Since the rise of e-commerce, skeptics have been anticipating the demise of the retail industry. However, what actually occurred was quite distinct. Fresh concepts for retail businesses emerged, and established retailers adjusted to the growing digital landscape. And in this article I will tell you about the best retail shop business in india, which is highly profitable.
Table of Contents
Best Retail Shop Business In India
Perhaps Macklemore & Ryan Lewis made Thrift Shop trendy, but the trend of thrifting is being followed by Gen Z and millennials, driven by platforms like Instagram, as they become more mindful shoppers. Also Read: 8 Easy Ways To Earn Money from Home in 2023, zero investment business idea
Thrift shops not only take unwanted items off people’s hands but also refurbish and resell them at a reasonable price. One of the major advantages of this business is that most items come to the store in the form of donations, which means no payment needs to be made to middlemen or manufacturers.
Entrepreneurs interested in starting a thrift shop can begin by selling items from their own wardrobes and asking their immediate circle of friends and relatives to contribute. Once there is a large enough customer base and satisfactory revenue, they can start searching for second-hand vendors to build inventory.
Art Supplies Store
An art supplies store that offers popular and high-quality products will always attract high-profit margins and additional income streams. This is a great retail business idea for individuals who are truly passionate about art and have knowledge about the market. However, it is important to know how to sell online in India before choosing this idea.
In addition to selling art supplies, the business can also offer classes, host events/private parties, art exhibitions, or even incorporate a coffee bar into the store. If the store is located in a densely populated area, it can also cater to a specific niche. For instance, the store can specialize in Mural art.
Speciality Food Store
We’ve all experienced the frustration of searching for something online or on TV, only to come up empty-handed after scouring every supermarket. This is a problem that more and more people are encountering with exotic and specialty food items.
Large stores often don’t order such items in bulk because it doesn’t make economic sense for them to do so. For areas that rely solely on these big box stores for groceries, starting a niche business that offers imported food, gourmet items, and gift baskets can be a lucrative option.
To run such a business, one must be a knowledgeable foodie who can source unique specialty items and guide customers on the finer details of food and drinks. The business can also offer catering services for small events, with party trays and selections of beer and wine.
Organic produce and healthy food are other specialty items that are often underserved in many small cities and towns. As people become more selective about their diets, this makes it one of the best retail business ideas for small towns in India. Click on the link if you want to learn more about the top food business ideas in India.
Craft beer has gained popularity in India in recent years, leading to the growth of microbreweries. The beer market was valued at 5533.73 Million Liters in 2020 and is projected to reach 9004.74 Million Liters by 2025.
Many people prefer craft beer due to its perceived higher quality and unique flavors. The young urban population with higher disposable income makes up a significant portion of the customer base.
Microbreweries also serve as a place for people to unwind and relax after a long week of work. Factors such as ambiance, flavor variety, and location play a crucial role in determining the success of a craft beer business.
For those who prefer non-alcoholic beverages, a coffeehouse provides an equally fun and social atmosphere as a bar. As Indians have a fondness for freshly brewed coffee, the coffee industry is projected to grow at a CAGR of 8.9% from 2020 to 2025, according to Statista.
This presents an excellent opportunity for entrepreneurs to establish a profitable coffeehouse business. The market is evenly spread out across smaller cities and towns, and entrepreneurs can either build their brand or open a franchise of an established one.
Another option is to purchase a struggling coffeehouse and make necessary improvements. Overall, a coffeehouse can be a highly profitable retail business idea if executed properly.
The car and bike wash business has been a profitable venture for a long time as owners value their vehicles and want to keep them clean even when they don’t have the time to do so. With efficient operations, the net revenue can reach around 50%. In recent years, the increase in automobile ownership and technological innovations have fueled the growth of this business.
Nowadays, most car washes provide basic automobile care services such as coating, rebuilding, and applying tints. Despite the high competition, not many players in the market prioritize quality of service. By over-delivering on their promises, a car wash business can retain a large percentage of its customer base and attract new ones through referrals.
Many people underestimate the earning potential of a flower shop, but the truth is, there’s big money to be made in this business. Flowers are in high demand for special occasions like Valentine’s Day, weddings, and festivals like Diwali.
Successful florists must have knowledge about flowers and decorative plants, as well as a keen eye for aesthetics. They also need to source their supplies from the right suppliers to ensure that the stock arrives fresh.
Moreover, having a strong online presence is crucial for modern flower shop owners. Platforms like Instagram can help build the brand, and with just a smartphone camera and some marketing skills, anyone can get started with promoting their business. With low investment and great returns, a flower shop is definitely one of the best retail business ideas to consider.
Due to the recent pandemic, there has been an increase in people’s focus on health and well-being, resulting in a surge in demand and market value of medicines in India. With such a huge demand, starting a pharmacy business can be a profitable idea. According to the Indian Economic Survey 2021, the domestic pharmacy market is expected to reach $65 billion by 2024, making it an evergreen business that is almost unaffected by economic cycles.
To start a pharmacy business, it is necessary to obtain a drug license from the Central Drug Control Organization and the State Drugs Standard Control Organization. It is recommended to have a minimum floor space of 10 square meters. Partnering with a delivery partner is also a great small business idea as people have become accustomed to buying medicines online.
The beauty industry in India is rapidly growing and running a salon can be a lucrative business venture. By 2025, the Indian beauty industry is projected to be valued at over $20 billion.
There are various business models available for salon owners to choose from, based on the type of services they plan to offer and their preferences. Some popular business models include wellness centers, spa centers, traditional beauty parlors, and hair and skin clinics. This industry is flexible enough to accommodate both small and large retail business ideas, so it’s important for owners to decide on a business model, scale, and ownership structure that suits them best.
If you decide to opt for a franchise model instead of starting an independent brand, there are numerous successful franchises available such as Naturals, Lakme, and Green Trends.
In India, tea is as popular as coffee as a non-alcoholic beverage. Tea shops have undergone a transformation in recent times, offering a variety of flavors such as masala tea, herbal tea, dum tea, and more, along with light snacks like Poha and biscuits.
Setting up a tea shop near high-traffic areas like schools, colleges, and IT parks can result in substantial profits and make the business lucrative in a short time.
Starting a fruit business in India does not require any specialized knowledge or expertise. Fruits are the primary agricultural product in India, making it easy to start and specialize in this business.
Other Retail Business Ideas You Start in India
- Pet Store
- Plant Nursery
- Fabric Store
- Kids Store
- Banquet Hall
- Food Truck
- Pizza Store
- Coaching Centre
What are the types of Retail Businesses
There are three types of business available in the market
- Low Investment Business
- Medium Investment Business
- High Investment Business
How to Start a Retail Business in India
Write A Business Plan
Proper planning is crucial for the success of any business. While many businesses are launched every year, only a few of them thrive because they lack a solid plan. It is essential to create a comprehensive five-year plan that encompasses all aspects of the business.
Set Your Goals And Objectives
Having a plan without a goal is futile and will not lead to any progress. To run a successful retail business, it is important to define strategies and tactics for managing tasks such as deadlines, cash flow, budget, and key dates. You should have a clear set of short-term, mid-term, and long-term goals in order to develop a comprehensive plan.
Define Your Uniqueness
In the market, there may be several businesses similar to yours, some older and some newer. What matters is how you differentiate yourself from them. It is important to identify your unique selling points and what sets you apart from your competition.
Analyze The Industry
Conduct a thorough analysis of various aspects of your business, including competitors, target audience, financial requirements, and more.