New Business Ideas

All you need in order to become an entrepreneur is just that, an idea because I have met so many individuals who want to become entrepreneur but don’t exactly know where to start. Now if you are reading this article with an expectation that you will find a good startup idea then it wouldn’t be fair if I end this article without researching about some of such ideas that will cover most of the market in near future. I am providing some of good ideas on which you can start a business. 

• Podcasting

A podcast is an audio show that is typically hosted by an individual or a business or a brand. The framework of a podcast can be any format but the most common one is the interview format. This is something that helps you if your hobby is talking. Essentially, a podcast takes after a chat show and presents the entire conversation in an audio format alone.

Industry leaders, influencers, and other notable personalities invite their peers on podcasts and talk about relevant topics and issues. The conversations are fun, spontaneous, and casual. They are also very endearing and personable. All you need is a good microphone and headphone, recording software and a podcast account. As per a research the market value of this industry will be Rs. 510 crore by 2023.

If you are someone who is knowledgeable in any particular industry or niche and if you like to have interesting conversations and ask important questions, you should go ahead and start your very own podcast.

• E-commerce

E-commerce in India has been experiencing explosive growth and shows no signs of slowing down. It is a huge pie and there is an opportunity available for everybody. As per research the total market share of this industry will be approx Rs. 14.20 Lakh crore by 2026.

Either you can setup your own website and sell the products you source or manufacture or you can choose to sell via marketplace available on social media platforms such as Facebook, Instagram or LinkedIn. And also you can choose to partner with Amazon as part of its FBA (Fulfilled by Amazon) program as many are doing successfully this too. Irrespective of which route you take, with the right business strategy, all of them can be just as profitable.

One more thing you can do is drop shipping. It is an online retail business model that functions as a platform connecting the wholesalers with end consumers without having to own a warehouse, physically stock, or ship a product. Because of the massive boom in the e-commerce industry, drop shipping has become a very popular space to start an online business in.

• Online teaching

Teaching is gradually moving to the online medium. Online teaching is becoming extremely popular and after Covid19 is well on its way to disrupt many traditional methods of teaching. The online education space is booming at the moment and anyone who gets into this industry now can tremendously benefit from this timing.

If you are someone with a deep understanding of any particular subject and have a passion for teaching, you should definitely get into the online teaching space. By taking online classes, you will be able to reach thousands of interested students across the globe. The opportunity here is massive. As per a research the market value of this industry will be Rs. 13000 crore by 2021.

You can choose to publish your courses on marketplaces such as Udemy and Skillshare, or you can host it on your own with platforms such as Teachable. Irrespective of where you start teaching, it is important to build good relationships with your online students.

• Box Subscription Services

A subscription box service is a delivery service that sends a host of products to its customers on a monthly basis. If you have lurked around on any of the social media platforms, you may have seen a mention of a subscription box service at least once. The concept of subscription box service is not a novel one. But it has grown in popularity in the last decade because of ecommerce and social media. As per research the total market value of this industry can be approx Rs. 20000 crore by 2022.

 A subscription box includes a variety of products based on customer preferences and requirements. This service can be offered in a wide range of categories. These categories include makeup and beauty, fitness products, men’s grooming, pet essentials, groceries, snacks, clothes, or any other essentials one can think of.

• 3D Printing

In the past few years, many industries, ranging from aerospace and defense to medicine and dental care, have come to depend on 3D printing. 3D printing has become an extremely important part of the manufacturing sector. According to a research the total market size of this industry can go up to Rs. 2.63 Lakh crore by 2023.

In order to set up 3D printing, you need to have a very good understanding of this technology. The 3D printing equipment required to set up the business will require the majority of your initial investment. You also need a good network of vendors who can supply the raw materials required to create the prototypes. Once you have all of this in place, you can start approaching different businesses and offer your services.

3D printing is positioned to experience explosive growth in the coming years and you could be a part of that growth story. 3D printing is the process of making physical models and prototypes rendered by digital designs created with software such as CAD. Any company that is in need of 3D printing technology is your ideal customer.

• Vertical Farming

If you a farmer and want to do a startup in this field then this could be the best startup idea for you. Urbanization and the desire to eat vegetables that are grown in a healthy, pesticide-free environment are the two reasons that have majorly contributed to vertical farming’s popularity. According to a research the market size of this industry can be Rs. 89000 crore by 2026.

Vertical farming is a method of growing food indoors using modern technology such as hydroponics, aeroponics, and aquaponics to grow greens and vegetables indoors and this doesn’t require soil or large masses of land or large quantities of water.

It is called vertical farming because all of the farming happens indoors in a multi-layered, vertically stacked fashion. Vertical farms can be harvested all year round since they do not depend on any particular season.

• Cloud Kitchen

Cloud kitchens are delivery-only kitchens that service areas where it might be difficult to open a restaurant. With the increasing popularity of food ordering and delivery apps such as Swiggy and Zomato, the demand for cloud kitchens is at its prime at the moment. According to a research the market size of this industry can go up to Rs. 1 Lakh crore by 2023.

Cloud kitchens work as back-end kitchens that service delivery orders received through the restaurant aggregator apps. These kitchens are the most efficient way to service high-demand food delivery areas without having to open a full-fledged restaurant in those areas. Restaurants and food aggregators have come to rely on a good network of dark kitchens to expand their business. By entering this market now, you will become part of the industry that only seems to be moving upward.

• SEO Consultant

SEO is an integral part of every business’ digital marketing efforts. An SEO consultant develops the right strategies for a business to help it rank favorably on a search engine result page. If you are a marketing enthusiast who is willing to learn more about SEO, you should consider looking into this opportunity.

There simply isn’t a business today that doesn’t need the help of a search engine optimization (SEO) consultant. Every business is on the internet. And for the business to remain visible on the internet, it needs to be optimized for search engines. According to a research the market size of this industry can be Rs. 5.53 Lakh crore globally within next few years.

• Digital Marketing Agency

Every single business today requires the services of a digital marketing agency. There simply isn’t an exception. The reason is simple; businesses go where their customers are. And the customers are on digital platforms. There are 566 million internet users in India today. According to a research the market size of this industry can go up to Rs. 80000 crore globally by 2022.

It is your responsibility to develop a content strategy based on analytics, keywords, and other important data that will aid the content-marketing efforts of the business concerned and generate targeted business results.

• Modern Tour Guide

Traveling to a country like India can be overwhelming; for this reason, guided tours remain the cornerstone of the tourism industry. They are reliable, safe, and one of the best ways to go about visiting the country. India continues to attract hordes of tourists year after year because of the rich history, diversity, and cultural prominence.

In order to get into the business of guided tours, you don’t have to live in tourist-heavy destinations. You just need to be good at making these travel arrangements for your clients. Guided tours are particularly popular among international tourists because of language barriers and logistical challenges.

• Solar Contractor

If you are someone who has been looking for an opportunity in the renewable energy space, you should consider becoming a solar contractor. The Government of India has set an ambitious goal of generating 100 GW of solar power by 2022 and you can play a small role in making this happen.

All new construction buildings are making solar integration a part of their plan from the very beginning. As a solar contractor, you will be able to handle all the solar installations in such facilities. You will also be able to assist the existing buildings that are making a transition to solar energy. In order to become a solar contractor, formal education in the energy space is helpful but not required. You can undergo solar energy training by attending workshops and courses. Partnerships with the right vendors will also be an important aspect of this business.

Regards

Anil Soni

Chartered Accountant | Author | Investment Advisor | Startup Mentor | Consultant