Mumbai, also known as Film City, attracts many individuals who aspire to achieve great things in life. This desire leads people to leave their hometowns and migrate to cities like Mumbai in pursuit of their dreams. The population of Mumbai was 2,09,61,000 in 2022, which increased to 2,16,73,000 by March 2024. The real gross domestic product of Mumbai in the financial year 2023 amounted to Rs 3.93 trillion, reflecting the city’s economic strength.
With numerous projects being completed daily, Mumbai is experiencing rapid growth. If you also want to set up your business in a dream city like Mumbai and are looking for such business ideas in Mumbai which can be started with less investment then in this article we will tell you the top 9 such profitable business ideas in Mumbai in which there is high potential to scale the business with low investment.
1. Digital Marketing Agency
Based on the data from 2021, digital advertising expenditure in India reached Rs 88,334 crore. India stands as the second largest online market globally, with approximately 900 million internet users. In the present scenario, businesses are increasingly investing in digital marketing due to its cost-effectiveness compared to traditional marketing methods. With a vast majority of users being online, businesses are striving to enhance their online visibility to build trust among consumers for their brands.
Types of Digital Marketing Services:-
- Content Marketing
- Search Engine Optimization (SEO)
- Pay Per Click (PPC)
- Social Media Marketing
- Affiliate Marketing
- E-mail Marketing
2. Home Cleaning Services
Working professionals often find themselves in need of home cleaning services due to their busy daily routines. Additionally, there are specific events or occasions where home cleaning services become necessary. India’s household cleaning market is projected to grow at a CAGR of 21.4% in the forecast period from 2023 to 2029 to reach USD 29,617.5 million by 2029. The COVID-19 pandemic has further emphasized the importance of hygiene, leading people to prioritize cleanliness and sanitation. As a result, establishing a home cleaning business in Mumbai or other states can be a lucrative venture.
3. Music Academy
The Indian music industry was valued at Rs 24 billion by the end of 2023 and it is estimated that the Indian music industry will reach Rs 37 billion by 2026. The compound annual growth rate of the Indian music industry is 14.7%. The music industry generates a revenue of Rs 12,000 crore every year. A survey conducted by EY revealed that only 56% of music creators in India possess the necessary equipment for music production. There is a significant interest among music enthusiasts to learn music and play musical instruments. Given this trend, establishing a music academy could prove to be a lucrative business opportunity.
4. Grocery Delivery Agency
In a grocery delivery agency, you will establish partnerships with local grocery shop owners in Bangalore and cater to the needs of numerous customers associated with them. To begin with, you can recruit a team of four to five employees for your agency. As your business expands, you can consider expanding your agency to Mumbai and other states, as the demand for groceries tends to rise with the growing population. In urban areas, individuals have limited time due to their hectic daily schedules, which leaves them with little to no time for grocery shopping. Therefore, this business concept will not only bring satisfaction to people but also thrive in the market.
5. Car Rental Service
Travelling is a beloved activity for many individuals, however, not everyone possesses a vehicle. Various reasons may contribute to this, such as financial constraints or prioritizing investments in other areas. In such cases, individuals opt to rent a car when they need to travel. The car rental business thrives in bustling cities like Mumbai, catering to the high demand for transportation services. Moreover, running a car rental business can be a lucrative side venture as it does not require much time.
6. Handicraft Store
Despite the advancements in technology, some individuals have a preference for handicraft items. During the British rule, they almost destroyed our handicraft industry but after independence, the demand for handicraft products started increasing again. The future of the handicraft industry appears promising, with significant growth expected. Creating unique handicraft items can attract a large audience. It is projected that the CAGR of the handicraft industry could reach up to 11.8% by 2032, with the global market size estimated to reach USD 1972.32 billion by 2030.
7. Insurance Agent
Strong communication skills are essential for a successful career as an insurance agent. Selling insurance policies can result in lucrative commissions. To pursue this profession, one must acquire a license from the Insurance Regulatory and Development Authority (IRDAI) and have a thorough understanding of the insurance products being offered. Dedication and hard work are key requirements for becoming a proficient insurance agent. Apart from financial gains, this profession also allows individuals to make a positive impact by providing much-needed insurance coverage to those in need. Additionally, educating clients about the benefits of insurance is an integral part of the job.
8. Dropshipping
Currently, there is a significant rise in the popularity of dropshipping in India. This business model eliminates the need for stocking inventory as the products are directly delivered to customers by suppliers. You have the freedom to select any product of your choice and promote it through various advertising platforms such as Facebook Ads, Google Ads, and Instagram Ads. By utilizing these channels effectively, you can boost your sales and expand your business.
9. Fitness Centre
Several years ago, individuals did not prioritize fitness as much as they do now. In today’s fast-paced world, people are increasingly focusing on their physical well-being. This shift is due to the realization that neglecting fitness can have detrimental effects on one’s health. Opening a fitness centre can be done through two avenues: online or offline.
Final Words
The following are the nine most profitable business ideas in Mumbai that are currently in high demand. By initiating any of these ventures, you can expect to generate a substantial income. These business ideas are not only profitable but also possess a distinctiveness that sets them apart from others.
