Great Foreign Business Ideas [Best Business Ideas]

None of the established businesses of today started big. In fact, many of them began as small startups that grew over time and became big enterprises. Today, India has a vibrant startup ecosystem, and there is always a scope for more business ideas that can be incubated and turned into full-fledged businesses.

While every business needs a great idea, the idea doesn't need to be original. Ideas can be borrowed as well. Here, the blog attempts to showcase business ideas that have found success outside of India which can be replicated here for guaranteed results. We have broadly divided these businesses into online and offline ventures for increased engagement:

Exclusively Online Ventures

1. Online Bakery

While it may take years of hard work to make an established name in the business, the market is ripe in India for online food-based services, especially in the realm of baked foods. Entrepreneurs can start independently without any help and can tie-up with the different food delivery apps to sustain as a business. Although bakery items are not part of the regular diet at Indian homes still there is substantial demand and scope for bakeries given the large amount spent on food items in an average Indian household.

Must Read: How to start a Bakery Shop?

2. YouTube Channel

The advent of 4G has ensured that there is explosive growth in video consumption on mobile. The availability of affordable phones and cheap data has confirmed that anyone with a phone can consume videos anytime, anywhere. It has made the online video sharing platform a potential business idea. You only need a viable idea/ theme that can click with the audience as the cost of producing videos is relatively minimal compared to the past. YouTube has a revenue-sharing model wherein a part of the revenues earned from ads is shared with the content creators. It makes it a viable business idea that has tremendous scope for growth, and it is not likely to go out of favour any time soon.

Also Read: How to Start a YouTube Channel for Your Business?

3. Online Courses

COVID has reminded us that e-learning is here to stay, and the best way to deliver learning without interruption is online. Anyone equipped with a skill can purchase off-the-shelf LMS (Learning Management System) and be in the market monetising their skill sets. It may sound easy, but identifying a course and developing content does take time and effort.

This notwithstanding, the course has to have a friendly interface and should be communicated in a simple language that makes complex subjects look easy. Once you can accomplish these things, you need to spend enough time promoting the course. If there is positive word-of-mouth about the course, you are saved from spending a lot on marketing. However, this does not happen in most cases, and a sizeable part does go into marketing the course.

Also Read: How to Start Online Tuition Business?

4. Advertising Campaign Agency

Today, there is incredible growth in digital marketing, and this means that there are corporate advertising firms who want to be involved in the creative aspect but are wary about involving themselves in the promotion aspect. It is where an advertising campaign agency comes into the picture. They ensure that the content or the creative has the maximum footprint and reaches the maximum number of audiences.

Moreover, there is enough room for measuring marketing efforts' effectiveness, making it possible to strike lucrative deals with upcoming and established companies. As an entrepreneur, one needs to be conversant with different online platforms and up-to-date on all events and happenings in the online space. As far as getting clients is concerned, there are enough platforms like LinkedIn, Upwork, and Fiverr – where companies are continually putting out requirements.

Also Read: How to Advertise a Small Business?

5. Online Fitness Instructors

Some people work on such tight schedules that they cannot squeeze in enough time to join a gym. Besides this, COVID has made us convinced that working out from our homes' comforts is both safe and the best thing to do. It is where online fitness instructors are making their mark.

So, apart from investing in a website and costs of digital marketing, the entrepreneur would be required to invest in an indoor studio set-up, lighting, and video equipment to get things started. Incidentally, with the improvement of internet speeds and more people working remotely, there will be good demand for such services in the future.

Also Read: How to Become a Fitness Instructor in India?

Offline Ventures with an Online Component

1. Pet Day Care Services

Many people in big cities are single and only share their home with a pet. It is also possible that both husband and wife are working professionals and forced to leave their pets alone. In such a situation, the pet parents can feel incredibly guilty of not providing enough time to their four-legged friends. It is where a pet daycare can be a godsend for such pet parents. All you require is enough physical space and natural inclination to be with animals without getting bogged down from the responsibilities that come with it. Taking good care of pets is emotionally rewarding and pays well because most pet parents are extremely attached to their furry friends and do not mind spending to get over their guilt.

Also Read: How to Open a Pet Care Center?

2. Food Truck

While food vendors were always part of the Indian cultural scene, food trucks are a new concept, at least in India. That being said, it is a low-cost-high-returns business considering the interest among urban masses. Even well-paid professionals are quitting jobs to follow their culinary fashion because – unlike street vendors – food trucks offer the opportunity to sell high-end or gourmet food right on the street. As an entrepreneur, once you have a truck in place and have figured out the logistics, you can be on the move and park the truck in areas with the highest footfalls without getting restricted to a single location.

Also Read: How To Start A Food Truck Business In India?

3. Wedding Consultants

This used to be an exclusive preserve of the West, but with time the way Indian weddings are getting managed and coordinated is also changing. Weddings are no longer a family affair, given the increased complexity in ensuring everyone has a good time. The "big fat Indian wedding" is undergoing a transformation with wedding consultants. They are the ones who make it happen, where everything right from the "mehndi" to the "bidai" is taken care of with impeccable attention to detail. As an entrepreneur, one needs to have vendor contacts, interpersonal and event management skills, and a fully functional website to become a wedding planner in the Indian market. Given the fact that weddings happen even in a recession, it makes the business even more enticing.

Also Read: How To Start A Wedding Planning Business?

4. Customised Jewellery

Jewellery is not always about gold and silver, and this is where customised jewellery has its place. As a business owner, one can manufacture this jewellery in-house or can purchase it from bulk suppliers. While the former is cost-intensive, the latter works out in the long-term. The trick here is to cut deals with suppliers that will provide them with a good margin. Overall, an entrepreneur can go for an online store to reach a broad audience or start an offline store to attract customers from specific areas.

Further Read: How to Start a Jewellery Making Business?

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FAQs

Q. How to arrive upon a Business Idea as a wannabe entrepreneur?

Ans. If you are someone with a family background in business, you can join the business for some time and venture out on your own after getting some experience. Else, if you have no background, it is best to get some work experience and explore your interests side-by-side and select a domain for which you have passion. Once you know how to run a business, you are ready to launch your business provided, you have the necessary capital to invest.

Q. Is entrepreneurship risky compared to a regular job?

Ans. Yes, it can be incredibly risky if you plunge into it without any preparation. Before venturing into business, there has to be a substantial amount of investment in planning and understanding the business's nature. With a sound understanding of the underlying risk and readiness for involving oneself in an industrious effort, the chances of success remain relatively high. Overall, entrepreneurship becomes a "calculated risk" when done with complete knowledge about starting and running a business.

Q. Why is entrepreneurship on the rise lately?

Ans. In the past, it was tough to get a business off the ground, mainly due to funding issues. And running a business was not considered a secure career option with more failures than success. All this has changed with the growth of VCs and angel investors; it has become easier to secure funds for a viable idea. Moreover, people's perspective towards failed entrepreneurs have changed, and they are looked upon as someone who has matured through a failed business venture. It has made entrepreneurship a highly sought after career option than in the past.