The Indian business landscape is prepared to grow in multiple areas due to several factors such as a quick recovery from the pandemic induced slump, growing international trade, government stimulus, and a welcome digital downpour! India, being an overall strong and developing country, with a young population that is rising to leadership and technology prowess which is driving growth and innovation, we are set to witness several business opportunities in multiple sectors in the coming year.
- Businesses which care for the planet, people and profits equally – Social impact is becoming a priority in India as consumers are becoming increasingly aware about what they consume and how it has an effect on them and the earth. This is an opportunity for entrepreneurs to roll out a business idea which involves catering to the ‘needs’ of people and the planet while earning them profits. For example, fundraising money from various groups of investors to create a fund that will invest socially responsible and positive earth-impacting ventures is a good idea. Another great business idea is starting a solar energy set-up company.
- Blockchain enabled businesses -With emerging technologies taking charge of how we operate in the ‘new normal’, it is wise to invest in businesses which revolve in and around them. The blockchain is a growing technology, and is going to become an essential part of the business in the Indian marketplace in the coming years. Our government has also set up support funds to help the development of technologies like this and the Internet of Things, leaving this business idea ripe for making money. For example, a blockchain tracking bank ledger would allow e-commerce store owners to track where their payments are coming from, verify they are secure, and be able to accept money faster. This would make money transactions transparent, thereby curbing fraudulent transactions.
- Fitness Business – The wellness market is already a well-established one, with a market of more than $1.5 trillion worldwide and growing. Further, the pandemic has changed how people approach their fitness routines in a big way. As a result of reduced access to gyms, people discovered the upsides to working out from home. Research reports expect the home fitness market to reach $14.8 billion by 2027. Hence, gauging this, products that make home workouts more effective could be a promising opportunity for your new entrepreneurial venture. Also, health and wellness apps are becoming popular and have a huge market as well, with downloads growing by 46% worldwide at the beginning of 2020, according to the World Economic Forum. So, this could be a promising sector for you to launch your entrepreneurial pad.
- Business which supports the hosting of digital events and conferences – The days of cobbling together an online event with Zoom calls (and technical difficulties) may soon be over. Virtual event hosting has become a full-on industry and one that will remain popular even after in-person events are fully reopened. Companies have discovered that moving events to a fully virtual or hybrid model opens up participation to many more people than would otherwise have access. This trend has created opportunities for rolling out services to support planning, hosting, and executing online events of all kinds.
Now that you have these ideas, what are you waiting for? Get going and the world will be yours! Wishing all of you a very happy, healthy and prosperous 2022!