written by Khatabook | January 4, 2022

What are the Best Business Ideas for Odisha?

Odisha's economy has traditionally been built on agriculture, but it is increasingly shifting to the corporate sector. Compared to many other Indian states, Orissa has a well-developed banking network. Odisha is the finest state in which to establish a business. The key business ideas in Odisha include tourism, restaurants, transportation services, and hotels, among others. These enterprises require little capital and can be started on a modest scale. In this article, you will learn about the best business ideas for Odisha, including Profitable Business Ideas in Odisha, Small Scale Industries Projects in Odisha and a list of Business Opportunities in Odisha.

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Profitable Business Ideas In Odisha

Here is a list of profitable business ideas in Odisha that are currently popular. This collection of Odisha small business ideas is low-cost and can be run on a small scale.

Jute Bag Making

Jute Bag Making is a good option if you want to start a small business in Odisha. After West Bengal, Bihar, and Assam, Odisha is the fourth-largest jute producer. Rice and jute are competitors because they require nearly identical soil and weather conditions. Jute crops are grown in abundance in Odisha. Daily used items like jute bags, chairs, tables, and other items are made of this material, making it a profitable business in Odisha. If the usage of raw materials is carefully planned and implemented, it can be a profitable enterprise.

From a business standpoint, it requires minimal investment but yields the best results in terms of profit. You can easily start this business in Odisha since jute, an important part of everyday life, is readily available here.

Handicraft Business

You can use it as one of your small business ideas. Odisha is well-known throughout the world for its handicrafts. It is one of the best ways to make money. Pottery, terracotta, and other handicrafts are among the most popular business ideas in Odisha.

You might begin by selling these handicrafts on the internet. You can also work with some exporters to gain a foothold in the global market. When your items are in high demand, and you begin to provide excellent service, you will become well-known in the market and earn big profits due to the high demand for your products in the worldwide market.

Solar Energy Business

Solar energy is now widely regarded as the most profitable industry in India, and it consistently ranks first in terms of profit margins. Starting a solar energy business in Odisha is a gold mine because it is the hottest state in the country all year, and you can provide electricity at affordable and fair rates.

Your first steps into the solar energy industry can help you earn a lot of money with proper investment. It will continue to be in demand in the future because of its sustainability factors, as numerous states quickly embrace it.

Invest in a Franchisee

Purchasing a franchise is one of the great business opportunities in Odisha. It requires a large initial investment, but it can pay off handsomely in the long run. You can choose from a variety of franchise opportunities.

Food-based franchises can be of pizza, ice cream, and other fast-food options. For instance, you can start a KFC franchise, Domino’s franchise or McDonald’s franchise. You can also start clothing-based franchisees, electrical items, and footwear, among others. You'll need to choose suitable places for your franchise and use the adequate investment for starting it.

Food-Delivery Service

Except for Bhubaneswar, Odisha is where the food delivery system has potential scope. If you're looking for small business ideas in Orissa, a meal delivery service is an ideal option because consumers demand it. Food distribution is a low-cost endeavour. All you have to do now is make new contacts to expand your network in the area you want to cover.

You can also broaden your network by contacting restaurants and hotels or developing a mobile app for online meal delivery services. Make sure you're giving the greatest service possible, as this will keep you at the top of the food-delivery list. Overall, meal delivery service is a lucrative opportunity in Odisha.

Also Read: Small Scale Business Ideas with Low Investment

Hotels and Restaurants

Odisha, as previously stated, is a fantastic tourism destination. As a result, hotels and restaurants can meet the needs of travellers who want to stay and eat. For your hotel or restaurant site, you should choose the most popular tourist attractions. Puri, Konark, Bhubaneswar, Chilika Lake, Cuttack, and many other sites. Therefore, it is the most profitable and best business in Odisha.

Small Scale Industries Projects In Odisha

Making a Candle

If you want to start a business in Odisha with a small investment, candle-making is a fantastic place to start. Candles are in high demand throughout the state. Raw materials for the candle-making industry are readily available in the local market. Decorative candles have a huge market as a gift. Make contact with gift shops and offer the candles on consignment. You can even produce candles at home and sell them locally at first. Begin selling in your immediate area. 

Contact wholesalers, gift shops, supermarkets, and other high-demand areas. Decorative candles already have a considerable market as a gift item. Reduce the price of the candles in comparison to your competitors. This small investment corporation can transform your efforts into a successful business by creating a significant profit once you've developed excellent market contacts. A craft fair is an excellent place to market your lovely candles.

Create a Blog

One of the best home-based online small business ideas in Orissa with income possibilities at little cost is starting a blog. All you have to do now is buy a domain, identify a niche and publish articles about it. Check out our step-by-step guide to start a blog and make money if you're interested.

Car Rental Service

Odisha's tourism industry is growing at a rapid pace. In addition, as the world becomes more industrialised, there is a greater need for car rental services. In Odisha, car rental is one of the most innovative business ideas. The car rental service can include car reservations and the management of cars. It can also include add-on services such as drivers for rented cars. 

Computer Training Institute

Bhubaneswar, the state capital, is establishing itself as a knowledge hub in India, with the addition of numerous new public and private universities and the establishment of an Indian Institute of Technology. For ambitious computer-savvy professionals in Odisha, the computer training institute is one of the best business ideas in Bhubaneswar. Operating a computer training college with additional value-added services can be a lucrative and self-rewarding venture.

Export of Fruits and Vegetables

Odisha has enormous export potential, particularly in the micro, small, and medium enterprise (MSME) sector. One of the most successful business ideas in Odisha is the export of fruits and vegetables along with other connected items. Any export business necessitates a thorough understanding of overseas markets. With adequate knowledge, you can start this profitable business in Odisha.

Making Liquid Soap

Liquid soap is regarded as a long-lasting consumer commodity. The two main causes for the rise in demand for liquid soap are increased health awareness and disposable income. Processing, packaging and marketing operations are part of the liquid soap manufacturing process. In addition, the industry necessitates substantial market research and marketing strategy. Incorporating all these factors in your business will make it a profitable one. 

Embroidery Unit

In addition to agriculture, the handloom sector employs many rural artisans. In terms of our state, it has a long history of creating handloom products. Even the talent and knowledge passed down through the generations has given handwoven textiles a depth, range, strength, and energy unrivalled. Handloom cloth is one of the most diverse and long-lasting forms of ethnic expression. An embroidery business is one of the most significant business ideas in Odisha that can be started with a small amount of money.

Eco-Tourism

There are various Eco-tourism destinations in Odisha where one can become completely absorbed in nature's splendour and return with a calm mind. TikarPada, Gahirmath Turtle Sanctuary, Chilika Lake, River Beds, National Parks, and Debrigarh Ecotourism are some of these locations. In Odisha, ecotourism is one of the most viable business concepts. You can provide sustainable transportation services for tourists and tour guides for this business. 

Diagnostic Center

Individuals with experience in the medical industry can start a diagnostic centre firm with significant capital expenditure. One of the most successful enterprises in the medical and pharmaceutical industries is the diagnostic centre with pathology.

List Of Business Opportunities In Odisha that Can Be Successful

  1. Amusement Park Cum Water Park
  2. Biodegradable disposable diapers
  3. Petroleum coke that has been calcined (Pet Coke)
  4. Syringes made of disposable plastic (Sterilised)
  5. Tyre factory
  6. Detergent Powder & Cake (Soap)
  7. Fruit Juices 
  8. Plant for Ferro Alloys 
  9. Hospital (Healthcare)
  10. IV Fluid 
  11. Pipe Plant
  12. Pharmaceuticals
  13. Manufacturing of flush doors 
  14. Steel Grating Manufacturing Plant 
  15. Repairing and replacing distribution transformers
  16. Steel Wires

Also Read: Smart Franchise business opportunities in India

Conclusion

We hope this article provides sufficient information regarding Best Business Ideas for Odisha and is very useful. This state is an excellent spot to establish a new business. You might think of a variety of local business ideas. You can choose from any of the Odisha businesses listed in this article. The tourism and hotel industries, on the other hand, are the most common business concepts. Do the necessary research and identify your niche before starting with your entrepreneurship journey. Follow Khatabook for more business tips.

FAQs

Q: What are the greatest small-scale business ideas in Odisha?

Ans:

In Odisha, you can start a variety of businesses. Depending on the money you have, you can start your firm on a small or huge size. Odisha has many business opportunities, including tutoring centres, tourism agencies, blogging, internet bakeries, and fashion design.

Q: What documents are necessary to form a private limited business in Odisha?

Ans:

To form a corporation in Odisha, you'll need the following documents:

  • PAN Card 
  • Two passport-sized images 
  • Proof of Identity 
  • Proof of Address 
  • Scanned copies of photos and proofs

Q: Which franchise should I buy in Odisha for my business?

Ans:

When it comes to choosing a franchise in Odisha, you have numerous possibilities. You can select a franchisee based on cuisine, apparel, electronics, ice cream parlours, and many other factors.

Q: What are the various financing possibilities for starting a business in India?

Ans:

For capital-related obligations, you have several options to explore. You can get a loan from the Small Business Administration. Aside from that, you can look into private investor investment. Crowd-funding is a new fundraising method that is becoming increasingly popular these days, in which one can obtain funds from numerous sources at the same time.

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