If you are looking for an opportunity to start a business in India, Mumbai is one of the places to fish for business ideas with high-paying value. Check out this content and explore the 10 Highest Paying Business Ideas In Mumbai.
Mumbai is the capital city of Maharashtra, one of the Indian states and was known to be the most second-most populous city after Delhi in the country according to United Nations population release in 2018 and the seventh-most populous city in the world with a population of about 20 million in the same year.
It was the most populous Indian city according to the Indian government population census of 2011.
Mumbai is known to be an Indian city where small capital business opportunities with low investments are in abundance and where you can easily start up a small business and be sure to see it thrive and break even.
Recently named as one of the World’s premier global cities or ‘Alpha World City’, capital city of Maharashtra accounts for 70% of the country’s capital transaction. It has Mumbai been ranked as the fastest-growing city in India for business start-ups and is known to be a city full of opportunities.
Part of what is obtainable in Mumbai is businesses generated from home-based ideas and lots of remote jobs that would fetch you money from the comfort of your house.
How Businesses Operate in Mumbai
On how businesses operate in Mumbai, there is ease of doing business in Mumbai due to the stable economy Mumbai is known for, the business reformation such as raising foreign equity caps for insurance and defence, the digital competitiveness and massive customer market of the Mumbai market. Though this, a number of factors affect the establishment of businesses in Mumbai.
Majority of the times, individuals are hindered from starting up businesses in Mumbai due to the regulatory environment of Mumbai cost of starting a business in India which is quite astronomical, and often times daunting in the absence of the local knowledge of the procedures involved.
As an instance, the initial set up of a business in Mumbai requires 12 procedures (almost a month (27 days)) to complete costing 49.8% of income per capita.
Pursuing construction permits is also a daunting task as it involves 34 procedures and takes 196 days.
The cost of getting electricity is relatively cheap in comparison to the rest of South Asia, but the number of procedures involved can be rather daunting.
Away from these is the number of procedures involved in getting electricity, registering a property and the cost of taxes in Mumbai as businesses operating in India are required to make 33 tax payments annually, which takes 243 hours’ worth of attention.
In addition, Mumbai is known for a polychronic culture which can be difficult to adapt to for outsiders.
Mumbai is known for a mix of both small and large-scale businesses. This regulates and balances how businesses operate in Mumbai. There’s the tendency for each customer segment of a market to have products to buy, thereby sustaining the economy of the market nation.
In Mumbai, you can run your business without registering it, but then, registering your business before it starts operation in Mumbai makes you eligible to take advantage of many opportunities as there are investors interested in your business.
Why Start your Business in Mumbai?
Though a number of factors might scare someone from starting up a business in Mumbai, there are a number of factors that could trigger one into starting one up which include
- the cost of getting electricity which is relatively cheap and
- the ease at which businesses owners can access credits.
- Mumbai’s stable economy
- the government’s business reforms
- digital competitiveness in terms of technology and innovation
- the large and healthy massive consumer market of Mumbai
10 Highest Paying Business Ideas In Mumbai In 2022
The Wealth Circle (TWC) brings to you, the 10 high paying business ideas in Mumbai in 2022 which include:
- Real Estate Agency
- Interior Designer
- Freelance writer
- Graphic Design Services
- Private Tutor
- Laundry services
- Social Media Specialist
- SEO Consultant
Real Estate Agency
A real estate agency is an establishment operated by a licensed professional who arranges real estate transactions, puts buyers and sellers together and acts as their representative in negotiations.
Real Estate Agency is among the high paying business ideas in Mumbai because the city of Mumbai is known to be among the busiest in India hence there is high demand for proper accommodation.
Individuals with good networking skills and an understanding of the local property market and running a real estate agency can fetch good returns.
The benefits of being a real estate agent include the following:
- Flexibility to choose your own schedule
- Unlimited income potential
Some of the cons of being a real estate agent is that there is no safety net in the slow periods and that buying and selling can be stressful for clients. As a real estate agent, you have to be on the lookout for these cons and prevent them from occurring.
Interior design is both an art and a science which deals with the enhancement of the interior of a building to make it healthier and make the environment more pleasing aesthetically for the individuals inhabiting a space.
An interior designer’s duty is to plan, research, coordinate, and manage such enhancement projects.
Real estate is costly in this Mumbai and since this is the case, it is quite obvious that interior designers would make a lot of money here in Mumbai since real estate goes hand in glove with interior designs.
If you are passionate about decorating interiors, consider taking on this business idea in Mumbai.
To be successful at interior designing, you are to
- Embrace diverse styles
- Take inspiration from everything, and everywhere
- Never stop studying the art form
- Be courageous
- Look to embrace new technology and ideas
- Retain your passion for design, no matter what
Dropshipping is among the high paying business ideas in Mumbai in 2022 and is a retail or order fulfilment method that connects the seller who owns the stock and the buyer. Here, a store doesn’t keep the products it sells in stock rather.
For a good to be sold through dropshipping, a store purchases a product using the dropshipping model from a third party and has it shipped directly to the customer.
As a result, in this business model, the seller doesn’t have to handle the product directly. The dropshipping business is known for very low risk and low cost hence has a very high tendency to yield more, return-wise.
To build a successful online dropshipping business, you are to do the following:
Select a niche
When selecting a niche, you are to select one that has attractive profits, with low shipping costs and that appeals to impulse buyers with disposable income.
You are also to use Google keyword planner and trends to know the products people are actually searching for and ensure that you sell something that isn’t readily available locally.
- Perform competition research.
- Secure a supplier.
- Build your ecommerce website.
- Create a customer acquisition plan and
- Analyze and optimize.
A freelancer is an individual who earns money on a per-job or per-task basis, usually for short-term work. A freelancer has the liberty to take up jobs from various individuals or firms and have them completed at the same time as he/she is not an employee of a firm.
There might be a slight difference to this and it is obtainable when a freelancer is contractually committed to working exclusively until a particular project is brought to completion.
So, do you have a writing talent and residing in Mumbai? Freelancing is among the highest paying business ideas in Mumbai in 2022 that you can consider.
You can actually join freelance communities so as to be rightly positioned to receive writing offers. There are marketplaces specifically for freelancers, both local and international that you can belong to.
As a freelancer, mastering a foreign language makes you highly sought after as a translator and gives you an edge over other freelancer.
Graphic Design Services
Graphics designing services alongside other services such as logos, websites, and applications are among the services you can offer from home and that would pay you well.
The activity of SMEs in the Mumbai is quite much and each SME needs a visual representation for branding. This presents a large market size for graphic designers.
As a graphic designer, it is possible to expand your graphic design services to printing opportunities, starting from business cards, brochures, billboards, and menus.
To be at your best in the delivery of graphics designing services, you are to do the following:
- Read books that are related graphics design
- Keep yourself abreast with the latest happenings and
- Cooperate with your clients
The business idea of becoming a private tutor is among the high paying business ideas in Mumbai in 2022.
Not minding several circumstances that arise in the world, the education sector is one of the industries that will not go extinct as long as the world is still in rotation.
As a private tutor, you mustn’t take on physical classes alone but can also make the business more flexible by utilising the online platform to carry out virtual classes. You can also hold private tutoring service businesses offline around your neighborhood.
To be a good private tutor, you have to be flexible, patient, a good listener, etc.
Laundry services are among the high-paying business ideas in Mumbai in 2022 and refer to the washing of clothing and other textiles to get paid at the end of the day.
To be more successful at home laundry business, you have to be innovative, have extra facilities, find avenues to offer cheap prices, shuttle services, and leave your customers with clean, shiny results.
With smart work, hard work and proper marketing in your laundry business, you can be sure of making much profit.
To be successful at the business of rendering laundry services, you have to get the business registered, Get the required and proper permits and licenses, and find the right location.
Social Media Specialist
Due to the fact that the world is digital and stays so, there is no dichotomy between modern times and social media. This being the case the profession of admin and social media specialists is also increasingly sought after.
As an online admin, you can be employed to do the following from the comfort of your home.
- Upload photos,
- Post captions,
- Respond to messages on social media,
- have more complex tasks.
- compiling digital campaigns,
- analyzing trends, and
- increasing credibility and engagement with the audience.
Have you thought of what makes many people in Mumbai compete to become YouTubers? It is because it is among the high paying business ideas in Mumbai in 2022.
Producing videos for the video-sharing website, YouTube, would be business to do in Mumbai that would fetch you much dough once you know how to play you cards right.
As a YouTuber, your business can sometimes be supported by larger networks and can also have corporate sponsors who pay for product placement in your clips or production of online videos.
The creators of these videos are known as content creators and are often referred to be “influencers“.
The type of contents they post often consists of the following: vlogging, gaming, roleplay, singing,etc.
These contents are among the products of the millennial era that everyone needs. There is the prediction that the video trend is to continue the domination of the digital market, as well as become an asset that can generate extra income.
You don’t need big capital as a YouTuber to start up and make returns. You just need a smartphone, and a video editing application which is not commensurate with the results as they are quite interesting.
To be a good YouTuber, you are to choose a niche/topic you are good at and prioritize the positive side of education.
To keep your YouTube channel alive, you are to upload videos consistently and have a good content quality.
For everyone that owns a website, it is his/her pursuit to have their website to be first in the list of Search Engine Result Pages (SERPs).
With being an SEO (Search Engine Optimization) consultant, you can be sure of good financial returns as the business idea is among the highest paying business ideas in Mumbai.
An SEO consultant’s role is to search for unique keywords for appropriate application on the site.
The skills required for SEO consulting can be developed through learning and continual exploration of knowledge, especially in the field of SEO.
If you are diligent at it, it would yield abundantly and would get you more and more SEO projects with a large budget.
As you’ve seen, there are high paying businesses ideas in Mumbai that you can give a shot and record abundant financial returns. You can choose any from this list and build a formidable business around it.
To do the immediate aforementioned, you have to be very much knowledgeable about the business idea and build with time.
The wealth circle wishes you the very best as you take on any of these high paying business ideas in Mumbai.