India is home to the third-largest startup ecosystem in the world after the United States and China. With a growing entrepreneurship culture and a supportive ecosystem (‘Startup India’—Indian government flagship initiative to build startups), the number of recognised startups has increased from 452 in 2016 to 84,012 in 2022.
According to the World Bank’s ‘Doing Business Report (DBR)’, taking up a startup journey in India has become easy as the country ranked 63rd in 2022 in ease of doing business. It’s a substantial jump from its rank of 142 in 2014.
So, doing a startup can be a great thing in the year 2023. By starting a business, you can further India’s economic and business transformation and fulfill your dream of owning a business.
Why You Should Start a Business
Before we go ahead and list the best startup Ideas, let’s look at some of the reasons to start a business. There are many reasons why you should do a startup, including:
Innovation
Starting a business is usually not about amassing money but solving a problem. There is no better option than innovation when you look to solve a problem. Doing a startup lets you think and approach differently.
You can create something new, innovative and potentially disruptive and take the lead in your industry. This way, you can be incredibly successful and satisfied.
A Sense of Pride
There is perhaps no better feeling for an entrepreneur than realising building a successful business. The sense of personal fulfillment and achievement of establishing a thriving business is well worth the struggle and long hours invested.
Autonomy
It’s only sometimes that one can be autonomous in their professional life. A startup allows you to be your own boss, call the shots, make the decisions, and work independently on something you are passionate about.
Flexibility
With a startup comes greater flexibility and freedom, meaning you can work when and where you want. A flexible work schedule can help you manage your work-life balance. Also, you can find ways to invest your time and money in more valuable options (stocks, ventures, real estate, etc.) and have other commitments.
Learning
A startup is a continuous journey. You will have a mix of both- struggle and success along the way. This way, you will learn much about business and yourself as you move through the hardships and opportunities of building your own company.
Impact
If you are able to turn your startup into a successful business, you can greatly impact the people around you and across the globe. Whether you solve a problem or create employment, your business ultimately improves people’s lives, adds value, and profoundly impacts the world.
Best Profitable Startup Ideas in 2023
Cloud Kitchen
With users preferring doorstep food delivery over dine-in options (especially after COVID-19), cloud kitchens, sometimes also referred to as ghost kitchens or virtual/satellite restaurants, are gaining popularity like never before.
According to a Grand View Research report, the global cloud kitchen market was valued at $51.96 billion in 2020, which will likely hit $139.37 billion in 2028.
The Indian food delivery market is also booming and is expected to grow at a compound annual growth rate (CAGR) during 2023-2027 of 19.88%. As per a Statista report, revenue in the Indian online food delivery market will reach $71.63 billion by 2027.
These figures indicate how the food delivery market will shape up in India in the coming days. Starting a cloud kitchen will enable you to leverage this book and help you establish a successful business.
Dropshipping
Are you looking to sell without holding inventory? Consider Dropshipping! It is an eCommerce business model that does not require managing physical products.
Dropshipping is doing very well as a business model and will likely stay and grow. As per a Polaris Market Research study, the global dropshipping market size was $140.24 billion, with an attractive revenue forecast of nearly $1 trillion ($991.95 billion) by 2028.
A substantial portion of this massive revenue forecast will come from India. Therefore, dropshipping has a strong case; you must consider it seriously.
Print-On-Demand
Another low-investment and lucrative startup idea is print-on-demand. The business has a straightforward model of selling things after printing (usually even without having the necessity to maintain inventory).
One of the most significant advantages of print-on-demand business is that it can be done even without having the necessity to maintain inventory. You are good to start with having relevant suppliers on board that specialise in creating white-label goods.
As per a Straits Research report, the global print-on-demand market stood at $4.91 billion in 2021 and is estimated to expand to $39.87 billion by 2030.
Social Media Consultancy
Being a social media consultancy company in 2023 can be a great choice as there is a great demand for qualified social media consultants worldwide. Again, you do not need a hefty capital to start this business, and you can build this startup sitting at home.
Organic Farming
Organic farming is one of India’s most popular and profitable startup businesses. In contrast to a farming culture driven by chemicals and pesticides harming the quality of food and vegetables, organic farming is the way forward to fresh and healthy eatables.
The organic food industry is growing thanks to various healthy food options. Organically grown food and vegetables have witnessed an uptake since the COVID-19 pandemic as they have higher levels of antioxidants, contain certain micronutrients and taste better.
Also, organic produce aids the planet’s sustainability and ecological balance. Organic farming has everything needed to be one of the best-selling business ideas, and you should consider it in 2023.
Tips for Starting a Business
Starting a startup can be challenging more often than not. You need to have a good plan and an effective strategy and work hard with the right tools and rules to make your startup successful. While every business is different and requires a specialised approach, we will list some basic steps you may consider when starting your business. Here are some:
- Choose a practical and particular business niche and concentrate on a specific audience to sell to.
- Draw a clear blueprint of how your business will work and analyse the current market conditions.
- Ascertain how much money your business will require and find a way to get it if necessary.
- Ensure you have a contingency plan if ‘Plan A’ does not go the right path.
- Check out for rules and laws that your business needs to comply with.
- Register your business and obtain the required permissions from the concerned authorities.
- Build a strong team.
- Promote your startup digitally and otherwise.
Conclusion
Having a good business idea and passion are crucial when starting a business. Your idea doesn’t necessarily have to be unique, but it should be able to attract a lot of customers. Equally important is that your business idea is not the only determinant for a successful startup. You must also consider many other factors to realise your startup dream.
Frequently Asked Questions
Q1. Which sector has a future?
Healthcare is one of the sectors most likely to have a bright future.
Q2. What business can I start in India in 2023?
You can start any business you think would do well per your assessments. Food delivery and dropshipping are two of the most promising business ideas.
Q3. Which business is the best for the next five years?
While predicting which business will do consistently well for the next five years is complex, digital marketing and renewable energy-related startups may perform better.
