Embarking on the entrepreneurial journey is an exciting and courageous step. However, if you're like many budding entrepreneurs, you may find yourself standing at the crossroads, pondering that all-important question: 'What business should I start?' The choices are endless, and they can be overwhelming. In the startup ecosystem today, everyone dreams of starting something that’s profitable.
Have you ever wondered how giants like Steve Jobs, Oprah Winfrey, or Elon Musk chose their paths to success? The process of selecting the right business idea is an art. It's not just about finding a profitable venture; it's about finding one that aligns with your passion, budget, and goals
Ready to dive into a treasure chest of startup ideas that can turn your business dreams into reality? Well, you're in the right place. We've got 20 trending high-return startup business ideas, tailored to fit any budget and across various industries.
Trending Small Business Ideas with Low Investment Requirements
- 1. Consultancy
- 2. Event Organizing
- 3. Real Estate Brokerage
- 4. Photography and Graphic Designing
- 5. Coaching
This is one of the most trending business ideas. If you hold expertise in any field or industry or any tool, then this could be a great service-based business opportunity for you. It not only requires minimal investment to start but can also help you achieve high returns in a short span of time.
Types of consultancy services can include strategic planning, human resource consulting, financial consulting, marketing consulting, technology consulting like LinkedIn and other social media engagement tools, individual skill development, wedding consultancy, etc.
As it is comparatively easy to start a consultancy business, you could face stiff competition in your niche, however, to stand apart, you would need to develop your skills and network focusing and build a personal brand focusing on your expertise.
If you love parties, traveling, and good communication skills, then this is a very good business opportunity for you.
Your work would include checking out hundreds of venues, meeting sponsors, scheduling activities, and being on the go 24/7. With a good online marketing strategy, you can soar high in this business.
The real estate business can be highly profitable if executed properly. You need to have good communication and networking skills.
Before starting the business, you need to understand the local real estate markets, identify popular builders and properties around you, build a strong network with real estate professionals, and create a solid strategy to achieve success.
This is also a very competitive business, especially in India, and can be challenging due to regular market fluctuations, however, you can make huge commissions per property sold, and rent without incurring much cost. Also, you can start the business with as minimal investment as INR 50,000.
If you have a creative eye, and looking to capture the moment, or possess the necessary skills for quality graphic designing, then this one is the perfect business opportunity for you.
A photographer or a graphic designer is always in demand in personal as well as professional criteria.
Take your time to build your profile online and on different freelance sites so that you can get leads.
You can also tie up with a professional photography organization to get started instantly. You can even start your own logo design agency as you continue to grow.
Whether there’s a corporate event, wedding ceremony, book promotion, or exhibition, a photographer is a basic necessity for promotion purposes.
Why not utilize your skills and share knowledge, if you happen to have it? It is a lucrative business idea that can high returns.
It has almost zero starting cost requirements. You can take these classes either online or offline from home, and cut rent and travel expenses for you and your team.
You can advertise it on your social media or can go the old-school way of promoting through banners and flyers in your local.
New Online Business Ideas with Medium Investment Requirements
- 1. Dropshipping Delights
- 2. Edtech
- 3. Free Lancer’s Hub
- 4. Health and Wellness Coaching
- 5. Digital Marketing Services
Dive into e-commerce without hoarding inventory. Dropshipping allows you to sell products without the hefty upfront costs.
To successfully kick start this business, choose a profitable niche, set up an online store, and partner with reliable trusted suppliers from the niche. Also understand the e-commerce industry, its complexity, and its challenges.
In order to succeed in this business, focus on quality and timely order fulfillment.
This business is lucrative in the long run and may require an initial investment of around 10-25 lakhs to set up a website, app, and initial inventory (if needed).
With success on e-learning platforms like Byju, UpGrad, Unacademy, and more, building an online education platform to meet the growing demand for e-learning and skill development has become one of the most trending business opportunities.
However, the market is getting highly competitive, and to succeed in this space, one needs to do thorough research and identify the education gaps in existing systems and what’s offered in the market. Then you would need a solid strategy, value differentiator, strong team, quality content, and more importantly a user-friendly engaging platform.
To successfully launch this business, you would need an investment of around 10-30 lakhs of investment in order to build a platform, website, and marketing.
India is home to a thriving startup ecosystem, with numerous growing startups. These startups want high-quality human resources but they also look for possible ways to cut costs which includes human resource costs. Hence there is a growing need for quality freelancers among startups.
Creating a platform connecting freelancers with businesses seeking services across the spectrum has the potential to give very high returns on your investments.
For a successful kickstart, you need to focus on a particular niche, establish trust between both freelancers as well as businesses looking for freelancers, and create an easy-to-use platform for both. Attracting clients and freelancers can be challenging during the initial phase but with time as trust builds, the business can grow to become a successful venture.
An initial investment of around INR 10-25 lakhs would be required for a successful start, to set up the website, and platform for freelancers, develop a community, incentivize users, and for marketing.
In this digital age, being fit and healthy has become the norm. It’s considered highly crucial for your body.
However, with the fast-paced life and busy schedule, it has become difficult for people to maintain a healthy life, go to the gym, do yoga, and so on.
Capitalizing on the wellness trend and guiding individuals on their fitness and nutrition journeys online is another trending and lucrative business opportunity.
Identifying and onboarding the right qualified experts, and building trust with your target audience can be a major challenge during the initial stage, however, once the brand is built, the business can fetch high returns.
An initial investment of around INR 10-25 lakhs would be required for a successful start, to set up the website, onboard relevant experts, develop a community, incentivize users, and for marketing.
In this digital age, every business needs to have an online presence, be it for lead generation, selling products/services, or brand awareness. However, not all businesses possess the expertise required for the same and so they look out for a 3rd party that can take care of the same.
If you possess the required skills or can build a team of people with digital marketing expertise, then this is a very lucrative business opportunity for you. It is growing very fast, there are a number of different fields like e-commerce digital marketing, social media marketing, display marketing, online PR management, and so on that you can target.
Pick your niche, understand clients' requirements, build a team perfecting the skills required, develop a strategy to differentiate your services to others, build trust, stay updated with the latest digital trends, and you are in for a successful venture in the digital marketing space.
An initial investment of around INR 4-5 lakhs would be required for a successful start, to set up the website, onboarding relevant experts, setting up office space, and marketing.
Trending Innovative IT Business Ideas with Substantial Investment Requirements
- 1. Healthtech
- 2. SaaS Marvels
- 3. AI and Chat GPT-based Applications
- 4. Virtual Reality and Augmented Reality
- 5. Cybersecurity
Health tech refers to the use of technology to improve the delivery, accessibility, and quality of healthcare services.
This can include electronic health records, telemedicine, medical devices, and other digital health innovations. The health tech industry is growing rapidly, with many startups and established companies developing new products and services to address various healthcare challenges.
To excel in HealthTech, you'll need a deep understanding of healthcare regulations, patient privacy laws (like HIPAA), and the intricacies of the healthcare industry. Collaborate with medical professionals and tech experts.
Begin by identifying a specific healthcare technology niche that you're passionate about. It could be telemedicine apps, wearable health devices, electronic health records (EHR) systems, or healthcare analytics. Staying updated on the latest medical advancements and tech trends is crucial.
HealthTech projects typically require substantial capital, ranging from 10 lakhs to 1 crore for research, development, regulatory approvals, and initial marketing.
Develop software solutions for businesses looking to streamline operations, boost productivity, facilitate remote working, handle logistics economically and efficiently, and so on.
To be successful in this business, you would need to do thorough research, identify the pain points and problems of your target market, identify software gaps, and then build a team that can build a robust product.
The biggest challenge that you may face in this industry is from established players, however, if you have substantial financial resources, then it is a very good opportunity.
The SaaS (Software as a Service) industry has grown significantly in recent years, driven by the increasing demand for cloud-based software solutions. According to a report by Statista, the global SaaS market size is projected to reach $138.8 billion by 2026, growing at a CAGR of 12.2% between 2020 and 2026.
Artificial Intelligence and Chat GPT have taken center stage and are brimming with opportunities. You can use Chat GPT to develop custom software like virtual customer service applications that can support and answer customer queries 24/7.
You can create a more personalized and user-friendly content generation platform using chat GPT. You can sell chat GPT add-ons like traffic generation tools that can improve the experience of visitors on site.
To start a business using Chat GPT, it's crucial to have a deep understanding of the technology, its capabilities, and its limitations.
The use of Chat GPT is expected to grow exponentially as businesses across various industries realize the advantages of AI-powered chatbots. The future of business ideas using Chat GPT is bright, and it's an exciting time to embark on this innovative journey.
The immersive experiences offered by virtual reality (VR) and augmented reality (AR) are gaining popularity across various industries. Start a business focused on developing VR and AR applications.
Offer custom solutions for industries such as education, healthcare, real estate, gaming, or even tourism. VR and AR can be used for training, visualization, marketing, and entertainment.
Creating bespoke VR/AR experiences for clients can be a highly profitable venture. The technology is continually evolving, making it an exciting and dynamic field to enter. Stay at the forefront of VR/AR advancements to offer cutting-edge solutions to your clients.
In an age of increasing cyber threats and data breaches, there's a growing demand for cybersecurity. You can start a consulting and training business to help organizations protect their digital assets or build software solutions for the same.
Offer services such as vulnerability assessments, penetration testing, and security audits. Develop cybersecurity training programs to educate employees about best practices in data protection and threat mitigation.
You can also provide guidance on compliance with data protection regulations like GDPR or HIPAA
This business not only addresses a pressing need but also has the potential for significant growth as cybersecurity remains a top priority for companies worldwide.
Manufacturing Business Ideas with Substantial Investment Requirements
- 1. Eco-conscious Products and Services
In a world that's increasingly conscious of environmental concerns, eco-sustainable and solar energy-based businesses are not just innovative but also incredibly relevant.
These businesses may take time to become profitable but they also contribute to a cleaner and greener planet and are backed by the government.
Some of the promising business ideas that capitalize on eco-sustainability and solar energy are:
- Solar panel installation service for homes and businesses
- Solar water heaters for homes, hotels, commercial buildings, etc.
- Eco-friendly building materials such as solar reflective roofing, energy-efficient insulation, or sustainable construction materials.
- Solar-powered farm products like solar irrigation systems and greenhouse lighting etc.
- Eco-friendly packaging and sustainable materials manufacturing
The world of manufacturing is undergoing a transformation with 3D printing technology. Start a business that specializes in producing customized 3D-printed products. This could range from personalized home decor and fashion items to unique components for industries like aerospace and healthcare.
Offer consumers the ability to design and order bespoke products, and use 3D printing to bring their creations to life. As customization becomes increasingly popular, this business idea offers the flexibility to cater to a diverse array of customer needs.
Traditional and Timeless Business Ideas
- 1. Gourmet Creations
- 2. Home Renovation and Remodeling Services
- 3. Travel Agencies
Explore the food industry by selling homemade gourmet dishes, from delectable baked goods to exotic sauces. Some of the trending ones are food trucks, cafes, restaurants, bars, etc.
Initial investment for these businesses will vary depending on the location of the business and the value offerings, however, it typically ranges from 5-20 lakhs.
Home renovation and remodeling services encompass a broad range of offerings, from kitchen and bathroom remodeling to complete home makeovers.
In a world where home is not just a place but a sanctuary, the demand for home renovation and remodeling services has never been higher. Homeowners seek to transform their living spaces into comfortable and aesthetically pleasing environments, and this trend presents an exciting opportunity for entrepreneurs in the home renovation and remodeling industry.
The initial investment for a home renovation and remodeling services business can vary widely depending on the scope of services you intend to offer. It typically includes tools and equipment, a vehicle, marketing expenses, and insurance.
People travel the world for different reasons. It’s a perfect time for aspiring travel entrepreneurs. The travel industry is an evergreen industry and can be benefitted from any time of the year.
You can also tie up with a host agency and they will help you get the IATA number faster. They will perform all the backend functions for you. You will be receiving a commission for the customers.
How To Get Started?
Everything aside, getting started can be a huge problem if you don’t know how or where you are going to start. Here are some tips on getting started with your own venture.
- 1. Skill and Knowledge
- 2. Business Plan
- 3. Legalities
- 4. Balancing Job and Initial Implementation
- 5. Building a team
- 6. Marketing and Networking
- 7. Busienss Tools
Even if you choose something other than this list, it’s crucial that you know the skills and training necessary to be successful.
Invest your time to research stuff that you have not done before. When you plan to start something new, research always helps.
Begin by crafting a detailed business plan that outlines your target market, services, pricing structure, and marketing strategy. Your plan should also include startup costs, which can vary widely based on the scale and services offered.
Ensure that you fulfill all legal requirements, including permits and licenses, which can vary depending on your location. Liability insurance is also crucial to protect your business and clients.
Don’t leave your job if you can’t afford a loss, let it be part-time for some time until you have tested the market and the product. Understand your target audience and give shape to your idea before leaving your current job.
As your business grows, consider hiring skilled professionals to assist with various aspects of the renovation process. Building a reliable team is essential for the success of your business.
While building the team, decide whether remote working/working from home is preferable for you and your team.
Create a strong online presence through a professional website and social media platforms. Additionally, network with local real estate agents, home improvement stores, and contractors to expand your reach.
Every successful business needs multiple tools that can help them automate certain processes and enhance the efficiency and productivity of teams, and the experience of its customers.
Corefactors can be your best CRM partner for multiple reasons:
- It enables Revops in business processes
- It is a unified platform for sales, marketing, customer support, and customer success.
- Powered by AI, automates operations and customer interactions across the lifecycle.
- It is very budget-friendly and helps you save a minimum of INR 40,000 per user per year.
There you have it. Fuel your creativity and get started on your own venture. Each of these businesses does contain its fair share of risks.
All you need to know is that it’s all going to be so worth it after its success. These businesses hold the power to become great success stories.
As Haruki Murakami rightly said “Once the storm is over, you won’t remember how you made it through. You won’t even be sure whether the storm is really over. But, when you come out of the storm, you won’t be the same person who walked in.”