Estimates place India’s nominal gross domestic product (GDP) for FY22 at Rs. 232.15 trillion (US$ 3.12 trillion). The enormous contribution of countless new firms is reflected in these numbers. This post is perfect for you if you’re looking for the top business ideas for 2023!
India has the third-largest unicorn population in the world, with over 100 unicorns worth US$332.7 billion. The net employment rate must rise 1.5% annually to reach a GDP growth rate of 8–8.5% between 2023 and 2030. India’s current account deficit (CAD) rose to 2.1% of GDP in the first quarter of FY 2022–23, mostly as a result of an increasing trade imbalance.
An organisation with its headquarters in India, a yearly revenue of under 1 billion Indian rupees, and a lifespan of under ten years is considered a startup, according to the Indian government. India has become a significant worldwide startup ecosystem thanks to government initiatives, easier access to financing, and trained labour. In order to turn creative ideas into reality, a supportive and effective business climate has been crucially aided by the Startup India initiative.
This ecosystem, which has its roots in software-intensive enterprises, has branched out into many other industries and services. The greatest root of this entrepreneurial tree is Bangalore, which is also India’s top startup hub, followed by Delhi, Mumbai, and Chennai. In this article, we will talk about top business ideas for 2023 that will make you rich.
Table of Content
- Make an App
- Start Blogging
- Travel Agency
- Computer Training
- Create Tutorials Video on YouTube
- Music Lessons
- Pet Care Services
- Event Planner
- Yoga/Fitness Centre
- Digital Marketing
- Put money in the stock market
- Dropshipping Website
- Invest in Real Estate
- Cooking Classes
- Personal Trainer
- Web Developer/Designer
- Life Coach
Top 20 Business Ideas for 2023
Over the past 25 years, common people have chosen to leave the security of regular employment and enter the world of entrepreneurship by starting their own small businesses. With the creation of more than 12.9 million new jobs, these endeavors have significantly boosted the American economy.
We’ve put together a list of 20 top business ideas for 2023 to help you make an informed decision if you’re thinking of taking this journey but are unsure of the best course to take.
1. Make an App
- Successful app development can be a rewarding route to financial success for tech-savvy people. It is one of the top business ideas for 2023.
- App development requires expertise, but if successful, they can bring in a steady income.
- More than 30,559 of the 1,013,323 app creators on Google Play are from India.
- Moonton, Words Mobile, Moonfrog, Games2win.com, Rendered Ideas, Candy Mobile, GunjanApps Studios, Gameberry Labs, BlackLight Studio Games, and Nextwave Multimedia are a few well-known Indian publishers on Google Play.
- 3% of all Google Play app publishers are from India.
- You may reach a large audience of smartphone users by creating an app.
- India’s population can simply get affluent through blogging. It is one of the top business ideas for 2023.
- 43% of all websites on the Internet are powered by WordPress.
- Each month, more than 20 billion pages are viewed on WordPress.com by over 409 million visitors.
- Globally, there will be about 600 million blogs by 2023.
- On average, 3.2 million brand-new blog posts are posted every day.
- You can work from home without a desk or any upfront outlay thanks to the convenience of blogging.
- An excellent method to help struggling students with their topics is to become a tutor, especially if you are an expert in that area.
- Although tutoring does not call for certification, you should be an expert in the subject matter.
- With a CAGR of 17.03%, the market for online tutoring services in India is anticipated to increase by USD 10,585.08 million between 2022 and 2027.
- The value of the education sector as a whole was calculated to be over 117 billion dollars, and by 2025, it is anticipated to reach 225 billion dollars.
- Tutors typically have a college degree in the subject matter they teach.
- You can broaden your potential audience by teaching in person or online. It is one of the top business ideas for 2023.
- If you are good with numbers and pay close attention to the little things, starting a bookkeeping firm is a possible alternative.
- Small businesses can hire bookkeepers to help with bookkeeping, payroll processing, and tax data gathering. It is one of the top business ideas for 2023.
- Based on 15 salaries, entry-level bookkeepers with less than 1 year of experience can expect to make an average total salary of 235,832.
- Based on 18 salaries, bookkeepers with 1-4 years of experience make around 242,693.
- Based on eight incomes, mid-career bookkeepers with five to nine years of experience make about 375,000.
- Success depends on being well-organized and understanding your financial management duties. For added security, forming an LLC is advised.
5. Travel Agency
- Some people prefer not to make hotel reservations through the hotel’s website because they desire a hassle-free stay without having to worry about availability or making a reservation.
- By 2023, it is expected that the travel and tourism sector would generate US$18.91 billion in income.
- Between 2023 and 2027, the market is anticipated to rise at a CAGR of 13.47%, with a projected market size of US$31.35 billion by that year.
- By 2027, it is predicted that 59% of all money generated in the travel and tourism industry will come from online sales. It is one of the top business ideas for 2023.
- These people frequently speak with travel agents and are willing to pay for their services in order to streamline their travel plans.
- Starting a firm that offers a travel agency alternative to MakeMyTrip, Trivago, TripAdvisor, etc.
6. Computer Training
- In the digital age, computer digitization is crucial, and online activities require a personal computer (PC). It is one of the top business ideas for 2023.
- Given that India contributes for more than 19% of worldwide IT spending, young people in India are becoming more and more interested in learning about computers.
- You can find out the price of computer courses—which normally include fundamentals like MS Office and MS Paint—at neighbouring computer centres.
- You might think considering instructing people in computer use if you have some basic computer skills.
- With a 7.4% GDP contribution in the fiscal year 2022, India’s IT-BPM sector has been instrumental in the socioeconomic development of the nation and has the ability to continue to do so.
7. Create Tutorials Video on YouTube
- Making instructional videos can be a long-term plan to gain recognition and money. It is one of the top business ideas for 2023.
- Making helpful and enjoyable films is crucial because your income will be based on how many people watch them.
- It is anticipated that between 2023 and 2028, there would be a steady increase in the number of YouTube users in India, reaching 826.44 million people by that time.
- It’s crucial to spend a lot of time and effort developing videos with high-quality information.
- A fantastic result in terms of audience and success can be attained by consistently submitting videos and keeping quality material.
8. Music Lessons
- Indian music has a long history that dates back to the Vedic era and is made up of many different genres, including classical, folk, pop, cinema, indie, and raga rock.
- Due to the extensive usage of mobile phones, caller ring back tones have developed into a substantial source of income for the music business.
- Flexibility and limitless opportunities are provided by setting up a music studio at home or visiting clients’ houses.
- Parents looking for music or voice lessons for their kids can be attracted by marketing your services to local schools or community theatres.
- Effective teaching techniques generate word-of-mouth recommendations, minimizing the need for intensive marketing initiatives.
9. Pet Care Services
- An excellent possibility for dog lovers who get along well with other people’s dogs is starting a dog walking service.
- India’s pet care market is expanding quickly, with an average annual growth rate of 13.9%. It is one of the top business ideas for 2023.
- The most common pet in India is a dog, and by the end of 2023, there will likely be 31 million dogs kept as pets.
- This job entails going to people’s residences to play with or walk their pets.
- Being a dog walker doesn’t involve any specialized training, and since you’ll be using your clients’ leashes, it won’t cost much money.
10. Event Planner
- For those who wish to create unforgettable experiences for special occasions, the events industry is very gratifying. It is one of the top business ideas for 2023.
- The Indian events sector, which includes corporate events, award ceremonies, and concerts, was valued at Rs. 10,000 crore in the FY 2019–2020.
- Event planners need to have outstanding organizational skills, strong networking skills, and attention to detail.
- For producing fresh and intriguing ideas for clients, having a creative edge is crucial.
- The India Event and Exhibition Market is anticipated to generate USD 4748.20 million in 2023 and USD 8709.61 million by 2028, growing at a CAGR of 12.90%.
11. Yoga/Fitness Centre
- Working from home has made individuals more sedentary, which has contributed to a rise in health problems.
- To address these health issues, this creates an excellent economic opportunity. It is one of the top business ideas for 2023.
- Many people are looking for alternatives to drugs and are curious about how their bodies may cure themselves naturally.
- One of the best practices for enhancing both physical and mental wellbeing is yoga.
- In 2022, it is expected that the health and fitness market will bring in a total of US$21.35 million.
- Between 2022 and 2027, the market is anticipate to grow at a CAGR of 9.39%, with a target market size of US$34.60 million by that time.
12. Photography or Videography
- For creative people with an eye for composition, the photography and videography industries are great. It is one of the top business ideas for 2023.
- You can opt to be a generalist or focus on particular specialties, such as family portrait photography or wedding videography.
- In the field of photography and videography, artificial intelligence (AI) technology has been developing, and in 2023, it is anticipate to become more pervasive.
- You don’t need specialized credentials to start a photography or video production firm, but you will need a good camera and may want to think about buying lighting equipment.
- The photography and videography sectors of the economy are dynamic, with new trends appearing frequently.
13. Digital Marketing
- Due to the growing necessity for businesses to advertise their goods and services digitally, digital marketing is a fantastic business concept.
- To manage digital advertising, digital marketers are employee, but success takes enthusiasm and the appropriate approach.
- At the beginning of 2023, there were 692.0 million internet users in India, with a 48.7% penetration rate. It is one of the top business ideas for 2023.
- Additionally, 467.0 million people in the nation used social media, making up 32.8% of the entire population.
- Affiliate marketing, blogging, SEO, SMM, SEM, email marketing, marketing automation, and other features are all included in the field of digital marketing.
14. Put money in the stock market
- The return on investment and dependability of investing in stocks, bonds, shares, and other financial products can be very high.
- Trading in different assets, like silver and gold, presents potential for monetary expansion. It is one of the top business ideas for 2023.
- For profitable and secure stock market trading, proper information and awareness are essential.
- Foreign portfolio investors (FPIs) invested INR 37,316 Crores in Indian stocks in May, contributing to the positive growth of important market indices including NIFTY 50 and BSE Sensex.
- It is advise to make long-term investments in stocks with strong fundamentals and dominant industry leadership.
15. Dropshipping Website
- A dropshipping website advertises goods that the company does not actually stock. It is one of the top business ideas for 2023.
- Instead, the website works with a distributor that ships goods straight to customers to complete orders on the company’s behalf.
- With this strategy, there is no need for inventory, and business owners can provide a wide choice of goods.
- In order to launch a dropshipping business, it’s critical to build connections with reputable dropshippers.
- With a conservative estimate of 25%, dropship profit margins in India can range from as little as 10% to as much as 40%.
16. Invest in Real Estate
- One of the best methods to increase wealth in India is through real estate investing, but doing so demands making smart financial choices.
- It can be profitable to buy properties to rent them out or sell them later when their value rises.
- The Indian residential real estate industry expanded significantly in 2022, with sales rising by an astounding 68% year over year.
- Real estate investing is a wise long-term investment since it has the potential to increase in value over time.
- Real estate investment creates an asset as well as additional income through rentals. It is one of the top business ideas for 2023.
17. Cooking Classes
- If you are a skilled cook, you can instruct others both offline and online. It is one of the top business ideas for 2023.
- Although many people want to take cooking classes, it might be difficult to find any locally.
- You can give offline cooking workshops or make cooking instructions for websites like YouTube.
- Depending on the difficulty of the dishes, cooking workshops in India often involve small groups of 2–7 participants and range in length.
- Taking a cooking lesson in India can give students an immersive experience and aid in their understanding of the methods used to prepare Indian food.
18. Personal Trainer
- By offering training advice and inspiration, a personal trainer can help people reach their fitness objectives. It is one of the top business ideas for 2023.
- You can design specialized exercise programs to achieve your fitness goals, including weight loss and muscular growth.
- With a strong clientele and steady work, you have the ability to make an average of 5,000 rupees each week as an online fitness trainer.
- You can draw clients for personal training by providing both quick training sessions and in-depth online courses.
- If you want to work in a gym, certification is require. It might also help you stand out to potential customers.
19. Web Developer/Designer
- The development of technology and the internet has led to a considerable increase in the web design market in India.
- Companies hire skilled web designers to improve their websites because they understand the value of having a strong online presence.
- Having a website is essential for companies in the digital age to draw in and keep customers. It is one of the top business ideas for 2023.
- Many people in India rely on web development companies since they lack the skills to build websites on their own.
- To satisfy the demand for web design services, you can learn web development and design through online or offline courses.
20. Life Coach
- A life coach helps people deal with difficult circumstances and life transitions.
- Coaching can cover a wide range of topics, including parenting, relationships, and other difficulties in life.
- A competent life coach has the knowledge and skills to help others overcome their challenges.
- Focusing on your skills, gaining knowledge, and having a distinct understanding of the target clientele you desire to serve are essential for success as a life coach.
- Life coaches at the entry level make an average of $1,750.00 in total remuneration, while mid-career coaches with 5 to 9 years of experience make about $1,000.00.
- Late-career workers may receive an average total remuneration of 2,500. It is one of the top business ideas for 2023.