Are you someone who always wanted to start his/her own business but couldn’t find the perfect idea? Or,
Are you stuck in a dead-end job and its killing you?
Can’t find the motivation to go to work?
Do you want to start your own profitable business and looking for new business ideas of future businesses that will boom in 2022?
If yes, then keep reading because below are some killer business ideas that are very much doable for a super successful startup in India.
But before going further first we need to analyze why 8 out of every 10 small businesses fail within the first 3 years? A whopping 80% crash and burn.
There might be several reasons behind these startup failures such as mismanagement funds, Weak team, poor leadership, legal challenges or having too much competition in the same field.
But one thing these startups often ignore is the analysis of future trends while starting a business.
To build a sustainable and profitable business for the future, you will have to explore the current trends and keep an outlook for future businesses of the next 10-15 years.
You’ll have to analyze and come up with unique and affordable solutions for the problems people are facing now and will be facing in the future.
The way business was done 20-25 years ago and the way it’s done now have completely changed.
With new hardware, software, services, and other technologies coming into the market at a very fast pace these changes will have a significant impact on the global economy, trade and commerce, and individual businesses.
In 2018, the World Economic Forum published a report, Called “Future of jobs” in which they have highlighted some key socio-economics, demographics and technological drivers and trends that will change the nature of the future businesses.
In the same report, the World Economic Forum highlighted the top 10 skills that will drive industrial revolution 4.0
Here I have compiled a list of the 25+ best business ideas you can start tomorrow.
Cost of starting a business has never been this low. Technology has changed the way we do business.
In some businesses, all you need is a smartphone or a laptop and a fast internet connection.
Here I have characterized business ideas according to their type.
I have also provided what kind of investment needed to start that business and also its growth potential.
TECHNOLOGY SECTOR
1) Internet of Things (IoT)
I’ve kept the Internet of things in the first place because just like the internet did a few decades ago it will completely change the way we live.
Internet of things(IoT) is a system of interconnected computing devices that are provided with unique identifiers and able to transfer data over the network without requiring human to human or human to computer interaction.
Due to unprecedented connectivity, Increased efficiency, cost and time-saving businesses of all sizes will need some to provide the necessary support, infrastructure and hardware to adapt IoT.
According to Mckinsey Global Institute report, the Internet of things industry has the potential to generate $4-$11 trillion in value worldwide by 2025.
So, IoT can be a safe option when thinking about future prospects.
Investment– High
Growth potential– Very High
2) 3-D Printing
From building houses to human organs 3-D printing is and will in the future continue to transform our lives
It is one of the most profitable businesses currently in the world because it completely revolutionized manufacturing business.
3-D used to cost a lot during starting years, now prices have come down but they are still very expensive.
You can own a 3-D printer and can set your shop and take orders but due to lack of knowledge about the technology, it needs some advertising to attract good paying clients.
Investment– High
Growth potential– Very High
3) Renewable Energy Supplies
Renewable energy is very important if we want to save our planet.
India and China along with most of the Asian countries still depend on non-renewable sources of energy
Nearly 63% of India’s total energy requirements are met from coal.
Business in the manufacturing of solar panels can be a profitable venture.
India has submitted its Intended Nationally Determined Contribution (INDC) to the UNFCCC as per Paris summit held in December 2015. One of its targets is to achieve about 40% cumulative electric power installed capacity from non-fossil fuel based energy resources by 2030.
Electric vehicles are the future of transportation and electric vehicle charging stations are the backbone of this revolution.
Investment– High
Growth potential– High
4) Virtual Reality (VR) and Gaming Arcade
Virtual Reality Computing (VR) is a huge technological advancement which provides the user with realistic sensory experience.
It’s been expected that by 2020 the worldwide size of the VR market will be in excess of $40 Billion.
Virtual reality is the perfect fit for arcades which could bring new life to this dying business
Other than Gaming VR also has various application such as
1. Real estate marketing– searching your new home through VR and can take a tour of the house from your desk
2. Watching 3-D movies with 360 degrees VR
3. Social media VR interaction– friend and family will be able to interact in a virtual online space
4. Attending events from your home
5. Training and Teaching
6. VR escape rooms and Lounges are to expected phenomenal growth if you are tech savvy and gaming fan this could be your perfect business opportunity.
Investment– High
Growth potential– High
5) Software Engineering and Development
Software developers create, test and maintain software. The demand for software developers is expected to increase by 17% each year through 2023 with good pay.
With computer technology advancement the scope for software developer looks bright.
Besides most big companies will need networks that are faster, more seamless, and more secure and providing these solutions through a software company seems a very profitable business
Investment– Low
Growth potential– High
6) Outsourcing Business (Freelance work)
According to various reports, the way we work now will be changed in the future.
The outsourcing business will boom by 2020. 50% of Americans are working independently and making money through their own small businesses online.
Due to the high cost of hiring full-time employee startups are outsourcing their work to minimize expenses and maximize profits.
China and India are good examples of counties where operational costs are relatively low.
India over the years has become a hub for outsourcing like call centres due to its English speaking population and low operational cost.
Investment- Very Low
Growth potential– High
7) Security Services
We live in turbulent times and our need for security is more than ever be it.
Offline- Home and personal security
or
Online- The online security involves cybersecurity like Identity theft, Malware, and Ransomware in our computer systems or general information security.
Investment– Low
Growth potential– High
8) Digital Marketing Consultant or Campaign Manager
Marketing has gone digital and as per reports Digital advertising to grow at 32% CAGR to reach Rs 12,046 crore by Dec 2018 and Rs 19,000 crore by 2020.
To start a digital marketing agency all you need is a computer, fast internet connection and most importantly good digital marketing skills.
Investment– Low
Growth potential– High
9) E-commerce Store Website
Over the past few years, people have become quite accustomed to shopping online.
It may seem everything you want can be bought online but it’s not true.
Unique niche marketplace is being introduced every day in the e-commerce business.
There are ample opportunities to start a profitable online store if you can fulfil consumer needs by creating a need.
For opening an e-commerce store(single store set up), the most recommended ones are BigCommerce, Volusion, Shopify.
For the multivendor store (likes Amazon, Flipkart, Shopclues) YoKart and Cscart are the considerable solutions.
Investment– Low
Growth potential– High
10) Drop-Shipping Business
Starting a drop-shipping business will always be one of the fastest ways of finding success online.
That does not, however, make it some get the rich quick formula, you have to put in the work just like any other business venture.
It takes someone willing to learn and grow as an e-commerce entrepreneur to become successful at drop shipping.
Though the formula is fairly simple: you purchase your initial inventory, create a brand, and advertise your products online.
You can even use Amazon fulfilment services to do the whole thing without a physical warehouse.
Investment– High
Growth potential– High
11) Affiliate Marketing
In simple terms, In affiliate marketing, you earn commissions for recommending products/services to your readers (or people who are influenced by you).
when you join an affiliate program, where you get unique links (tagged with your personal ID) that track whenever your links convert to a sale.
If someone out there buys something through your link, you get the commission.
The idea of affiliate marketing is simple – cooperate with other companies to grow together and makes profits.
It’s a part of the website/blog monetization strategy.
It’s really easy and you don’t need any technical skills to join the affiliate program.
Affiliate marketing is often combined with blogging to create a mix of content and promotion.
An affiliate program helps many creators increase their revenue by connecting with other companies. It’s a win-win opportunity!
Investment– Low
Growth potential– High
12) Big Data or Data Analysis Consulting Firm
A very large volume of structured and unstructured data is called big data.
When data is in the range of thousands of terabytes and petabytes, then it is called big data.
The source of big data is a large number of internet users, wireless devices, digitization of information, research projects etc.
Big Data is used by many enterprises and research institutes for a gamut of purposes:
Learning human behaviours: Many enterprises are involved in learning about like and dislikes of humans through the activities performed by them on the internet.
This is important in providing services like e-commerce, advertisements and social networking sites.
Machine learning: It means giving an ability to machines to learn by itself. Big data as technology plays a vital role in t Robotics, automation, self-driving vehicles – they gather a huge amount of data and learn from this data.
Research: Big data has made research very efficient. For ex-Space exploration, weather forecasting models, nuclear research, exploration through satellites.
Enterprises: Almost all enterprises use big data for creating risk models, investments and growth model etc. for ex- algorithmic trading in the stock market, risk models of banks.
Big data is not just the volume of data. it is a technology that is being used to make this world a digitally empowered world.
With the rise of big data, companies need data to make sense to adjust their overall business strategies.
This requires a background in mathematics, economics or finance. This can be a great business opportunity for an MBA degree holder.
Investment– Low
Growth potential– High
13) Web Developer and Graphic Designer
Current situation Business is the best area where you can see, tremendous growth if you follow certain rules.
In this process promoting a website online is one of the best ways. Here we need to contact the best website development companies to build websites.
If your firm provides an inclusive of Innovative, Planning and Technical Software Services including Website Design, Website Development, Mobile Apps, Website Hosting, Digital Marketing Services can turn into a great business.
Investment– Low
Growth potential– High
14) Custom Drone Building
After Drone Racing League offers $100,000 to the year 2017 champion it’s clear that this new sport will be huge in the future.
Professional drone racing requires custom-made drone.
Now is the perfect time to establish your custom drone building company
Investment– High
Growth potential– High
SERVICES AND HOSPITALITY SECTOR
15) On-demand Services
On-demand services like Ola, Uber, Zomato food delivery, Trivago, Airbnb etc acts as a mediator between customers and providers of different services.
Instead of searching online for hours the user pays a small fee to these companies for faster and efficient services provided by their apps.
Average of the Indian population is 29 and the astronomical increase in the use of smartphones in future on-demand services will become common.
Investment– High
Growth potential– High
16) Travel and Tourism Agency
Indian Travel and Tourism market is going to grow by a whopping 7% and it contributed a total of 208.9 billion U.S. dollars to GDP in India in 2016 which is 9.6% of the GDP.
World Travel & Tourism Council (WTTC) report says India to be 3rd largest tourism economy by 2028.
The report also states that India will add nearly 10 million jobs in the tourism sector by 2028 and that the total number of jobs depend directly or indirectly on the travel and tourism industry will increase from 42.9 million in 2018 to 52.3 million in 2028.
Entrepreneurs planning to start a business in this sector currently it’s a right time
Step by step process on how to start the travel agency business
Investment– Medium
Growth potential– High
17) Food-related Business
India’s food service Industry Is one of the fastest growing in the world.
Food-related businesses include:
Restaurant
Cafes
Breakfast Joints
Catering business
Bakery
Food truck
Organic café
Vegan food shops
Investment– High
Growth potential– High
18) Event Management and Wedding Planner Consultant
Event planner uses his organizational skills to plan a perfect wedding, trade show, celebrity event, political event etc.
Money can then be made from sponsorships, entrance fees, on-premise sales to attendees, and other things.
Investment– Low
Growth potential– High
19) Business Consultancy
Increasing unemployment issues worldwide, high inflationary rates or the rise of entrepreneurial trends are some of the reasons why consultancy business will do well in the future.
Consultancy good opportunity for professionals and experts in the various feed to guide and solve peoples problems with helpful and innovative solutions.
You can start a different type of consultancy firm such as:
Career counselling consultancy
Law consultancy
Entrepreneurship consultancy
Recruitment firm etc.
Investment– Low
Growth potential– Medium
20) Logistic Sector Business
India’s logistics sector to reach USD 215 bn by 2020 with the implementation of GST: Economic Survey
The Indian logistics industry has grown at a compound annual growth rate (CAGR) of 7.8% during the last five years.
With the booming potential of the industry, several new-age companies have entered the logistics industry to replace traditional methods with efficient solutions using technology
Investment– High
Growth potential– High
21) Health Services
With Govt. of India launching Ayushmaan Bharat scheme there is a huge supply gap in healthcare services.
Governments around the world are looking for a public-private partnership to provide safe and affordable health care to its citizens.
Investment– High
Growth potential– High
22) Real Estate Sector
Migration towards the cities is on the rise. There can be many reasons such as better living standards, better education, and health care services or to find jobs for such migration.
Due to this migration Real Estate sector may again see a boom period due to the demand for affordable housing with all amenities.
It is a great opportunity for builders, brokers, construction companies to offer services to people.
Starting a real estate agent will be a lucrative business idea for the future. But to start such business require experience in the field and government license.
Investment– High
Growth potential– High
23) Business Incubator
The job of a business incubator is to provide facilities for new startups and small businesses such as office space, electricity connection, high-speed internet, food catering etc.
You don’t have to start big a small local business incubator is the perfect way to start.
Investment– High
Growth potential– High
ART, MEDIA, AND PERSONAL SERVICES
24) Media Businesses
These include-
SELF-PUBLISHING
SOCIAL MEDIA MANAGER OR CONSULTANT
CONTENT WRITER
PODCASTING
BLOGGING
YOUTUBER
Investment– Low
Growth potential– High
25) Handmade Goods
If you are a crafty person you can produce handmade goods like jewellery, bags, clothes and create a brand then sell them online.
Investment– Low
Growth potential– Medium-High
26) Landscaping Business
Starting a landscape business is one of the easiest businesses to start in most cases.
however keeping one operational, profitable and legal can be difficult.
Start off by creating a business plan that includes market detail, cash flow projections, competitors, and market cap.
This will give you a good grasp on what your market can bare and give you a perspective on whether or not you have the potential to stand out
Investment– Low
Growth potential– Medium-High
27) Interior Decoration
Interior Designing in itself is a wide field and there are many accomplished companies from whom you have to compete.
Before starting Interior Designing you need to have following things:
1. Website
2. Contacts
3. Optimum utilization of social media
4. Work on photography
Investment– Low
Growth potential– Medium-High
28) Gym Ownership and Fitness Instructor
Obesity in on the rise around the world and if you are a fitness enthusiast and want to open your own gym seems a great idea.
But opening a gym and running a gym is the totally different thing it’s not as easy as it seems to run a gym.
For your gym to be super successful following things are needed:
- Prime location
- certified trainers
- Consumer-friendly services
- Adequate promotions and a discount campaign
- Right fitness equipment
- Right business plan
Fitness instructors should definitely use social media recording a series of fitness videos and posting them online is not only a fantastic marketing strategy, but it’s also a viable way of how to generate additional income.
Investment– Medium-High
Growth potential– Medium-High
CONCLUSION
Whatever business idea you choose I’m sure the above information will you broaden your perspective.
Just remember idea alone will not sail you through success you need dedication, passion, and persistence to achieve great things.
If you follow these I’m sure you can be the next successful entrepreneur.
Do you have a great idea for a business?
Have I missed anything? 🙂
Let me know in the comments section!
