Very few people venture into entrepreneurship knowing what industry they want to conquer and what type of business they would like to start. However, it can be burdensome for many new entrepreneurs to figure out the way to start a new venture and what type of venture would be the greatest fit. It’s difficult to come up with the ideal concept.
With the rise of technology, many of the listed most profitable businesses fall under the category of online business ideas—but not all of them. We’ve compiled a list of the most profitable businesses. Each of these business types is growing quickly and can provide an individual with a good living. Even better, none of them requires a lot of monetary strength to start out with.
You may establish one of these most profitable enterprises with the appropriate combination of hard work, perseverance, and resourcefulness.
1. Pharmacy Business
The Indian pharmaceutical enterprises have carved out a niche for themselves in recent years.. India is a country popular for supplying low-cost generic drugs to the global market, with the advancement of technological and product based research, it has broadened and matured even more.
India has turned to be the world’s largest exporter of generic drugs, the fastest-growing and the most competitive.
Indians are exporting drugs to 200+ countries, of which the major market in the United States. The number of licenced medications for India has been raised from 109 to 201, credit goes to US pharmaceutical corporations. In the first half of this year, Indian medicines have accounted for 40% of all new licences from US enterprises, up 35% from the same period last year.
India has a huge benefit over a plentiful human resource in the pharmaceutical industry, including many scientists and engineers. The country is offering about 80% of the world’s AIDS-fighting drugs, and the potential is growing.
Patents for pharmaceutical breakthroughs that do not outperform previous treatments are not granted in India unless scientists can show that they do. People who have experience and knowledge about pharmacy can start an export business with Indian drugs and other pharma products. Profits in the drugs business are high and it can be a very profitable business in India.
2. Online Game Development Business
Mobile gaming represents a big revenue opportunity. There are numerous success stories that have inspired millions to take an initiative in mobile game development and its outsourcing. According to Admob, 62% of smart device users install a game within the first week of buying their device. This represents immense market potential.
Adventure, Action and Puzzle games seem to be a safe bet, while Strategy and Gambling games earn more revenues. In this context, Statista carried out research about the number of mobile phone gamers across India from 2016 to 2022 (in millions), and the projection for that last year is approximately 326 million people which is later predicted to take a hike of 11.41% by reaching up to 368 million gamers. This data is acting as evidence of people’s need for new entertainment options in the mobile market and as a big opportunity for developers to satisfy the demand.
Mobile games are taking mobile media by storm. The Global Mobile gaming market is expected to grow at a CAGR of over 12% with revenue of USD 44.64 billion by 2020-2024. According to Statista, mobile gaming is predicted to account for the greatest share of overall gaming revenue globally by 2021. This information demonstrates the needs and interests of mobile gamers. It is indeed a significant opportunity for developers and startups to meet the market needs.
3. Real Estate Business
With urbanization and globalization booming in the current scenario, more and more people are looking for decent space to settle in. That’s how the Real Estate sector has gained a lot of vitality. A survey forecasts, real estate sector in India is expected to reach a market size of US$ 1 trillion by 2030 from US$ 120 billion in 2017 and will contribute 13% of the country’s GDP by 2025.As a result, numerous Real Estate Agencies have sprouted up all throughout the nation. Agents have a tendency to represent customers with fantastic project deals that result in high-end margins. One can start this business and earn a 2% to 6% commission on the property value.
4. Car Washing Services
It seems safe to say that many people would pay a hefty amount for a mobile car wash that came to them, instead of having to drive across town to access a car wash. This is especially true for people with luxurious cars who prefer more personalized service. As a mobile car wash and auto detailing service, an individual wouldn’t only benefit from the unique value proposition of being mobile, but they’d also avoid the significant overhead and the cost of establishing a physical presence.
5. Affiliate Marketing
It is being predicted that businesses that stand for the collaborative economy model will invite immense fruitful responses in the upcoming era. Amazon, Flipkart, Awis, MaxBounty, and Flex Offers are just a few examples. Such services not only accredit the final consumer but also facilitate the service provision and ultimately retrieve great commission margins. As an example, you can earn as much as Rs 40,000/month with Amazon Affiliate marketing business even without requiring any team under you. One of the most lucrative home-based establishments in India is affiliate marketing.
6. Organic Farming and other Consumables
Selling organic has become one of the fanciest businesses of the current era. Individuals owning personal farmhouses or unused land have the opportunity to launch organic farming and sell them at a high price. Apart from consuming edibles, people have also started adopting an organic way to live like dressing up in Khadi and pure cotton, barring plastic over brass utensils, etc. Since people are moving towards the consumption of natural farming products, this is one of the most profitable businesses in India with low investment.
7. Wedding Planner
Organizing a wedding ceremony has turned out to be a great deal. An enormous amount of planning, from booking the destination to arranging a makeup artist for the couple, is listed behind making a successful wedding happen. And that’s why Wedding Planners play a vital role in engaging a wedding proposal to take place. Turning such a Wedding planning course into an entrepreneurial segment will help an individual not only earn a profitable business but also develop a networking channel, thereby managing multiple things at the same time.
8. Cleaning Service Business
Scrap business has turned out to be one of the most ongoing, flourishing and esteemed businesses of today’s time. With slogans such as Swacch Bharat Abhiyaan spreading everywhere enormously, the awareness drive for maintaining cleanliness has risen to another level. Additionally, dumping zone areas like re-cycling of resources, re-utilizing things to the best have been given a significant voice these days.
9. Mobile IT Support
Although people think they are tech-savvy, the truth is that they often need to rely on tech support. Some even make their computers or other devices vulnerable to intruders. Unfortunately, when things go messy, often the free customer phone support provided by manufacturers feels supportive or fails to solve the problem.
If technology comes easily to you—and you’re a relatively patient person—then the most profitable business for you might be hitting the road, at least in your neighbourhood, with Mobile IT support. All that is required is time, transportation, and your own know-how—so this low-overhead business model is almost pure profit.
10. Selling Goods Online
The Internet is an environment where people can talk, exchange data, and especially purchase products without having to visit the store in person. Especially it supports the small sellers because using the internet, one would not need to have real premises or shops.
One can set up an e-shop and start selling their goods online. One can focus on local customers in India only, or can target overseas online shoppers- then they are already in the international export business.
Social networking is a productive selling solution, bringing high sales to many individuals and businesses. Plus it is a tool that people who have very little monetary strength, can afford to reach to the masses.
Unlike standard sales, online sales can take place 24×7 by fully meeting the needs of both buyers and sellers. One will be proactive in business, by simply posting product information along with contacts so they can start offering products easily.