Best business to start in Goa – Top 12 ideas and opportunities to consider before starting a new, profitable, low investment and small scale business in Goa India
List of top 12 best businesses to start in Goa !
There are many good ideas that must be considered to start a new business in Goa and here are some of the top 10 best business and investment options selected:
Biotech company
Starting and building a strong biotech company at Verna industrial estate or Kundaim Industrial estate can be the start of an exciting business venture in Goa. There are many pharmaceutical companies in Goa including the likes of Sanofi, Cipla, Indoco among others.
Join hands if required with the best biotech companies in San Diego or check the pharmaceutical companies in Canada for good ideas.
Catering business
Start a catering business to cater to all the parties, weddings and events of individuals. As the business grows, you will be able to serve the needs of not only those in close vicinity but also to those in far flung areas.
You need to consider availability of cooks and waiters, storing place for utensils, transport needs and late night duty.
Fishing business
Go fish ! If you have a natural flair for fishing ( and a hobby too), it makes sense to check out all the ways of making money by catching fish. This is a labour intensive industry. You need to consider all the aspects of fishing trawlers, the fishing season (including the 60 day ban period) and more. Traditional fishing has given way to large-scale mechanised trawling.
The fishing industry provides employment for about forty thousand people in Goa. Also you may not catch fish every time you cast your nets !
Hotel business
Start a small hotel for tourists – both for Indians and foreigners. The typical size could be 12 – 20 rooms. Points that need to be looked into include whether you are looking at a beach hotel, or a city hotel, seasonal tourists or tourists the year round and many other factors.
One sure way of quickly getting your hotel business up and running, is to buy an existing running hotel which is up for sale. Also you need to provide foreign tourists with in house money exchange facility and WI FI for all guests as an incentive.
The other businesses that complete this list of top 12 best businesses to start in Goa includes the following:
Real Estate business
Buying residential plots and selling flats or apartments is a good business idea. Then again, the real estate business has its ups and downs, is requires more capital than other businesses.
Real estate can be bought by Indians and NRIs (Non Resident Indians) from across the world. Foreigners need to check the FEMA (Foreign Exchange Management Act) rules before buying any properties in India. Also OCIs or Overseas Citizens of India cannot buy agricultural properties or plantations in India.
Event Management business
Goa is a beach destination for weddings. For the big fat Indian weddings, a lot of planning and detailed preparation goes into making the event a success.
Besides, in the land of sun and sand, people celebrate birthdays, Christenings, Baptism ceremonies and First Holy Communion parties especially in the months of November, December, January and February.
Medical shop / Pharmacy business
The retail pharmacy business has never failed a businessman. Even though the GDP of the nation keeps fluctuating, the money made in a pharmacy business is constant, in fact ever increasing.
Agriculture business
Agriculture, while of shrinking importance to the economy over the past four decades, offers part-time employment to a sizeable portion of the populace. Rice is the main agricultural crop, followed by areca, cashew and coconut. The main cash crops are coconuts, cashewnuts, arecanuts, sugarcane and fruits like pineapples, mangos and bananas.
It is worth mentioning that Agricultural income in India is Income tax free income.
Tourism business
Goa is visited by large numbers of international and domestic tourists each year for its beaches, places of worship and world heritage architecture. It also has rich flora and fauna, owing to its location on the Western Ghats range, which is classified as a biodiversity hotspot.
It makes sense to start any tourism related business in Goa like water sports, ticketing, sightseeing tours for which Goa tourism department issues licences. Note that the majority of foreign tourists who visit Goa, year after year, are from Russia and the UK.
Tourism is generally focused on the coastal areas of Goa, with decreased tourist activity inland.
Laundry business
This segment of a profitable, low investment business can be started in one of the industrial estates in Goa. There are a total of about 20 industrial estates, of which the Verna, Pilerne, Kundaim and Tivim rank among the best industrial estates in Goa.
Home improvement business
A good option for all is starting a home improvement dealership – specifically looking into modifying / recreating kitchens, bathrooms and bedrooms.
That’s big business in the US, UK, Canada and in other developed countries !
Wedding planners / decorators
A number of wealthy families and individuals across India and from abroad are very keen in getting married in Goa – Catholic style.
Wedding planners, decorators and all those who can put together a wonderful wedding for the couple, can make lots of money.
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