Looking for new business ideas? If yes, here is the list. If you think that all business has been occupied then you are wrong. There are still many new business ideas that no one doing but if you put little effort into research. You can actually make huge money with these small business ideas.
India’s Business Landscape
The business landscape of India has the potential to expand in several new areas due to multiple factors. These factors are –
- India is a developing country with high aiming industrial goals.
- Influence of international trade on India and vice versa.
- Government of India (Centre and State) aiming to bring quality industrial growth in their areas.
- More people wanting to start their own businesses due to scarcity in jobs.
The development of leadership and technical skills in India’s youth generation has created a driving force towards industrial innovation. There are now multiple business opportunities in various sectors of India that we will explore shortly.
List of 20 New Business Ideas in 2020
In this list, we shall discuss the business opportunities, the potential cost of startup, and ways to execute the business; for each new business ideas.
1. Mobile Wallet Payment System
Cash is still the primary method of payment for business transactions in a country like India. Indians are more comfortable in dealing with cash than other modes of payment. To establish this business module, the target audience should be a significant section of the Indian population having access to smartphones.
The potential of business like the mobile wallet payment system is huge for market growth. However, a significant amount is required as startup capital as India is totally novel to this idea. Employing good online coders and programmers will lower the startup costs significantly.
2. Indianize E-commerce Store
The prospect of E-commerce as a booming business in India is happening at a quick pace. It is growing mainly due to the reduction in costs of national and international shipments. The availability of cheap labor and goods in India also acts as the key to unleash the huge potential of this business.
The international market would be a good target area for this business as a significant portion of the world population would like to keep products that reflect Indian culture in their homes. Also, people from Mumbai may also want to keep the traditional burnt-clay horses from rural Bengal as souvenirs, so E-commerce stores can cater to this problem as well.
The start-up cost is low if one teams up with local vendors at the initial stage to ship their products
3. Internet Provider
There is a significant growth in demand for better and quicker internet throughout India. There are internet providers but they are not efficient enough, especially in rural parts of India where they cannot provide good internet connection or speed.
Therefore, this business venture has the perfect scope of progressing if executed properly. It is neither low-cost nor very high-cost but it will create a positive impact on Indian people besides making good money.
4. Solar Energy Supply
This business idea deals with the idea of installing solar panels at homes or a local community. For this, electrical generators need to be operated that can store extra power sufficient for community usage.
For this business venture, one has to approach homes and communities in Indian towns and cities to find areas that need this – specifically areas that have frequent power cuts. Setting up this business requires medium costs but high efforts. However, it is one of the newest eco-friendly business ideas as it offers a sustainable source of energy that will reduce coal usage.
5. Warehouse Management for E-commerce
Warehouse management for E-commerce would take up the responsibility of providing fulfillment for e-commerce stores. Warehouses under these business organizations would store goods, set up distribution channels, and provide fleet trucks for e-commerce companies.
This idea needs big capital as large land areas are needed for building warehouses. This is a large-scale new business idea but has the potential of making handsome amounts of money if one knows how much to charge for a variety of shipments.
6. TV Ads Specialist Company
Most Indians spend a lot of their time watching the television. Since it is a popular past-time for Indians, the business idea of creating and managing TV advertisement companies is in demand.
It is not a new business, but the requirements of TV ads are dynamic and therefore one needs to generate new types and varieties of TV ads. Start-up costs would include the cost of setting up studio space and buying or hiring equipment like cameras, green screens, and lighting apparatus essential for making ads.
7. Mobile Ads Specialist Company
Mobile phone usage in India is high and ever-growing, which presents business opportunities to develop mobile ads for companies that do not know how to do it. This business will specialize in making ads for mobile companies so that they can attract more customers than print media.
This could start as a really low-cost business idea if one possesses decent advertising and marketing skills. Not much equipment is required for creating mobile ads.
Related: Mobile Phone Repairing Business – Steps
8. Biometric Sensor Company
There is a growing need for better security measures. Soon, with the aid of the Indian Government, almost all offices and institutions would need to install biometric sensors as security measures.
Therefore this business idea would manufacture and sell biometric sensors to companies and organizations that need to install these in their offices.
The business requires medium start-up costs to build facilities to manufacture biometric sensors. Business returns are expected to be high if one ensures good quality of sensors.
9. Rural Drone Delivery Company
Rural drone delivery companies would have to do the task of delivering goods to rural parts of India. Many rural areas have rough terrains like hilly areas or forest regions where it is difficult to ship products due to lack of transport.
Drones will not have a problem to deal with rough terrains as they can fly. They are easy to build and can transport large shipments in a safe and secure manner – if operated properly. It can start off as a low-cost business venture and gradually grow.
10. Cyber-Crime Prevention Security Company
DDOS attacks are increasing exponentially where hackers send too much traffic to a website so that it crashes. It is a huge threat to some online businesses in India.
As such, this new business idea can solve the problem that can pre-identify DDOS attacks and prevent them from crashing a site.
It would be a medium-cost business venture due to server, software, and other costs needed to run it efficiently. Returns will be high though as all online companies will prioritize their security.
11. Online Specialist in Conversion
Online conversion specialist companies are required to convert online visitors into sales for online business companies.
It is a low-cost business idea that can be executed with computer knowledge and how to convert online visitors into buyers.
Related Read: 20+ Online Business Ideas | Earn $1000 Monthly
12. Wi-Fi Installation Company
With the support of the Indian Government to provide better internet facilities for all, this new business idea has good potential for installing Wi-Fi internet networks. The business is low-cost as the process of installing Wi-Fi routers is comparatively cheap.
Owners of shopping malls and public areas with a lot of human traffic can be target areas for this business venture to set up Wi-Fi hotspots
13. “Website to App” Companies
There is an increasing demand to convert websites into apps with increasing smartphone usage. Coding knowledge on how to make apps is required to do so.
It is a low-cost new business idea if one possesses this knowledge or knows how to hire programmers to do so.
14. International Trade Consultation Company
To assist the growth of international trade this can be a new business idea. A company could be started that helps Indian companies expand their global trade. This will be done by sharing knowledge for a price on how to ship and sell products worldwide.
Another approach can be to help companies from other countries trade with Indian companies. Start-up costs will be low if one has background knowledge about international trade.
15. Vertical Greenhouses
As land availability becomes scarce, building vertical greenhouses with multiple levels of fruits and vegetable plantations, one could produce more harvest in lesser space.
This would ensure negligible transport costs and guarantee fresher food for surrounding areas. It is a high-cost business venture but would generate good amounts of profit in the long run.
16. “Peer to Peer” Lending Company
This is a novel and noble business idea. It can help people who are in ardent need of loans but are denied to access loan facilities from banks.
Investors can provide money on loan at their suitable interest rates. It will be an alternative to investment firms. However, one needs to make sure to lend to people with decent credit scores.
17. Vinyl Record Making Company
There is a rising demand for vinyl records. For this business, the company needs a shop or warehouse where they can print and develop vinyl records.
Investment for this business would be based on the cost of required machines. If one is interested in music, this is a good business to set up in India.
18. Web Designer
This is not really a new business idea but it is one in high demand to produce newer trends in web designs.
It is a low-cost start-up as one would need web designing skills and a computer. Plenty of businesses need web designers.
19. Social Impact Investments
There is a demand in India for “social impact”. It is becoming a priority for Indian consumers who are becoming aware of the impact of what they are consuming on themselves, on others, and the environment.
This business venture aims at raising and providing funds to organizations that are socially and environmentally cautious of their business impacts.
20. Online Vinyl Record Store
These will be online stores that sell rare and popular vinyl records. If one finds vinyl manufacturers who cannot effectively sell their products, this company can buy and sell their vinyl records. It is a low-cost business venture. If you don’t know what is Vinyl records click here
Now that you have read all these new business ideas, which one will you opt for if you aim at starting your own business in India?