From opening luxury brands to conceptualizing profitable business ideas, today entrepreneurs can enjoy plethora of opportunities to live their dream.
Tapping the potential of the Indian wellness industry is a great way to come up with a promising business idea. From luxury brands to primitive business ideas, everything is possible on this platform due to the multifaceted feature of this industry.
The market is emerging at a rapid pace and is promising for the wellness businesses in India. The report and projection from FICCI and PWC revealed that the net worth of the industry is going to achieve a whopping stratum of INR 1.5 trillion by the end of the fiscal year 2020. On the other hand, the introduction of GST has consolidated and subsumed the overall tax regime and made business even easier. Starting with a small business plan will lead to fruition very quickly. When the numbers escalate, the idea can be diversified to multiple directions. Below are the few choices for starting a promising wellness business.
Needless to say, the urban population is aware of the side effects of cosmetics which is why majority of the population is seeking a natural way for beautification and grooming. The idea of salon and spa business will definitely flourish in the upcoming years as the contemporary market prefers beauty and present-ability first.
On the other hand, the disposable income has increased to a huge extent. This factor is also escalating the number of male enthusiasts for taking up beauty and grooming sessions in the salon and spa service.
This part of the wellness industry is getting more organized and the approaches are being changed with the introduction of holistic fitness measures. The mass is targeting the venues that offer fitness programs more than the machine-based muscle-building programs. The idea of fitness business will be aided by the CAGR of almost 19% every year.
The current worth of the fitness industry in India is INR 85.4 Billion and is going to be doubled very soon with the expected growth rate. The introduction of yoga, dancing, cross-fit training, and other innovative regimes will make a good impression on the crowd seeking fitness solutions.
The holistic nutrition approach is also changing the scenario. The current urban population is well-driven towards gaining promising knowledge about maintaining a proper health via nutritious food. The awareness among the mass has inculcated a positive idea that proper food and sleep will reduce half of the problems in life. Diet consultation venue is a good idea to start with. It does need a huge investment, but also offers a good prospect in the future.
Nowadays, people tend to avoid fast food prepared in the roadside stalls but are bound due to circumstances as there are no other options. A catering service that provides a balanced meal to the professionals is a very good idea to start with. It will not attract a huge investment and can be started by utilising the basic idea of nutrition.
Coming up with an online retail store is not a problem these days. People often try to find natural products due to their quality and chemical-free nature. Most of the population are relying on homemade preparations rather than processed foods. The potential can be tapped by undertaking a franchise of a renowned brand for selling organic products online.
Factors boosting small wellness business ideas
As mentioned earlier, the CAGR of the entire wellness industry amounts to almost 27%. The enormous escalation in true financial numbers will definitely boost the business in the upcoming years.
The disposable income along with the easily-available knowledge on the internet is developing social awareness among the urban population. The urge to find promising products and services will definitely aid in developing a fruitful business.