Do you want to start a small business in Jharkhand and are not sure which venture to open? If yes, this article can be a great help to you. Here in this article, you will find the most profitable small business ideas in Jharkhand including major cities like Jamshedpur, Ranchi, Dumka, Dhanbad, Deoghar, Bokaro Steel City, Hazaribagh, Giridih, and Koderma.
Agriculture, coal mining, and tourism are the major economic segments in the state of Jharkhand. In the last few years, the state’s economy has developed a lot. The city of Ranchi is its capital and Dumka is its sub-capital. The state is primarily rural, with only 24% of the population living in cities.
Here is a List of 10 Small Business Ideas in Jharkhand
#1. Motorcycle Showroom
Bikes or motorcycles are the most preferred means of conveyance in the state of Jharkhand. Mostly, the young generation, political members, and jobbers prefer motorcycles for daily use. Therefore, starting a motorcycle dealership business has huge profit potential not only in urban areas but also in rural Jharkhand.
You can find plenty of popular motorcycle brands that are offering dealership opportunities these days. The list includes Enfield, Hero Moto Corp, Bajaj Auto, etc.
#2. Biryani Business
You can start a biryani business in the city areas of the state of Jharkhand. Starting a biryani shop is a profitable food-retailing business these days. There are four different business models available. These are Take Away Only, dining restaurants, biryani kiosks, and food trucks. Also, you can find plenty of established brands in the biryani business that are offering franchise opportunities for new entrepreneurs in Jharkhand.
#3. Medicine Store or Pharmacy
Opening a medicine store or pharmacy is one of the most profitable businesses in the healthcare industry. And you can open the store in as such any area. Nowadays, medicine shops earn revenue not only by selling medicines but also by other need-based products. The list may include vitamin supplements, personal care products, hygiene-related products, etc. If you don’t have any previous experience in the medical industry, you can consider opening as a franchise partner of a reputed brand.
#4. Cartridge Refilling
Overall, Jharkhand is a developing state. Also, the state has huge mineral resources. Therefore, it is an industrial state. So, the state has huge potential in the business services segment. Cartridge refilling is an emerging business and getting huge popularity these days. It is a multi-billion dollar industry. Also, it is a fast-growing business with an estimated market size of Rs.4000 crores in India. Definitely, the business requires both technical and marketing skills. Hence, you can consider starting the business by buying a franchise of an established brand.
#5. Bakery or Cake Shop
A bakery or cake shop is another profitable food-retail business in Jharkhand. Apart from selling cake and biscuits, the cake shops sell different types of veg and non-veg snack items too. It helps in enhancing the overall profitability of the store. You can also find plenty of organized companies that are offering franchise opportunities in the state.
#6. Fast Food Stall
Fast-Food consumption is increasing very fast these days. A huge part of the young generation prefers having fast food over any other traditional choices. Hence, opening a fast food stall or fine dining restaurant is a wonderful business to start in the state of Jharkhand. Apart from starting your own, you can consider starting as a franchise partner of an already-established brand. Broadly, the fast-food industry covers pizza, burgers, Chinese, juice, cafeteria, etc.
#7. Courier Company
This is another low-cost business that has high-profit potential. Also, the business requires a small retail space for daily operations. Nowadays, the courier is an essential service not only for domestic but also for business purposes. Due to the growth of eCommerce in India, the demand for responsible courier service has grown exponentially.
#8. Travel Agency
The tourism industry plays a huge role in the economic development of the state of Jharkhand. Therefore, starting a small travel agency business is a very lucrative opportunity for entrepreneurs here. Generally, online ticketing, hotel booking, and packaged tour are the most potential areas in the travel agency segment.
#9. Petrol Pump
If you want to start a long-term business that has the potential of earning profits for a longer period of time, you can consider opening a petrol pump or fuel station. Definitely, opening a petrol pump requires moderate startup investment and a retail location is a prominent place. Some of the most promising brands are HP, Essar, Indian Oil, Bharat Petroleum, Jio-BP, etc.
As more than 60% of the population resides in villages, the automobile density is very high in Jharkhand. Hence, the state is perfect for opening the automotive battery store. Starting a battery shop requires a small retail space and a low startup investment. You can open the store in two ways. Either as a multi-brand store or a specific brand store.
We hope, this list of 10 best business ideas in Jharkhand will help you in making an informed decision towards starting a new business in your area.
Rupak is the founder of MUVSI. He is a small business consultant by profession. His mission is to make people know how to make money and understand personal finance for a better living.