Due to its rich culture and heritage, Punjab is known to be the most popular and fast-growing economy among the states of India, ranking the sixteenth largest economic state. The well-developed infrastructure facilities, transport and communication channels have also led to its development. The 2018 report also pointed out that Punjab has the ninth highest Human Development Index among the Indian States. Moreover, the Gross Domestic Product (GDP) is Rs 5.29 Lakh Crore in the current Financial Year 2020-21. Punjab also has many geographical characteristics that give huge economic advantages to the state in terms of Agriculture and Tourism Industries. Punjab is also named as ‘Granary of India’ and ‘Breadbasket of India’.
Also, considering the financial needs to start a business, Punjab offers the easiest procedures for starting any business. Also, it provides swift financial assistance, which makes it even more hassle-free to own a startup in the state.
Best business to start in Punjab
Here are some new business ideas in Punjab. Taking leverage of the characteristics of the state can lead to huge profitable ventures in the long run.
Travel and Tourism
Punjab is the land of five rivers with many tourist destinations like the Golden Temple, Jallianwala Bagh, Bhakra Dam, Qila Mubarak, Moti Bagh Palace at Patiala, Chandigarh’s Rock Garden etc. Several wildlife sanctuaries and ancient historical, archaeological monuments form the major tourist destinations in Punjab. People all over the world visit Punjab to witness these worthwhile monuments and places of historical and cultural significance.
This paves the way for a lot of tourism-related services in Punjab, which may comprise of below:
- Travel Agent: You can open a travel agency to provide tour facilities and guidance to the tourists. Also, transport facilities can be given to make their visits memorable ones.
- Tour Guide: If you have proper knowledge of a place and have the required qualifications, you can work as a successful tour guide. You can offer tourist guide services with the least investment.
- Homestay Services: If you have a spare room, you can always lend it out for the stay of tourists and earn a good amount through this business. This is the best business idea in Punjab as tourism has tremendous growth in the state. Nowadays, people prefer to stay with family and get a more comfortable and home-like experience during their tours and hence, this can be a great business idea. You can also provide various gestural packages with homemade food or other facilities for stay. With the online business, you can get the room booked over different sites like Airbnb from where you will receive a good amount of enquiries and customers.
Punjab has fertile land and is among the hubs for wheat production in India. People here are tremendously fond of eating and drinking. Many bakery items serve as important dishes for reunions, get-togethers, festive seasons, family functions, celebrations, and Punjabis enjoy these enormously. Starting a bakery business at both retail and wholesale levels can help make good profits. You can either sell directly to customers or can serve retail business stores. Cakes, bread, and other bakery products are in huge demand throughout the year. Starting a small business and then growing it eventually can help.
Being the home of five rivers of the nation, the land of Punjab is very fertile and rich in nutrients best suitable for any agricultural business. Hence, many businesses related to agriculture production and its allied activities can be conducted most profitably in Punjab. Here are some of the ideas:
- Food Processing: As agriculture is the primary activity of the state, the food processing industry has a huge scope in Punjab. From grains processing up to food processing, packaging can grow into a massive venture if planned well.
- Dairy Products: Punjab is the land of the White Revolution and is the best to start up a dairy business where animals like Buffalo, goats, sheep can be reared for the dairy business. This small scale business in Punjab can prove to be significantly lucrative since every celebration or festive occasion includes dishes made from milk or milk products. If proper licensing is done, a dairy business is one of the best ideas for the state.
- Flour Production: Many of the foods in Punjab are made from wheat, making it an in-demand business. With wheat being the top crop grown in Punjab, a fixed investment and proper equipment can help in increasing the amount of flour production in the state. Thus, it can be a very futuristic venture to dive in.
- Live-stock Feed Production: Live-stock forms an essential asset when it comes to the occupation of agriculture. Their care and maintenance are as important as that of the other farming needs. Hence, a good amount is spent by rich farmers on the feed of livestock. You can conduct a manufacturer or retail business of live-stock feed in Punjab with a moderate investment.
The automobile business is among the fastest-growing businesses in the world and now in India too. Not only the manufacture of automobiles but also the allied activities related to servicing and maintenance are flourishing business ideas for Punjab.
- Automotive Sale: The sale of spare parts of automobiles is one of the allied activities of the automobile industry that has gained immense importance.
- Car Washing: Regular car washing is required for maintaining the cleanliness of a vehicle. This service is among the sustainable and new business ideas in Punjab with a medium investment.
- Servicing Centers: Vehicle servicing forms an essential part of routine vehicle care, and whatever it costs, people are concerned about the health and maintenance of their moving assets. With proper knowledge in the field and a good financial plan, servicing centres can prove profitable.
Textiles, Garment Manufacture and Apparel Business
Cotton production forms one of the major produce in Punjab, which certainly opens up new business avenues for Textile and Garment manufacture and retail business in the state. Manufacture of clothes, designer garments, and customised wear can be the best business to start in Punjab. You can also run Designer Boutiques with updated fashion trends. With a good marketing strategy, the apparel business is a profitable venture with low investment. Also, with the growing fashion trends, draping, a part of apparel design has acquired huge relevance in the apparel market. People are ready to purchase the accessories along with the apparel, which increases the scope even further.
Farming is one of the dominant occupations in Punjab. Organic farming is a new trend in Punjab and can be considered among the new business ideas in Punjab. The Government also assists in such a business venture. The fertile land in Punjab enables a productive greenhouse farming occupation. Also, chemical-free and natural ways of farming are gaining more importance considering health concerns in today’s world. Organic farming is also relevant to preserve the land in the best conditions without much degradation.
Micronutrients form an essential part of the agriculture occupation. They decide the quality of land and the produce. With such a huge effort for the growth of crops, farmers never take a risk by using low-quality micronutrients. Hence, this can be one of the greatest business ideas in Punjab. You can also engage in the production, research and development, or the retail sale of the products. With the growing online market, it has been relatively easy to educate people about the need for good quality micronutrients from fertilisers and pesticides to organic nutrients for the flourishing growth and quality of the produce.
Seeds are the base of any crop. Bad quality seeds can lead to huge losses in agriculture. Particular care is taken to use the best quality seeds to grow crops coupled with the best quality micronutrients. Production of good quality seeds may require some research and huge investment in equipment as well as a license from the Government. This is one of the significant ventures to look after in an agro-state like Punjab.
With the least investment and great knowledge in their respective fields, people can start a home tutorship and coaching business. It is among the small business ideas in Punjab. Skill development has gained huge importance over time. Today, people spend large amounts on personality development courses, yoga, meditation, career counselling, hobbies like music, dance, painting, sculpture arts, etc. You can start at the comfort of your home and turn it into a good business.
Event Management and Photography
Punjab is the hub for events and destination weddings. With its scenic beauties and cultural flavour, many people select Punjab as their dream wedding destination. Also, within Punjab, people have a more inclination towards huge celebrations and functions with huge gatherings. Hence, event management and photography are some of the best business to start in Punjab. People prefer to spend wisely on event management services as this can make or break their efforts. If you are skilled enough to manage events and get work done efficiently, you can run a successful event management service with the required qualifications. Videography also has a vast scope. If you can capture perfect memorable moments, you can also think of photography, which is a very low investment business. Also, there is an increasing scope for graphic and web designers in the state.
Prerequisites to start a business in Punjab
There are a few things you need to look into before starting any business venture in Punjab, such as:
- Understand the economic growth of the state and the needs of the people there.
- Understand the nature of the business you want to develop.
- Know the Government rules, regulations, and laws in the state.
- Understand the tax regimes of the state.
- Study about the licensing needs for your business.
- Look for the financial assistance that will be required and the availability of the same.
- Get in-depth knowledge of various registrations that will be required to start the business and other legal procedures.
- Develop a good marketing strategy and Pricing strategy.
- Prepare a proper plan for the land and equipment investments.
- Develop a strong workforce according to the size of your business.
Due to the geographic location and environmental characteristics, there is a huge scope for many big and small scale business in Punjab. It is imperative to study the business and needs well before starting any venture in the state. Develop an insightful understanding of the archaeological monuments, their historical importance, the well-developed transport and communication systems and the good infrastructural facilities. Learn about the rich heritage and culture so that you can think of any business that can leverage these features of the state, well servicing the economy and society, thereby leading to your profits and earnings. Download the Khatabook app for more business-related tips.