Top 20 Profitable Medium Scale Business Ideas in 2024

Are you interested to start a medium-scale business? Here in this post, you will find complete details of profitable medium-scale business ideas and opportunities in different industries that you can consider starting as a startup.

Broadly, if you are a beginner and looking forward to starting a medium-scale business, either you can start a manufacturing or a service-oriented business.

List of 20 Medium-Scale Business Ideas

#1. Agriculture

The agriculture industry is at the crossroad of a new revolution.  The entire food chain is supposed to be modernized and production is expected to be doubled in the coming 10 years. Apart from domestic demand, this industry brings in huge export prospects. Organic farming is also on the rise as the demand for hygienic food demand is on the increase. Agriculture-related industries open up huge new business opportunities at present.

#2. Automobile

Due to the increasing mobility of people at large, car sales are increasing day by day. Forward-looking indicators suggest there is plenty of opportunity for additional growth in the future. The reason is the increasing population of vehicles. Another reason is the increasing number of average miles driven by individual vehicle owners.

India is one of the world’s largest manufacturers of small cars with a strong engineering base and expertise, there are many segments that entrepreneurs can focus on automobile and auto components sector.

Overall, the automobile business in India is expected to grow in the coming years.

#3. Apparel

With the increasing demand for performance apparel, sectors like Industrial Clothing and Sports Wear will experience growth and due to the increased fashion consciousness globally, fashion clothing will also see an upward trend. Fashion clothing creates huge creative business opportunities for young entrepreneurs.

#4. Ayurveda & Traditional Medicines

India is well known for its herbal and ayurvedic products. With increasing awareness about the ill effects of allopathic medicines, there will be a huge demand for cosmetics, natural medicines, and remedies. Ayurveda and alternative medicine are some of the most potentially strong business opportunities.

#5. Advertising & Media

The media industry has huge opportunities to offer young entrepreneurs. With the huge growth of this segment, any business in this field will help entrepreneurs reap huge benefits. Television, advertising, print, and digital media have seen a boom in business.

#6. Biotechnology

After the software sector, biotechnology opens a huge potential. Entrepreneurs can look at a plethora of options with the application of biotechnology in agriculture, horticulture, sericulture, poultry, dairy, and the production of fruits and vegetables.

#7. Beauty & Healthcare

Rising consumer income and changing lifestyles are driving the global beauty and personal care product industry. It is forecasted that the beauty industry globally will reach around $265 billion by 2017. The beauty and personal care industry was affected by the recession in 2009 but recovered in 2011 as the global economy improved. As per the study, increased awareness has resulted in a higher demand for luxury products, especially cosmetics.

#8. Consulting

Consulting is not just everyone’s cup of tea. Definitely, it is an exciting and profitable venture to start as a home-based also. However, risk propositions are always there. In developing consulting business ideas, the ability to listen to your customer’s needs is a must. It also requires the ability to explain to your customers. Consulting is about communication and networking. Good communicators do well in consulting.

#9. Chemical

According to a report by Ficci, the Indian chemical industry is expected to register a growth of 8-9% in the next decade. It is also expected to double its share in the global chemical industry to 5-6% by 2021. Individuals from the chemical engineering field or having experience in chemical product manufacturing must consider initiating a medium-scale venture in the chemical industry. 

#10. Education & Training

There is a good demand for education and online tutorial services. With good facilities at competitive rates, India can attract more students from abroad. Unique teaching methods, educational portals, and tools can be used effectively to make the sector useful and interesting. Read More for Consulting Business Ideas

#11. Entertainment

Though some of the entertainment business is really cash-intensive and demand massive investment, there are opportunities that can be developed on a medium scale with comparatively small capital investment. For small business ideas in the entertainment industry

#12. Energy Solutions

In a power-starved nation, the need to develop cost-effective and power-saving devices is gaining more significance. There is a huge demand for low-cost sustainable energy-saving devices as well. Alternative power like solar power brings in a new avenue of business opportunities for young entrepreneurs.

#13. Export-Import

There are multiple profitable Import-export investment opportunities available in the country at present. As your business grows, you will find a lot of expansion opportunities in this business. The most crucial factors are to identify the right import-export investment opportunity and craft a legitimate marketing plan to get success in this business.

The import-export business is highly regulated by Government Authority. Before starting, you must know which product is profitable for export and which one will generate more revenue from import.

#14. Engineering Goods

India continues to be one of the fastest-growing exporters of engineering goods, growing at a rate of 30.1 percent. The government has set a target of $110 billion by 2014 for total engineering exports. Entrepreneurs must capitalize on the booming demand for products from the engineering industry.

#15. E-Waste Management

According to a UN study, computer waste in India alone will be growing by 500% from 2007 levels by 2023. E-waste is expected to escalate to alarming proportions in the developing world in near future. The recycling and E-Waste sector opens a tremendous business opportunity for entrepreneurs in terms of e-waste management and disposal.

#16. Floriculture

The global trade in floriculture products is worth $15 billion.  India’s share in world trade is just 0.18 percent. This is a huge market to be tapped considering the rising demand for fresh flowers. More awareness and better farming and infrastructure can boost exports.

#17. Food

Making money from the food business requires knowledge about issues associated with food safety and safe food handling practices that are relevant to your business.

#18. Buy a Franchise

With the globalization of the Indian economy, more and more international brands are entering the Indian market and expanding through a franchise model. Many reputed Indian brands also apply a franchise model in expanding their business network through franchising. These are creating a lot of business opportunities for young Indians to start business ventures.

Read: Top Franchise Opportunities below 50000 Rupees

#19. Social Ventures

Many aspiring young Indians are taking up social entrepreneurship for a cause. Helping the less privileged get into employment and make a viable business is quite a challenge. There are many who have succeeded in setting up social ventures. With a growing young population in rural areas who have the drive and enthusiasm to work, entrepreneurs can focus on this segment.

#20. Software

Information technology-enabled services have contributed substantially to the economy. With more companies outsourcing contracts to India, business-to-business solutions and services would be required. Entrepreneurs can cash in on the rise in demand for these services with innovative and cost-effective solutions.

#21. Toys

Toy manufacturing is another high-demand business sector in India. Entrepreneurs doing business in India due to its cheap labor cost can manufacture cost-effective and safe toys for the world.

#22. Tourism

India with its diverse culture and rich heritage has a lot to offer to foreign tourists. With beaches, hill stations, heritage sites, wildlife, and rural life, India has everything tourists are looking for. With the number of domestic and international tourists rising every year, this is one hot sector entrepreneurs must focus on.