Every year, thousands of businesses are initiated, but 8 out of 10 businesses get shut off due to several reasons. Major reasons behind is having a futuristic approach to such business. If you are looking for Future Business Ideas for 2023 and beyond, this article can help you to identify them. What are the Best Future Business Ideas in 2023 in India? Which Future Business Ideas in India for 2025 / 2030 / 2050 are promising? Which are the upcoming business ideas in India in 2023 which are most profitable?
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Things to know before starting a business
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What we meant by Future Business Ideas?
Efficient management and sufficient capital are those few key ingredients without which a sustainable and profitable business is not possible. But, another thing that is inevitable these days is to explore the upcoming business ideas. Most of the businesses get obsolete within a few years and the entrepreneurs are forced to shut them down. You have to adopt the approach that is ahead of its time to ensure constant or increasing profit margins. To develop a futuristic approach is not that difficult. All you need to do is keep an eye on declining trends and industries as well as fast-growing occupations. Here are a few future business ideas that can fetch a more/higher profits in the long run.
30+ Future Business in India for 2025
Here is the list of future business ideas in India for 2023 which have bright future for 2025, 2030 and 2050 and beyond.
1) Outsourcing business
According to the World Economic Forum (WEF) report, the working environment will change in the future and the outsourcing business will boom in the coming decade.
Forbes magazine revealed that 50% population of developed countries like America, Australia, Canada are working independently but they need employees to work. If they hire employees locally, they cannot make up good profits due to high operating expenses.
So, to reduce the startup cost and maximize profits, the businesses are outsourcing the project to the people of developing countries where educated people are available at quite a cheap cost. India and China are good examples of it. At the same time, people from developing countries, especially India, Philippines etc., are making good money from a freelance business. People are offering virtual services online and increasing their business day by day, which means that freelancing is also becoming one of the best future business ideas in India for 2023.
2) Internet of things (IoT) industry
Internet of things means every object which is being used by human beings has internet connectivity to send and receive data. Mckinsey estimates that IOT will have potential growth and impact at $ 11.1 Trillion on the economy by 2025.
The best example of it is Ola or Uber or Lyft taxi service where you get an instant ride. Air conditioners and TV are being connected to the internet to get the best of services through internet advancement in the technological sector which makes this business very lucrative. This is one of the new business ideas that has an excellent future for 2025 or 2030 or 2050.
3) Rise of co-working space
The trend of future services offices is going to change. Due to high rental expenses, it is very difficult for small businesses to afford a separate office space. So people are opting for working in co-working spaces. It not only helps them to reduce rental expenses, but also to share expertise and skills. If you have free space then start working a co-working space business. It is a new business idea which is very futuristic. This is one of the best upcoming business ideas in India.
4) 3D printing
3D printing business is becoming one of the most profitable businesses nowadays. In the last few years, this is getting famous all around the globe. Initially, the 3D printers were very expensive and not affordable for several businessmen, but as time passed, the prices gradually declined and this printer is much in range now. The price of a 3D printer depends upon the specification and features you require. All you need is to purchase an equipment set for the shop and start your new venture.
5) Consumer goods and services business
Experts are of the view that the middle-class population of a few countries will go up tremendously and the country where the middle-class population is increasing day by day is seen as an emerging market. With the expansion of the middle class, the consumption of goods and services will witness a sharp inclination. It is a good opportunity for those who want to start a good and services business like starting a retail Chain store.
6) Business in real estate
With rapid urbanization every year, thousands of people are migrating to big cities. There may be several reasons behind it like finding good jobs, improving living standards, etc. Due to this trend, the need for affordable houses has increased a lot. It has created a great opportunity for the real estate industry, brokers, and construction companies to offer their services. If you want to start this business, you should have relevant experience and governmental license to operate in your area.
7) Healthcare industry
Due to changing lifestyles, people have become more prone to diseases and health care issues. According to Fortune, the Healthcare industry will grow immensely in the future.
Preventive medicines will increase rapidly and the General Health Care practices will be replaced by personal Health Care practices. If you can jump into this industry in any form, you will surely enjoy a high return in the future. This is one of the Best Future Business Ideas in India for 2025/2030.
8) Consultancy business
Consultancy businesses of any kind will be a good opportunity for professionals and experts in the future. With increasing competition and complications in the business field, people look for consultancy to sustain their business and increase their profits. There are different kinds of consultancy businesses one can start with like educational consultant agency, Recruitment firm, Career Consultancy or Customer Consultancy.
9) Renewable and Clean Energy supplies
The world is advancing at a much faster speed than expected, but still we are facing a lot of issues regarding energy. Some Asian countries are still relying heavily on traditional sources of energy like coal power plants, fossil fuels, nuclear or hydro energy which are generated from the sources that are supposed to be hazardous to our environment. At the same time, renewable energy sources have been emphasized a lot through which the environment can be saved. It is a great opportunity for those who want to start a business on a medium scale. It is one of the green and clean business ideas that you can pounce upon. This is one of the Best Future Business Ideas in India.
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10) Last-mile delivery solution company
Today, many shipping companies are facing the problem of delivering goods and services in the rural areas due to lack of proper road connectivity. You can provide the last-mile delivery solutions by setting up a warehouse on the edge of the city limits. Once the other shipping company gets there, you can handle the final miles of the trip. This may involve buying a fleet of scooters or shipping trucks to deliver the shipments to the places where regular shipping companies are not willing to do.
11) Mobile wallet payment solution
With the sharp advancements in technological development in the mobile world, people now prefer not to deal with cash transactions, whether it is payments, shopping or transfer of funds. They are looking for a mobile payment solution that is reliable, safe and secured. This business idea would require a decent amount of startup capital. Hacking and cybercrime and fraud are the few things which make this project highly risky. This future business idea has become famous post covid in 2023 onwards.
12) Home Solar Energy Set up Company
Most parts of our country receive ample sunlight throughout the year. So, there is a huge opportunity for residents to generate their own power and save money. For this, you would buy and set up solar equipment for people to install on their roofs or balconies. The solar energy so created can be connected to the main battery for the individual or the building to provide additional power. This is one of the good emerging upcoming business ideas in India.
13) Warehouse or Inventory Management for E-Commerce
E-Commerce has been growing at a substantial pace. The warehouse management company would provide fulfillment for e-commerce stores. Instead of an e-commerce store, setting up their distribution channels, buying fleet trucks, and warehouses to store the goods, this company would do it all for them. This is a larger scale business idea, but also has the potential to make a lot of money.
14) Compliance and regulation management for E-Commerce stores
With e-commerce business hitting the markets hard, it gives rise to compliance and regulations that need to be followed. This company would provide these solutions to other e-commerce companies so they could operate legally. Since the government is always looking at new laws to implement in the business environment, this idea would help many other businessmen to navigate the field of compliance and regulations.
15) Indian Culture E-Commerce Niche Store
Many people around the globe appreciate the culture of India. They like to decorate their homes with the authentic art pieces reflecting Indian culture. By setting up an e-commerce store that specifically sells these cultural items, you can start an innovative profitable venture.
16) Internet infrastructure building company
There is a significant and growing demand for strong internet connections throughout the country. Although there are internet providers, but lack of speed and connectivity issues disappoint the internet users. This leaves a business idea for starting an internet infrastructure in perfect light to execute. This business requires moderate capital that can make huge sums of money.
17) Community Generator
This business idea involves developing electrical generators that can store extra power for a small community. For this idea, one could approach different communities or towns to find the groups that need this.
18) Collaborative Economy Business
It is predicted that businesses that are based on collaborative economy models will enjoy immense success in the next few years. Some good examples are Airbnb, Uber, Ola and Lyft. These types of businesses not only help the final customers, but also assist the service providers and ultimately make commissions.
19) Biometric Sensor Company
Biometric sensors are the sensors that can recognize your retina or your fingerprints to specifically identify an individual. The rising need for higher security measures and support from the Indian government for the Internet of Things (IoT) Technology, it would not be long until people are putting biometric sensors in everything. This creates an excellent business idea to sell the sensors to companies that install them into products or services. This business can be highly rewarding as multinational companies would likely do business with you as they use biometric sensors more and more. One of the good futuristic business in India that has already kicked-in now.
20) DDOS cyber-attack prevention security company
DDOS attacks (where hackers create so much traffic to a website that it crashes the server) are becoming a common threat to some businesses in India. With fast internet speed across the country, more and more hackers are going to target companies. You can create a company that can identify the attack and prevents them from happening in the first place. Although some firms are already doing this, there is a lot of room to make money in this area. It is a medium cost business as you would be requiring server space as well as software and coding needed to be done to create a DDOS prevention company.
21) Health record digitization and sharing company
It is becoming necessary for multiple doctors sitting at different locations to access one’s medical records. For example, one patient may consult a doctor for a while, then while switching to another doctor at a different location, there is a need for fetching the previous record from the doctor which could never happen. This company would setup medical records that could be safely secured and shared between registered doctors. The great thing is that the patients and doctors would be able to see last access health data. As the block chain technology is quite new and the amount of health records is massive the company, it would take some sizeable investment. This is one of the upcoming Business Ideas in India that would take a good turn between 2023-2030.
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22) Skyscraper greenhouses
Land is continuously becoming a scarce resource as the population is increasing day by day. This is creating a problem of providing fresh vegetables and fruits to communities in a cost-effective and sustainable manner. By building greenhouses that are vertical like a skyscraper with multiple levels of different fruits and vegetables, one can grow more crops. This is a high-cost idea as the building has to be enabled with sensors to monitor temperature, humidity, etc. to grow the perfect crop. It is one of the trending new business ideas now.
23) P2P Lending
P2P lending is a good business model because it can help communities and people with loans. Everyone does not want or can access the bank for a loan so the p2p lending platform is a great option. Investors would like to put the money up for loans and receive a great higher interest rate. You can initiate this business by creating a safe and secure platform where people could invest their money and a way for users to create profiles with accurate credit scores.
10 Upcoming Business Ideas in India 2023
Here is the list of upcoming business ideas in India 2023.
21) Amazon FBA Program
22) Create and sell Digital platforms. This would create recurring income
23) Open a Stock broking firm. In India there are only 3% of the total population who are investing in stock markets. What if this number would increase to 5% or 10%. Means, the entire investors community would go to 2x or 10x. This creates enormous amount of opportunities in stocks, mutual funds etc., Opening a stock broking firm and providing financial advisory and investment services would be fantastic future business idea which can sustain even in 2040 or 2050 and beyond.
24) Influencer in specific niche. Promoter your products through twitter, FB and other social media platforms
25) Drone videographer for weddings and film shooting.
26) Organic farming. People especially in India is looking to have food free from harmful chemicals. It is a wonderful upcoming business ideas in India in 2023.
27) e-Bike or e-car repair workshop. e-bikes and e-cars are trending these days. Opening a e-bike or e-car repair workshop is one of the potential future business ideas in India.
28) Cyber Security
29) Set-up EV Power stations. This would be killer upcoming business idea in India where government of India is promoting electric vehicles now. This would grow at significant scale in coming years in 2030 or 2040 or 2050.
30) Biofuel production is another nice future business ideas for 2023 to 2030.
What would be Future Business Ideas in India 2025?
Future business ideas of India in 2025 would have surge in HealthTech solutions, including telemedicine platforms, AI diagnostics, and health monitoring devices. Smart home technology will also be in high demand, with companies offering automation systems, IoT devices, and integrated solutions for home security and energy efficiency. Additionally, there will be a growing market for sustainable energy solutions, such as solar power installation, energy storage systems, and energy management solutions. These trends reflect the increasing focus on healthcare, wellness, and environmental sustainability in the country
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