15 Amazing Small Business Ideas to start in 2024
Today while I writing this post, we are sitting on the brink of 2023. This year has been great for India owing to many big events like Stock markets hitting its all time high, India topping the global population charts ;-), India landing on the south pole of the moon, India hosting the G20 summit, etc. India is definitely able to mark its importance in the world. However, we have many challenges too which I am sure we will be able to counter some of them in 2024. As we know, one of the best ways to increase the GDP of our country is Entrepreneurship and so today I will be listing down 15 Amazing Small Business Ideas to start in 2024. I have already written detailed posts for each of these businesses so I will provide a link for all of these businesses, in case you are interested to learn more about that particular business. Now, lets get started…
15 Amazing Small Business Ideas to start in 2024 (with Complete Guide)
1. Cloud Kitchen Business
This is one of my favorite business idea and top one out of 15 Amazing Small Business Ideas to start in 2024. It is new age, scalable, technology driven and requires little investment to start with.
Cloud Kitchen is nothing but a restaurant kitchen having no dine-in facility and accepts orders only through online system. Example of leading brands of cloud kitchen includes name like Rebel foods (Faasos), Box8, Biryani by Kilo.
Investment required: INR 110,000
Profit Margin : 45%
2. Drop Shipping Business
Drop Shipping is one of the most popular online business model in the recent years. The latest data suggests that the global drop shipping market is forecasted to reach USD 243 Billion (INR 20 lakh Cr) in Y2023. Further, this figure is only going to increase and projected to reach USD 300 Billion (INR 25 lakh Cr) in Y2024 and USD 372 Billion (INR 30 lakh Cr) in Y2025. So you can imagine the potential of this business. The major factor contributing to this growth is the consumers shift towards online shopping from brick-and-mortar stores. Drop shipping business is very easy to start and very less investment is required.
In this business model, you neither need to store any inventory nor there is any requirement to ship to the customer. Customer will order online through your website or online marketplace and the order details goes to the respective supplier automatically. Supplier will then directly ship the goods to the customer.
Investment required: INR 80,000
Profit Margin : 5%
3. Homemade Soap Manufacturing Business:
An organic or handmade soap is a type of soap that is made using natural and often organic ingredients by minimizing the use of synthetic additives, chemicals and artificial fragrances. These soaps are typically produced through traditional methods that involve carefully selecting ingredients and using techniques that retain the beneficial properties of those ingredients. Normal soaps use too many additives, chemicals that may be harmful to your skin and also have some negative on the environment.
The total Indian bath soap market size reached USD 2.8B in 2022. Going forward, it is expected to reach USD 4.1B by 2028, exhibiting a growth rate (CAGR) of 6.2% during 2023-2028.
Investment required: INR 200,000
Profit Margin : 20%
4. Car Service Business
The car sales have increased dramatically in recent years, owing the increase in disposable income and rise in the status of living of middle class people of India. Rise in car sales also means that there will be more cars for servicing as well. I know many of you will think that this is not a high margin or price sensitive business, but in my opinion this market has evolved a lot and you can see many reputed companies working in this industry. Further, more and more people are now willing to buy a luxury car instead of basic car. These people would be more interested in car service quality rather than the cheap service. As per the Ken Research, the Indian multi brand car service market is expected to reach about INR 73,162 Cr in Revenue by Y2025.
Investment required : INR 300,000
Profit Margin : 40%
5. Travel Agency Business
Indian travel agency market has reached around USD 38B in Y2020 which is estimated to grow around USD 67B by Y2027. We can clearly see that there has been a massive change in the way we travel. Just 10 years back, we hardly use to travel so much and use Air as our primary mode of travel, we normally used bus or train. But there has been a great shift in last decade due to many factors like price reduction in air travel, easy and quick booking of tickets, rise in disposable income of Indian people and more importantly change in the mindset of people that we only live once so just enjoy and see the world. So if travelling excites you and you are also keen to make it your full time then you should definitely consider starting a travel agency business.
Investment required: INR 50,000
Profit Margin : 20%
6. Toy Manufacturing Business
Toys have been an integral part of our world since a few decades. Our kids love toys and we love our kids. So Toys are one of the ways to make our kids happy. The Indian toys market size reached USD 1.5 Bn in Y2022 and is going to double by Y2028, showing a growth rate of 12.25% during 2022-2028. There is also a huge boost from Government of India to reduce the imports of toys from China and increase the toys production in India. Commerce Minister Piyush Goyal tweeted few months back “Toy imports have reduced by 70% and exports have increased by 61% in last few years. India’s toy manufacturing sector is booming on the back of various Central initiatives, reducing imports and ensuring an aatmanirbhar (self-reliant) industry,”
Investment required: INR 500,000
Profit Margin : 20%
7. Pet Grooming Business
“Is Pet Grooming a good business option in India?” Well, my answer to this question is a Big YES. The pet industry in India has boomed like anything in India and it is expected to grow even further at the rate of 20% per annum. No doubt as of now, the majority of the pet owners are residing in metro cities. But do not underestimate the Tier 2 cities, these cities also have a huge proportion of people who own pets. Earlier, it was only the super rich people use to own pets as their status symbols, but now even a middle class person is owning a pet. There are other factors as well for this growth, one is rise in nuclear families and the concept of DINK (Dual Income No Kids) or many would just prefer 1 kid and secondly the rise in the disposable income of Indian people.
Investment required : INR 620,000
Profit Margin : 25%
8. Cleaning Service Business
There are 2 types of people in this world. One who is organized and likes everything to be clean and in order. And the other is one who are disorganized and everything is messed up. The business idea that I am going to talk about is best suitable to the former types. I am talking about the cleaning service business. In recent years, the scope of this business has grown multifold. According to some research, the global cleaning services market size was valued at USD 55,715 Mn in Y2020, and is projected to reach USD 111,498 Mn by Y2030, registering a CAGR of 6.5% from Y2021-Y2030. This is due to the rising awareness among people to keep things clean and organized. Other factor is also due to rising income levels, people are ready to spend their money on cleaning service instead of doing stuff on their own.
Investment required : INR 290,000
Profit Margin : 40%
9. Fruit Juice Shop
Here I call it Fruit Juice shop but actually you can serve many items like Smoothies, Milkshakes, Cut fresh fruits, etc. I know that this business is quite un-organized and have been there since many years but in recent years the growth in this sector has greatly increased and it will continue to grow as such in future. One of the major factor contributing to this growth is the health consciousness among the people. People now prefer to spend on food that is nutritious and good for their health.
Investment required : INR 60,000
Profit Margin : 30%
10. Digital Marketing Agency
Digital marketing is nothing but the marketing of products or services through the use of digital form. This form of marketing involves the use of websites, social media, pay-per-click advertising, SEO, Apps, etc. Nowadays, most businesses are happy to spend on digital marketing because of the benefits it reaps.
As per the expert market research, the Indian digital marketing market reached USD 3,931Mn in Y2022 which is further going increase to staggering USD 19,268Mn by Y2028 (growth of CAGR 30%). The major factor contributing to this growth is wide usage of digital products among this ever increasing Indian population.
Investment required : 50,000
Profit Margin : 40%
11. Mobile Repair Shop:
There is no doubt that the growth in mobile phone sale has been tremendously high since recent years and this growth trajectory is going to continue for many more years. As per research, the market size of mobile industry has reached USD 41Bn in Y2023 and this will grow at the rate of 7.2%. It is very hard to believe nowadays that anyone is not using a mobile phone because we heavily rely on our phones. However, in India, there are still many people who do not use mobile phones. More mobile phone means more number of people who would need repairing.
Investment required : INR 115,000
Profit Margin : 40%
12. Body SPA Business
The global SPA business has seen a tremendous growth in recent years and will continue to grow at a even faster pace. According to a research, the global spa market size was valued at USD 47Bn in Y2020 and is expected to grow at the rate of 12%, touch USD 89Bn by Y2028. People are now ready spend on their wellness particularly after COVID-19, people have realized the importance of taking care of their health. Further, increase in the disposable income and increase in stress among corporate employees and competition are also some of the factors contributing to this growth. There are also plenty of benefits that a body SPA may offer.
Investment required : INR 650,000
Profit Margin : 30%
13. Medical or Pharmacy Store
Indian pharmaceutical market size reached US$ 48B in Y2022. which is expected to reach US$ 102B by Y2028, showing a growth rate of 13%. Someone would argue that this is the age of online pharmacy and there is no future growth for a offline medical store. However, the data suggests otherwise, even today the offline medical stores account for over 85 percent of the overall market. With over 12 lacs medical stores spread across the country, they are still the dominant player of this market. There are some factors contributing to this growth like the increasing awareness among people to take care of their health. People are now proactively taking the medical tests and taking the medicines prescribed by doctors. So, starting a medical store even today is a great idea.
Investment required : INR 170,000
Profit Margin : 25%
14. Coffee Shop
India is the 6th largest producer and 5th largest exporter of coffee globally. Coffee production in India was around 299,300 MT in Y2020 and that reached around 342,000 MT in Y2021. Apart from that, there is an upward trend in consumption of coffee in recent times and it is going to increase in coming future. People need change and they are already moving from Tea (which was traditionally the go to beverage of India) to Coffee. So why not grab the opportunity and start your own coffee shop business. Coffee shop does not mean you will sell only coffee, you can also add variety of snacks options like sandwich, cookies, baked items, maggie, etc.
Investment required : INR 350,000
Profit Margin : 20%
15. Beauty Salon
The last one for my list of 15 Amazing Small Business Ideas to start in 2024. This industry has an amazing opportunity to grow exponentially. Even today’s men are also quite conscious about their looks and are willing to spend on their appearance. So I think the major areas to look for would be men’s grooming, cosmetics, fragrance and skin care. There is a little scope in other generic category such as bath and shower, hair care, and oral care because many MNC companies have already captured a good market share. However, there is a high demand for herbal products nowadays due to awareness among people of possible harm of using chemical cosmetics on a regular basis.
Investment required : INR 310,000
Profit Margin : 20%
Conclusion
So this was my list of 15 Amazing Small Business Ideas to start in 2024 !! I hope you enjoyed reading my post. If you have any comments or suggestions, please feel free to write me back. I will be happy to assist. Thanks a lot for your continuous support. 🙂
