Top 10 Profitable Small Business Ideas in India in 2024 for Entrepreneurs

Introduction

Will 2024 be that unique time in your life when you actually take the plunge to kickstart your small scale business ideas in India?

No doubt you’ve imagined innumerable business ideas by this time that can possibly lead you towards success. And you may have already envisioned quitting your mundane 9 to 5 job, leading a fairly comfortable lifestyle by generating substantial revenue.

Do not allow yourself to just muster up this list of small business ideas and then go back to your comfort zone. In spite of a steady and secure job, there is nothing like coming up with a unique business proposition.

So, let that ‘next year that never comes’ actually become a reality in 2024. With several examples of successful small scale businesses at home mushrooming all around you, there is no better time to start taking advantage of the opportunity.

To help you get started, here’s a layout of small business ideas. See which concept clicks for you.

30 small business ideas

1. Consider a Dropshipping Business:

A dropshipping business is when you create an e-commerce store and sell products that are manufactured by someone else. In fact, the shipping too happens from the manufacturer’s end. What you get out of the deal is a handsome commission for every sale that takes place through you or your platform. 

The best part of this business idea is that you do not end up purchasing stock that you may be stuck with if it does not sell. To create your website, you can always apply for an easy-to-get business loan*. 

2. Offer Content Development Services:

If you have the writing bug, then the best small business idea is to seek freelance content development projects. Most organizations are open to working with freelance content developers for article writing, social media content, whitepapers, ebooks and more. 

Moreover, you may also consider self-publishing a book with Amazon. It is a fairly simple process, and, in the end, you can make some real money from it too.

3. Buy and Flip Domains:

You must know about how some people excel in the art of buying and selling real estate. Purchase property at a good price point, fix it up a bit and then resell it at a profit. 

You can apply the same technique to buying and flipping web domains too. All you have to do is to be on the lookout for domains, be it yours or somebody else’s which can be flipped. As you become adept in the game, it can be a great source of supplementary income for a small scale entrepreneur.

4. Develop a SaaS Product:

Some of the best small scale business ideas in India are SaaS based products. SaaS is basically software that is available online, but you need to pay a fee in order to access it. 

You need to initially find a gap in the service space that people will be happy to pay for on a continuous basis. Brainstorming is an absolute must to get your concept bang on. 

Check your eligibility with SMFG India Credit if you have a business loan requirement to fund the idea. Please note that at SMFG India Credit, business loans are only provided to those who fulfill the eligibility criteria.

Must Read: 7 Useful Business Loan Tips for Young Entrepreneurs in India

5. Become an Event Planner:

India's love for celebrations makes event planning a lucrative business. From weddings to corporate gatherings, your event planning expertise can transform ideas into unforgettable experiences for clients.

More and more people are seeking professional assistance when it comes to planning memorable moments in their lives. Event planning today is a profitable business venture for first-time entrepreneurs in India.

If you are creative and passionate about designing and organizing, then the event planning business is the right fit for you. If you need financing, check your business loan eligibility with SMFG India Credit today.

6. Create an Online Program:

Try your hand at creating a digital course if you are into online teaching and coaching. This is a one-of-a-kind small online business idea where you can monetize your knowledge by sharing it with others.

Capitalize on the opportunity with the help of email marketing and exploring affiliate partnerships. You can also develop a website where you can host the program and then advertise it on social media channels too.

7. Open a Travel Agency:

Most people love to travel. However, they usually get stuck planning out their holidays. Plus, there are additional revenue streams such as booking tickets, hotels, cars and more. Hence the reason why travel agencies are doing roaring business across the globe. 

That said, setting up a travel planning businessaffordable business loan interest rate that you can get.

8. Set up a Daycare Centre:

In India's fast-paced society, daycare services are in high demand. Parents seek safe and reliable places for their children while they work. By offering quality childcare, you can provide peace of mind to working parents and create a nurturing environment for children's early development.

With more and more mothers going back to work post having children, daycare services are expanding in the metros at a tremendous pace. The second reason why daycare centers are growing in popularity is because of the nuclear family systems in the cities.

If you love being around children, then opening up a daycare center is a small business idea that can reap profits in the short term.

9. Become a Placement Consultant:

The job market is on the rise again. If you have the right connections and networks, then opening up a placement consultancy absolutely makes sense. Make sure that you tie up with reputed organizations and negotiate a good commission rate on placing your candidates successfully. 

Apply here to get the ball rolling if you have a business loan requirement.

10. Set up a Cloud Kitchen:

If food is your thing, then one of the popular small-scale business ideas in India right now is to set up a cloud kitchen. You can tie up with services like Zomato and Swiggy to ensure last-mile delivery.

Getting this business idea off the ground will involve some initial capital investment. You can always run an eligibility check on our website to see if you qualify for a business loan.

Must Read: Top 5 Options to Raise Funds for Business in India

11. Selling Handmade Crafts:

India's rich cultural heritage and artistic traditions make handmade crafts highly marketable. Crafting unique items like jewelry, candles, or home decor allows you to tap into a growing consumer base that values authenticity and craftsmanship.

12. Tailoring Shop:

The tailoring business remains a steady venture in India, with a strong demand for custom-fit clothing. Operating a tailoring shop allows you to showcase your sewing skills and cater to clients seeking perfectly tailored garments.

13. Wedding Photography Studio:

 India's diverse culture and vibrant weddings offer ample opportunities for wedding photographers. Running a photography studio specializing in weddings lets you capture the beauty, emotion, and grandeur of these special occasions.

14. Beauty Salon:

The beauty and grooming industry in India is flourishing. Operating a beauty salon enables you to offer a wide range of services, from hair styling to skincare, helping clients look and feel their best.

15. Pet Care:

As pet ownership grows in India, pet care services are in demand. Offering grooming, boarding, and pet care solutions ensures the well-being and happiness of furry companions while providing convenience to pet owners.

16. Digital Marketing Agency:

India's booming digital landscape presents an ideal environment for digital marketing agencies. By helping businesses establish and grow their online presence, you can play a pivotal role in their success.

17. Mobile Repair Services:

With the proliferation of smartphones, mobile repair services are essential. Offering efficient and reliable repairs for electronic devices caters to the tech-savvy Indian population, ensuring their gadgets remain in optimal condition.

18. Food Truck:

India's diverse culinary landscape and busy urban life make food trucks a popular choice. Operating a food truck allows you to serve innovative and delicious street food to a wide range of customers, creating a unique dining experience.

19. Consider T-shirt Printing

If you are inclined towards fashion and creativity, starting a T-shirt printing business can be a great small business idea in India, given the rising demand for customised clothing. There is a good scope for creating custom designs for individual clients, teams, events, and even local businesses. You can tap into a profitable market by investing in printing equipment and marketing. 

20. Start Online Bookkeeping

If you have financial know-how, online bookkeeping can be a viable small business idea. You can offer bookkeeping services to small businesses, startups, and freelancers from the comfort of your home. Small-scale business ideas like these can help you generate a steady income with low overhead costs.

21. Open a Yoga or Meditation Centre

With the increasing awareness of physical and mental health, opening a yoga or meditation can prove to be an excellent small business idea in India. A yoga centre in a good urban or semi-urban area, catering to different levels of expertise, can attract a steady clientele looking for relaxation and wellness.

22. Offer Translation Services

If you speak multiple languages, this small-scale business idea can be perfect for you. You can offer translation services between English and regional languages, catering to the needs of global businesses, educational institutes, and individuals. You may need to invest in transcription equipment depending on the nature and scope of your services.

23. Start Cooking Classes

Share your love for cooking and culinary expertise with others by offering cooking classes. Small business ideas like this can attract fellow food lovers and aspiring chefs. Consider focusing on regional cuisine or catering to specific dietary needs if you are looking for a more unique small business idea. You can either offer the class online, start a class from your home, or rent a space. 

24. Provide Remote Tech Support

If you have good technical skills, you can put them to good use by offering technical assistance to individuals and businesses. You can help troubleshoot technical issues and offer software training. This low-cost business idea requires minimal investment in technology and can be operated from home.

25. Open a Boutique or Apparel Store

Opening a boutique or apparel store is a popular small business idea with high potential, especially in India’s fashion-conscious cities. With creative designs for clothing and accessories and an effective marketing strategy, this small business idea can attract a diverse base of customers.

26. Start a Catering Business

With our country’s love for celebrations, a catering service can be a lucrative small business idea in India. Services can be offered for weddings, parties, and corporate events. Along with excellent culinary skills and good organisational abilities, you will need considerable capital to acquire skilled labour, cooking equipment, and other necessities. 

27. Set Up a Flower Shop

If you know your flowers and have a good eye for beautiful arrangements, starting a flower shop is one of the best small business ideas. Specialising in exotic flowers, offering lesser-known services like terrariums, and adopting sustainable practices can be unique small business ideas to help you stand out and attract a wide range of customers.

28. Consider Becoming a Senior Care Provider

This small-scale business idea involves offering services to the elderly including companionship, assistance with daily activities, and healthcare support. Owing to factors such as demographic shifts and increasing life expectancy, the eldercare market has grown significantly in recent years.

29. Sell Baked Goods

Love baking? Turn your passion into business by selling delicious homemade cookies, cakes, and pastries either online or at a local market. To start an online business, you can invest in creating an attractive website and registering a domain name to build credibility and attract customers.

30. Offer Landscaping Services

Landscaping is an outdoor-oriented small business idea in India, providing services like garden design, maintenance, and lawn care. It is perfect for those with a love for nature and creativity. A landscaping business can flourish in residential and commercial areas with proper planning and execution.

Must Read: Best Side Business Ideas for Women in 2023

What makes a good small business idea?

A good small business idea is one that addresses a genuine market demand, is in line with your passion and expertise, and has the potential for profit and growth. It should be based on extensive market research in order to identify customer needs, preferences, and emerging trends. 

Furthermore, a successful business idea provides a distinct value proposition that distinguishes you from competitors, whether through innovation, quality, price, or exceptional customer service. It should be financially viable, with precise estimates of startup costs, revenue projections, and a long-term pricing strategy. 

Another important consideration is scalability; a good idea allows for expansion and adaptation to changing market conditions. It should also follow legal and regulatory requirements and maintain ethical and sustainable practices in order to safeguard its reputation. 

Tips For Starting A Small-Scale Business

Starting a small business requires careful planning and execution. Following are some tips to start a successful small-scale business in India:

• Start by conducting extensive market research to better understand your niche, target audience, and competition. 
• Create a comprehensive business plan that serves as your roadmap, outlining your goals, strategies, and financial projections.
• Ensure legal compliance by registering your company, obtaining required licences, and following regulations. 
• It is critical to manage finances efficiently; keep a clear budget, secure funding, and keep detailed records.
• Set yourself apart with a unique value proposition, a solution to a specific problem, or a distinct offering. 
• Effective marketing, both online and offline, can assist you in reaching your target market. 
• To increase loyalty and referrals, prioritise exceptional customer service.
• Be adaptable, open to feedback, and persistent when faced with difficulties. Consider seeking guidance from an experienced mentor.

Must Read -

Must Read: Top 8 Small Business Ideas for Rural, Villages & Small Towns in India

Step-by-Step Process for Starting a Business

The following is a step-by-step procedure:

Determine and Validate Your Business Idea: 

Begin by conducting market research to identify a viable business idea. Validate it by seeking feedback from potential customers and determining its viability.

Create Memorable Brand Elements: 

Create a distinct brand identity, including a memorable business name, logo, tagline, and brand voice that resonates with your target audience.

Create a Business Plan: 

Make a detailed business plan that includes your mission, vision, goals, target market, marketing strategies, operations, and financial projections. A well-structured plan acts as a road map for your company.

Understand Business Finances: 

Develop a thorough understanding of your company's financial aspects. Determine startup costs, create a budget, and plan for ongoing expenses. Maintain a close eye on and manage your finances.

Obtain Licences and Permits: 

Research and obtain the licences and permits required to legally operate in your area. It is critical to follow local, state, and central regulations.

Create a professional website: 

Establish a presence on social media platforms, and maximise your online visibility. A strong digital presence is essential for reaching out to and engaging customers.

Launch Your Business:

Put your business plan into action by releasing your products or services to the market. To attract your target audience, use effective marketing strategies.

Invest and Scale:

Reinvest profits in marketing, infrastructure, and expansion as your company grows. Analyze performance on a regular basis, adapt to market changes, and look for opportunities to scale your operations.

Upshot

If you are interested in starting your business venture, the time to take action is now. Please note that business loans at SMFG India Credit are only provided to eligible candidates. If you do not have an existing profitable business and only have an idea, you are probably not eligible for a business loan. In such cases, you can look for funding via independent investors, or you can ask a close family member with required cibil score and stable income to apply for a personal loan on your behalf.

Get into the driving seat and take a look at some of these best small business ideas. By this time next year, you may well be on your way to climbing the success ladder of your entrepreneurial journey.