According to economist Oliver Reynolds, India is anticipated to be the world’s fastest growing economies (among 130+ countries) during 2021-2025. A similar sentiment is echoed by IMF that anticipates India to become (once again) the world’s fastest-growing economy. Since Mumbai is India’s commercial capital, this is a good time to set up your startup in the city. Apart from a huge customer base, startup-friendly policies, great connectivity with other Indian cities as well as different countries, and robust support of coworking spaces in Mumbai, the city can be your startup’s ideal base. If you’re struggling to zero-in on an idea for your startup, here are the top five affordable options to take your pick from.
- E-commerce store
According to a Morgan Stanley report, India’s e-commerce market will reach the $200 billion mark by 2026. Despite the uncertainty and economic slowdown triggered by COVID-19, strong e-commerce sales are expected in 2021. Since Mumbai acts as one of the principal hubs of wholesalers, you can easily source your e-commerce store’s products from them. You could start your journey by selling on an existing e-commerce platform. Over time, as your e-commerce store grows, you can think of starting your own e-commerce website (which could sell clothes, groceries, medicines, etc).
- Digital marketing agency
Almost every business needs digital marketing services today to educate their target customers and make them aware of how their products/services can improve their lives. From businesses that operate exclusively via the online mode and brick-and-mortar stores to businesses with both an online and offline presence, digital marketing has become essential for all. If you have some background in the field, you could rent a coworking space to set up your digital marketing startup.
- Online course provider
If you’ve done specialization in subjects that students are interested in learning, you can start your online course business. You’ll just need to buy a domain name and hosting space, and get your website designed to go live. Then, you can offer your courses via your own website. If budget is a constraint, you could even partner up with other digital content companies. However, such an arrangement could mean having to forego a part of your earnings as the subscription or fee, and you may not even enjoy the flexibility and freedom that your own website would offer.
- Start a training academy
If you’re good at baking, cooking particular cuisines (Oriental, Italian, Indian, etc.), photography, dancing, drawing, yoga, music, life skills, or anything else, you can market your skill by setting up a training academy to earn good money. While an online training academy would be a wise way to start off, you could even choose a fully-equipped coworking space to set up your startup without incurring a lot of expenses.
- Sell recycled or upcycled products
If you have an eye for fashion and love recycling or upcycling products like old sarees, shawls, clothes, and other knick-knacks while infusing them with some snazz to up their style quotient, you can set up your startup to sell these products.
You can use the above or tweak them to suit your preferences to make your Mumbai-based startup take flight.