Top-19 Business Ideas that will you definitely give you great profits!

Lucrative & In-demand Business Ventures in India for 2021 & many many years

You probably would have come across plenty of inspiring entrepreneurial stories. How Bill Gates dropped out of college to form the world's most popular software company, how Mark Zuckerberg created Facebook out of his college dorm and so on. Closer home, we have legendary businessmen like Narayan Murthy, Shiv Nadar, Anand Mahindra and several others who built their million-dollar companies from a modest start.

So, what's the unifying thread that connects all these successful entrepreneurs? Is it their prestigious Ivy college degrees, or is it their ability to secure the right funding for their dream ventures? It’s neither! We believe that the most crucial factor for a business to be successful and profitable is the spark: the core idea that ignites your dreams.

When you have an idea, you have a foundation to work on. You can then build on this foundation by bringing in the right people, the right investors, and the right market. However, sometimes finding the right idea for your business is the most challenging task of all.

Worry not; in this article, we have compiled a list of the top 10 profitable business ideas in India for 2021 and beyond. Browse through our list to see if you can spot an idea that appeals to you. The best part – the business ideas listed here do not require extensive capital. You can kickstart these ventures with a modest capital and chart your success story. Dive in to see if you can find your dream business venture among the ones listed here.

Top 10 Lucrative Business Ideas for 2021

1. Online Tuitions

This is one of the most in-demand and profitable businesses right now. With schools and tuition centres shut down, parents are looking for alternate options to continue their child's education and fill educational gaps.

If you're an expert in a particular subject, you can easily set up an online tuition centre offering your services. All you need is a fast internet connection and creativity to engage the pupils: with these two you're all set to start your business. This business venture requires minimal investment but is time-consuming.

You can advertise your centre via social media to friends and family. Once you're able to get a few students, you can connect with their friends and spread the word about your online tuition classes.

2. Home-cooked Meal Delivery Service

This is another profitable business venture that is in huge demand right now. With many people working from home, there is a massive demand for hygienic and healthy home-cooked meals, especially among families where both spouses are working. With office canteens closed, people are forced to rely on home-cooked meals, which is time-consuming.

There is a vast demand for hygienic home-cooked meals delivered daily. However, remember that as your business grows, you may need to get permits from the respective authorities. Getting a license for your catering service is not tedious and can be done quickly. If you have a passion for cooking, then this business venture may be right up your street

3. Home Baking

This is another popular trend right now. People are celebrating all occasions big and small with cakes. They prefer homemade cakes that taste better and offer customisations not available at regular high-street bakeries. If you have a passion for baking, then this business venture can be hugely profitable.

To get started, you have to invest in the right bakeware, oven, and other required equipment. Additionally, you can take a couple of baking classes with established bakers to give you an edge. With the smart use of social media, especially Instagram, you can quickly establish your home bakery and win customers.

4. Smoothie Bar/Kiosk

People are more health-conscious today than ever before. While people love the convenience of eating out or ordering takeaway meals, they are worried about the hygiene and health factor of restaurant meals. You can capitalise on this trend by offering healthy fruit juices or smoothies.

Opening a smoothie bar doesn't require heavy investment. You can initially set up an outdoor kiosk with just a few bar tables and then expand once business picks up. However, remember that you need permission from the authorities before setting up a kiosk/juicing place. You need the required food licenses and permits. Additionally, you also need capital to invest in juicing machines, food processors, and other similar equipment.

However, there is a growing demand for healthy drinks, and the profits can easily outdo the initial investment costs if handled rightly.

5. Customised Photography

This is another profitable business venture that is in huge demand right now. There is a demand for professional photographers specialising in weddings, newborns, families, kids, couple photoshoots, and more. If you have an eye for the lens, then this business venture can be immensely profitable. The initial investment is a high-quality DSLR and a couple of filters, lenses, and other accessories. You can even invest in a drone to shoot aerial photos. This is a popular business venture that can help you earn more with minimal investment.

6. Digital Marketing

According to a Goldman Sachs report, digital advertising in India is set to reach a whopping $160 billion by 2025, nearly three times its current value. With more and more brands trying to woo customers online, they will need professional digital marketing services. There are plenty of digital marketing courses online to give you a head start.

If you know your way around social media platforms or have a flair for content writing or graphic design.,you can set up a digital marketing consultancy and offer your services to other brands. This is another business venture that has the potential for huge returns with minimal investment.

7. Fashion Boutique

The fashion industry is always in demand. If you have an eye for fashion and love keeping up with the latest trends, you can set up a fashion boutique. You can either purchase apparel from other brands and resell it or offer your exclusive product line. Today, a large number of women entrepreneurs successfully sell garments online using social media. If you're able to select the right niche and focus on a target group, then this business idea has the potential to win life-long customers and profits.

8. Fitness Gym

Today, there is a vast awareness among people of all ages to be healthy. The fitness bug is not only prevalent in the metros but also in tier-II cities and towns. Owning a fitness gym is a profitable business, especially in suburban and residential areas. You can attract customers by offering other classes like yoga, Zumba, aerobics, etc., in the same place. However, this requires a bit of high initial investment for the studio space, equipment, and hiring trainers.

9. Household Services Firm

Today, it is challenging and time-consuming to find handymen for various jobs around the house. You can capitalise on this market demand by starting a company that offers multiple household services like electricians, plumbers, carpenters, cleaning staff, etc. This is a profitable venture and has the potential to scale up quickly. However, the one major challenge of this business idea is hiring the right personnel. You need to look for trained handymen to join your team.

10. Travel Agency

People often assume that traditional travel agencies are obsolete, especially with the boom of OTAs (online travel agencies). However, this couldn't be further from the reality of the market. The reasons for the increased demand for travel agencies are the demand for hassle-free travel planning. Though there are multiple apps to book hotels, flight and train tickets, tourist activities, customers look for travel agents who can handle all this on their behalf.

Travellers such as senior citizens and time-pressed corporate workers require travel agencies that offer convenient and exclusive travel planning, catering to their specific needs and preferences.

This is the perfect time to start a boutique travel agency. You can set up a travel agency to cater to a specific niche like hikers, outdoor campers, bikers, group family travellers, foreign travellers looking to explore India beyond the tourist traps, etc. Alternatively, your travel agency can focus on specific destinations like off-the-beaten-track spots, beach vacations, etc.

As a travel agent, you would earn commissions when you book hotels, tickets, and other excursions for your customers. This is a lucrative and growing market, with the potential to offer high returns with minimal investment.

Wrapping Up

Though these business ventures may seem fun and easy, they still carry risks and difficulties. However, with the right effort, planning, and dedication, you can make your entrepreneurial dreams come true.

Also read:

How small business promotes industrialisation?
Why are Small Businesses Important to the Community?
How To Get Small Business Loan From Government?
Best Small-Business Ideas for Retired People in India

FAQs

Q. Some of the ideas listed here seem too ordinary. Is it a good idea to start a typical venture?

Ans: Believe it or not, there's still a huge demand for traditional businesses. If you're able to distinguish your brand from the dozens of similar brands out there – either by offering a unique product, catering to a niche market, or solving the problems faced by customers with current brands, then you can chart a success story for your business venture.

Q. I already have a business idea. But, how do I find out if it's profitable?

Ans: You need to do market research to see if your idea is commercially viable. Begin by identifying potential customers and existing competitors. See if your business venture has a demand. Quantifying the demand will help you get an idea of whether your business is profitable.

Q. Is a business plan a necessity before I start a business?

Ans: Though a business plan is not a necessity, it's highly recommended that you write one. Having a detailed business plan with your objectives, goals, and ideas will help you stay on track.

Q. How can I find the required funding to start my business idea?

Ans: Fortunately, there are plenty of funding choices available to new businesses today. You can opt for traditional business loans from banks, NBFCs, or digital lenders. Alternatively, you can try to get an Angel investor/venture capitalist to invest in your startup.

Q. What is one piece of advice that all prospective business owners should know?

Ans: Before you start your business venture, ensure that you plan ahead. Creating a business plan, even if it isn't detailed, will help you identify your future business's strengths and weaknesses and keep you on track.