Odisha has been mainly the economy based upon agriculture, which is now transitioning towards the business sector. Odisha is the best place for starting a business. The main business ideas in Odisha consist of tourism, hotels, restaurants, transport, communication, insurance services, and other financial services. If you are also looking for a profitable business idea in Odisha, then read the article. I have shared the ten best business ideas in Odisha. All these businesses need less investment and can be initiated on a small scale.
- Candle Making
- Cashew Nut Processing Business
- Jute Bag Making Business
- Food Delivery Business
- Solar Energy Business
- Handicraft Business
- E-commerce Business
- Tourism Business
- Franchise Business
- Hospitality Business
1. Candle Making
Aspirants of doing a business in Odisha with a small investment can start with candle-making. There is a high demand for candles in the state. You can make different types of candles such as traditional white, decorative candles, scented candles, and many more as per the demand. The raw material for the candle-making business is easily available in the local market.
You can even start making candles at home and sell them locally in the initial days. Get in touch with wholesalers, gift shops, grocery stores, and many other places where the demand is high. There is already a big market for decorative candles as a gift item. Sell the candles at cheaper rates as compared to your competitors. Once you have maintained good connections in the market, this small investment business can make you a millionaire as it can gain you a massive profit.
2. Cashew Nut Processing Business
A unit of cashew processing is a big profit-generating business that can get started with a small investment. There is a high demand for cashew nuts in Odisha as it is a famous state for cashew production. First of all, understand the market before starting this business. Cashew nuts need proper processing, which is necessary as people do not consume raw cashew nuts.
As people are so health-conscious, they demand properly processed cashew nuts, which carry multiple health benefits. But, as per the demand, the supply of cashew nuts is not so enough. Before starting this business of cashew nuts, choose the location where you can easily get raw material. This small-scale business will surely help you get handsome earnings.
3. Jute Bag Making
If you want to open a small business in Odisha, then you can consider Jute Bag Making. Odisha is well-known for producing jute crops. We use many things in our daily lives, such as jute bags, chairs, tables, and more are made of it. Hence, it is an important part and used in our day-to-day life. It can be a money-making business if the use of raw materials is well planned and executed in a good way.
As per the business point of view, it takes a small investment, but it gives the best result in order to earn money. You can easily start this business in Odisha as jute being a crucial part of daily lives, can easily be available there.
4. Food Delivery Business
Odisha is the state where the food delivery system is not so satisfactory, except Bhubaneswar. If you are thinking of starting a business with small business ideas, then a food delivery business would be the best idea as people require this service. Supplying food is not a costly business. You only need to make new contacts for spreading the network in the area you want to cover.
You can also expand your network by getting in touch with restaurants and hotels or can develop a mobile application for online food delivery services. Make sure that you are providing the best service as it will keep you up on the list of delivering food. All in all, a food delivery service is the best business to start in Odisha.
5. Solar Energy Business
Nowadays, a solar energy business is considered to be the most profitable business all across India, and it is holding a top position in providing huge profits. The idea of starting a solar energy business in Odisha is as good as gold because it is the hottest state all through the year, and you can supply electricity at affordable and reasonable rates.
Your initiate into the solar energy business can help you get high profits with a low investment. This business is running successfully in many other states like Punjab. It will be in demand in the future as well, as many states are adopting it rapidly.
6. Handicraft Business
It is one of the small business ideas that you can opt for. Odisha is very famous in the whole world for its handicrafts. It is one of the best sources for money-making. The most popular handicrafts in Odisha are pottery, horn works, terracotta, and more.
You can start the industry by selling these handicrafts online. You can also collaborate with some exporters to get a place in the international market. Once your products are in demand and you start providing excellent service, it will get you recognised in the market and gain you high returns with a huge demand for your products in the global market.
7. Initiate An E-commerce Business
The planning of starting an e-commerce business in Odisha is a great idea. It is because Odisha is situated on the seaside, and things that prevailed in the colder regions are not available here. In this way, you can make such kinds of stuff available in Odisha by importing from different locations. These items will be in high demand and will get you more profit. You only need to find the right place for your business to gain more customers.
8. Tourism Business
The tourism-related business is one of the best business ideas in Odisha and is holding its position at a fast pace in Odisha as there are many places to visit such as temples, beaches, craftsmanship, landscapes, monuments, wildlife centuries, scenic beauty, and much more. Despite all this, the tourism industry is lagging and requires proper arrangements and facilities for the visitors.
The tourism sector holds great potential in Odisha and offers excellent business ideas like a tourist guide, photographer, and more. These ideas can be highly profitable and need a low investment. If you love to explore new places and interact with different people, then this business will be proved to be a boon for you with high returns. For you, it is to be on velvet.
9. Buy a Franchisee
Buying a franchise is another business idea that you can consider for starting a business in Odisha. Though it needs a huge investment initially, it can also earn a handsome profit at later stages. There are different franchise options, which you can consider.
These include food-based franchisees, such as pizza, ice cream, other fast food options, clothing-based franchisees, electronic items, footwear, etc. You need to find the right locations for your franchisee business and arrange enough funds.
Also Read: How to start your own Franchise?
10. Hotels & Restaurants
As already discussed, Odisha is a great tourist spot. Thus, hotels and restaurants can cater to tourists’ needs to stay and enjoy food. You should select the most visiting places for the location of your hotel or restaurant. These places include Puri, Konark, Bhubaneswar, Chilika Lake, Cuttack, and many more. It is the most profitable business to start in Odisha.
Also Read: How to open a Restaurant?
To conclude, Odisha is a great place to start a new business. There are various local business ideas for you to consider. You can choose any of the businesses in Odisha shared in this article. However, the tourism and hotel industry make the primary business ideas.
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FAQs on Odisha Business Ideas
Q. What are the different funding options available to start a business in India?
Ans: There are different options that you can consider for capital-related requirements. You can take a small business administration loan. Apart from that, you can consider the funding from private investors. Crowd-funding is a new funding option getting popular these days where one can get funds from multiple sources simultaneously.
Q. What are the documents required to get the Private limited company registered in Odisha?
Ans: The below-given documents are required to register a company in Odisha:
- PAN Card
- Identity proof
- Address proof
- Two Passport-sized photographs
- Scanned copies of photos and proofs
Q. How can I register my company in Odisha?
Ans: You need to follow the below given simple steps to register a company in Odisha:
Step1: Acquire the digital signature
Step2: Apply for the director identification number
Step3: Apply for name approval
Step4: Get INC-32 form attested by CA, Advocate, or Secretary of the company
Step5: File the e-MoA (INC-33) and e-AoA forms (INC-34)
Q. Which franchise should I buy for my business in Odisha?
Ans: There are several options that you can opt for selecting a franchisee in Odisha. You can choose a franchisee on the basis of food, clothing, electronic items, ice cream parlour, and many more.
Q. What are the best business ideas in Odisha at a small scale?
Ans: There are a number of business ideas to start in Odisha. You can start your business at a small or large scale based on the type of investment you have. There are more than enough business ideas in Odisha, including tuition center, travel agency, blogging, online bakery, fashion designing, etc.
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