Future Business in India: Trends & Opportunities to Watch Out

September 22, 2023
future business in india

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You might have heard these famous words of wisdom by Dave Chappelle- “Modern problems require modern solutions.”

And to provide these solutions, today, several innovative business ventures are being started.  India is a developing country which has its developing needs and wants which are required to be fulfilled with limited resources. In such cases something different has to be started, that is how innovative future business ideas started growing rapidly.

In 2023 alone, around 19000 startup businesses started in India. This shows the bright scope for new business ideas and ventures. So, if you are thinking about starting your own future business in India; then it’s high time. But another question that arises is what are those innovative business ideas which will become a future business in India. No worries in this article you will get to know all about the profitable future businesses of India.

Best Innovative Business Ideas in India

Business

Estimated Investment

Growth Rate (CAGR)

Estimated Earnings (Per Month)

Cloud Kitchen

 

₹30 lacs

15.4%

₹3.75 lacs.

Digital Marketing Agency

 

₹5 lacs

13.1%

₹80000

Investment Business

 

₹5-10k

15%

₹20000

Courier Service

 

₹1 lac

10.5%

₹30000

Outsourcing Business

 

₹8 lacs

10.8%

₹58000

Internet of Things (IoT) Business

 

₹10 lacs

29.4%

₹100000

Biometric Sensor Locks

 

13 lacs

11.8%

₹500000

Broadband Business

 

₹8 lacs

9.7%

₹60000

Freelancing Services

 

₹5k

15.3%

₹40000

Software Development

 

 ₹5 lacs

11.67%

₹1500000

Solar Energy Business

 

₹3 lacs

8%

₹30000

Import Export Service

 

₹70k

11%

₹100000

Book Selling

 

₹15 lacs

4.41%

₹300000

Domain Selling

 

₹10k

5.18%

₹50000

Real Estate Business

 

₹40k

9%

₹80000

Online Course

 

₹10k

16%

₹15000

Mobile Wallets

 

₹12 lacs

14.6%

₹1000000+

3D Printing Business

 

₹7 lacs

22.5%

₹300000

Virtual Reality

 

₹10 lacs

15%

₹400000

E-commerce Store

 

₹10 lacs

14.7%

₹80000

Top 20 Innovative Business Ideas in India

Here top 20 future business ideas which are going to boom in upcoming years. If you develop the necessary skills and have an interest in these fields then you can consider starting any of these businesses.

1.) Cloud Kitchen

Cloud Kitchen means a commercial kitchen or restaurant which only provides online food delivery. There is no facility for dine-in or takeaway. Right now, in India, this business is in the initial stage. This is the right time to start and grow this new business in India as it will be a great future business with a growth rate of 15.4% CAGR by 2030.

You can start this business from your home kitchen. But you have to get some licenses like FASSAI and Commercial Kitchen Certification, and you are good to go. The cloud kitchen business can be registered with food delivery companies leading in the market like Zomato and Swiggy. Also, you can do your marketing and sell on your website. You can do different experiments and develop your new and innovative menu.

Also Read: 40+ Food Business Ideas in India

2.) Digital Marketing Agency

Digital marketing is an emerging business in India. Still, you can see traditional marketing at its peak in most places. However, traditional marketing will soon be replaced by digital marketing, and it will be a great future business in India. Digital marketing generally consists of several aspects like Affiliated Marketing, Social Media Marketing, Web Marketing, Email Marketing, Blogging, SEO (Search Engine Optimization)

With the recent changing technology, new and innovative marketing methods will appear, eventually replacing traditional marketing. You can develop it with the right strategies. Overall, it has potential for future business in India.

3.) Investment Business

The stock market is at its peak and shows potential for further growth. Similarly, there are other investment options available, such as cryptocurrencies, gold, real estate, futures and options, and so on. You can also invest in these sectors. The investment business never gets old, and India will have good business in future. Investment requires some initial capital and proper knowledge. You have to keep learning from your mistakes and methods in the stock market. Only then can you progress?

4.) Courier Service

With the increase in e-commerce in India, the demand for courier services is increasing daily. Top startups like Delhivery, Expressbee and others have shown remarkable growth in recent years. However, there is pressure in the courier industry for internal operations. So, this is the right time for you to enter the courier industry.

The right strategy for courier service can be intra-city and intercity courier services. In intra-city courier service, you can give service within the city. Similarly, for intercity, you can provide services connecting different cities of India. You can easily grow your courier business by putting in innovative business ideas.

5.) Outsourcing Business

Outsourcing means hiring someone outside the company for operational activities. This is one of the fast growing business in India. In the present scenario, developed countries like the US, UK and Canada need many outsourcing personnel as there is a huge requirement for manpower.

With digitisation and increasing demand for professionals across the globe, it provides the best opportunity to get into this business, as it can become a great future business in India.

6.) Internet of Things (IoT) Business

How wondrous would it be if you can operate your AC or TV or any appliances from your office or anywhere else through Wi-Fi, right? Well, this is no longer a wonder for a common person. Such things are being done today through a technology called the Internet of Things (IoT). And if you are someone who belongs to the IT field and wants to start your own business then you can consider an IOT business for sure.

You can either go for B2B or B2C business model. For B2C, you can manage the individual house or areas. However, for B2B, you can sell or provide rights to your technology to the buyer. But you have to learn or hire some technology to conduct this business. This business has a great future in India.

The technical field is a fast growing business in India. Once you get the technology and software, the overall cost of the product will go down. The pay scale and revenue from the clients will go a long way in making IoT a profitable business.

7.) Biometric Sensor Locks

Biometric sensor locks are those locks that require fingerprints or a facial view to open. It is the most advanced locking system. So, you can also start this future business in India. There is a huge demand for this technology in human resources, corporate offices, schools, and mobile devices. So, if you start this business you are positively going for it.

You need to develop your product and software to run it. Sometimes this requires just one or two people to start but if you want to go at a large scale then you will need more professionals by your side. Moreover, technology is developing rapidly, and you can get into this business right now to make a maximum customer base.

8.) Broadband Business

The demand for broadband has increased effectively due to an increase in the work-from-home (WFH) culture. Specifically, the IT industry will adopt a hybrid work model where every individual can get a chance to be adapted to WFH. So, it will require connectivity with broadband. Also, in recent times, education has shifted to online mode, and in the future, it can go even further online. It will also require broadband.

The overall consumer need for broadband will show a peak, if not in recent times, then in the recent future. But you have to adopt a business model that can beat the competitors and build your successful future business in India. And once you have a solid plan you can provide your services.

9.) Freelancing Services

Freelancers are the ones who do projects and get paid for them. There is no salary-based system. At present most people are adopting freelancing careers. Many startups hire freelancers and the demand for freelancers starts increasing in the coming years.

If you are willing to get into the freelancing service business, you can build up a network of different freelancing individuals and provide the projects. You just need to pick your niche and learn the necessary skills and a service that can solve someone’s problems. Freelance services like copywriting, editing, and virtual assistance are one of the great business models and future business in India to follow.

Learn anything and everything about Freelancing in our Freelancing guide

10.) Software Development

As you already know, the technology and online industries are at their peak in India. Moreover, it will further expand even more in the future, too. So, there will be a need for web, android, IOS, and Windows development companies to fulfil demand.

It is the best time to get into the business of software development because, in the upcoming years, the demands are going even further. But if you will follow the right strategy, you can defiantly grow a sustainable business.

Limitless learning. Limitless Earning with Chegg

11.) Solar Energy Business

With the rise in the demand for sustainable energy sources setting up a solar energy business can be quite lucrative. It is cheap and convenient for India. Also, many solar plants are implanted in urban and rural areas. Under the solar energy business, you can provide services directly to the consumer.

You can provide your technology to retailers and wholesalers. This business is very profitable; however, you have to invest regularly, and it requires huge capital. Therefore, financial planning is very important before starting this business. But you can positively consider it one great future business in India to start with.

12.) Import Export Service

With India being one of the biggest exporters of products like tea, handlooms and spices to the world, starting an export/import business can be quite profitable.  Many will hesitate to start because of their lack of experience. However, with consultants and over time you can achieve success.

To start the business, you need to decide whether you want to work in the import/export of any specific product or commodity i.e; tech gadgets or car parts only. Or you can import/ export any type of product or commodity. After which you need to get your business license and start making deals.

13.) Book Selling

Even in the times of social media and Netflix, there are people who find solace in reading books. With a market growth rate of 4.41% the books selling-business is one good future business in India to start. Whether you sell books by opening an offline bookstore or selling online there are guaranteed sales with ample profits. 

You can your business by networking with various publishing houses and talking with authors, book retailers and wholesale sellers. This way you will get to know the insides of a book-selling business. And when you get good knowledge, you can start your business of selling books.

14.) Domain Selling

The domain is the web copyrights that you can buy and sell at high prices. The use of websites is increasing exponentially, which needs a domain. This business is low risk, high profit business if done right.

If you want to get into the business, you have to invest a bit to buy lots of domains. There are several legalities involved in business, from protecting domain names from copyright and trademark issues to careful selling- re-selling of old domain names.  And finally, when you sell these domains at high prices to other old or new businesses in India you earn good money, this is what makes it a profitable business in India.

15.) Real Estate Business

Real estate is an evergreen business making it a future business in India. It is estimated to become a Rs 1 lakh crore industry in the coming ten years. However, you would require a heavy investment in the real estate business, and you have to buy some properties. Then you can sell those properties at the market price.

You can make some modifications to the business process that could create a super profit in the market. The prices of real estate always keep growing, so there is very little chance of loss.

16.) Online Course

You can teach online and sell online courses. The education scenario has changed after the pandemic. As students, teachers and teaching move to the online space, you can start designing courses online. It is a great small-scale business idea which can flourish due to its demand and low investment.

What you need to start an online course-selling business is a topic to teach, equipment to record video lessons, software to develop your course material and a website to sell your course. Once your course goes online you will earn money every time someone buys it, which is one of the good business ideas.

17.) Mobile Wallets

Digital payments have increased in India after the pandemic, creating a huge demand for mobile wallets. The demand for mobile wallets has also increased due to the growth of the e-commerce industry. The estimated value of mobile transactions was recorded at Rs 1.5 trillion in the last year which is projected to grow in the coming years making it the most profitable future business in India.

If you belong to software development background then it becomes easier for you to develop your own mobile wallet. However, you can hire professionals too, who will create the app for you. After creating the app, you also need to get a Prepaid Wallet License from the Reserve Bank of India, then only you can launch your wallet for the common public’s usage.

18.) 3D Printing Business

3D business printing produces inexpensive printer accessories using 3D Printers. It eliminates laborious, methodical processing that takes place in factories. It makes the products affordable for those who want affordable products. With less competition and higher demand, you can easily flourish 3D printing business. This is one of the best innovative business ideas.

Although the equipment and initial capital are quite high once you start getting regular customers you can positively make this a lucrative business. Industries like fashion, architecture, research and development are some of the big customers for the 3D Printing Business.

19.) Virtual Reality

Commercial VR technologies have ignited an invention boom, and a wide range of businesses are starting to sell VR technology. The business is growing and will be worth Rs trillion in the next five years.

Before starting the business, you need to decide who will be your target customers, the gaming and entertainment industry has great demand for VR so can try it there. Other than that education sector, research and development and tech sectors are good customers to offer your services.

20.) E-commerce Store

If you are looking for upcoming business ideas in India, E-commerce is a great industry to start your business. You can easily start your e-commerce online with low-cost investment. And after registration and domain purchase, you can sell your products.

Before starting you need to create your ecommerce business website and app, after that you need to decide what kind of products you want to sell. After that you need to research it’ market demand, competitors, targeted audience. When all this is done, you can start building you online store then choose sales channel and start selling. Once you have established good hold you can turn it into fast growing business.

Recommended Read:
Innovative Business Ideas You Can Start From Home
Unique Business Ideas to Stand Out in 2023
50+ Incredible Small Business Ideas

innovative business ideas statistics

How to Evaluate Success of Your Future Business Idea?

If you are wondering whether the innovative business ideas that you are thinking about are even scalable or going to be successful in future or not; then there is a way. Here is how you can evaluate the success of your business idea in a few simple steps.

Step-1 Do the Market Analysis

The first and foremost thing that you need to do before starting any business checks its market size. Research and explore whether the service or product that you want to offer has any need or not. If there is no need for your product or service your innovative business ideas are not going to be profitable.

Step-2 Customer Demographics

Once you know that there is a scalable market for your product or service you need to know about your targeted customer. Research their demographics, age, gender, culture etc. This way you will be able to provide them with the right products/services and help you earn profits too.

Step-3 Conduct Competitor Analysis

If you want your future business in India to be successful conducting a competitor analysis is important. This helps you level up your business game. Do analyse your competitors, observe their strengths and weaknesses, things that work for them, their promotion strategies etc.

Step-4 Do the Budgeting

Creating a budget and determining your initial investment amount is a crucial step. If your business idea needs huge funding then you should consider twice that your business profits can cover your capital investments. It is recommended not to invest all your funding at once.

Step-5 Take Expert Opinion

It is recommended that before your business plan goes on the floor, meet some industry experts. You can talk to any consultant or some industry veterans who can give you advice. Take feedback from customers for your products or services.  

Related:
Steps for Creating the Best Online Business Plan
How to Start a Business : 11 Steps to Get Your Business Up and Running

Future Business Ideas – Key Takeaways

Starting your own business can look like one big, scary thing to do; but look at the brighter side. You can be independent, be your boss and earn a salary without any monitored packages. And wonder how great it would be if you could also help people with your innovative business ideas.

So, don’t wait up for any other signs, start your future business in India today. And in any case, if you are wondering what business you should start, keep the listed business ideas in your mind.

With our Business guide, discover unique business ideas, build a successful business from scratch, and learn effective business growth strategies.

Frequently Asked Questions

Which is the best future business in India?

Many good businesses in India can give you future returns. However, among all these businesses, some of the best future businesses in India are as follows:

1. Cloud Kitchen
2. Digital Marketing Agency
3. Investment Business
4. Courier Service
5. Outsourcing Business
6. Internet of Things (IoT) Business
7. Biometric Sensor Locks
8. Broadband Business
9. Freelancing Services
10. Real Estate Business

Which future business in India is most profitable?

You cannot specify any business to be profitable. However, the profitability depends upon your business model. If you can make a good business model, it will generate profit. However, there are some businesses which tend to be more profitable than others, some such profitable business in India are:

1. Online Course Selling
2. Digital Marketing Agency
3. Freelancing Services
4. IOT Business

Which future business in India will boom?

No doubt the tech industry is going to boom in India. Currently, the tech industry is showing great potential and pushing furthermore. So, anything in the tech industry will certainly grow to a great extent.

You can also start your new business in India online which is more likely to be successful such as:

1. IOT Business
2. Domain Selling
3. Digital Marketing Agency

Which future business in India will be most demanded?

With a growing future business in India, there are many services and products which are demanded. And it is more likely to be profitable if you choose a business in this domain. Some of them are:

1. Digital Marketing Agency
2. Courier Service
3. Outsourcing Business
4. Internet of Things (IoT) Business
5. Broadband Business
6. Freelancing Services

Which future business in India will grow in the next decade?

The tech industry will grow further in the next decade. So, if you want fruitful returns, you can invest in the tech industry right now.

Apart from this, the real estate business is also fruitful as the demand for the real estate industry keeps on increasing. With growing digitalization, you can also start your own online business.

Which sector will grow in the next 5 years in India?

If you put enough effort then you can make any business successful, but there are some sectors which are showing huge potential to grow in the next 5 years in India. Those sectors are:

1. IOT
2. Artificial Intelligence
3. Solar Energy
4. Real Estate Sector

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