Change of government, change of how people buy, eat, greet, interact, or transact opens up new business avenues for small and large businesses alike. Also, such events are always good news for new entrepreneurs who are on a hunt for upcoming business ideas.
Change opens the gate for upcoming business ideas
For example, liberalization of the Indian economy in 1991 brought a lot of new opportunities in the import export markets of India. Similarly, the rise of internet and smartphones totally transformed the advertising and marketing industry – creating a lot of marketing business opportunities for individual marketers around the world. 4G revolution took communication and remote working to a whole new level with live audio and video calls, real-time unlimited chat, financial transactions, file sharing, etcetera.
It’s always good to have a leg in something new. But you must take calculated risks. Putting all the eggs in the same basket, or all the milk in the same cane is insane and foolish. So, you must take a loot at our mega collection of business ideas list 2024 to find suitable opportunities.
Business tip for entrepreneurs
Further, to continue talking about placing all eggs in the same basket…
Obviously, someone putting all their money in Bitcoin in 2009 would have been filthy rich today. Of course, if the investment amount was at least meagerly respectable. But it would have been a very foolish and risky to do so.
Upcoming new business ideas 2024
Here, I share with you the complete list of all the upcoming business ideas for 2024. These are rising trends. So, it is possible that you might not have the expertise to start it immediately. But with little effort, you can understand any field thoroughly. And then launch your business accordingly. When I said ‘little effort’, I meant, a week to a few months.
1. Data center new age business idea
Thanks to the digital India initiative of government of India, India is ushering into a nation know for the data economy. Previously, it was real tough to set up a data center in India, and it was hard to attract global players in India because of unreliable network connectivity. Things have changed over the past few years. Data economy is already brimming up in India in 2024. You can start a captive data center and/or colocation data center in India. A budget of 2-3 Crores should be enough for the initial investment and for working capital for first year. The business can break even in the first three years of operations.
2. Shared community solar panel installation upcoming business ideas for 2024
Right now, large organizations are supplying households and smaller enterprises with their energy requirements. You can envision new business ideas for energy generation and distribution wherein small solar farms are installed in every village and that is used to partially serve the energy requirements of a community. A blockchain-based energy distribution center to track energy generation & consumption could be very handy here.
3. Impact investment funds, niche venture capitalist upcoming business ideas for 2024
People often mistake impact funds for philanthropy. No, it is not. Impact funds like any other fund is meant to generate good ROIs on investments. It’s just that impact investors play a lil risky game and try to support new business ideas i.e., organisations that come up with innovative trends, which are not there just to make profits but also to be socially responsible and have a positive influence on social, environment, and governance aspects of a country. You can start an impact fund and do due diligence for healthcare, education, climate, social, government, and agriculture-related sectors.
4. Wi-fi service provider or installation company upcoming business ideas
In 2024, laptop and mobile-based learning, WFH culture, and online meetings have almost pushed every single household to install wi-fi in their home. This is a growing new business idea in small towns as well. Setting up a wi-fi services business is fairly simple they say, all you gotta do is choose a wi-fi service provider and install the hardware equipment they provide. They will also provide you with a set of best practices to keep your wi-fi network secure. Additionally, there will be CRM software that they will provide to manage the membership of your customers.
5. Hyperlocal e-commerce stores upcoming business ideas 2024
Hyperlocal ecommerce stores are those who have both brick n mortars as well as online presence. The point of these ecommerce stores is to attract orders all throughout the day. And then, in the hours when there is almost no customers in the stores – mostly afternoons, deliver the orders to your doorstep. So, maximising the use of store staff. You too can start a simple e-commerce hand of your retail store if you don’t have one already!
6. Warehouse, payment, and cart management for ecommerce businesses
Warehouses are basically large spaces to keep your goods. Previously, this was something only large businesses used to have but now almost everyone can start a warehouse. Even that small garage in your house can act like a warehouse and you can make money from this. Warehouses and a flood of new upcoming business ideas awaits you in the ecommerce sector. For example, you can also start a payment gateway plug n play SaaS tool to help e-commerce entrepreneurs offer transaction features right from their app/website. Same goes for cart management or logistics management, catalog management, and gazillion more.
7. Logistics & Last-mile delivery company upcoming business opportunities 2024
As I mentioned earlier, eCommerce presents a lot of opportunities. You can purchase 5-6 cheap cost bikes which can be used comfortable to travel all day long. And you may hire 5-6 delivery partners as well. E-commerce organisations will gladly be your clients as long as you offer them competitive rates and timely services.
8. Company business registration and GST or accountancy services
Every month lakhs of businesses have to shut their operations. Thousands and thousands of businesses incorporate as well. All these businesses need to comply with local corporate and legal laws – which includes obtaining industry specific licenses, and relevant registrations. I know many who quit their job to start a GST service center of their own when it was an upcoming new business idea. Even now, in 2024, it’s still a new business idea to get into if youare from the finance background or if at least you have the know-how of finance works.
9. Blockchain solutions for agriculture and finance
Above, I gently discussed about blockchain for the energy sector. Blockchain basically helps in tracking all the contracts, TnC, and transactional history in a transparent way. Technical details, I can explain in some other article, for now, just consider it as a signed verified writing in a register which can not be modified. Now, imagine what this could do to finance and agriculture. All the money can be traced back to its source who owned it and when. Same way, you can track source of food, which farm it was generated in, which fertilizers were used, is it organic food? All sort of things can be tracked using blockchain, edge devices and AI. Explore & launch blockchain-related new business ideas in India and start making the world a little more transparent.
Complete list of new business ideas
There are other new business ideas too which you can explore-
- Smart home solutions company
- Online ads, and content marketing company
- E-recycling business idea
- Biometric & security solutions company
- IT infrastructure security company
- Data analytics startup company
- CCTV camera & Drone Photography services
- Web & mobile design and/or development company
- Export/import consultant business
- Wholesale product procurement consultant
- Online group video calls business
- Foreign language edtech business
- Technical training business
- Remote digital recruitment agency
- Freelancer project management software
- Retail store intelligence software business idea
- Micro-finance business idea
- Skyscraper-construction business
- Water-purifier community supply business
- Religious evangelist event management company
- Political intelligence data analytics company
- Waste management business idea
- Smart devices for health tracking
- Space tourism agency
- Smart home robots manufacturing business
- Vehicle/machine health monitoring business
- Smart Energy Management Services
- Mobile VR games
- AR glasses business idea
- Smart textiles upcoming future business idea
- 3D printing business idea
- Niche Ecommerce Stores
- Corporate law consultancy business
- Mergers and acquisitions, deal discovery and closure agency