The Essential Guide on What Business to Start in India
With more than 1.43 million registered companies, India is a country with huge business potential, and savvy entrepreneurs know this. Despite the numbers, there is still plenty of room for more, and the Government is highly supportive of start-ups. The key to entrepreneurial success lies in knowing exactly what business to start in India.
3E Accounting offers a few viable concepts that will be worth spending your time deliberating over. If you need help doing your due diligence or proceeding to the start-up stage, do get in touch with us. Our team is ready to help you realise your entrepreneurial journey and turn your business ideas into a reality.
Why Start a Business in India?
When it comes to commerce and trade, India ticks all the right boxes. It has a huge and profitable market, a population of more than 1.4 billion, and a competitive labour force. The new generation of diverse and multi-skilled talents complement the increase in spending power of the middle and upper classes.
The Indian Government is also incentivising start-ups and entrepreneurs with solid initiatives such as the Stand-Up India Scheme. These include lowering the cost of starting a business and lessening the compliance and regulatory burden. This makes the start-up ecosystem highly conducive to foreign direct investments ensuring a robust and competitive economy.
Businesses to Start in India
Finding a solid business idea is no simple task but one that generally requires research and due diligence. Some people find motivation and ideas from their life experiences, while others may have a eureka moment while having coffee. However, not everyone usually has it that easy. In fact, it’s not unusual for any would-be entrepreneur to grapple with what business to start in India.
If you’re struggling to find something that appeals to the entrepreneurial side, here’s a non-exhaustive list to consider:
- Online Healthcare, Smart Manufacturing, Internet of Things (IoT)
- Real Estate Agency or Peer to Peer (P2P) Business Lending Agency
- Co-working Space Rentals, Video or Photoshoot Studio Rentals
- Outsourcing or Virtual Online Services
- Cybersecurity or Blockchain Business Consultant
- Collaborative Economy Model of Business
- Elderly Care or Babysitting Services
- Food Truck, Tiffin, or Meal Delivery Services
- E-Bike or E-Car Services, Electric Charging Stations
- Wedding Planner or Matchmaking Services
Deciding to commit to a concept and investing resources towards making it a reality is a big step. It’s crucial that you get a good start when you know what business to set up in India. 3E Accounting is ready to assist with all the start-up details, including company incorporation, business licencing, bank account opening, etc.
As an award-winning firm with global experience and expertise, 3E Accounting India provides unique solutions for business needs. Advocating a high level of professionalism, we offer comprehensive and customisable packages to fit every budget and every requirement. Get in touch with 3E Accounting India today to explore the benefits of the right partnership.