by Most Profitable Retail Business in India For 2020
If you are looking for the most profitable retail business in India for 2020 and beyond, you are on the right page. We have identified 10 retail businesses that are extremely profitable as well as easy to start with. So, stay tuned.
Retail business generally refers to the items that are required for daily consumption or daily use. Hence retail outlets are needed for every company. However, on an initial basis, it is not possible to spend a lot of money or invest a lot of money to set up a retail business. This can hence be started with low investment, with the objective to earn some good profit.
Top 10 Most Profitable Retail Business in India
Out of all the forms of businesses, the retail business is one of the most profitable ideas of business in a metropolitan city like that of India. People require commodities on a daily basis and they search for shops located nearby.
So, retail companies would best help to employ a large number of people under the outlets and they would really be able to work and seek service better. In such a scenario, it will help the market segment to seek profits better.
On the other hand, the employees get happy to work and provide efficient services by working next to their doorstep. India also has an agrarian economy. So, many of the retail businesses are best suitable here.
Based on these criteria, this article will mainly focus on some of the most profitable forms of retail businesses in India. Some of the most profitable retail business in India is the distribution of fertilizers, Setting up a car washing zone, Setting up a fuel station or pump station for servicing of vehicles or servicing, Setting up of a blouse shop for women, Setting up of laundry, to name a few.
Apart from this, they should think about Setting up of convenience store or a book store for students to procure school, college books, Setting up a tuition center, Setting up a nursing training center are yet again very important.
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Setting up of medicine store
An important retail business is that of a medicine shop. People often do not live near a doctor’s residence and hence a medicine shop is required for people so as to help them during any emergency or illness.
On average, the profit earned by selling important medicines can stand as 60000-80000 profit by investing in around 3-4 lacs in medicines, hence there can be overall earnings of 20-30 percent of the overall value.
So, a medicine company can earn huge profits if it is earned in the right way. However, it entirely depends upon the kind of drugs being sold by a particular medical store upon how much profit it can earn.
This is no doubt one of the most profitable retail business that you can start right now.
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Setting up of seed store
The second most important retail business can be set up a seed store. This is important for a large number of farmers as farmers require seeds to grow plants and earn money. On an average basis, one can earn an average profit of at least 8-10 percent of the overall business.
However in this case too, the overall profit deeds upon the quality of seeds that one is using for business. Obviously, if the quality of seeds is good, and then there would be more demand to buy such seeds. This will raise profit further. Hence one can expect a minimum of 10-20,000 INR profit to start with.
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Setting up of fertilizer store
The third is the utilization and sale of fertilizers. Farmers can buy fertilizers from outlets at a convenient price and prevent the plants’ groom pesticides, insecticides and other harmful things.
In recent days, there are more than 300-400 dealers selling fertilizers in various rural areas. People need to decide on how they can invest in Organic fertilizers. Currently fertilizer business is popular in over 160 countries and hence India can even proper by investing in this area.
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Setting up of car washing zone
The fourth retail business is that of the car washing zone. The car washing zone is a very popular retail business in areas like Australia, New Zealand and other parts of the world. In India also, with growing numbers of private cars, the necessity of washing cars daily has become a common scenario.
Under such a situation, people are constantly in a lookout where cars can be washed instantly without having to cost much. So the automobile industry is growing in large numbers in India and people are constantly buying new cars.
They are constantly searching for some trustworthy outlets where they can wash their cars are get their cars checked. For each car wash, one can earn an average of 500 INR to 1500 INR and hence, more than a number of cars, more than the number of profits earned by that washing zone.
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Setting up of ladies garment store
The fifth entity in the retail business in India is that of the ladies’ garments store. Women are completely fascinated to buy new dresses for themselves almost. They can wear these dresses in their workplaces, colleges, and universities or for other professional or personal parties. So a retail business can be a help to them.
A garment store in the form of a retail business can be a necessity for every woman. Men and women living in India are culturally bound to each other and in such a situation, a retail-based garment store can be a source of connecting people and their culture together.
If one decides to set up a retail outlet in India, then it would definitely be much profitable. Next to a ladies’ garment store, the next is that of a leather fashion store. In cities, towns as well as in villages, people are constantly in search of leather items, and leather jackets, leather belts, for leather bags.
These are in fashion. One can also think of developing a retail outlet that consists of several items like that of a leather jacket, leather gloves, leather bags and other items that men and women require every day. One can step inside and select some of the best leather-based utility items for his/her family partner.
In such cases, people also do not think of the price criteria as they are ready to buy leather items that are unique and that is a specialty of the country. A number of reports suggest that this business can earn from 4-5 percent to 14-15th percent of the overall income.
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Setting up of perfume store
The sixth important unit in the retail segment is that of a perfume shop. This can offer excellent smell for the shop owner of this kind of retail shop. For customers too, it is an interesting thing to buy and start a day fresh.
So perfume again a very important area and a perfume retailing business can work quite well in this country. However, business managers have to first understand the requirements of people and then develop their market segment accordingly. If a perfume store can work well, then it can earn at least 3-4 lacs per month.
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Setting up of mobile store
The seventh important retail business is that of setting up a shop equipped with mobile phone-based accessories. The mobile phone is a requirement of each and every people and hence setting up a mobile phone-based shop would be highly profitable.
By selling mobile phones to customers by being located in some well-populated urban place, a mobile store can earn around one-two lakh per month out of the total sale. However, this might reach crores, depending upon the products being sold and other factors.
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Setting up of laundry store
The eighth important retail business is that of a laundry. This is a basic requirement of a city, village or town. Every civilized person requires laundry where their dresses can be cleaned. People also do not have time to clean their dresses regularly.
So a laundry can be set up in prime areas where the population is high. So people can give their clothes and get them washed.
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Setting up of furniture store
The ninth important retail business is that of a furniture shop. Furniture is quite important for housing, and people need furniture for personal spaces as well as workspaces in order to decorate their flats or offices. The recent rates for profit earned in the furniture sector are around forty-five percent in India.
This shows that there have been fewer opportunities for furniture and demand is also moderate. Hence under such a scenario, furniture owners should take this as a challenge and develop this area for more profit. They would face much less competition from other competitors.
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Setting up a convenience store
This kind of store is extremely useful for a country like India, where people want to get useful things under the same shelter. They can acquire things from a convenience store.
These stores can easily earn a profit of around 2-4 lakh per month if the owner of the convenience store can handle the store well. This is also based on the location of the store and urban places will earn more people to purchase.
So you can buy coffee, snacks, groceries or anything that you require for your monthly consumption from a convenience store placed near your residence.
