With the passage of time, India has become one of the most developing countries in the world and it ranks on the top of the list according to GDP of the recent years. A nation which was earlier known as underdeveloped now has the most popular businesses and there is growth in every industry and sector. And all these which were a distant dream still a few years back is now a reality.
So, who do you think is bringing the change or what are the changes that are driving our nation to be a developed one in coming few years? The answer is our youth and their innovative ideas and guts to explore new ventures and make them profitable with their out of the box thinking. India is now recognized as a nation where every day there are many new business firms coming up with their new ideas to change the notion of business. In this article, you are going to read about 9 such best businesses ideas which one can start in India and run them successfully if he or she has a different outlook and thinking.
Food Joints or Restaurants:
Indians are always associated with their variety of food and their spices. We just love to eat and also make people eat and that’s our best hobby. Be it in any part of the country, foods are complete bliss. So, if you are passionate about food and you love cooking or you have someone who loves cooking, you can start with a small food joint. Opening up a full-fledged restaurant is also an option if you have a good amount of capital.
The amount of required capital varies according to the size and the type of restaurant you want to open. Small food joints can also be a lucrative business idea if you have a place where young people hang out every day. In such a place you can have a daily turnover and as observed, these food joints hardly have any left-over. For restaurants, the most important factor is how the food is different from another restaurant in the same area. Normally, any restaurant with a proper setup and different variety of food earns a profit within a range of 15%-25% after the gestation period is over.
Moreover, once the restaurant becomes famous, you can also start providing other services like events and parties, home delivery services is one of the crucial services as many people now a day opts for having restaurant food at the comfort of their home after a long tiring day. To run a restaurant business, in a long run, you will require efficient staffs and chefs who can bring freshness to the food items and serve the customers with dedication. The profit if surpasses 25% in a year then you can also think of listing your restaurant and get investment from outside with which you can develop and grow your business and might open other few units to reap more profits.
Also Read : Fast Food Restarant Business Plan India
Vocational Training Institute and Recruitment Firm:
One can start either of these two businesses or these two businesses can go hand in hand. A budding entrepreneur must keep this in mind that the population of India is huge and the half of the population consists of youth who are seeking work. Making them employable can be a great business opportunity and at the same time, it adds to the society. The capital required for opening these institutes mainly required in purchasing equipment instruments and machinery to train the students and the candidates.
Another part of the revenue goes into the salary of the instructors and the teachers who are the main part of the business. If the training institute also runs recruiting services then they can reap profit both ways. They will charge a commission for recruiting and placement service from the companies and from the outside candidates on one hand and on the other they are already receiving the fees from their students. The profit margins of these institutes and agencies range between 8%-12% in India. But the competition is huge and to stand out one needs to provide training which makes the student actually employable and not only on pen and paper.
Teaching is sharing your knowledge with someone other, which requires nothing but the passion for teaching and learning. If you thinking of becoming the new generation entrepreneur and at the same time you have the passion for teaching, you can start by giving tuition classes to the local students and grow step by step. Teaching is not only a noble profession but also reaps stain percent profit in small scale and in the short run. You can grow your teaching school by including teachers and professors after you gain reputation and popularity.
The business opportunity in this field is huge and never ending and especially in a country where a child is born every few seconds. If you are in the urban area, you can rent a small apartment and with your friends, you can start your business of providing tuitions to the school and college students. If you are a professional like CA, Lawyer or in a similar field, then you can provide tuitions to the aspiring candidates in your field. The profit margins are huge in any kind of teaching business as the investment is nil in the beginning if you have your own place. If you want to rent some place and hire few employees after a certain point of time to grow your business, then also the profit margins remains between 50%-60% because once you are famous amongst the students, there will be a huge number of them coming for your classes.
Medicine Shop and Clinic:
This is one of the newest forms of business that one can witness in the country. Earlier, it was seen that the doctors have their individual clinics and the medical shops are not directly attached to them. But with the changing times, new minds have made these two entities come together. There is a huge investment in the beginning but the profit after the gestation period which stays for almost 2-3 years is also huge. The place of the clinic is very important and the most important factor that the entrepreneur and his or her employees need to keep in minds the popularity of the doctors.
To run this kind of business, one needs to have doctors with a national reputation who works in reputed hospitals and medical colleges. This is because they already have a stream of patients attached to them and once they start providing service at a particular place, the local patients also get the revenue increases with the popularity of the doctor and service the clinic provide. The medical shop earns huge revenue because most of the patients visit the doctor in that clinic purchases the medicines from the shop itself. In the beginning, the profit margin can be in the range of 15%-20% but they can grow over the time when the retail medical shop has a good rapport in the wholesale market from where they can purchase medicines at lower rates.
The big medical stores always provide discounts to the customers because they have the economies of scale that are they get to purchase medicines at a lower price because of huge purchases. The profit can even rise up to 40%-50% on most sought-after medicines.
Real Estate Development:
With the development of the nation the real estate business has gained the momentum all over again after the setback and recession of 2008. The real estate business is growing at a rapid speed in numerous part of the country. Whether you are in any metro city or in any other city if you have a good amount of capital in your hand you can always invest in real estate as the profits are enormous after a certain point of time. If you have limited amount of capital, you can always start investing in the local real estate projects where you can reap a profit of 15-30% depending on the type of construction and value of the land. Choice of the land and property you are about to invest into is very important you need to analyze the fair value and the future value of the place and the property before investing.
Once you start generating profit out of your investment, you can start your own contracting business and start building real estate projects or you can diversify your investment for more profits. Industrial real estate projects reap around 10%-12% profit on a net basis.
Property Management Business:
This business has different verticals. You might start with one of them like if you are good with the interiors, you can start designing the interior of the properties. If you are good with the engineering of the real estate, you can do the architecture of the buildings or if you are good at managing things, you can choose to provide management service for the buildings. The amount of profit reaped in these different scenarios is different. But the opportunities are huge and growing with time. You can earn 5%-12% in managing properties as the fees or commission.
In India, one’s wealth is measured by how much amount of gold they are gifting to their daughter on her wedding. So, starting a jewelry business in such a scenario is not a bad option, is it? If you know how to make jewelry you can make a shop of your own provided you have the capital to invest into. You can also hire blacksmiths to work for you. Investment, in the beginning, is comparatively higher but once you are all set and earned reputation, you can go a long way. The profits can be anywhere between 5%-10% in a year. It is not only about jewelry manufacturing; you can also invest in gold or silver and reap profit from the price fluctuations.
Furniture Manufacturing business:
Growth is interrelated and as we saw real estate market is flourishing, so do the furniture market. As one needs to have furniture when they are buying or building a new The profit margins in manufacturing as well as in the retail business of furniture hover around 3%-5%. But this profit can be seen after a long period of time when you will have economies of scale in your business and huge turnover. In the beginning, the profits are as lower as 0.2%. But, if you can provide variety in your furniture then, you can reap profit from early stages.
To grow furniture business, you need to have creative carpenters who can make new designs in the furniture and also you need to advertise your business a lot. The gross profit in furniture business is almost 50% but the net profit comes downs to 0%-5% because of the overheads and expenses. To make more profit, one needs to curtail the expenses with proper inventory management, proper warehousing of the inventory etc.
Also Read : Starting profitable furniture rental business
Advertisement business was always famous in India and it can be an exciting venture for any new entrepreneur. With the online marketing services taking over the world, the new generation entrepreneur has nailed the tactics and if you have the right thoughts and creative ideas you can excel in this business and this is one of the best business to start in India. There are new startup companies in India and there are heritage business houses too which are always in need for advertisement and marketing.
The profit margins of advertisement business range in between 5%-25% in a year. With the help of online marketing, there is lot curtailment in the cost of advertisement which makes the profit figure grow a bit more. The opportunities are also huge at this point of time in this field and with people trying to explore new ventures; the opportunities are growing more than ever.
Times are changing and youth of this generation have the courage to explore the unexplored areas in business. Every day new business ideas and thoughts are flowing freely amongst these people which are conquering over various prejudices. The startup is the new trend in India and every individual with the courage and passion for every little work is now exploring their dreams and making changes to the whole entrepreneurial set up of India. The above-mentioned 9 businesses, though age old but the new entrepreneurs are creating differences in them and making them as they were never before. With the new entrepreneurs and startup in every field, India has touched new heights and has become one of the fastest developing nations.