27 Profitable Business Plans to Start in 2020
- BY Jaspreet Kaur
Feature Writer, BusinessEx
- Jan 10,2020
- 40 Mins Read
As the new year arrives, new opportunities come in. In connection with the business segment, changing trends affect the enterprise’s revenue and sometimes, tap into new ecosystems. Aspiring businessmen who are planning to venture in the business sphere, have oodles of choices this year. Here is the list of business plans that entrepreneurs can start in the present year.
Business Plan for Automobile
In order to start an automobile business, one needs to have experience in dealing with automobiles. Further, one needs to assess the required capital investment for the business. In the initial phase, the entrepreneur can start with a small scale automobile business such as a car or two-wheeler oil changing business; such type of business does not less than INR 1 lakh investment.
Business Plan for FMCG Business
In essence, an FMCG business includes food items that are quickly sold at a nominal cost. Some of the examples of FMCG products are beverages, packaged food, and over-the-counter drugs, etc.
To run this business, the entrepreneur needs to deliver food products to customers in a short span. For that, the entrepreneur will have to partner with delivery agencies. Further, the food products should be beautifully packed and for this, the businessman needs to associate with product designers. Aesthetic designs of products help create a difference in the market and attract consumers as well.
Business Plan for Education
For starting an education business, an aspirant needs to delve deeper into the education industry and apprehend the underpinnings of an enterprise. By starting this business, one not only earns bagful of revenue but also aids in delivering academic learning to millennials.
While initiating the education business, an entrepreneur needs to follow four vital steps, which are:
- Focus on Competency
- Understand the target audience
- Promote the business
- Collaborate with Important Brands
Business Plan for Beauty and Salon
To initiate a beauty and salon business, an aspiring businessman needs to have years of experience in the beauty and wellness industry. Besides that, the entrepreneur needs to be versed with the latest beauty trends, customer preferences and so on.
While establishing the business, first of all, the aspiring businessman has to search out a location that is close to a busy street or affluent neighbourhood. Secondly, he needs to look for the number of equipment that he wants for the beauty salon. Following this, he has to build an association with brands to deliver top-notch beauty services and then, focus on promoting his salon.
Business Plan for Health & Wellness
With the passing time, the living style of the Indian demographic has changed drastically. Unsaturated oily food has become the first preference of many millennials and in turn, impacts their health. To assist others to adopt a healthy lifestyle, an aspiring entrepreneur can initiate Health and Wellness business.
There are various types of businesses under health and wellness such as Zumba, Yoga, and Gymming, etc.
Business Plan for Business Services
As India is slowly turning into an industrialist economy, it is important for aspiring entrepreneurs to set foot in the business services industry. In this sphere, there are endless services that can be offered to customers. Some of the common services are auditing, marketing, consulting and banking.
Business Plan for Food & Beverages
Customers’ food preferences are diverse and vast. Witnessing this demand, it is vital for the young businessman to start the food and beverage business. For this business, the entrepreneur can choose the food type that he wants to offer to the customers. After assessing competitors in the market, the aspiring businessman can establish a small-sized company and gradually expand the enterprise.
Business Plan for Fashion
Millennials are currently fashion-oriented and seek stylish apparel as well as accessories. To target the young generation, an aspiring businessman can start with the fashion business. In this, he can design and manufacture apparel. Within apparel, there is a vast number of clothing such as pants, tops, innerwear and so on.
An entrepreneur needs to choose a clothing line prudently as it will create an impact on his long-term growth.
Business Plan for Construction & Maintenance
Many old and historic buildings need to be preserved today. Such edifices cannot be renovated again, therefore, people employ a construction and maintenance company.
For starting this business, an entrepreneur needs to have expertise in the industry. Further, he needs to possess knowledge of construction materials that are required in the process.
Business Plan for Travel & tourism
Over the years, many tourists have got attracted to India owing to its rich culture. Similarly, the Indian demographic have adopted and prefer visiting foreign destinations. The aspiring entrepreneurs should make use of this opportunity and start their own travel and tourism business. The businessman can also partner with giant companies in the travel and tourism sector which, in turn, attracts more customers.
Business Plan for Leisure & Entertainment
The leisure and entertainment segment is immense and focuses on sports, recreation and tourism-related items and services. For starting a leisure and entertainment business, an entrepreneur needs to ascertain the kind of services that he wants to give and after some research establish his business.
Business Plan for Finance
Finance is the core of every business today. Before establishing any business, startup owners strive to raise the funds to carry out business operations. In this scenario, an aspiring can address startup owners’ problems and offer financial help after scrutinizing their background.
Following this, the businessman can handover the required sum of money and charge interest over it.
Business Plan for Energy & Environment
At present, the ozone layer is depleting and additionally, various environmental hazards are happening. As a result, there can be a shortage of resources in the coming time. Addressing this problem, you can start the energy and environment business.
There are various types of energy and environment enterprises such as solar, wind, water, biogas and so on. Calibrating the capital and interest, an entrepreneur can start any business in the sector.
Business Plan for Machinery & Manufacturing
India is slowly becoming a capitalist economy as there is a vast demand for machinery. The machinery enables to produce items faster and further, require less manpower. Seeing this, a businessman should start manufacturing machinery and supply it to the companies. It is one of the lucrative businesses and guarantees long-term success.
Business Plan for Retail
If an entrepreneur is planning to enter the retail industry, then there is a wide array of products to choose from. From clothing to stationery to auto spare parts, anything can be supplied and sold to the customers.
To initiate this business, one needs to select a product that one wants to deal with and then, find a space to establish the enterprise.
Business Plan for Restaurant
In the present time, the restaurant industry is flourishing rapidly and thus, an aspiring entrepreneur should make use of this opportunity. He should plan to enter this niche. For that, he needs to decide cuisine that he wants to serve and later, search for a space that is close to a busy street.
Further, he needs to plan out the menu and do some research on the customers staying around that area.
Business Plan for Dealer & Distributor
Dealer and distributor business relies on networking mainly. In this business, a dealer, who acts as a wholesaler, gives products to the distributor, who acts as a retailer, which is sold to the customers. For starting this business, a businessman should be an enterprising man and have a large nexus of dealers.
This type of business can easily flourish if the entrepreneur uses his network effectively.
Business Plan for Hotel
As tourism mainly increases in the summer and winter season, the aspiring businessman can employ this demand and come up with an idea of starting a hotel. To become a hotelier, an entrepreneur needs to have the right skills, culinary skills, business management skills and people skills, etc.
Initially, he can start a small scale hotel and eventually, after garnering saving he can expand his hotel.
Business Plan for Sports
Sports is one of the leisure activities that people do to bust daily stress. Besides this, students prefer playing sports as a part of extracurricular activities. If an entrepreneur is skilled in sports then he can start tutoring beginners. He can choose any sports such as basketball, handball, and wrestling, etc.
For this business, he needs to decide a space to start the sports academy and then promote his business. If his coaching shows good results, then he will steadily get more customers.
Business Plan for Home-Based business
As many people could not continue to work in the corporate world, they can opt for the home-based business. In this, a person can tutor students or share their skills with others. Music classes, cooking classes, and academic subject tutoring are some of the common home-based businesses that one can start.
Business Plan for Real estate
As the real estate market is rising, more investors are infusing money in the sector. Basically, commercial realty business is catching the eye of investors and as a result, many entrepreneurs have established co-working spaces.
Similarly, new entrepreneurs can establish real estate business and expand into commercialized realty market.
Business Plan for Transportations
For expanding a business, a company needs to offer services all across the nation. In order to do this, they need to supply their goods to the people residing in far-off places. To deliver these goods, a company requires the help of a transportation or logistics company.
By starting a logistics company, a businessman can expand carry products from one place to another and charge accordingly. Giant companies are presently hiring logistics companies to deliver their products and in turn, new transportation businesses can also target them.
Business Plan for Daycare Services
Working couples start it hard to look after their children if there are no elderly people in the family. For helping nuclear families, an aspiring businessman can start daycare services. The business can be started in one’s locality and initially, increased seeing the rising profits. For this, one needs to have hands-on experience in handling children.
Business Plan for Event Planning
Today, everyone wants to celebrate close ceremonies lavishly and seeks things in the right order. For this, people hire event planners, which oversee everything in the event, from decoration to welcoming guests to the buffet.
If someone has a knack for event planning and decoration, then they can start this business. Initially, the aspiring businessman should start with small orders.
Business Plan for Farm & Food Productions
Many people prefer organic food today as processed and packed food lack nutrients. Seeing this, an entrepreneur can venture into the organic food industry and start offering farm-grown food directly to the customers.
For this, the businessman needs to create a target audience and consequently, expand carry out operations.
Business Plan for Agriculture
Agriculture renders the highest inorganic employment in the country. Using this space, an entrepreneur can start an agriculture business by employing equipment and trained farmers. A business can produce a wide spectrum of food and later, sell them at a nominal price to the consumers.
Business Plan for the Software Company
The demand for tech is never-ending and resultantly, more software companies are entering the market. If an aspiring businessman possesses knowledge of IT and tech, then he can venture into this industry and offer software as a service (SaaS) product to other companies.
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