Are you looking for New Business Ideas? Here is a List Of the 20 Best Business Ideas you can start in 2023.
The COVID 19 pandemic has brought about a drastic change in user behaviour. Market trends have changed, and new start-up ideas are evolving every minute.
With campaigns such as “Make in India” and “Atma Nirbhar Bharat Abhiyan”, local business is flourishing, giving equal opportunity to budding units across. Also, with the Micro, Small, and Medium Enterprises (MSMEs) schemes launched by the Government of India, the year 2023 can be one of the best times for you to start your new business ideas.
There is no denying the fact that India is slowly becoming a goldmine for online business with digitization and availability of low-cost data (1 G.B. mobile data in India is around $0.09 against $8 in the U.S.). With New Unique Business Ideas, more and more entrepreneurs are establishing their best business ideas in the field of their choice.
If you are thinking to start your own business, let us help you with a curated list of the Top 20 business ideas in India you can start in 2023.
But wait, before we plunge further, here is a checklist for you to consider before you start your new business ideas in India –
- Do what interests you – make a list of the hobbies, talents, and skills you possess.
- Make a list of new start-up ideas which complement your skills.
- Brainstorm your ideas and develop a business plan that makes you feel confident.
- Pay close attention to market demand, target audience, competitors, and recurring costs.
- Last but not least, ask yourself if you are ready to become an entrepreneur?
If you have ticked all of the above and have decided to don the entrepreneur hat, let’s not wait any further and jump straight into it!
Top 20 New Business Ideas in India for 2023
#1. Online Coaching Business
Online education has become the new normal. The pandemic has opened up endless possibilities for entrepreneurs passionate about imparting knowledge irrespective of their location.
A good internet connection, a working laptop, and you are all set to start a new online coaching business with zero investment.
If you are good at talking to people and connecting with them instantly, coaching might be a good option for starting your own home-based business online. With video conferencing tools like zoom or google meet, you can now have clients worldwide.
A few popular coaching services you may want to consider include:
- Career Coaching
- Spiritual Coaching
- Skill Coaching
- Business Coaching
- Executive Coaching
Learn the Strategies for Online Teaching and Learning and create an inspiring learning experience for students.
#2. Online Kirana Store Business
Food is no doubt the most wanted commodity in our lives. Even when the world was under lockdown, the local Kirana stores were operating in full swing to keep our plates full.
One of the many reasons to start an online grocery store in India is because a significant chunk of an Indian family’s budget goes into buying groceries. Secondly, with more than half of the Indian population using smartphones, they now prefer buying groceries online. Thirdly, the pandemic has changed the buying pattern and has brought Tier 2 and Tier 3 cities into the online buying arena.
An online grocery store will open up a world of possibilities for you allowing people to order groceries at the comfort of their homes. You may even go ahead and build a website for your store or list your store under giant sellers like Amazon or Flipkart.
#3. Event Planning Business
Gone are the days when people celebrated a birthday party by blowing balloons or hosting a wedding reception with just flowers and fairy lights. There has been a sharp spike in themed parties and destination weddings lately.
People are not reluctant to spend a fortune and always seem to go overboard. As per reports, the Indian wedding industry is estimated to be $40-50 billion worth and is growing tremendously.
If you love to throw parties, event planning can be the best business idea to start in 2023. Need more inspiration? Read how a young woman converted a problem she faced into a new career.
So go, choose your niche- weddings, birthday parties, mall events, business meetings, or fundraisers and get the party started!
#4. Set up a Virtual Kitchen Business
The concept of virtual kitchens started in early 2010 in some major cities in the U.S. is now gaining popularity in India.
So, what is a Cloud/Virtual/Ghost Kitchen? Regardless of what you call, it is nothing but a food establishment merely used for food delivery. It lets you operate in a modest kitchen without having to make room for fancy chairs and tables.
If you love cooking, wear your apron, build a menu, identify a partner (third-party delivery app), and join the online ordering space.
#5. Digital Marketing Business
Traditional marketing is replaced by digital marketing thanks to the accelerated digital revolution. With more and more businesses going online, there is a high demand for digital marketers worldwide.
As a digital marketer, you can choose to work remotely or pick up freelance projects allowing you to enjoy a work\life balance.
If you think you have excellent communication skills, love creating content, have basic designing skills, and enjoy doing SEO/SEM, digital marketing can be the next best thing for you.
#6. Sell Custom Products
With the rise of e-commerce, shopping trends have changed, and customers are always looking for something different.
Whether you are looking to buy a bag, a mask, a t-shirt, or a simple coffee mug, a little customization makes your products extra special. Don’t you think so?
Business owners are smart enough to understand their customer’s needs. They are always looking for opportunities to provide something more valuable and memorable.
If you think you are creative enough to make the customer experience satisfactory, then getting into the product customizing business can be the best thing for you in 2023.
#7. Start an Organic Store Business
From sulphate-free shampoos to sugarless packed juices, we constantly try to make better choices for ourselves and our families.
Organic shops are gaining prominence and are becoming highly likeable in India. People are no longer hesitant to spend extra bucks on organic staples or green vegetables grown organically.
The year 2023 can be an excellent time to enter the organic food market which is growing exponentially.
#8. E-commerce Business
One of the biggest takeaways from the recent lockdowns is undoubtedly the e-commerce sector. There has been massive growth in this segment, and it’s still on the rise.
From buying groceries to expensive watches and garments, e-commerce has made shopping accessible at the tip of our fingers.
As per reports by IBEF, “India’s E-commerce industry is growing exponentially and is likely to surpass the U.S. to become the second-largest e-commerce market in the world by 2034”.
Do you need more reasons to start your own E-commerce business? Start your shop now and sell products online without any investments.
#9. Influencer Marketing Business
If you think you can bring about a change in others’ lives and have the ability to inspire, educate and teach, then becoming an influencer can be overwhelming.
Influencer marketing continues to rise rapidly, and it is fast becoming one of the most lucrative business options for many.
Influencer marketing is all about- being creative, having a niche, and having the ability to create content with ease. If you think you, have it in you, then let’s get the camera rolling!
#10. Become a Certified Dietician/ Nutritionist
With people becoming more and more aware of their health, becoming a nutritionist may open up various avenues for you.
With meal tracking apps and personalized meal plans, people now are becoming more aware of what they want to include in their diet. And as a nutritionist and a dietician, you can help them with a curated list of low-calorie meals and help in weight management.
#11. Become a Yoga/Fitness Instructor
The never-ending lockdowns have made people realize that they can work out from literally anywhere. There has been a massive demand for online personal trainers and yoga instructors, and surprisingly it’s still on the rise even after the lockdown has eased.
With app-based workouts and live streaming fitness videos, the fitness industry’s speed has astonishingly adapted to the digital shift.
Also, with a record number of women entering the field of health and fitness, the fitness industry can be one of the best business ideas in recent times.
So, if you are a fitness freak who can make people squat in the comfort of their home or in front of the camera, the fitness industry can be a lucrative online business idea in 2023.
#12. Become a Wellness Coach
There is no doubt that wellness is new wealth. People are getting more conscious about their mental and physical wellbeing of late.
A sedentary lifestyle, unhealthy eating habits, and not maintaining a proper work-life balance make people suffer from lifestyle diseases.
A wellness coach helps in adopting healthy habits. Corporates, too, are investing in wellness programs for their employees to maintain a comforting work culture.
Becoming a certified wellness coach in India can be a thriving business in 2023.
#13. Set up a Co-Working Space
With an increasing number of start-ups, the demand for co-working space is swelling rapidly compared to private office spaces.
A co-working space is cost-effective and allows people to network with like-minded individuals. With more and more people returning to work and becoming wary of working from home since the start of the pandemic, setting up a co-working space can be one of the best business ideas.
#14. Start a Podcast
Gone are the days when we repeatedly scanned the radio channels, desperately trying to listen to our favourite songs. We’re in 2023, and we can have everything we want, from stand-up shows to business talks just at the tap of a finger.
Listening to Podcasts is one of the best ways to stay entertained on the go. So, whether you are travelling, are in the gym, lifting weight, or cooking, listening to podcasts can be a great way to learn and grow.
The pandemic has paved the way for podcasts. People prefer audio content, unlike video, as it blends into their daily schedule without disrupting their work.
There is a massive demand for podcast creators, and the podcasting business is growing as one of the best new business ideas in India at the moment.
#15. Become a Website/Graphic Designer
With more and more businesses going online, the demand for websites and graphic designers is rising. As per a report by the U.S. Bureau of Labor, “Employment of web designers is projected to grow 13 percent from 2018 to 2028, much faster than the average for all occupations”.
With hundreds of start-ups trying to make their presence felt in the digital arena, it can be the best time to own a website/graphic design business.
#16. Enter the Pharmaceutical Business
The Indian Pharma industry holds a special place in the global market. It is the world’s largest producer of generic drugs and the third-largest by volume.
After having supplied around 60 percent of the COVID-19 vaccine during the global pandemic, the Indian pharma industry is now stepping ahead with significant momentum.
Today’s pharma industry is undoubtedly one of the fastest-growing sectors, with an army of scientists, technicians, business people, and entrepreneurs helping in the marketing and distribution of drugs.
#17. Start Affiliate Marketing Business
If you want to earn big bucks without investing much, affiliate marketing may be the best big thing for you. Affiliate marketing in India is slowly taking over the conventional ways of buying and selling products and services.
An affiliate marketer can be a blogger, online publisher, content marketer, influencer, or any company or organization which helps promote other brands and products and earn commission on every sale they make. Yep, it’s that simple!
If we go by the statistics released by the IAMAI, the affiliate marketing industry in India will cross $835million by the year 2025.
With good use of the internet, affiliate marketing can be a good start-up idea in 2023.
#18. Become a Virtual Assistant
The future of outsourcing work is immense, and more and more small and medium-sized organizations are opting to hire Virtual Assistants.
So, who is a Virtual Assistant? A VA is a virtual employee or a support system working remotely (out of office) who handles all the day-to-day activities for a small business that may not have the required skills and time to manage these tasks.
With more and more start-ups emerging, the need for a V.A. is ever-increasing. If you have a flair for handling administrative services, being a Virtual Assistant can be rewarding.
#19. Become an Interior Designer
Aesthetics is no longer restricted to the homes of the affluents. More and more middle-class families are now opting for designer homes.
There is a high demand for interior designers who can help them makeover their kitchen or living room with fancy decorations with well-coordinated colour schemes.
If you are creative, love designing and styling, and have an imaginative brain, interior designing can be one of the best start-up ideas for you. It is again one of the most glamorous career options in 2023.
#20. Start a Drop Shipping Business
Businesses have changed over the years. With online sales surpassing retail sales, the need for shipping business is constantly increasing.
The drop shipping business is a boon for entrepreneurs and local sellers entering the e-commerce domain. Here, all you need to do is host a website, list down the products you want to sell, and leave the rest to a third-party supplier to manufacture the product and get it delivered.
This low-budget unique business idea can be a great way to enter the e-commerce market.
Which of the above Innovative Business Ideas In 2023 excites you the most? Do let us know in the comment section below. We’d love to hear from you.
About the author:
Vandana Das is a full-time writer and blogger. She also manages content for the SHEROES platform.