10 Best Business Opportunities in the World in 2024 – Forbes Advisor India

Many people dream of becoming a successful businessman. But the idea of ​​investing your life's savings in pursuing your dreams can be risky and anxiety-inducing. There are many business opportunities in the market that can be started with minimal investment, and with a solid strategy, you can earn high returns and run a successful business.

It is estimated that there are approximately 334 million businesses worldwide. Therefore, a unique business approach is required to succeed in the industry. Forbes Advisor India has compiled 10 small investment business ideas that will help you make wise business choices for yourself and grow your business.

The world's best business opportunity to start now (minimum investment and expected ROI)

It's easy to think of business opportunities, but it's difficult to know which ones are best for you. Before embarking on a business plan, it is very important to understand your business exposure, invested capital, and expected returns. Here are some business opportunities around the world that you can start right away with minimal investment.

cloud kitchen

Tiffin services in India are very well known and have been successful for many years. For a while, online delivery services like Swiggy and Zomato took over the market, but with the advent of cloud kitchens, it has become easier for every housewife to use this to her advantage.

A glimpse of the lovely housewives.Ma ke has ka khana” uses a cloud kitchen (commercial kitchen) and can accept food orders over the phone or through an online portal. The estimated investment to start a cloud kitchen business is within Rs 100,000.

digital marketing agency

Starting a digital marketing agency is one of the best business ideas with minimal investment and high returns. It can be a joint venture with partners with equal knowledge in the fields of digital marketing, graphic design, and content creation, or it can be a sole proprietorship.

Initial investments may be required for marketing tools, software, and other setups to promote your business online. Smaller investments include things like a laptop, licensed editing software, and paid marketing tools. The estimated investment to start a digital marketing agency is within INR 80,000.

affiliate marketing

Affiliate marketing is a lucrative business as it involves promoting popular brands on your website. Even if you don't have a website or blog, you can still participate in affiliate marketing by simply signing up for an affiliate program like the one offered by Amazon.

Affiliate marketers can earn money on a commission basis whenever a product or service is purchased through one of their marketing links. Depending on your referral volume and product, commissions can range from as low as 1% to as high as 20% or more. The estimated investment amount to start affiliate marketing is less than INR 3,000.

dropshipping business

Dropshipping is another business idea that is easy and inexpensive to start. This is a fulfillment model where a third-party supplier stores inventory on your behalf and ships it to your customers. It is one of the best options for your business idea as it has low overhead, high scalability and hassle-free.

Drop is a great business with high growth potential. Since there is no initial investment, there is no need to worry about storing or purchasing products. You can sell products directly to customers who order from multiple retailers. The estimated investment amount to start a dropshipping business is within INR 10,000.

website design

Website design can be an amazing low budget investment business idea. 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 way to achieve that. If you love website design, you can turn it into a business and help businesses create great websites that attract customers.

Make sure your company has the right business goals, unique niche design, and value pricing. Have an established portfolio to attract customers and testimonials. The estimated investment to start designing your website is within INR 30,000.

Freelance

Freelancing is another great way to sell your skills and earn income from different sources at once without any investment. There are a variety of freelancing options, including content writing, graphic design, financial advising, photography, social media marketing, web design, and more.

Running a freelance business doesn't require a fancy workplace or big investments. All you need is a laptop and the tools you need to start your own business. Starting a freelance business requires a great portfolio and time.

Event management company

In a busy and dynamic world, planning an event on your own can be a daunting task. Therefore, people tend to hire event planners to make their work easier and enjoy their events such as concerts, weddings, birthdays, retirement parties, etc.

Event management companies typically manage large-scale events, but you can start your own business with a small investment by taking orders for small-scale events such as school or university events. You can then expand your business by accepting bulk orders. The estimated investment to start an event management company is within INR 50,000.

clothing business

Even if your wardrobe is full of clothes, people always end up running out of clothes. Starting a clothing business is a lucrative business idea. He can start by selling printed T-shirts. Printing machines are available in the market for thousands of rupees.

If you're a fashion designer and have a great eye for fashion, you can sell your creations and allow customers to customize their clothes. Another thing you can do is buy clothing from a wholesaler, modify the labels and sell it on your website. The estimated investment to start a clothing business is within INR 50,000.

Photography/videography

Photography and videography is an old business idea that has evolved over time. If you have a creative eye to capture moments and the skills and techniques used to operate a camera, this is the best business idea for you. Nowadays, people love to record their happiest moments, so in order to attract customers, create an impressive portfolio, add samples of videography or an additional Instagram reel of his samples.

This business doesn't require huge investments, but you do need a quality camera, basic tools, and editing software. Once you've launched your business and made a sizable profit, it's time to start investing in your own drones and other powerful camera tools. The estimated investment to start a photography/videography business is within INR 80,000.

fitness class

Starting a fitness business is still a low-budget business idea. You don't necessarily need a fancy place to start this business. All you have to do is do your fitness class on your terrace, playground or lawn.

You can reach out and spread the word about your business through social media and fitness channels. Fitness classes can include yoga sessions, Zumba sessions, or other physical activities to stay healthy. You can also host fitness classes online. The estimated investment to start a fitness class is within INR 10,000.

How to identify new business opportunities

We have a fundamental understanding of the types of business opportunities that exist in the market. It is very important for the growth and survival of your business. Opportunity is a contributing factor to business success. Here's how to identify new business opportunities.

market analysis

Before deciding on a business idea, be sure to do market research. Market research will help you understand whether your business idea is viable. Conduct industry research to determine your business audience and define the competitive landscape.

Observe and analyze people, take interviews, fill out survey forms, and receive feedback. All of this will give you a deeper understanding of your target audience.

SWOT analysis

The term SWOT is categorized into strengths, weaknesses, opportunities, and threats. A SWOT analysis provides valuable details about your business and helps you identify new opportunities and prospects that you may be able to exploit.

For example, if your analysis shows that changing market trends may represent an opportunity for your business, respond by changing prices, introducing new products, adapting your advertising, or building customer relationships.

question process

You can also identify business opportunities by digging deeper into the processes and delivery methods of existing products and services. Be flexible in your analysis and come up with practical ways to improve your business. Ask questions like:

• Could this procedure be carried out with a cheaper business model?
• Could the process be faster?
• Is this process accessible to everyone?
• Is there a more sustainable way to carry out this process?

All you need to do is recognize the innovation potential of your business.