Odisha has an agriculture-based economy which is in the transition towards industry and service-based economy. According to Dun & Bradstreet, the GSDP is expected to grow at a rate of 8.1% during 2015-2020. In Odisha, the primary industries are manufacturing; mining and quarrying; electricity, gas and water supply; and construction. The service sector contributed an estimated 51% to the GSDP in 2014-15.
The primary sub-sectors are the community, social and personal services, tourism, trade, hotels and restaurants, financial and insurance services, transport, storage, and communication. This state in India has a well-developed banking network compared to many states of India.
There is one bank branch for every 12,000 people. Here in this article, we intend to explore 10 trending and profitable business ideas in Odisha according to the market opportunity. This list of small business ideas in Odisha is low cost and can be operated on a small scale basis.
List of Top 12 Profitable Small Business Ideas in Odisha
Home-Based Online Business Ideas in Odisha
1. Start a Blog
Starting a blog is the best home-based legitimate online income opportunity with nominal investment. You just need to find a niche and write content on that topic. If you are interested, you can check our guide on the steps to follow to start a blog and make good money.
2. Earn From Survey Sites
Survey Sites is another home-based opportunity to earn money on the side with absolutely no investment. You just need to share opinions about certain products or services. There are many legit survey sites in India that offer survey job opportunities.
Small Scale Business Ideas in Odisha
3. Candle Making
Any individual can initiate candle making a business from home. Apart from the traditional white candle, scented and decorative candles have high demand. Start selling locally. Candle making raw materials are available at the local wholesale market. Decorative candles have a huge market as a gift item. Contact gift item retailers and sell the candles consignment basis. The Crafts fair is the best place to sell your decorative candles.
4. Car Rental Business
The tourism industry is developing very fast in Odisha. Also, the growing industrialization has created a demand for car rental services. Car rental is one of the most legitimate business ideas in Odisha.
The primary operation would involve scheduling customer reservations and supply the rental car. A car rental business in capital and management intensive business. It needs a lot of research before you go into the market.
5. Cashewnut Processing
Odisha is popular for cashew production. This is an important cash crop in Odisha. A cashew processing unit is one of the most profitable business ideas in Odisha.
Small-scale cashew nut processing can be initiated at any location, considering the availability of raw materials. The demand for cashew nut is increasing, whereas its supply is limited. This is the best food processing business in Odisha.
6. Computer Training Institute
The state’s capital city, Bhubaneswar, is emerging as a knowledge hub in India with several new public and private universities, including the establishment of an Indian Institute of Technology. The computer training institute is an ideal business for aspiring computer-savvy professionals in Odisha. Running a computer training institute with other value-added services can be a profitable and self-rewarding business.
7. Diagnostic Center
An individual having experience in laboratory science can initiate a diagnostic center business with substantial capital investment. The diagnostic center with pathology is one of the most profitable businesses in the medicine and pharma industry.
Heightened physician awareness and the increasing patient requirement to avail of high-quality care, have increased the demand for the good quality diagnostic center.
In Odisha, there are many Eco-Tourism places where one can get completely devoted to nature’s beauty and have a peaceful mind when one goes back. Some such places are TikarPada, Gahirmath Turtle sanctuary Chilika Lake, River Beds, national Parks, and Debrigarh Ecotourism. Ecotourism is one of the most viable business ideas in Odisha.
9. Embroidery Unit
Handloom Sector next to the agriculture provides massive employment to the rural artisans. So far as our State is concerned, it has a rich tradition of producing handloom products. Even the skill and knowledge imbibed over the generation has given the state handwoven textiles an unparalleled depth, range, strength, and vigor.
Handloom cloth is one of the richest and resilient media of ethnic expressions. An embroidery unit is one of the most legitimate business ideas in Odisha to start with moderate capital investment.
10. Fruits Vegetable Export
Odisha certainly has huge potential in exports, especially in the micro, small, medium enterprises (MSME) sector. Fruits and vegetable export with other allied products are one of the most profitable business ideas in Odisha. Any export business demands adequate knowledge about foreign markets.
11. Jute Bag Making
Odisha is the fourth-largest producer of jute after West Bengal, Bihar, and Assam. Rice and jute, compete with each other as they require almost similar soil and climatic conditions.
Cultivation of jute is primarily confined to the coastal plains of Cuttack, Balasore, and Puri districts. According to raw material availability, jute bag making is one of the most legitimate business ideas in the state. The manufacturing process is quite simple.
12. Liquid Soap Making
Liquid soap is considered a consumer durable item. Increasing health awareness and disposable income are the two major reasons for increasing the demand for liquid soap. The liquid soap making business includes a wide range of processing, packaging, and marketing operations. The business also demands extensive market research and marketing strategy.
Here we have compiled 10 most profitable small business ideas in Odisha. It will help an entrepreneur in taking a decision in starting a startup company. If you have any good business ideas in Odisha, you may post that on our social media platform.
About the Author: 99businessideas.com led by Rupak Chakrabarty is committed to helping beginners, entrepreneurs, and small business owners in starting, managing, and growing their business. Our aim is to educate the entrepreneur on the various stages of entrepreneurship.