12 of the Best Business Opportunities in the World for 2024 – Forbes Advisor India

Many people dream of becoming a successful businessman. However, the idea of ​​investing their life savings to pursue their dream can be risky and intimidating. There are many business opportunities in the market that can be started with minimal investment and with a solid strategy, you can also run a successful business with high profits.

It is estimated that there are around 334 million businesses across the world. Hence, you need a unique business approach to succeed in the industry. Forbes Advisor India has compiled 10 small investment business ideas that will help you make smart business choices and grow your business.

The best business opportunity in the world that you can start right now (minimal investment and expected ROI)

Finding a business opportunity is an easy task but identifying which one is best suited for you is difficult. Before embarking on a business plan, it is very important to understand your business exposure, the capital you will invest, and the expected returns. Below are some business opportunities around the world that you can start right away with minimal investment.

Cloud Kitchen

Tiffin services are well known in India and have been running successfully for years. Online delivery services like Swiggy and Zomato are now dominating the market. But cloud kitchens have made it easier for every housewife to use this to their advantage.

“Well, that would be the case.” can use cloud kitchens (commercial kitchens) to accept food orders over the phone or via an online portal. The estimated investment to start a cloud kitchen business is less than Rs 10 lakh.

Digital Marketing Agency

Starting a digital marketing agency is one of the best business ideas that can give you high returns with minimal investment. It can be a joint venture with a partner who has equal knowledge in digital marketing, graphic design, and content creation or it can be a solo venture.

The initial investment can be made on marketing tools, software, and other setups to promote your business online. Smaller investments can include a laptop, licensed editing software, paid marketing tools, etc. The estimated investment to start a digital marketing agency is INR 80,000.

Affiliate Marketing

Affiliate marketing is a lucrative business that requires you to promote popular brands on your website. Even if you don't have a website or blog, you can get involved in affiliate marketing by signing up for affiliate programs like Amazon's.

Affiliate marketers earn commission every time a product or service is purchased through their marketing link. Commissions can range from a minimum of 1% to a maximum of 20% or more, depending on the referral volume and product. The estimated investment to get started in affiliate marketing is within INR 3,000.

Dropshipping Business

Dropshipping is an easy, low-cost business idea to start. It's a fulfillment model where a third-party supplier stores inventory on your behalf and ships to your customers. It's one of the best business ideas out there because it's low overhead, scalable, and hassle-free.

Dropshipping is a good business with high growth potential. It doesn't require much initial investment, so you don't have to worry about storing or purchasing products. You can sell products directly to customers who order from multiple retailers. The estimated investment to start a dropshipping business is within INR 10,000.

Virtual Assistant

A virtual assistant is a self-employed person who provides administrative services to clients from a remote location. Similar to a personal assistant, they help business owners manage tasks quickly.

The only difference is that a virtual assistant does not necessarily have to be located in the same country or city as the company they work for. Virtual assistant services can range from social media work, general administration, graphic design, sales, and more.

Website Design

Website designing is a great business idea that you can invest in with a low budget. Websites are a much-needed source of information and marketing in today's business world. Every business needs an online presence and a website is the means to achieve it. If you love website designing, you can make it into a business and help companies create great websites that attract customers.

Make sure the company has the right business objectives, a unique design niche, and worthy fees. Have an established portfolio to attract clients and testimonials. The estimated investment to start designing a website is within INR 30,000.

Airbnb hosts

You don't need a glamorous vacation home or business experience to become an Airbnb host. The housing platform initially started as a way for homeowners to make extra money by temporarily renting out their spare rooms.

If you have an extra room in your home, you can create an Airbnb account and rent it out whenever it suits you: daily, weekends, overnights, etc. Create a unique guest experience to make your visitors comfortable and enjoy their stay.

Freelance

Freelancing is a great way to sell your skills without any investment and earn income from different sources at the same time. There are various options for freelancing and they include content writing, graphic designing, financial advisory, photography, social media marketing, web designing and many more.

Starting a freelance business doesn't require a fancy workspace or a huge investment. All you need is a laptop and the tools you need to start your own business. All you need is a great portfolio and some time.

Event management company

In our busy and dynamic world, planning an event on your own can be difficult, which is why more and more people are hiring event planners to make things easier and enjoy the event, be it a concert, wedding, birthday, retirement party, or whatever.

Although event management companies generally manage large events, you can start your business with a small investment by taking smaller orders, such as school and college events. You can then scale your business by accepting larger orders. The estimated investment to start an event management company is 50,000 INR.

Clothing Business

Even if one has a full wardrobe, a person always needs more clothes. Starting a clothing business is a profitable business idea. You can start by selling printed t-shirts. A printing machine can cost several thousand rupees.

If you are a fashion designer with a good sense of fashion, you can sell your creations and get your customers to customize clothes. You can also buy clothes from wholesalers, label them and sell them on your own website. The estimated investment to start a clothing business is not more than INR 50,000.

Photography/Videography

Photography and videography are old business ideas that have evolved with the times. If you have a creative eye to capture moments and the necessary skills and techniques to operate a camera, this is the best business idea for you. Nowadays, people love to record their happiest moments. Create an impressive portfolio to attract customers, add samples of your videography and additional Instagram reels samples.

This business requires a moderate investment. You will need a quality camera, essential tools, and editing software. Once you have established your company and are making enough profit, invest in drones and other large camera tools. The estimated investment to start a photography/videography business is INR 80,000.

Fitness Classes

Starting a fitness business is another low-budget business idea. You don’t necessarily need a fancy venue to start this business. You can hold fitness classes on a terrace, a playground, or even on your lawn.

You can spread the word about your business through social media and fitness channels. Fitness classes can include yoga, Zumba, and other physical activities to stay healthy. You can also conduct online fitness classes. The estimated investment to start a fitness class is within INR 20,000.

How to identify new business opportunities

Having a fundamental understanding of the types of business opportunities that exist in the market is crucial for the growth and survival of your business. Opportunities are factors that contribute to the success of your business. There are several ways to identify new business opportunities:

Market Analysis

Before deciding on a business idea, make sure you conduct market research. Market research helps you understand whether your business idea is viable. Conduct industry research to define the competitive landscape and determine the customer demographic of your business.

We observe and analyze people, interview them, survey them, get their feedback, and much more – all of this helps us understand our target audience better.

SWOT Analysis

The term SWOT is broken down into Strengths, Weaknesses, Opportunities and Threats. A SWOT analysis can provide valuable detailed information about your business and help you identify new opportunities and prospects that you can potentially exploit.

For example, if your analysis shows that a change in market trends could represent an opportunity for your business, you respond by changing your prices, introducing new products, adjusting your advertising, or building customer relationships.

Question Process

Additionally, you can identify business opportunities by taking a closer look at the processes and delivery methods of your existing products and services. As you analyze, keep an open mind and come up with ways you can improve your business. Ask questions like:

• Could this procedure be carried out with a much cheaper business model?
• Can the process be expedited?
• Is this process accessible to anyone?
• Is there a more sustainable way to carry out this process?

You just need to recognize the innovation potential in your business.