10 Small And New Business Ideas In Mumbai

Mumbai, India’s financial capital, is the city of dreams and aspirations for many, from the allure of Bollywood to its thriving financial markets. Leading Indian companies and corporate groups are headquartered in the city. It also houses many leading multinational corporations. This has made Mumbai an attractive destination for job seekers, across age groups from various parts of the country.

At the same time, Mumbai has a strong entrepreneurial culture. Despite the cut-throat competition, starting a business venture does not sound surprising. With the advent of social media, entrepreneurs now have an opportunity to take their products or services directly to the masses. Also, technological advancement and fintech innovation have helped ordinary people to chase their dreams of starting and owning a business. Banks and non-banking financiers extend credit support in the form of business loans with competitive interest rates and easy repayment facilities.

Here is a list of 10 small and new business ideas to start in Mumbai.

1) Homecooked Meals/Tiffin Service:

Office goers in Mumbai are always on the lookout for homecooked meals that are affordable. Given the large size of the working population, this business suits well in Mumbai, especially pockets with higher density of offices. Given the diversity of population in Mumbai, there is scope to present unique regional cuisines as part of the weekly or monthly Dabba subscription.

This business also allows experimentation. For instance, there is an opportunity to take food orders such as salads, soups etc targeting health-conscious people. Delivery of food and sourcing of ingredients is one of the key components of this business. Both can be solved with tie-ups, which can ensure saving of time as well as keep margins intact.

2) 24x7 Cloud Kitchen:

A hyper-localised cloud kitchen, backed by technology, can help connect many home chefs, allowing them to experiment in various cuisines. Home chefs won't have to worry about delivery—a major chunk of the expenses—as trained executives will be employed for delivery. At the same time, users will get to try out various food items at an affordable price.

3) Tours and Walks:

Beyond the traditional business of booking tickets, dedicated theme-based tours around the city have immense scope given that Mumbai attracts both domestic as well as foreign tourists. Food trails, heritage sightseeing, community-based familiarization, Bollywood walks can be some of the themes.

4) House Help On Hire:

Mumbai has a large number of nuclear families and bachelors, who are looking to hire house helps, cooks, nannies etc. But most of them find it difficult to find them. An agency providing trained house helps is an attractive business idea. In addition to the monthly/regular subscription plans, one-time plans can also be designed.

5) Pre-School Education:

A pre-school education institute to teach kids different skills and even fun-based sports and gymnastic exercises can go a great way in confidence building. Many parents in metro cities like Mumbai have discretionary income and such schools can be a great option for parents to teach kids at an early age.

6) Gardening Services:

Many people took gardening as a hobby during the pandemic. But such an activity in Mumbai, where houses are not spacious, is a challenge. However, there is greater demand for organically grown fruits and vegetables. A gardening service agency can help people with terraces or even housing societies in growing basic vegetables and plants. The agency can guide in setting up a garden and provide external support in maintenance. The agency can also sell house plants and other potted plants.

7) Go Organic:

Mumbai has many households with high spending monthly budgets. These localities can be targeted to sell organic food products. People are increasingly opting for organically grown food given the health benefits. Other than retail outlets, weekly farmers markets at different locations of Mumbai can also be organised to increase brand visibility and to also sell organic products.

8) Furniture Upcycling:

Mumbai has dedicated markets where second-hand furniture can be bought after refurbishing. However, most of these markets have limited reach because of their physical presence. An online marketplace connecting buyers to these sellers has potential because most people are comfortable with the idea of buying second-hand furniture. High-margin antique furniture will be the USP.

9) Investment Advisor:

Financial literacy, though on rise, remains low even in cities like Mumbai. Coaching people on managing their finances and investment portfolio is a great business option in places like Mumbai, where most people don't know how to make their hard-earned money grow. There are many such advisors in the market but if you have the relevant certification in financial planning and personal finance and people connect, the opportunities are immense.

10) Meditation Coach:

In today's fast-paced life, most people find it difficult to strike a work-life balance, eventually leading to stress-induced physical as well as mental issues. Mediation coaching fits perfectly in Mumbai, where people are mostly always on their toes. Physical as well as virtual consultancy will involve not just practicing meditation but also other aspects of holistic living. Meditation coaches are in great demand to conduct sessions at corporate retreats.

Conclusion

Mumbai demographic mix and thriving entrepreneurship culture has led to a lot of experimentation and innovation in the area of business. But as the city grows to greater heights, there is a lot more opportunity for entrepreneurs to make a difference and contribute to India's growth. Banks and leading non-banking financial companies like IIFL Finance have recognised this demand and are willing to help people chase their dreams by extending credit support.

IIFL Finance, for instance, provides a variety of credit products such as personal loans, gold loans and business loans. The company uses digital technologies to process loan applications swiftly and also customizes repayment terms to make it easier for the borrowers to clear their debts without any hassles.