When anyone thinks of business, it’s often ‘Retail’ that comes to mind! However, while it may be a surprise, but until July 2021, Retail and Wholesale businesses didn’t come under MSME classification. The inclusion of these two has led to a boost in the MSME category.
India, due to its abundant population, is a ground for many businesses to thrive. Here, some goods and services are in high demand and that’s where the Indian retail industry comes into play. Moreover, it has also become easier and more convenient for entrepreneurs to avail an instant business loan to expand or sustain their ventures.
Below, you can read about the 10 most successful retail businesses in India
1) Kirana Stores
One needs to be lying to say that life could go on without kirana stores! Rather, life without them is unimaginable. Kirana stores also have a wide variety and range of products that contribute to the most of each household. A business in this category assures you profits of around 60% because the investment is low and you get your stock at discounted prices at wholesale.
May it be an office or an educational institution, from our student lives to our professional lives, stationery has been a pillar of constant support for all. This indeed tells you a lot about the growing demand of the category, in the market. The key to having a profitable retail stationery business is to provide something different, compared to your competitors. You could pair your stock with books and toys, alongside providing a xerox facility to your customers. With low investment and a high demand, your stationery business is bound to succeed.
3) Fruit Store
As more individuals move towards healthier choices, starting a retail business of fruits might just be a great decision! Seasonal fruits alongside staple ones, is an ideal USP that your business could provide and this widens your target consumer groups across ages.
4) Medical Store
An essential service that gained high prominence during the pandemic, medical stores across India have turned out to be highly profitable even during difficult times. The variety of products offered could increase your chances of gaining profit from a retail medical store business.
5) Cosmetics Store
With reforms in the cosmetics category for being more inclusive towards cosmetics for men, a retail business of cosmetics has high potential at the moment and can turn out to be a great success in the coming year. If you have necessary insight on cosmetics and capital investment to kickstart the business, then what are you waiting for?
6) Snacks Store
Any day is incomplete without a snack, especially when we have a culturally rich blend of cuisines at every street! May they be tidbits like a samosa or a vada pav, even serving dishes such as pav bhaaji and sev puri, can be an added facility that you could provide to your customers. As the world opens, so are offices! A retail business in snacks is always much needed, to feed the working population of the country which is constantly growing.
7) Altering Shop
Tailoring is an art and not everyone has what it takes to pass the thread through a needle’s eye. So, if you can, then you’re lucky to be able to add this to your list! As the fashion industry continues to grow, the potential in tailoring businesses is high. As long as you get your fittings and outfits right, you can start a tailoring business which could even eventually grow into a boutique.
8) Mobile Phone Shop
With phones becoming the necessity of the hour, one could hardly avoid having one in the world of today. From young adults to senior citizens, phones are a must for everyone! Opening a mobile phone shop would surely be fruitful, especially considering that the space required doesn’t have to be large. As long as you provide additional repair and accessory services, you’re bound to have high customer retention!
9) Pet Shop
During the lockdown, many people could finally fulfil their dream of adopting a pet. Luckily, this led to a high demand among pet accessories. Hence, a retail pet store has a lot of potential to grow. If you have a soft spot for furry animals and know a few basics related to their care, a pet shop would just be the right option for you!
The pandemic left us craving for cuisine by limiting our social lives to our homes. However, now would be the right time to fulfil your dream of starting your very own restaurant! Remember, restaurants are not just places you visit for good food but also for an out-of-the-ordinary ambience that can light up everyone’s spirits as well!
While the past year and a half kept us all at our homes, waiting for the new normal to end, now that the world transitions to the normal we all knew, it’s time to revisit all the business dreams you had planned and make them happen!
Apply now: https://applynow.hfs.in/