Madhya Pradesh is the second-largest state in India, and it is known for many things but mainly for its rich culture and history. The state's GDP is growing, and thus the opportunity to start a business in madhya Pradesh is massive. In the state, There are many industries and sectors that are top contributors to the state and national GDP. Both the state and the central government are working to provide special schemes and benefits for small businesses and startups. In this article, you will get to know some of the best business ideas that can help you earn a considerable profit in Madhya Pradesh.
Here are some of the best business ideas to start in Madhya Pradesh
1. Textile business
Madhya Pradesh is famous for its traditional and beautiful handicrafts and clothing items. Among the most famous textile products of Madhya Pradesh that stay in demand throughout the year are Maheshwari and Chanderi sarees. Apart from the sarees, there is a massive market for manufacturing jeans in the state. There is a huge opportunity in Madhya Pradesh for the textile business as the state has more than 55 mills that generate around USD 325 million exports per year. The export rate for textile items like sarees and jeans makes Madhya Pradesh the perfect state to start a textile business of any scale.
Indore, Jabalpur, Burhanpur, and Chhindwara are some of the locations that have the most textile clusters in the state. As there is a great opportunity for small and medium-sized businesses to start their textile business in Madhya Pradesh, the state government is also providing some benefits and schemes to boost this sector's growth in the state.
Must Read: How to Expand a Textile Business?
2. Tour guide
Madhya Pradesh is a state that is famous for its rich cultural heritage, historical places, and wildlife tourism. Both domestic and foreign tourists love to visit the state that is the heart of India. As per the statistics, around 88 million domestic and 0.32 million foreign tourists visited Madhya Pradesh in 2019. Sanchi, Khajuraho, Bhojpur, Maheshwar, Ujjain, Kanha are some of the most popular tourist destinations.
As the state is famous for tourism and rich culture, there is an excellent opportunity for locals and people with good knowledge of tourist destinations, history, and Madhya Pradesh's culture to become a tour guide. You would have to obtain a license to start a tour guide business in Madhya Pradesh.
Also Read: How To Start Tour And Travels Business In India?
Woodworking is also among profitable local business ideas in Madhya Pradesh. The state is famous for its amazing wooden handicrafts, and furniture as most of the tourists like to purchase wooden items from here. There are many big markets and other places in cities and tribal areas of Madhya Pradesh to buy wood rafts. The wooden handicrafts in Madhya Pradesh are mostly made from the Shisham, teak, bamboo, kidar, etc.
People with creative skills of carving out different elements and shapes from wood can start their woodworking business in Madhya Pradesh. Hiring some skilled workers is another option to start a wooden craft business in the state.
4. Papad making
The papad-making business idea is one of the best business ideas to start in Madhya Pradesh. Gram, rice, mustard, and maize are some of the major crops in the state that count as papad ingredients. You can try some different ingredients to increase the taste and flavour of papad. There is a large market of papad in the country as Indians love to eat snacks daily.
You can export papads to other states and tie-up with different snack companies to improve your product's sales. With different papad flavors and choices, you can certainly earn a decent amount of money from this low investment business.
Also Read: How to Start a Papad Business in India?
5. Computer training institute
Madhya Pradesh is one of the best states in India in terms of education. The literacy rate of Madhya Pradesh is higher than many other states in India. As per the statistics, 88.6% of the total population of Madhya Pradesh is literate. Because of the systematic and well-organised education industry, students like to pursue higher studies from the state.
Having many students in the state makes it the perfect place to start a computer training institute. You can offer multiple diplomas and certifications in a computer training institute to help the students with basic to advanced computer skills. Starting a computer training institute is a low investment and the best small business in Madhya Pradesh.
Also Read: How To Start A Computer Training Business?
6. Fast food centre
Like any other Indian state, Madhya Pradesh is also known for its fast food and street foods. There are many popular fast foods in Madhya Pradesh, such as Poha, Puri Palak, Jalebi, Pav Bhaji, etc. The idea of starting your fast food business is one of the best small business ideas in Madhya Pradesh. Many foreign tourists travel to India to make food vlogs and try different dishes.
With some delicious local fast food and some regular Indian street foods, your business will grow rapidly. To start a fast food centre in Madhya Pradesh, you will need little investment according to the shop space and locality. Many online delivery platforms can help your business to improve its reach and popularity in nearby locations.
Also Read: How to Open a Fast-Food Joint?
7. Food processing
Madhya Pradesh is one of the top states that produce most agricultural products in the country. India's food processing sector has a USD 65 million turnover in which Madhya Pradesh state is one of the significant contributors. The vast production of agricultural products and the state's constant improvement make the food processing business in Madhya Pradesh best for small and medium-sized businesses.
To start your food processing business in Madhya Pradesh and earn a huge profit, you should go through all the legal processes to run your business without any problems.
8. Glass etching
The glass etching business is also among profitable business ideas in Madhya Pradesh. The state's glass industry is famous for its creative glass etching designs in decorative, awards, and gift products. This business requires a small amount of investment, and it can be done from home as well.
You can increase the number of clients by improving your online presence and posting your recent works and good feedback. If you don't know glass etching and still want to start your glass etching business in Madhya Pradesh, hiring talented local workers would be a good idea.
Also Read: Glass Manufacturers In India
9. Nail polish making
As Madhya Pradesh is rich in minerals and other chemicals, starting a nail polish-making business would be a great idea. In Madhya Pradesh, chemical industries are one of the major sectors. Nail polish products have a huge demand in the cosmetic industry that generates massive revenue throughout the year.
To start a nail polish-making business, you need to know the latest fashion trends and unique nail designs. Like any other beauty and cosmetic product, it is easier to sell nail polish products because of their high demand. Low investment and high demand make this one of the perfect business ideas to start in Madhya Pradesh.
10. Beauty salon
A beauty salon is undoubtedly the best small business to generate a stable income flow throughout the year. Both men and women mostly go to the salon at least once a month. Even with big competition for a beauty salon in a particular location, the business owners earn a decent amount of income.
Having adequate space for a salon, the latest equipment, and some skilled workers will make the beauty salon popular in the specific neighbourhood in less time. To start a beauty salon business, it is crucial to search for a commercial shop in a good location and set prices according to the nearby competitors.
Further Read: How To Start A Beauty Parlour In India?
Apart from the business ideas mentioned above, there are many other small businesses you can start in Madhya Pradesh. Before investing money in any business, you should research and study the market of a particular industry. Having good knowledge and information about specific sectors will help you in the business's initial stage and grow the business quickly.
You can take advantage of multiple states and central government schemes and benefits for startups and small businesses. Having a valid license and required documents to run a business is essential to eliminate legal actions and difficulties.
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Q. What are the government schemes in Madhya Pradesh for startups and small and medium-sized businesses?
Ans. Mukhyamantri Yuva Swarozgar Yojana, Mukhyamantri Yuva Udyami Yojana, Centre for Entrepreneurship Development Madhya Pradesh.
Q. Which city is the business capital of Madhya Pradesh?
Q. What are the major industries in Madhya Pradesh?
Ans. Textile manufacturing, automobiles, food processing, engineering, and agricultural equipment manufacturing.
Q. Which crops are mainly grown in Madhya Pradesh?
Ans. Wheat, Jowar, Paddy