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Best 40 Business Ideas in Mumbai for 2024 with Low Investment

Mumbai is the financial capital of India. It is a bustling metropolis teeming with opportunities for entrepreneurs. Whether you’re a resident or considering a business venture in this vibrant city, exploring these top business ideas in Mumbai could be your gateway to success.

Mumbai is India’s richest city and has the largest population & the highest GDP. The city accounts for 70% of the country’s capital transactions and has recently been named as one of the World’s premier global cities or ‘Alpha World City.’ Mumbai is ranked as the fastest-growing city in India for business startups and is considered a city full of opportunities.

40 Small Business Ideas in Mumbai

1. Real Estate Agency

Mumbai boasts a thriving real estate market. Demand for proper accommodation is always there. If you have good networking skills and understand the local property market, running a real estate agency can fetch good returns.

Conduct thorough research on Mumbai’s real estate market. Understand current trends, demand-supply dynamics, and the preferences of different client segments. Identify areas with growth potential. It is advisable to define your niche in the market. Whether it’s residential, commercial, luxury, or niche properties, having a specialization can set you apart and attract a specific clientele

2. Start a Restaurant in Mumbai

It is a known fact that people in Mumbai love eating out. Mumbai, a city that thrives on diversity and flavors, offers an exciting landscape for culinary entrepreneurs.

Though the market is competitive, if you can come out with some innovative approach, there is a wide scope for running a profitable food restaurant in Mumbai. Choose a strategic location for your restaurant. Consider footfall, accessibility, and the surrounding neighborhood while selecting the location. Proximity to popular areas or landmarks can significantly impact your restaurant’s visibility.

3. Travel Agency

Mumbai is the city of dreams and a gateway to diverse experiences. It presents an excellent opportunity for aspiring entrepreneurs to venture into the travel agency business. If you are passionate about curating unforgettable journeys for travelers, starting a travel agency in Mumbai

Design compelling and unique travel packages that cater to the diverse interests of your target audience. Consider creating themed packages, exclusive experiences, and customizable itineraries. You can also think of organizing Bollywood-themed tours and visiting film sets and iconic locations.

4. Open a Street Food Stall in Mumbai

Mumbai is a food lover’s paradise. The city is synonymous with its vibrant street food culture. If you are passionate about food and dream of sharing your culinary creations with Mumbaikars and visitors alike, starting a street food stall in this bustling metropolis could be your ticket to success.

Decide on a specific cuisine or theme for your street food stall. It could be traditional Mumbai street food, international flavors, or a fusion of both. Differentiation is key. Select a strategic and high-traffic location for your stall. Consider areas with a mix of office-goers, tourists, and locals. Proximity to popular landmarks can enhance visibility.

5. Blogging

If you’ve ever considered sharing your ideas, knowledge, or experiences with the world, launching a blog can be an exciting venture. One important step in starting a blog is to select the niche. Whether it’s lifestyle, travel, food, technology, or a unique blend, pinpointing your niche helps define your content and target audience.

Select a user-friendly blogging platform like WordPress, Blogger, or Medium. Choose a memorable domain name that reflects your blog’s theme and is easy for readers to remember.

Learn More: How to Start a Blog and Make Money

6. Stock Broking

India’s financial hub, Mumbai, vibrates with the activity of the stock market. If you are good at finance and have experience in navigating the complexities of stocks, starting a stock broking business in Mumbai can be a lucrative venture.

Obtain the necessary licenses and comply with regulatory requirements set by SEBI (Securities and Exchange Board of India) and other relevant authorities. You need to ensure strict adherence to compliance standards. As a s beginner, you can also start as a sub-broker with an authorized stockbroking company.

7. Security Agency

Mumbai is a bustling metropolis that never sleeps. Hence the city demands a robust and vigilant security presence. To start a security-related business, it is mandatory to understand the diverse needs of clients, ranging from corporate security to residential and event security.

Based on the market feedback, determine the range of services offered, such as manned guarding, surveillance, electronic security, or event security. Tailor your services to meet the specific needs of your target clients. If you have some knowledge about this trade, the security agency can be a profitable business venture in this part of the country.

8. Open a Coffee Shop in Mumbai

Most Mumbaikars love having coffee at coffee shops. Many reputed brands are catering to the demand here. Still, the market is big enough to accommodate new players in this sector.

9. Recruitment Agency

Most business houses in India are headquartered in the city of Mumbai. There is a big demand for skilled personnel for different job profiles. If you are good at networking, consider starting a recruitment agency in this city.

10. Start an Event Management Company in Mumbai

Mumbai is a 24/7 city and numerous events happen throughout the year. If you have some experience in event planning, the event management business can bring in good profits.

11. Fitness Center

The business of fitness and Yoga has multiplied in this city for the last few years. The health-conscious people of Mumbai are always on the hunt for expert fitness trainers.

12. Interior Designer

Real estate is costly in this city. It is quite obvious interior designers make lots of money here in Mumbai. If you have a passion for decorating interiors, consider starting this business.

13. Mobile Repairing

Like any other city in India, Mumbai has also seen a huge increase in sales of mobile phones. Take a crash course in mobile repairing and tap the big market of mobile repairing.

14. Car Dealership

If you are an automobile enthusiast and looking to start a retail business in this sector, a car dealership can be a profitable option. If you are in a shortage of funds, a used car dealership is another option.

15. Open a Beauty Salon in Mumbai

Though the beauty salon business is competitive, if you are confident of your expertise, there is always a scope for becoming successful in the salon industry as the market always looks for new and innovative products and services.

16. Start a Preschool Business in Mumbai

Most parents in Mumbai look for good quality kindergarten schools that can help in getting admission to reputed schools in Mumbai. You can also buy a franchise of a reputed preschool franchise brand.

17. Create Actor’s Photo Portfolios

If you are a very good portrait photographer, you can start the actor’s photo portfolio business of your own with minimum investment and even on a part-time basis. The market is wide and anyone can be your customer who wants to set a career in the entertainment industry.

18. Open an Online Shop

As more and more customers are buying goods and services online, the business of online shops is growing. If you are into manufacturing or have a network of manufacturers, launching an online shop can be a lucrative business in Mumbai.

Learn More: How to Start an Online Store

19. Ad Film Making 

If you have knowledge and skill in videography, then ad filmmaking is a wonderful entertainment business opportunity for you. In every product or service promotion corporate houses depend on ad filmmaking agencies.

20.  Comedy Club

Comedy clubs are generally very popular entertainment venues among people of any age. You can initiate this business in two ways. One is from a fixed location which is much more cost-intensive. And the second one is the mobile basis and on-demand.

21. Modeling Agency

A modeling agency generally provides people of various appearances, shapes, sizes, races, etc., who are used to promote or display a product or service for paying a client. If you have very good contacts, you may start this business with small startup capital.

22. Buffet Restaurant 

The buffet-only restaurant is one of the most trending food business ideas. People always love to have a meal according to their own choice and enjoy selecting from many options. The right location and proper marketing strategy are important in starting a buffet restaurant.

23. Organic Food Store

In starting an organic food store business most important consideration is the store location. Like any other retail business, the right location is the main parameter to success in the business. With the increasing awareness of healthy living, people are more interested in organic food though they are more expensive than non-organic food. The retail organic food market is an emerging trend and it is growing by 20% every year.

24. Nutrition Coach

Increasing awareness about health among people creates a demand for a nutritionist. As a nutritionist, the main service you will be rendering is, helping them as diet coaches to live longer with good health.

25. Ice Cream Stand

For a metro city like Mumbai starting an ice cream stand or kiosk is a very profitable idea to generate handsome income. You can also run this business on a seasonal and part-time basis. A mobile ice cream stand is more profitable than a fixed location compared to the ROI.

26. Computer Training Institute

The computer training institute is an ideal business opportunity for aspiring computer-savvy professionals. Running a computer training institute with some other value-added services can be a profitable and self-rewarding business. The only criteria are you have to be knowledgeable enough about computers and the internet.

27E-commerce & SEO Consultant

Nowadays every small and big business is looking to tap the internet audiences to sell their product or services. Individuals having expertise in online marketing, e-commerce, and e-communications may start this business from a home location.

28. Dabbawala-Inspired Food Delivery Service

Mumbai’s fast-paced life demands convenient and timely food services. You can start an efficient and reliable food delivery service inspired by Mumbai’s dabbawalas.

29. Co-Working Space

Mumbai’s tech scene is flourishing, and startups seek collaborative spaces. You can consider creating a co-working space tailored to tech startups and freelancers.

30. Bicycle Tour Business

Eco-friendly tourism is on the rise, and Mumbai’s diverse neighborhoods offer unique experiences. Guided bicycle tours exploring Mumbai’s hidden gems can be a highly attractive new business at present

31. Nightclub

Mumbai’s nightlife is vibrant, and a novel nightclub concept can stand out. You can develop unique themed nightclub experiences, blending entertainment and innovation.

32. Urban Gardening Services

Green spaces are a luxury in Mumbai; urban gardening caters to the growing eco-conscious population. Think of offering urban gardening solutions for homes and businesses.

33. Luxury Pet Services

Mumbai residents pamper their pets, creating a niche market for luxury services. Providing exclusive pet services, including grooming, daycare, and specialty products can fetch good profit returns.

34. Freight Forwarding Agency

Freight is a big business in the transportation sector. If you have some experience in freight forwarding activities, consider starting a freight forwarding agency business in Mumbai.

35. Digital Marketing Agency

Establishing a digital marketing agency in Mumbai could be your route to entrepreneurial success if you have a strong love for Internet marketing and want to guide companies towards digital success. If you are a beginner, it is advisable to identify a niche or specialized service. It can be social media marketing, SEO, or content creation, to tailor your offerings.

36. Freelance Writing

The business of freelance content writing has seen huge growth in the last few years. If you have a passion for writing, a career as a freelance writer can fetch good returns.

Learn More: How To Get A Freelance Writing Job

37. Create Online Courses

The education industry is observing a lot of changes. More students prefer learning online. If you are an expert in a certain subject, create online courses and promote them through your website or platforms like Udemy.

Suggested Read: How to Create an Online Course

38. Start a Dropshipping Business

The dropshipping business is slowly gaining momentum in this part of the world. The advantage of dropshipping is that you don’t have to stock inventories. As a result, the startup investment is low.

Learn More: How to Start a Drop Shipping Business

39. Elderly Care Services

Mumbai has a growing aging population, creating demand for tailored services. You can offer specialized services catering to the elderly population.

40. Sustainable Fashion Boutique

The eco-conscious movement has extended to fashion nowadays worldwide and Mumbai is no exception. You can start a retail store offering sustainable and locally-made fashion.

Conclusion: Mumbai is one of the best places to start a business in India. If you have the dedication and the right business idea, there is no reason not to become a successful entrepreneur in this city. Find the one which suits you most and start your business in Mumbai right now.

Frequently Asked Questions

What are the key steps to start a business in Mumbai?

Key steps include business idea validation, legal registration, obtaining necessary licenses, setting up a business plan, securing funding, and establishing a strong online presence.

What types of businesses thrive in Mumbai?

Mumbai is diverse, and businesses in sectors like finance, Bollywood, real estate, and hospitality often thrive. However, success depends on meeting the city’s dynamic demands.

How do I choose the right location for my business in Mumbai?

Consider factors like proximity to your target audience, accessibility, and the nature of your business. Central locations in business districts or commercial hubs are often preferred.

What legal formalities are required to start a business in Mumbai?

Legal formalities include business registration, obtaining a PAN and TAN, GST registration, and any industry-specific licenses. Compliance with local laws is crucial.

How can I secure funding for my business in Mumbai?

Explore options like bank loans, venture capital, angel investors, or government schemes. A well-prepared business plan and a clear value proposition enhance your chances of securing funding.

Is it necessary to have an online presence for a business in Mumbai?

Yes, having an online presence is crucial. Establish a professional website, utilize social media, and leverage digital marketing to reach a wider audience in Mumbai and beyond.

What challenges might I face when starting a business in Mumbai?

Challenges may include competition, high operational costs, traffic congestion, and the need to adapt to Mumbai’s fast-paced lifestyle. Market research and strategic planning are essential.

How do I build a network and connect with other businesses in Mumbai?

Attend industry events, join business forums, and actively participate in networking opportunities. Utilize online platforms and engage with local business associations.

What are the available government incentives for businesses in Mumbai?

Explore schemes and incentives offered by the Maharashtra government, such as subsidies, tax benefits, and support programs for specific industries. Stay updated on government announcements.