10 Business Ideas for the Future World: Profitable and Feasible Business Model

In the existing markets, you can innovate basic ideas and become one of the most successful businesses. What you need to succeed is good research to back your risk of starting a new venture.  While exploring your options, it is essential to select an industry that is worthwhile and fast-growing in terms of revenue and employment. It is equally important to develop and implement a proactive USP that will guarantee a better profit margin. 

 

With some market exploration, we have selected the following industries with a few interesting business models.

 

1. Renewable Energy: According to the Ministry of New and Renewable Energy in India, the country has a total installed renewable energy capacity of 94.4 GW, which sums up to approximately 24.5% of India's total installed electricity generation capacity. This indicates that India can grow this area at least thrice more than it already is. Furthermore, the Indian government has set a target of achieving 450 GW of renewable energy capacity by 2030, indicating a significant investment and growth potential in this sector for new businesses to tap into.

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The Solar P.V. Installation Business: The installation service model is one of the best and most profitable areas to get into if you are interested in low-investment models. Typically it involves offering turnkey solutions for the design, installation, and maintenance of solar PV systems to residential, commercial, and industrial customers. The business model can be structured as a direct sales model or a lease/PPA model, with various financing options available to customers.

 

Production of Renewable Energy Products: It is not necessary to invent a new product to produce these goods. You can produce the generic Solar PVs, hydro pumps, windmill parts, etc. and still have a scope of exponential profits by contracting your products directly to the infrastructure developers of the country. Today, most new projects in India have made sure to be as green as possible, and Solar PV production is in high demand. 

 

2. Healthcare sector: Healthcare is a rapidly growing sector in India, with rising demand for high-quality medical services and products due to growing health awareness since CoVID-19, an ageing population, and a shift in lifestyle diseases. AN IBEF report suggests that the Indian healthcare sector is expected to grow to USD 10.5 billion in 2023. This presents a significant opportunity for new businesses to tap into the healthcare sector, particularly in areas such as telemedicine, medical equipment manufacturing, healthcare IT, and healthcare services

However, to present an idea which is not that common but highly needed is:
D2H medical services

 

This idea is to propose a direct-to-home medicinal service where doctors, dentists, physiotherapists, nurses and medicinal equipment can be called to the home. More like an Urban Clap for the healthcare sector.

 

3. Electric Vehicles: The EV industry of India is driven by brilliant government support promoting the adoption of clean and sustainable modes of transportation. With the increasing fuel prices, and growing awareness of environmental issues adoption of EVs is a must for the survival of the human race. A report by EY India suggested that the Indian EV market is expected to cross 63 million units in production by the year 2030 if the industry grows at a CAGR of 44.5%. This presents an essential opportunity for new businesses to enter the EV industry, particularly in areas such as EV manufacturing, charging infrastructure, battery technology, and EV fleet management.

EV R&D: An EV research and development company typically involves itself in the design and development of innovative and sustainable electric vehicle technologies, such as battery systems, power electronics, and electric motors. The business model may involve partnering with other companies in the EV value chain to bring better and more sustainable products to the market or licensing high-technology to other companies. Additionally, such a company may also work closely with governments, research institutions, and universities to make funding more accessible and also collaborate on research projects. The business model may also involve consulting and advisory services to other companies in the EV industry, such as automotive manufacturers, to help them develop EV technologies and strategies.

EV charging infrastructure: Today the new real estate projects are all up-to-date with the advancements in the EV sector and are conscious to introduce charging stations in the parking lots of their new projects. The existing societies, apartments and buildings are also not yet connected with the grid of charging infrastructure. Hence acquiring a dealership from the charging infrastructure builders and installing the required stations can turn out to be just the right business at this point.

 

4. FMCG: The FMCG industry is a popular choice for new businesses due to the sector's stable demand and growth potential. FMCG products, such as packaged food, personal care, and household items, are essential commodities that people use daily, making the industry resilient to economic downturns. Additionally, FMCG products are typically low-priced items, making them affordable to a wide range of consumers, resulting in high sales volumes. As a result, new businesses can enter the FMCG industry with relatively low investment and enjoy a significant return on investment. Currently, many people are shifting to healthy diets like keto, vegan, low-carb, paleo, etc. Thanks to the increased awareness post-covid. With that in mind we have found two such business models with their own USPs that can make you stand out in this heavily competitive industry.

Diet food truck: Healthy diet food carries a stigma of being less flavourful than normal everyday food. Owing to this there are very few healthy food joints as compared to junk food selling places. People who are on diet have very few acceptable options on the menu of a normal cafe. There is absolutely no street food available for them. Opening up a food truck to sell healthy tasty food acceptable to various diets would be a brilliantly unique way to go forward. 

5. Service Sector: The service industry is a growing sector in India, with a high potential for new businesses due to the increasing demand for services such as healthcare, education, hospitality, and technology-related services. According to the India Brand Equity Foundation (IBEF), the Indian service industry is expected to grow at a CAGR of 7.5% between 2021 and 2026. Additionally, the sector accounted for approximately 55% of India's Gross Value Added (GVA) in 2020, highlighting its significant contribution to the country's economy.

Chef to home: In recent years, there has been a significant shift in the working hours of men and women in India, with more women entering the workforce and working longer hours. According to the report by the International Labour Organization (ILO), the average working hours per week for women in India increased from 36.2 hours in 1999-2000 to 39.6 hours in 2011-12. With even more changes after more than a decade, the need for cooks and chefs has increased. For this, home-to-home chef service for an everyday basis or even for events is preferred by many over self-cooking. The current way of finding and hiring cooks/chefs is highly unorganised. A d-2-h service for chefs to home is a very good way to go as it is new and still an untapped market for an organized service.

Daycare center chains: With the increased number of people involved in working in-office or busy with their work, it gets extremely difficult to take care of their toddlers. An essential part of Indian culture earlier was that the people used to stay with their parents even after marriage. That made taking care of their children while working easy. However, with more and more people living in nuclear families now, away from the child’s grandparents, it gets difficult for both parents to leave their children's home. Essentially a daycare center is very common in western countries just because of this convenience. However, in India, it's not that common. Starting a daycare center chain at this point would not have been a better bet.

 

6. Consultancy: The consultancy industry in India is rapidly growing, with a high potential for new businesses due to the increasing demand for specialized expertise across various sectors, such as technology, finance, and management. According to a report by Grand View Research, the Indian consulting market is expected to reach USD 22.8 billion by 2025, growing at a CAGR of 13.7% from 2021 to 2025. Additionally, the sector is highly lucrative, with many consultancy firms charging premium rates for their services, making it an attractive option for new businesses.

 

a. Data Consultancy: Web 3.0, blockchain, and AI is all the things of the near future. The IoT is what the existing firms can use to exploit their current market and gain a competitive advantage. A data consultancy firm typically provides specialized expertise to different firms to help them manage and analyze their data effectively, with the aim of optimizing their business processes and decision-making. The business model typically involves offering customized data solutions and insights to clients, charging them for the service on a project or subscription basis. The revenue streams may include consulting fees, licensing fees for data analysis tools, and revenue sharing on data monetization projects.

 

b. Green Consultancy: A green consultancy firm provides specialized expertise to different firms to help them improve their environmental sustainability and reduce their carbon footprint. The business model typically involves offering customized solutions to clients, including energy audits, waste reduction strategies, and green certification services, and charging them for the service on a project or subscription basis. The revenue streams may include consulting fees, fees for implementing energy efficiency measures, and commissions on carbon credits. As more companies are adopting sustainability as a core value, the demand for green consultancy services is expected to grow in the coming years
 

In conclusion, the future world is ripe with opportunities for innovative and profitable businesses that can adapt to changing trends and technologies. The ten business ideas discussed above all offer promising prospects for entrepreneurs looking to start their own ventures. However, it's important to note that success in any business requires careful planning, market research, and a strong understanding of the target audience. By identifying unmet needs and developing innovative solutions, entrepreneurs can capitalize on these opportunities to create successful businesses and make a positive impact on the world.