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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.
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.
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:
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:
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.
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.
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.
There are a few things you need to look into before starting any business venture in Punjab, such as:
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.
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1. Which are the low investment businesses in Punjab?
Businesses like tutoring, home-stay services, photography, selling handicraft products form low investment business in Punjab.
2. Where do I acquire skills that are required to start a business?
You can always acquire the required skills through various courses offered online. They can give a brief insight about the process and knowledge required, which you can always develop over time.
3. What are the best business ideas in Punjab?
Organic Farming, Contract Farming, Micronutrients production, seed production, etc., are t he best businesses to start in Punjab.
4. Do I need educational qualifications to start a business in Punjab?
Managing a business requires huge skills and determination. You may or may not have a certified educational qualification to start a business at the initial stage. But if your business is related to any profession or licensing, you will require certifications for the same. Good practical knowledge and great financing decisions are enough to start a small-scale business.
5. How can I grow my business in Punjab?
You can always resort to online marketing strategies when it comes to advertising your business. Digital Marketing has paved a great way to reach the remotest areas and advertise your business and products in a friendly manner. Also, a good service can lead to word-of-mouth publicity that is the best approach in the long run.
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