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Seven profitable industries in which you can launch startups today
The Indian startup industry is easily one of the fastest growing in the world. We also have some of the most innovative startups in the country. For instance, the Guwahati startup Wify Cab is looking to compete with giants like Uber and Ola, which is something quite praiseworthy. Similarly, there are other startups like Wow Momo, Inshorts, CashKaro, etc. that are growing at a rapid pace by offering a wide range of interesting services.
If you want to launch a startup in India, then the time is ripe. However, if you haven’t picked the industry yet, then you can consider the following which are some of the most profitable today:
The food industry is believed to contain massive potential. With growth pegged at 20 billion USD by 2020, the industry that has small and big businesses that are already coming up with ways to invest in the sector and make as much money as possible. Even the online retail giant Amazon is planning to enter the Indian food retailing sector by investing a whopping 515 million USD in the industry in the next few years!
There are many reasons why the food sector is a good choice for launching a startup in. For starters, it’s one of the oldest industries in the world and there will always be demand for good quality and delicious food. Second, the new generation seeks convenience which is why food delivery apps like Zomato and Swiggy are becoming so popular and taking the industry to the next level. People have also started yearning for more platforms that can deliver their groceries and other consumables.
Media and Entertainment is another industry that has lots of potential. It’s also one of the industries that’s not going anywhere. The format and medium of entertainment may change from time to time but there will always be huge demand for quality content.
There are many ideas that you can work on when setting up a startup in the entertainment domain. For instance, you can launch a youth-oriented entertainment website where you can write blogs and publish interesting videos. You may even consider launching a mobile casino app as the online gambling industry has grown a lot in the past few years and there are a large number of people who like to play slots, poker, and other forms of classic casino games.
Technology has penetrated the healthcare domain today and there are all kinds of startups in the industry that are providing healthcare services via the Internet. For instance, portals like 1mg and Netmeds are allowing people to purchase medicines and healthcare equipment online. Similarly, there are apps like Practo on which you can find and contact doctors and medical professionals with different specializations.
If you have a medical background or have some experience in the industry already, then you can easily launch a startup of your own after studying the market and ensuring that there is a demand for the products or services that you are looking to offer.
Everyone wants good education but it often comes at a huge price. Again, this is where creative startups have emerged to offer affordable solutions to meritorious students who want to build successful careers. For instance, there are websites like BookChor and BookMandee where you can buy and sell used books in a convenient manner. There is also a slew of platforms where teachers and subject matter experts are offering online lessons and comprehensive courses to students and professionals. There are many directions you can take to launch a startup in this space and you are really limited by your own imagination.
5. Enterprise Software
In the past few years, impressive growth is observed in the implementation of enterprise software across the world as forward-thinking companies are looking to replace archaic systems with more efficient counterparts.
Modern technologies like automation and cloud computing are giving a boost to new and old businesses and allowing them to save business costs and increase the productivity of the employees at the same time. For instance, there is a huge demand for software programs and platforms for accounting, employee payroll management, collaboration, marketing, and branding, etc. So, you can set up a business that can offer these kinds of services.
Do you have a solution that can help people save money or send payments faster and with more convenience? If your answer is yes, then you can launch a startup in the fintech space. Think about mobile payment services like PayTm and Mowikwik that started small but have now grown into full-fledged enterprises that are generating more than impressive profits.
As blockchain and virtual currencies are taking the center stage, new startups are emerging in this space too. For instance, there are companies allowing retail investors to invest in cryptocurrencies, send payments via the blockchain network, make payments on ecommerce platforms. This is why this space is also a good option for you to consider for launching a new startup.
7. Real Estate
Real estate is a massive industry and there are countless opportunities to explore if you know where to look. However, you can certainly launch a startup in this domain and offer solutions for developers or buyers or both. For instance, you can work towards eliminating the brokers from real estate deals so that the buyers can contact the homeowners directly. You can also make shared accommodations more accessible and cheaper by offering more transparent and accessible services.
Finding the perfect business domain in which you can make tons of money while facing minimum resistance can seem like a huge challenge. However, if you will compare all the viable options and list down their pros and cons, you can make the decision a lot easier and simpler.
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