India is Asia’s second-fastest-growing economy, and Mumbai is India’s core since it’s the most populated city. Not only is it the biggest city by population, but it is also the country’s political and economic capital. Mumbai accounts for around 6.16 percent of overall GDP. Thus, setting up business opportunities in Mumbai can be a profitable deal.
The large population, with too much financial activity, means more business opportunities in Mumbai. So, you need to find out the best small business ideas in Mumbai, and for that, you will need a list of business strategies that can fit well in a city like Mumbai.
Mumbai accounts for 70 percent of the country’s capital trades and has recently been called one of the world’s leading global cities, or ‘Alpha World City.’ Mumbai is rated as India’s fastest growing business innovation area and is said to be a city full of business opportunities. In this article, we will discuss some of the best small business ideas in Mumbai that fit best in its economy. Check the list and figure out the best business ideas in Mumbai.
Business Ideas in Mumbai: 11 Small & New Business Opportunities in Mumbai
Mumbai has quickly become a multi-cultural and multi-ethnic city with a diverse community of people from all over the world because of its rich history, heritage, and economic growth. This has, of course, opened the city and its residents to numerous small-scale and business opportunities in Mumbai to satisfy the city’s rapidly rising demands. You will get a glimpse of the top 11 small business ideas in Mumbai in this article that will fit very well without significant investments. Let’s get started:
1. Real Estate Agency
Mumbai is one of India’s biggest cities, and there is still a demand for adequate housing in the city. Real estate Agency is a small business idea in Mumbai that can be set up with very less amount of money and prove to be fruitful. If you have excellent networking experience and are well acquainted with the local property industry, you can earn decent returns by running a real estate business.
Things to be kept in mind before starting a Real estate agency in Mumbai:
- Research and evaluate
- Obtain the required licenses
- Make a business plan
- Put together an efficient team
2. Food Restaurant
It’s an everyday reality that Mumbai residents love to eat and keep on looking for newly opened restaurants. Opening up a food restaurant can prove to be one of the best business opportunities in Mumbai. Although the business is competitive, there is still a wide area to run a successful food restaurant in Mumbai. To make the food restaurant business successful, you will need a very creative approach.
Things to be kept in mind before starting a Food Restaurant in Mumbai:
- Discover your target market.
- Select a food concept and service style
- Choose a location
- Get funding
3. Travel Agency
Mumbai is known as India’s commercial capital. Over the year, visitors from all over the world come to visit the city. Furthermore, there are many tourist destinations in and around the area in Mumbai. Therefore launching a travel agency in the city is a highly profitable business opportunity in Mumbai.
Things to be kept in mind before starting a Travel Agency in Mumbai:
- Look for a suitable plan of action
- Focus on branding your travel agency
- Complete legal formalities
- Choose a great location.
4. Head Hunting Agency
Since Mumbai is the financial capital with a large population, it demands a lot of work opportunities. As such, many big companies, as well as small enterprises, are still on the lookout for the best workers. Creating a head-hunting firm to fit the best person to their ideal work and vice versa is a good business concept and has proved to be among the best business ideas in Mumbai time and again.
Things to be kept in mind before starting a Head Hunting Agency in Mumbai:
- Make sure you have enough cash reserves
- Make an efficient plan for running your business
- Take decisions regarding the type of firm you want to build.
- Arrange sources of funding
5. Delivery services
Since Mumbai is so vast, people rely on delivery services, whether for grocery stuff or something else. Starting a small-scale delivery service may be a smart investment for groceries, eateries, etc. This is one of the most creative small business ideas in Mumbai to begin at any posh place, i.e., with some extra charge bringing the supermarket to the consumer’s doorstep.
Things to be kept in mind before starting Delivery services in Mumbai:
- Pricing of food
- Delivery Charges
- Pick a suitable location
6. Event Management
Every major metropolitan city like Mumbai is continually demanding event planners to organize parties such as birthdays, weddings, business conferences, etc. No one has time to plan activities and work with various vendors on their own because of the fast-paced life. Starting an event management business in an entertainment-filled city will make you successful in executing a business idea in Mumbai.
Things to be kept in mind before starting an Event Management business in Mumbai:
- Register your event management company
- Obtain required licenses
- Look for a suitable office space
- Focus on market research
7. Digital Marketing
If you have some social media and digital marketing expertise, you can launch a small business straight from your home. For any company, the growing need for social media generates a lot of competition in the industry. You may end up with a fast-growing and highly profitable company if you are pricing your services correctly, making digital marketing the best available business opportunities in Mumbai.
Things to be kept in mind before starting a Digital Marketing business in Mumbai:
- Research about your competitors
- Prepare a niche market
- Create your website
- Develop a portfolio
Starting your blog on something you’re most interested in is not only a passion but a profitable opportunity. This concept for small business opportunities in Mumbai would cost you very little money, or you could even create a blog/website for free. However, to be successful in this field, you need to devote time every day or several hours a week. This is one of the best home-based, small business ideas in Mumbai for women.
Things to be kept in mind before starting Blogging in Mumbai:
- Buy a domain
- Define the goals of your blog.
- Choose a theme for the blog.
- Also, decide how often you will be sharing posts on your blog.
9. Organic Food Store
The most important consideration when starting a natural food store business is the store location, and in a city like Mumbai, people are very health conscious. Like any other retail business, the right spot is the main parameter for making business success. With healthy living awareness increasing, people are more interested in taking organic food, although they are more expensive than non-organic food. Organic food stores are one of the emerging business ideas in Mumbai.
Things to be kept in mind before starting an Organic Food Store in Mumbai:
- Search for licenses and permits required
- Decide the location of the store
- Set the selling price of the products
- Make advertisement plans
10. Become an Expert Trainer
If you have any expertise or interests in areas such as wrestling, drawing, dog walking, catering, photography, etc., you can offer short courses for students and adults looking to take up a new hobby or interest. This small business idea in Mumbai needs minimal investment, and only a couple of buyers will keep your earnings growing.
Things to be kept in mind before becoming an expert trainer in Mumbai:
- Choose the appropriate location
- Fix fees
- Design marketing techniques
- Make use of appropriate tools
11. Interior Designer
If you have a talent to create unique spaces, then start an interior decorating firm. People in Mumbai are still searching for the most stylish and realistic way to reinvent or decorate their spaces, and this small business idea in Mumbai may be immensely profitable for you. People in the posh areas tend to have professionals decorating and building their homes and workplace.
Things to be kept in mind before becoming an Interior Designer in Mumbai:
- Formal education is not important
- Develop a portfolio
- Look out for your competitors
- Be acquainted with local laws
Mumbai is a land of opportunity, and launching a small business opportunity in Mumbai from the comfort of your home is simple enough. In addition to these top eleven small business opportunities in Mumbai listed, other ideas receive special attention. These include web design or graphic design, hair salon, makeup artist, stylist, HR Firm, restaurant or cafe, etc. We hope that this article on 11 Small & New Business Opportunities in Mumbai helps you in setting up your small business idea in Mumbai.