Around 62% of college students in India express an intention to start businesses. However, due to not having the right idea and proper plan, this enthusiasm often doesn't translate into action after graduation.
Many begin their entrepreneurial journey with a clear vision. They know which industry they want to conquer and what path they need to follow to get there.
However, it is understandable that many new young entrepreneurs find it difficult to select how to start a business and what form of business is the greatest choice for investment.
To assist you in not only starting but also running a profitable business, we've compiled a list of over 15 most successful small business ideas after considering factors such as industry growth, competition, beginning expenses, entry hurdles, and profitability potential.
Most Successful Small Business Ideas
Any small business idea can become a successful and profitable venture with the right plan, determination, and hard work.
However, businesses in high-demand industries with lower startup investments may have more significant profitability potential. With the introduction of advanced technology, you’ll likely have more success running a virtual assistant business than opening a Kirana Store.
From some of the most lucrative businesses based online to in-person services, here is our list of the 15+ most successful business ideas that you can use to launch your entrepreneurial journey.
1. Food Trucks
If you’re passionate about food, starting a small food truck business can be a fantastic option. Food trucks, with various snacks and cuisines, come in all shapes and sizes.
So, you can take your favorite style of food, whether it's Chinese, Italian, or Indian, on the road and sell your culinary passions directly to foodie customers.
This will allow you to work and be in a space you’re passionate about, with a chance to connect to people with similar interests.
The food truck industry has been experiencing consistent growth over the last few years. According to a 2023 report by Mordor Intelligence, the food truck market size is expected to grow, with the market projected to rise to $6.87 billion by 2029.
That means starting a food truck is an excellent small-scale business idea for young entrepreneurs with a taste for the culinary. The overhead and upkeep for a car are significantly less than for a restaurant, and you have the added benefit of mobility.
2. Car wash Services
The rising prices are making car owners keep their cars longer. And as these owners own their vehicles longer, businesses like car washes that help people maintain the value of their vehicles are also expected to keep rising.
The car wash market is projected to grow from $15.86 billion in 2023 to $23.79 billion by 2030. Hence, starting a cash wash business is one of today's most successful small business ideas.
Also, you can make this business even more profitable by turning it into a mobile service. There are good chances that customers will pay more for a car wash that comes to them, especially if they have a luxury car and prefer a more personalized service.
3. Locksmith Services
If you’re looking for businesses with the highest margins, then locksmithing is one of the best options available out there. With the right business planning tools in place, you’ll be able to open the doors to your successful locksmith business.
Focus on providing high-quality locksmith services such as smart door lock installation services, key duplication, lock repair, and lock rekeying and establish a loyal customer base through great service and word-of-mouth marketing.
While starting any service-based business idea is hard work, you can build a thriving locksmith company with passion, perseverance, and the right mindset. However, when you start this business, ensure you have all the licenses and permits required by state, federal, and local governments.
Read in Detail: How to Start a Successful Locksmith Business
4. Personal Trainers
When it comes to the best business ideas with low investment, one concept is in the trend nowadays: personal trainers. If you’re a fitness enthusiast and the gym is like your second home, you might love to share some of your expertise and help others reach their fitness goals.
As a personal trainer, you can provide in-home training sessions catering to your client’s exercise capabilities. You can also help your clients make customized nutrition plans so their diets complement their physical goals.
Moreover, you can start this business by starting your client acquisition process with social media pages with detailed information about your gym experiences and how you can help your customers.
Although certification can help grow your customer base, you aren’t legally required to have any specialized training to start this type of small-scale business.
5. Electronics Repair
As more people are turning to electronic gadgets, especially smartphones, and laptops, for a variety of purposes, the demand for repair services is increasing significantly.
People want to fix these gadgets as soon as possible when something goes wrong with them. This makes it obvious why electronics repair services are one of the most profitable small business ideas in 2024.
In fact, as per a report from the Business Research Company, the global electronics repair and maintenance market is projected to grow from about $8.69 billion in 2022 to $9.88 billion in 2028.
You can solve every broken iPhone screen, Wi-Fi card, and laptop battery by offering repair services. And your business might be even more successful if you’re willing to travel to your customer.
Apple stores and other electronics retailers have come under fire over the last few years for long customer wait times, which could work in favor of repair service providers.
Although running a mobile electronics repair business will involve some overhead in purchasing supplies, being mobile saves you from paying the costs associated with a physical repair shop.
In case you’re searching for a professional to repair the keys and lock of your car, Contact Keyenzy to get a local automotive locksmith within minutes!
6. Personal Wellness
If you have a passion for personal wellness or are already a therapist or counselor, yoga instructor, life coach, or longtime mediator, you might be able to help others by starting a personal wellness business while also earning a significant income.
For instance, a report from the Yoga Alliance found that 38.4 million Americans (11% of the population) practiced yoga in 2022, up 4.6% from 2016. These Americans invested over $21 billion in yoga sessions in 2022 alone.
And another report by Grand View Research states that the North American yoga market is to grow at a compound annual growth rate of 8.8% by 2030.
These numbers clearly show why we added this concept to our list of most successful small business ideas. This low-investment business idea is a perfect opportunity if you’re interested in this field and you have the knowledge.
7. Consulting
If you’ve been in business for a long time, you can help others to be successful with your knowledge and expertise within your industry.
According to the Bureau of Labor Statistics, demand for consulting services is projected to increase, especially among smaller companies in specialized industries or business functions.
Management analyst employment, including consultants across different industries, is expected to grow 10% from 2022 to 2032 — faster than average for all occupations.
As an independent consultant, you can charge to speak at industry conferences or events, serve on a board of advisors for a fledgling business, or lend your expertise to shape the strategy of an existing business on a contract basis.
Whatever your skill set, starting a consulting business is a great way to make the income of your dreams while working on your own terms.
8. Rideshare Driving
If starting a business appears too difficult or risky, you may always use your vehicle to become a rideshare driver. The rideshare service bears the overhead and responsibility of running the business, providing you the freedom to work as much or as little as you wish.
Rideshare mobile applications such as Uber and Lyft allow people to launch side hustles that pay well and require little more than a willingness to take people to their destinations and engage in brief, nice discussions.
When you start one of the most profitable businesses as a rideshare driver, you will have the independence of a small business owner without the difficult workload required to manage behind-the-scenes operations.
While there are many small company ideas, if they demand too much effort or upfront investment, ridesharing may be the simplest way to get started in entrepreneurship.
9. Shared Accessories and Attire
Many websites, such as Rent the Runway and Gwynnie Bee, have embraced the sharing economy, encouraging people to share resources rather than owning more.
These businesses provide borrowed or rented clothing and accessories at a fraction of the original purchase price, and because the same item of goods earns income several times, the profitability of these ventures can be huge.
According to a 2023 study conducted by the reselling platform ThredUp, the used clothes market is expected to nearly triple by 2027.
Do you have a fashion sense and eye for style that other rental businesses do not currently offer? Perhaps you're prepared to be the next big thing.
Even if you're not ready to establish a multimillion-dollar fashion firm, you may still profit from shared fashion on a local level.
Gather some favorite accessories or clothing pieces and throw a borrowing party for high school kids before the next formal dance. Customers can rent or purchase anything from your closet. And because you're reducing shipping costs, your business be much more profitable.
10. Auto Repair
S&P Global Mobility reports that the average age of vehicles and light trucks in the United States will be 12.5 years in 2023, up from 9.7 years a decade ago.
People are retaining their cars for longer periods of time than ever before, suggesting that there is enormous opportunity in the maintenance and repair industry.
Furthermore, car owners are more likely to use a small business for repairs. According to the Auto Care Association, independent repair facilities account for more than 70% of repair business, compared to dealerships or manufacturer-authorized repair facilities.
If you're a talented mechanic, an auto repair service could be one of the most successful small business ideas. You can provide services like as oil changes, fluid refills, battery replacements, and headlight maintenance.
If you want to cut costs, you may make it a mobile business and do repairs in your customers' driveways or workplace parking lots.
11. Drop Shipping Business Owner
Are you enthusiastic about starting an online business but unsure where to begin? Then, you may definitely consider drop-shipping because you don't have to get into manufacturing or production here.
Drop shipping is an online retail business in which no real store stores the products; thus, as an online seller (a middleman), you are not required to stock the product directly or hold it in warehouses.
Drop shipping is a low-risk business idea with lower initial capital investment and overhead costs than other online channels in India, making it one of the most lucrative business opportunities for young entrepreneurs.
It is also recognized as one of the most rewarding business models because you are not responsible for the product's manufacturing or shipping costs, allowing you to begin earning money with each sale you make.
12. Graphic Design
As the number of brands competing for consumers' attention increases, small businesses must maintain a sleek and polished image more than ever before.
And, while the Bureau of Labor Statistics predicts that employment for graphic designers will expand by only 3% between 2022 and 2032, there are opportunities, particularly for graphic designers who work for themselves.
According to the BLS, the majority of graphic designers work for themselves rather than advertising agencies, publishing companies, or other similar firms.
Do you know your way around Adobe Photoshop, Illustrator, and InDesign? Have you taken any design classes? Do you have an eye for effective branding? As a freelance graphic designer, you can capitalize on your expertise.
You'll have absolutely no overhead and can assist small business owners in creating fantastic marketing visuals.
13. Home Bakery Business
If you enjoy creating wonderful cakes, cookies, and other baked products and are seeking home business ideas because you lack the money or time to open your own retail bakery, a home-based bakery business is ideal for you.
With a home-based setup, you may easily be your own boss and operate from home instead of renting an expensive store and recruiting a team of staff.
To get started with this one of the most successful small business Ideas, you have to create an appealing menu, invest in bakery equipment, buy supplies like flour, sugar, butter, and eggs, and promote your business to the best of your ability on social media channels.
An appealing visual social media network, such as Instagram, is an excellent location to publish photos of your lovely cookies and cakes. The home bakery business can be started with a small investment and expanded as it grows, which makes it one of the high-margin businesses in India today.
14. Virtual Assistant Services
With more employees working from home and teams dispersed across multiple regions and time zones, businesses can benefit from an assistant that is as flexible as they are.
There is no longer a requirement to meet with a customer every day in an office; you can work as an assistant from Delhi while your client is in Gujrat.
As a virtual assistant, you can select your clients and set your schedule, manage emails, organize meetings, book flights, and perform other simple activities to help your customers' lives and businesses operate more smoothly. Furthermore, you only need a laptop and an internet connection to begin this business.
Recommended Read: How to Fix Broken Keys in Urgent Situations
15. Cleaning Services
If you enjoy cleaning, you might simply turn it into a business. With a few employees, cleaning supplies, and transportation, you can provide cleaning services to households, apartment complexes, and commercial properties.
Most cleaning companies charge between $25 and $50 per hour. Cleaning services are basic enterprises with low costs; all you need is preparation, dedication, and marketing to attract consumers.
If you want to set yourself apart from other cleaning services, try charging an additional cost for premium services such as floor waxing or outdoor power washing.
These services could be the difference between your new cleaning business and established organizations that have too many clients to provide that quality of cleaning.
16. Vacation rentals
Another great business idea for those who live in a highly desirable tourist destination and can make a profit renting space in their home to travelers.
When discussing the businesses that are in high demand, vacation rentals will surely be on that list. Popular sites like Airbnb or VRBO have made it more convenient and accessible than ever to profit from unused vacation property.
Becoming an Airbnb host is not difficult, and the demand for these types of rentals has only grown in the last 3-4 years.
However, some cities have laws and regulations related to Airbnb and other rental platforms, so check the guidelines in your area before getting started with this zero-cost, profitable business idea.
17. Event Catering
The last one on the list of 15+ most successful small business ideas is for those who have a passion for the culinary arts. If you’re one of them, then event catering could be an excellent business opportunity for you.
There are plenty of people looking for tasty food to serve to their guests at parties, weddings, fundraisers, and family reunions.
If you enjoy cooking or baking and want to serve hungry guests, event catering could be an enjoyable and lucrative way to do so.
To get started, create a menu and price sheet, as well as secure the required permits and licenses. Begin small to spread the word about your catering service, but if your food speaks for itself, don't be shocked if your business develops by leaps and bounds through word of mouth.
There, you've got some of the most profitable and budget-friendly business ideas to jumpstart your entrepreneurial journey. Remember, this is just a starting point – the possibilities are endless!
We aimed to provide a diverse list that sparks your creativity and caters to a wide range of interests. If you still feel like there is something left, feel free to share it in the comments below!
Frequently Asked Questions
What are the most profitable small businesses today?
Businesses that offer tech-related services such as web designing, app development, and digital marketing are among the most successful small businesses that make the most profit today.
Moreover, healthcare services, such as telehealth and visual medical services, and specialized trades, including electricians, plumbers, automotive locksmiths, and skilled repair technicians, come under some of the most lucrative businesses.
Real estate and cleaning service businesses also have high success rates, which makes sense – all people need homes and want them to be clean.
What would be an excellent small business to start?
Unfortunately, there is no single "excellent" small business that works for everyone. The ideal business idea depends on a combination of your skills, interests, and the market landscape.
If you want to follow your passions while earning enough money to live, start a small business that fulfills you, requires you to use your skills, and gives you a good work-life balance.
There are so many successful small business ideas – and you know better than anyone what small-scale business ideas will bring you happiness, success, and stability. However, if you want to maximize your profit while minimizing costs, you can try any small business ideas that most frequently prove successful.
How can I start my own business with no money?
You don’t need money to start your own business. When you want to start a business and have no money, the first step is to keep your current job and launch your small business as a side pursuit.
Then, create your business plan and analyze your consumer base, market gap, and potential challenges. When you reach the final stage of planning, you’ll better understand how much money you need to make your small business a full-time job. You can get this money through crowdfunding platforms and investors.
And consider pulling a business loan when you don’t have any other option left.
How do I start a small business from home?
Homes-based small businesses are the most convenient and manageable ones. To start, you can follow the below given general steps:
1. Choose Your Business Idea
Brainstorm ideas that match your skills and interests (e.g., web design if you're tech-savvy) as well as research your local market to identify gaps or high-demand services.
2. Validate Your Venture
Talk to potential customers to gauge interest and get feedback on your product or service, and research competitors to understand their strengths and weaknesses.
3. Plan for Success
Craft a simple business plan outlining your goals, target audience, and what makes you stand out. Develop a marketing strategy to reach your ideal customers (e.g., social media for creative businesses). Project your finances to understand potential profits and manage your budget.
4. Make it Legit (if needed):
Check local regulations to see if permits or licenses are required to operate your business. Choose a business structure (sole proprietor, LLC) that aligns with your tax and legal needs, and register your business name if you plan to operate under a name other than your own.
5. Set Up Your Home Office
Designate a professional workspace at your home to boost focus and productivity and invest in essentials like a computer, reliable internet, and any industry-specific tools.
6. Launch and Grow
Build an online presence through a website or relevant online marketplaces and use social media platforms to connect with potential customers and promote your offerings.
What is the step-by-step process for starting a business?
Starting a successful business requires effort and careful planning. If you have the right tools and guidelines, your business will be up and running in no time.
Even though your special business journey will be unique to you, here are a few steps that entrepreneurs can take to start their business:
- Choose a business idea and find your niche
- Research the current market
- Create a business plan
- Assess your finances and raise money as needed
- Determine your legal business structure
- Register your business with the government and IRS
- Choose the appropriate business insurance policies
- Hire employees and build your team
- Choose your vendors
- Market and advertise your offerings
