written by Khatabook | August 12, 2021

Top 10 Business Ideas To Set Up In Bihar

Bihar is home to a variety of renowned cities and towns that are ideal for doing business. Almost every central village and city in Bihar has developed roads, electricity, and other economic infrastructure. If you're already established, you've probably looked at many of the best business ideas in Bihar. It is a growing state for establishing a business in Patna and other places, notably Bhagalpur, Nalanda, and Gaya. If you're considering setting new business ideas in Bihar, you've probably come across some dealership or franchise opportunities in Bihar. Let’s look at some of the best business ideas in Bihar in this blog.

The top ten business ventures in Bihar

 Bihar has many business opportunities accessible to you regardless of whether you want to establish a shop or a small boutique, a restaurant, or just start a small manufacturing unit from your house. If you are already put in place, there are many top 10 excellent business ideas in Bihar to consider. 

The best business ideas in Bihar are: 

1. Aquaculture (fish cultivation)

A profitable aquaculture industry can be found in Bihar. The state has many natural resources and perfect climatic conditions to cultivate various fish such as loaches, colisa, eels, puntius, and glass fish. Fish cultivation is plentiful in several lakes and ponds. Ponds are beautiful homes for ducks, geese, and other waterfowl species and provide a perfect environment for the fish.

The ponds offer shelter and protection for the ducks and geese needed for successful fish farming. It is also home to many fish species, which allows for more species diversification than natural ponds. The widespread species in the ponds are the Rohu, Katla, Tangra, Magur, Koi, and Hilsa.

Though it comes under small business ideas in Bihar, creating ponds requires considerable expenditure. Other equipment and chemicals are also needed to provide efficient pond care. 

2. Diners

In Bihar, a business venture for diners is a lucrative opportunity. You may establish your restaurant or join a franchise by obtaining the necessary licenses such as FSSAI License, Health/Trade License, Fire Safety License etc. In the beginning, you would need to produce a thorough business strategy to establish viability for this 2 lakh investment business

Restaurants, by law, must register with the state tax department so you can begin registration at once. This will depend on the type of restaurant you intend to open. You can expect to receive a loan granted from any bank in the state or even beyond. If you want a loan from a local or foreign institution, do proper research regarding loan interest or other aspects before applying for a loan. 

Establishing your restaurant in the local market will need some work. Develop a proper relationships with vendors and customers so that you can build a successful business.

Value of capital expenditure:

  • 1.5 lakh INR as a mortgage payment for rental
  • 2.5 lakhs INR for interior decoration
  • 2.25 lakhs INR for cooking equipment and facilities
  • 60,000 – 80,000 INR for raw resources
  • Labour and electricity expense (per month) - 55,000 INR

Also Read: Small Scale Business Ideas with Low Investment

3. Beauty Parlour 

Personal grooming is a fast-growing industry in India. However, there is still a lack of progress in this industry. This provides plentiful business opportunities in Bihar for opening Beauty Parlours. The cosmetics market is now developing and can be one of the successful small business ideas in Bihar. Nevertheless, it is a challenge to earn a living in Bihar's hair and beauty industry. Here are the details that are required for opening a parlour: 

  • Though the investment is minimal, location, capabilities, knowledge, and channels are essential when establishing a parlour. 
  • An effective and efficient marketing plan is a must if you want to establish your hair and beauty business. 

Value of capital expenditure:

  • A place for Rent  (Monthly)- 200-300 square feet room – 9000-10000 INR (approx..) 
  • Beauty Studio setup (One-Time)- 45,000–65,000 INR (approx..)
  • Periodic grooming products (Quarterly)- 75,000 INR (approx..)
  • Professional Beautician expense (Monthly)- 13000 – 16000 INR (approx..) 

4. Wheat mills

It is profitable to construct a wheat processing factory (chakki) in Bihar. The main reason for this is the state's good climate, which makes small business opportunities in Bihar profitable and suitable for farmers to prosper. 

Quality wheat is a requirement for customers. And new business opportunities in Bihar selling superior products and services tend to succeed. Start-up companies can originate from any area, but it is advised that you operate the equipment in partnership with others and maintain the business's viability. 

Bihar is well-known for having inexpensive land, ample water, and a variety of crop-producing plains. 

Most small-scale farmers grow wheat and charge a premium price for it. Also, the state is well-known for its rich crop fields, which offer a continuous supply of white and brown rice to the global population. As a result, the areas have been plentiful this year in Bihar.

Achieve success in Bihar business opportunities by following the correct procedures. Use Proper equipment such as Atta Chakki Machine, Besan Making Machine, etc. Experts are the only ones who should be accountable for operating and maintaining machines. To be competitive, be knowledgeable of current industry trends.

Value of capital expenditure:

  • Equipment for wheat milling - 65,000-75,000 INR
  • Power, rental, and servicing - 15,000 INR per month
  • 250 kg grains each day at a cost of 1100 INR (4 rupees per kilogram) = 1100*3= 33,000 INR per month
  • Total budgeted profit per month - 33,000-15,000 = approximately 18,000 INR

5. Institutes for Computer Education

Starting a computer education institute in Bihar may be profitable and offer a chance for entrepreneurial growth. The proprietors of this firm may get several non-financial rewards as well. Moreover, this new business opportunity in Bihar investigates and teaches people about new software tools and initiatives positively.

Computer schools in Bihar are in great demand, with learners ranging from little ones to seniors. Besides earning money, this enterprise provides the foundation for developing a favourable reputation and offering services to more customers at a lower cost. You may also pay instructors to offer software courses to augment the current workforce. 

Value of capital expenditure: 

  • 350-450 sq. ft space - 11000-16000 INR rent each month 
  • 15-20 computers - 30000*10= 300000 INR.( Keep encouraging the grownups to carry personal laptop computers for improved learning)
  • Approximately 35,000 INR for the workstation and installation

6. Rentals

Bihar is an excellent travel destination for both local and international tourists. Many city-dwellers travel here for a vacation from the hectic city lifestyle. The state is home to some of the country's most beautiful and intriguing hill stations such as Ramshila Hill, Pretshila Hill, and Pragbodhi Hill luring everyone. In-state rentals have also increased dealership opportunities in Bihar due to the increase in out-of-state visitors.

There has never been a better time to invest in rental properties in Bihar. There are plenty of places to live and rent when renting has become expensive. To get the most value from your investment, rely on an experienced and reliable real estate consulting firm. Real estate encompasses several different business strategies for success. Additionally, these small business opportunities in Bihar are helpful to compare and contrast other rental deals to find the most cost-effective choice for you.

Value of capital expenditure

  • This varies according to what kind of rental company one wishes to establish. For instance, an interested individual owns a few empty flats (two-room set), which is significantly more straightforward. 
  • Alternatively, he may furnish them and turn them into a guest room for 2000 INR per night. So, when a tourist books for the weekend, his earning would be 2000*2 = 4000 INR. 

Also Read: 10 Cheapest Markets in India You Must Know 

7. DTP or Photo-copy Shop

Many small-scale businesses are joining the photocopying industry in Bihar as a means of competing for customers. DTP (Digital Typesetting) or Photo-copying Shops are a well-to-do business concept thriving in Bihar. There are many new possibilities for the average person due to this, including more employment opportunities and a more secure future. 

This has resulted in an increase in interest in the copying shop sector by large corporations and private people seeking to compete with the growing number of small-scale copier shops in the region. Given the fast advancement of digital technology, every picture printing business must adapt to 21st-century trends to stay competitive.

Value of capital expenditure: 

  • Lease for the outlet, all-inclusive a down payment of 60,000 INR for the initial investment.
  • The price of a Photo Copy machine ranges between 250000 and 350000 INR
  • 15000 INR for a DTP 
  • 25,000 INR for a computing device

8. Tailoring boutique

Tailoring boutiques are an excellent small scale industry in Bihar. The primary objective of the tailoring boutique industry is to offer various services ranging from new suits and dresses to different types of clothing for ladies and men.

Accomplish the same by providing high-quality tailoring to suit the consumers' unique requirements. To do this, you must first understand the requirements of your target market. Once you know what they need, you can give them custom-made products or services that will not only make them feel wonderful but will also help them enhance their image. 

The first step to selling your clothes online is to choose a reputable supplier. With such fierce competition online, it would be wise for you to seek a provider that can give you the most significant value. A reputable provider would be a bonus since they would provide you with expert advice on how to run your company. 

Value of capital expenditure: 

  • Stitching machines - 6500-7500 INR 
  • Renting for the store - 55,000 INR

9. Entrepreneurship franchise

An entrepreneur franchise can be defined as an arrangement where the first party (franchisor) grants or licenses authority/rights to the second party (franchisee). This is a lucrative business strategy for entrepreneurs to expand their business. For setting up such a business, it is important to abide by the regulatory business requirements of the state. The franchisee is required to pay commission or a one-time fee to the franchisor. It can also be a share of the revenue. 

In Bihar, an entrepreneur franchise means you can set up your own business with much less risk. Most companies produce millionaires through this approach. However, running your franchise in Bihar is extremely difficult. As a result, setting up a firm takes a lot of work. To be successful in the corporate world, here are some things to remember:

  • It is imperative to research all the options before picking which firm to join. 
  • With thorough market research, it stands wise to acquire guidance from industry experts. 
  • Learn as much as possible about the company. 
  • Make decisions on your own. 
  • Mistakes are never accepted when dealing with a corporation. 
  • Don't delay in any way.

Value of capital expenditure: Minimum 20 Lakhs INR

To be successful in business, all of these characteristics are needed to be present.

10. Transportation Company

Transportation is a profitable and valuable business opportunity in Bihar for the youth. This sector contributes a significant share to the state’s economy, therefore has significant scope for the younger generation. Numerous innovative and complicated transportation goods such as machinery are steadily increasing, and the demand for transportation products continues to grow daily.

The transportation business is highly profitable if planned and executed strategically. For instance, there is potential for bus service in the rural and urban areas of Bihar with improvement in road infrastructure. By hiring and training the youth or skilled workers, this business can flourish quickly in the state. Although this sector is competitive since many private companies have started their operations, by providing affordable and reliable service, this business can be successful in the state.

Value of capital expenditure:

  • Determine the expenditure cost by automobile type. 
  • A tractor for payload transporting. 
  • A minivan or MPV for the taxicab services.
  • Approximately 5-6 lakhs INR for a compact and medium Tata tractor2.5 - 4 lakhs INR for a taxi (varies model-wise)

Additional Small-Scale Businesses In Bihar 

  • Fresh juice parlour
  • Chaat-corner
  • Honey Bee-keeping 
  • Feeding live-stocks
  • Papad's manufacturing business
  • Hobby courses in tea bag making
  • Tyre retailer
  • Bakery and Catering
  • Supply of bottled water
  • Education institution

Also Read: Top-10 Profitable Small Business Ideas for Kerala You Should Know

Conclusion

The calm nature of Bihar and the abundance of supporting elements can help in the planning and preparation for your new business ideas in Bihar. The most effective method of starting a company is to plan and organise all of the essential information. 

Starting a company in Bihar can be challenging. Due to this, subscribe to platforms like Khatabook to gain relevant knowledge. Recording credit and debit transactions are made easier through this platform which plays a significant role in starting a new business. Therefore, it is highly recommended for small business owners to use Khatabook for doing business with ease.

FAQs

1. Which business in Patna, Bihar, is the easiest and safest to begin?

Several of the best businesses to do in Patna include the following: restaurant, management consulting, professional tutoring, wheat-mills, retailer, and saloon.

2. Which areas are the greatest for investment in Bihar?

The top areas for business opportunities in Bihar include the following:

  • Clothes boutique
  • Publishing house
  • Digital services
  • Promote handicrafts

3. Which district is the wealthiest in Bihar?

Patna, the metropolis of Bihar and located on the Yamuna River banks,  is the wealthiest district. 

4. Which sectors in Bihar are the most lucrative for business?

Bihar is well-known for its silk production, sugarcane, and jute textiles, among other things. With the state's booming economy, the most lucrative sectors in Bihar include cafes, supermarkets, resorts, and tutoring schools.

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