The Top 8 Best and Latest Retail Business Ideas in India

The Top 8 Best and Latest Retail Business Ideas in India

India’s retail industry has been flourishing at a fast pace over the past decade, and this trend looks set to continue in the years to come. Currently, worth $450 billion in total, it’s projected to grow to $1 trillion by 2020; partly on the back of new retail marketplaces and innovative business ideas coming from existing brick-and-mortar stores themselves. 

With this in mind, we’ve put together this guide on the best and latest retail business ideas that are thriving in India right now, from which you can choose one to launch your own enterprise.

1) Grocery Store

The grocery store is a one-stop destination for everything from toilet paper to wine. This makes it especially attractive to new businesses. Of course, you’ll have a variety of competitors nearby (see above), so offering convenient hours and helpful service will be important for building your clientele. 

As with most retail businesses, there are startup costs involved with opening a grocery store that includes obtaining a business license and various permits as well as investing in inventory, shelving, checkout stands, signs, advertising campaigns or other required marketing materials. Even if you’re going brick-and-mortar instead of online (where most of these ideas would apply), it’s worth noting that you could apply many of these ideas to an online business as well.

2) Electronics Store

Electronics are fast-moving consumer goods, making it a fairly easy market to enter. There’s only one problem—as an entrepreneur, you’ll need to make sure your store is secure from unscrupulous vendors selling cheap counterfeits. As long as you can find suppliers of certified electronic goods, you should be able to turn a decent profit. 

(However, we suggest starting out with small electronics—like cell phone accessories or laptop cables—before venturing into something big like audio equipment.) If you want to try opening up a mobile store, remember that most Indian consumers still don’t have smartphones, so stick to cheaper mobile accessories for now. If you do go for smartphones, invest in tamper-proof packaging so customers know they’re getting what they paid for.

In today’s era of digitalization, everyone wants to become entrepreneurs with their own business ideas; but very few are successful because they lack proper knowledge about marketing and managing their businesses efficiently.

3) Home Decor Store

If you love decorating your home, then a furniture or home decor store could be a great business idea for you. Be it interior decoration, wall hangings, wood crafts, utensils and other decorative items; there is a huge demand for good quality products at affordable prices. 

Moreover, these items are largely purchased as gifts for festive occasions such as housewarming parties etc. Thus selling them becomes an easy task with vast potential to earn profits. As far as investment goes, you can easily start off by taking a small space on rent and buying inventory worth Rs 50,000. You can even sell products online through popular eCommerce websites like Amazon & Flipkart.

4) Bookstore

Make money as a bookstore owner by offering reading recommendations to your customers. If you find new books, sell them to your customers at a discount. Run book clubs or host events on a regular basis where you can mingle with other bibliophiles. 

This is an excellent way to start selling books if you’re not yet well-known among publishers or don’t have the capital for inventory (eBook readers mean you can stock thousands of titles on one small device). You could also offer space in your store for local authors to hold readings and book signings.

5) Flower Shop

Flower shops are low-cost, high-profit businesses. And they don’t even require much physical space to run. According to Entrepreneur magazine, these retail shops can be started with as little as $500–$2,000. 

Moreover, a flower shop typically has a short return on investment period of 6 months. However, if you want to start a floral business online or offline, you need some basic knowledge about flowers. You should know how to choose fresh flowers and arrange them creatively so that customers will buy them. The cost of opening a flower shop depends on its location and size. It ranges from $5,000 to $50,000 or more depending upon whether it is an online or an offline store.

6) Bar/Cafe

In today’s time, the bar/cafe business is one of the most profitable business ideas. With changing trends, people are moving towards healthier lifestyles. If you have good knowledge about cocktails, then it can be a good source of income for you. 

You don’t need to take care of anything else as someone else is doing all these things under your name. It will give you an opportunity to meet new people from different places. This will also help you improve your communication skills with other people. The profit margin in running a bar or cafe is very high. So if you want to start something on small scale, go for it!

7) Clothing Store

The Indian clothing market is expanding at a rapid pace and it’s anticipated to double by 2020. If you have an eye for fashion, an entrepreneurial spirit, and are willing to work hard, consider opening your own retail clothing store. 

You can also try starting a business that buys clothes from large retailers or wholesale suppliers at discounted prices and then sells them online or to-go customers from a storefront location. Be sure to check out these additional tips on how to start a retail clothing business.

8) Bike Service Center

People buy new bikes for various reasons – fun, fitness, or even a pastime. If you are an experienced mechanic or bike enthusiast and want to start your own business, then why not set up a service centre? You can repair bikes, install accessories, rent out cycles and more! However, you’ll need some basic skills such as fixing bikes from scratch. 

You can also apply for business loans if needed. Bike repair shops have gained popularity over time, especially in cities like Mumbai where it is hard to find parking spaces. Even if you just fix punctures, charge for it instead of giving it away free of cost and earn profits with every job done.

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