largest consumer economy by 2020.
Due to more and more emphasis on (IoT) Internet Of Things, eCommerce and other online business solutions will generate huge potential and profitability in the Indian Consumer Market.
|S. No.||Table Of Contents|
|1||Introduction – Indian Business Market in 2020|
|2||List – Online / Offline Business In India 2020|
|3||Business Pre Requirements|
|4||Legal Procedure For Establishing Business|
|5||Top 10 Picks – Most Profitable Business In India|
|8||Conclusion – Over To You|
List – Online / Offline Business In India 2020
|S. No.||List – Offline Business India||List – Online Business India|
|1||Beauty Salon||3-d Printing|
|2||Business Incubator||Affiliate Marketing|
|3||Career Guidance||Big Data Analysis Firm|
|4||Coaching Classes||Blockchain Tracked Solutions|
|5||Drone Videographer||Business Consultancy|
|6||Embroidery and Knitting||Compliance Management for E-commerce|
|7||Fashion Designer||Delivery Only Food Stores|
|8||Food Truck Business||Digital Marketing Consultancy|
|9||Foreign Visa Consultancy||Dropshipping Business|
|10||Franchise Business||E-commerce Niche Stores|
|11||Gym / Fitness Instructor||E-commerce Store Development|
|12||Home Care for Elderly & Infants||Fashion Designer|
|13||Interior Designing||Handmade Goods|
|14||Internet Tower Infrastructure||Internet & Cyber Security|
|15||Last-mile Delivery Solution Company||Internet Advertising|
|17||Organic Food Store||Mobile App Development|
|18||Pollution Mask Manufacturing||Mobile Wallet Payment Solution|
|19||Professional Photography||Niche Blogging|
|20||Real Estate Business||Online Education|
|21||Recruitment Services||Organic Food Store|
|22||Rural Drone Delivery Company||Outsourcing Freelance Business|
|24||Solar Applications Business||Share Market|
|25||Solar Power||Software Engineering and Development|
|26||Travel Planning||Tv Ad Specialist Company|
|27||Vertical Farming and Gardening||Virtual Reality (Vr) and Gaming Arcade|
|28||Warehouse and Inventory Management||Wearable Gadgets|
|29||Wedding Planner||Website / App Development Business|
|30||Weight Loss Center||Youtube Channel|
Business Pre Requirements for a most profitable business in India
Before you start to plan any profitable business in India, there are certain pre-requirements that you need to focus on before jumping straight into launching a business. These are vital for any business to be profitable in the long run. Have a look at the pointers given below
- Selecting a pre-tested business (backed with data in terms of profitability)
- Developing a skill set that matches your business requirement
- Setting up a monetary goal for your business in the next 3 months to 3 years of time.
- Arranging capital at low-interest rates from a bank or other financial institutions for the smooth and profitable functioning of your business in the long run.
- Hiring efficient manpower to boost your business operations and scale your business within a limited time.
- Adapting to the latest technology to compete with all your competitors in the Indian market.
- Outsourcing a taxation/compliance service to handle all government-imposed taxes/GST as per your business.
Legal Procedure for Establishing the most profitable business in India
Setting up a business in India requires some practical steps that are vital for the existence of any business entity in the country.
- Incorporating a business – Sole Proprietorship, Partnership, LLP, LLC, Private Limited Company, Etc
- Registering for a GST Number if you want to sell your goods across states or if your turnover limit is above 40 Lakhs. Information Source
- Renting a commercial place for setting up operations of the business.
- Outsourcing from a nearby law firm regarding all online filings related to GST filings, Income Tax Returns, other government compliances.
Top 10 Picks – Most Profitable Business In India
Beauty Salon Business – You can plan for a beauty salon business in India if you have a passion for fashion and wellness niche. Relevant skill sets like hair cutting, skincare, cosmetics knowledge will act as an advantage down the path.
Due to the enormous demand for beauty, fashion, and wellness services amongst Indian consumers, the saturation point of this business is nowhere near in 2020.
|Man Power||2 – 10 People|
Career Guidance Business – In India career transformation sector is booming like ever in 2020, there is more need for proper career consultancy than it ever has been in the past. But if you watch closely there is a huge gap between education institutes and potential aspirants.
To bridge that gap career guidance businesses come into the picture.
These career guidance consultancies are backed with proper pre-evaluated data regarding various courses and relevant schools/collages wich maximize any aspirant’s dream for choosing the right career path. And for this students & parents are willing to invest heavily as in fact, it is a matter of their child’s future growth and overall life ROI.
|Man Power||1 – 5 People|
Fashion Designer Business – You have an edge if you are blessed with some extra sense of fashion but to convert your passion into the most profitable business in India you will have to learn more than just fashion sense. You will have to climb one more step and convert that into fashion designing business.
And to do that you will have to follow certain steps like – thinking like a businessman, know who could be a potential client, focusing on one product at a time, smartly monetizing your service, shifting everything on a website, and reaching more and more customers. And if you market your product right, your business in India will just take off to a whole new level.
|Man Power||1 – 8 People|
Food Truck Business – According to a recent survey most people in India love food so much that they will never opt to go on diet. Information Source So because the food truck business falls into this tempting love for the food category, this business is more likely to take off sooner and be more profitable than many other businesses in India.
Food Truck most profitable business in India and can be started with very low investment but you need to have a well-trained food staff to match the skill set requirements of that business. Focus on one specialty cuisine at a time and be master of it. If you manage to develop a craving sense for your food within your audience, you will have repeated buyers every time and that will grow your business like anything.
|Man Power||2 – 6 People|
Gym / Fitness Instructor Business – People in 2020 are more aware of health and wellness than ever in the past. One can easily frame out the most profitable business in India in 2020 if they have a passion for health-related services. Be it a businessman, job person, men, women, or kids, they are becoming more and more health-conscious.
The catch is a lack of proper knowledge regarding working out and adequate nutrition, this is where Gym / Fitness Instructor business comes into the picture. There are many areas you can focus on if you want to form a profitable business out of your passion for the health niche.
- Yoga Instructor
- Personal Gym Trainer
- Crossfit Expert
- Certified Nutritionist
- Commercial Gym Space
|Man Power||2 – 12 People|
Affiliate Marketing Business – This our first top pick in the category of most profitable online business in India, there indeed is a reason for it. This is by far the smartest kind of business mentioned in this blog. Affiliate Marketing is nothing but marketing someone else’s service or product and in return getting an affiliate commission upon each and every sale/lead they get due to your marketing.
Your marketing can be both organic or paid depending on your business strategy. You can write blogs for gaining organic traffic to your affiliate site or run paid ads to your affiliate site. Most common Affiliate Networks in India are:
- Amazon Affiliate
- Reseller Club
- V Commission
- GoDaddy Affiliate
- Trip Advisor
|Man Power||1 – 4 People|
Dropshipping Business – You can call it zero inventory & zero fulfillment business model. Scalability is the power in this kind of business. You can start this business with no investment in your inventory but still, physical products can be sold directly to your customers. All you need is a marketing budget and technical knowledge regarding the backend operations of this business.
Anybody in India can start this business and turn it profitable at a very early stage by following the steps below:
- Create an eCommerce website on Shopify
- Research the products you want to sell on AliExpress
- Add all those products to your website by integrating with Oberlo
- Research your target audience via demographics, interest, gender, behavior, etc.
- Price those products by adding marketing, shipping cost plus your profit margin.
- Market your website on top advertisement channels like Google Ads, Facebook Ads, TikTok Ads, etc.
- Average marketing cost can fall between 10-30 %
- The average conversion cost varies between 1-10% of the traffic you sent on the website depending on your profit margin you added on the website.
A single man army can operate this kind of business at an early stage and can scale it to a level where any traditional businesses will take years of time.
|Man Power||1 – 5 People|
eCommerce Niche Stores Business – This can be termed as the most efficient business idea in the list of most profitable online businesses in India 2020. India is a diverse country and each state or city here is known for its specialty products that they produce. For Eg Shoes in Agra, Rugs in Rajasthan, Team in Assam.
You can take advantage of this demand and supply opportunity as per the city you are located and procure that particular special product. List that product on your eCommerce store and market it across India. This can be the most consistent business one can frame out in India in 2020.
|Man Power||1 – 20 People|
eCommerce Store Development Business – If you belong to technical background and have worked on your coding skills as per your career goal. You should definitely consider this business in India. Technology-related business gets several benefits from The Government Of India in terms of fundraising and taxation reliefs.
To convert your coding skills into a profitable business in India, you need to have a strategic business plan in place. To begin with, you need to have a team of developers who can develop a custom eCommerce platform.
Once the code is tried and tested you can resell that platform to multiple clients on a subscription basis. This will bring down the cost of the website for the client and will bring you a retained earnings month on month basis. In return, you can provide them with a subscription plan of your, tech support, basic maintenance for the website.
|Man Power||1 – 5 People|
Niche Blogging Business – There is an old saying “if you are good at something, write about it”. There are 5.8 billion searches per day as per a recent study. Information Source Once you start blogging about it, Google will start ranking your content. And when your website gets ranked on the first page of google you will eventually get a lot of visitor traffic on your website.
The exact definition of the most profitable business in India is that you can earn more than you invest hence blogging fits this category.
You can monetize this traffic and convert it into a profitable business in India 2020. There are many ways you can do so:
- Google Adsense
- Affiliate Marketing
- Selling Info Products
- Selling Membership Packages
- Selling Educational Content (Text/Videos)
Author: Hemant Soni
Last Updated: 28 April 2020 | Time: 12:22:45 PM