Mumbai, the commercial capital of India, is one of the fastest-growing markets in Asia.
The diverse and huge population of Mumbai renders a great consumer base for businesses. From small businesses to the world’s leading brands, Mumbai nestles them all.
With a vibrant start-up ecosystem and range of opportunities, Mumbai attracts talent from all over the country. The wheel of commerce never stops spinning here, and it was once labeled the alpha world city.
In this blog, we’ll discuss what a small business is, its importance for you and the nation, and 10 business ideas for you to start in Mumbai.
What is a small business?
Depending on the sector, investment size, and the number of employees, small businesses are defined differently. The bedrock of the economy, small businesses are flourishing in India at their all-time high.
Campaigns of Make in India, Atmanirbhar Bharat, go local have birthed in people a zest to become an entrepreneur.
To cater to your business ideas and bring them to people’s service, you can avail a small business loan in Mumbai. Depending on your needs and type of business, business loans may not necessarily ask for collateral.
To enthuse people to become entrepreneurs, the government has been operating schemes like stand-up India and Mudra loan to name a few.
Importance of small businesses.
The large population that India is home to, can help make our country Atmanirbhar i.e. Self-reliant.
The word has been doing rounds for quite some time now. India’s talented population- that consists of youth in the majority- holds the potential to create a robust foundation in all the five pillars of Atma Nirbhar Bharat- Economy, Infrastructure, supply chains, governance systems, and vibrant demography.
To bring your small business idea into action, you can avail unsecured business loan in Mumbai. Unsecured loans fund your business without you having to provide collateral to your bank. The interest rates depend on factors like your credibility, repayment capacity, to name a few.
In times of crisis, due to their size, small businesses can shift gears relatively easily in comparison to large businesses. By optimally utilizing local resources and skill sets in your small business, you can be a job creator rather than a job seeker.
Small business ideas in Mumbai.
From finance to entertainment, education, and commerce, Mumbai is a hub to all. The city nurtures businesses by inviting business ideas from the length and breadth of the country.
To fuel your wish of being an entrepreneur, here’s a list of 10 small business ideas you can think of in Mumbai:
1. Food services.
Mumbai’s world-renowned dabbawalla system needs no testimony. The city embraces people of different cultures. Starting a food service to provide home-like food can benefit you and the people seeking good food.
2. Recruiting agency.
There’s a gap between job seekers and job providers. Your business can act as a bridge by making both ends meet. Not confined to a sector, you can be a recruiting agent in any sector you may have strong connections in.
3. Event management.
People from all walks of life organize events in Mumbai, from financially middle-class to the well-off and the world’s richest people. If you have the potential, your business can thrive by garnering a great customer base.
4. A travel agency.
Mumbai invites tourists around the year. From heritage to the entertainment industry, everyone wishes to visit Mumbai at least once. Being a travel agent can be lucrative to you if your services align well with customer needs.
5. Plant nursery.
Due to the alarming environmental pollution and its aestheticism, people are getting back to embracing nature. Opening a nursery is a sustainable and low investment business plan that possesses a high growth potential.
Some of the country’s top institutes are based in Mumbai. Aiming at bridging the gap between industry’s needs and people’s skills, and providing training in diverse fields like designing, IT, management can prove to be a successful business to you.
The city is home to various designers- set, costume, interior, etcetera. Designing businesses cater to a wide- culturally and financially- customer base opening doors of opportunities for you.
8. Web designing.
If you are from a development background, you can be a web designer for different businesses the city nurtures. Not confined to any business, being a web designer based out of Mumbai can prove to be a career-altering choice for you.
With rapid digitalization especially in Covid, customers prefer to buy products at the touch of an icon. Many e-commerce services in various fields like medicine, grocery, fashion, and cosmetics have begun to thrive in this digital era.
10. Textile business.
Fashion originates from Mumbai, largely because of Bollywood. From fads to long-lasting trends, the country follows fashion launched in the city, making the textile businesses thrive in the city.
To try your hands on small business, you can refer to the list of ideas and fulfill your dream of becoming an entrepreneur. Wish you good luck.