So you want to start a business in Goa but not sure how to start? Don’t worry. Here are the best business ideas in Goa for the entrepreneur in you.
Goa is renowned as a tourist hub in India for locals as well as international visitors. Its pristine beaches, active nightlife, and world-heritage-listed architecture are popular across the world.
There are only a few articles available on the web that capture the business opportunity in Goa comprehensively so we thought of putting an end to this problem.
Best Small Scale Business Ideas in Goa
Here are some of the most lucrative business ideas in Goa to pursue.
You will be able to get professional equipment and set up a studio for a limited amount of money. If you are interested in photography, you could explore this genre to establish yourself as a professional photographer in Goa.
You can select from industries like tourists, business, or nature to start with and explore your interest in each of these to reach and finalise a niche for yourself. Check out some tips on how to start your photography business.
2. Travel agency
Tourism is the backbone of the growth in Goa and you can make the most of it by launching your travel agency. To have a strong business, it is important to draw up a proper business plan in terms of your offerings, who you will be targeting, your price point, and the margins to have a successful business in the long run.
3. Rental agency
There is a huge demand for car and bike rental in Goa. Due to the bustling tourism scene, you can focus on any of the segments like car rental, luxury bus rental, bike rental, or even taxis to drive your business in this state.
4. Guest houses
Due to the consistent flow of tourists throughout the year in Goa and not being season-specific, there is a lot of potential in the guest house industry. However, for this business to do well, a location that is closer to tourist attraction spots is critical.
5. Spa and wellness
The high number of tourists visiting Goa makes it an important place for the spa and wellness business. If opened near hotels and resorts, it has the potential to drive high footfall even in the initial phase. However, it is important to have proper knowledge of treatments and solutions that are offered under this business.
Best Business Ideas in Goa
6. Commercial transportation
With the state emerging as an industrial hub for several industries, there is a massive growth opportunity in the transportation business. You can look at commercial transportation and work closely with established businesses and build a robust supply chain mechanism that will help them grow further. By solving the logistics problem for big businesses, you will be able to establish your business in this segment in the long term.
7. Restaurants/beach shack
The food and drink industry in Goa has been on the rise due to the strong inflow of tourists. A restaurant or a beach shack in the middle of the tourist hubs is expected to get high footfalls from the beginning.
If you have some interest in this industry, you can look at becoming a restaurant or beach shack owner in Goa and make full use of this opportunity. Here’s the complete guide to navigating licenses and taxes for your restaurant/food brand in India.
8. Fish farming
The Government of Goa has been promoting fish farming as one of the key sectors of Goa for the past few years now. The wide coastline of Goa of about 104 km and inland waterways of about 250 kms provides ample fish farming opportunities in the state.
The high demand from domestic and international markets due to the good nutritional value of the product is also a big positive for the segment.
There is always scope for more space in the hotel and resort industry in Goa. You will need to have a clear business plan in place with what you are offering, to whom and at what price point to be successful in this competitive industry.
10. Club business
The attractive nightlife of Goa continues to attract people of all ages. The club or discotheque business has potential to be popular in no time in such a vibrant ecosystem.
You should have some experience of running such a business beforehand so that it is easier to manage operations.
Top Profitable Business Ideas in Goa
Goa is known for its vibrant nightlife and active tourism landscape. You can make the most of this opportunity by launching a Brewpub in the state. The craft beer business will require some experience of brewing.
This is something which is on fire these days. According to a report, the craft beer segment has already captured 2-3% of the overall beer market in India and is expected to grow rapidly in the future.
12. Mobile food truck
There are already many restaurants in Goa and the food truck business has emerged as one of the affordable options for people who are not able to open a full-fledged restaurant.
Quality food at a tourist-friendly location along with a welcoming environment will help you get started on your journey to becoming a food truck owner in Goa.
13. Online store
Based on your experience and interest, you can look to launch an online store in Goa. With the comfort of working from your home or existing office, the online store will help you reach a wider audience on the internet and drive revenue and profit in no time.
The online store business works well across industries like bakery, apparel, groceries, food, books, medicines, hardware, seafood, electronics, and mobiles.
Start your online store with Dukaan today with just a mobile app and 4 easy steps.
Just give your mobile number, verify OTP and you’re in.
Step 2 – Choose your store name and category.
Step 3 – Upload your products.
Step 4 – Promote your Dukaan store.
Simple! Isn’t it?
14. Green tourism
Promoting and offering solutions that focus on eco-friendly tourism could be among the top profitable business ideas in Goa in 2021.
By not harming the natural habitat and not disturbing the local community, green tourism activities are particularly popular with tourists these days. Also, the satisfaction of driving a meaningful business will be higher as compared to a traditional outfit.
15. Event management agency
Goa is known to be a popular destination for corporate events as well as weddings. There is a lot of potential in running an event management agency in Goa and providing solutions to clients from other states and countries.
Some level of experience is required to get the initial clients and get started. You may start as a freelancer and then graduate towards launching your agency in a few years.
How to do Business in Goa?
Goa stood at the 19th position overall and bagged the 1st Rank in the list of aspiring states in the States’ Ease of Doing Business ranking released in 2018. It is important to look at the factors that make Goa a business-friendly state:
High literacy rate
The literacy rate in India stands at 78.4% against the national average of 69.3%. The high literacy rate makes Goa one of the most popular business destinations in the country.
High per capita income
Goa is the highest-ranked state in the list of NSDP Per Capita for 2019-20 at US$ 6,698. The high per capita income makes it one of the most popular states for launching small businesses and it is easy to get them off the ground.
Goa has been known as a hub for tourists for the past many decades. Goa was visited by 876,358 domestic tourists and 282,022 foreign tourists in 2020 (till August). The tourist-friendly ecosystem is a big factor that provides many opportunities for small businesses.
Goa has a well-developed infrastructure to support the rise of industrialisation in the state. The state has been able to achieve a 100% telephone network connectivity system along with 100% rural electrification. The robust infrastructure is a helpful factor in the growth of small businesses.
The strong port connectivity with Mormugao Port being the major port in the state supported by robust air and road connectivity makes Goa one of the most popular destinations that provide ample opportunities for small businesses.
Factors like high literacy rate, tourism-friendly ecosystem, high per-capita income, low crime rate, strong connectivity, and harmonious industrial ecosystem are driving the industrial growth in Goa.
There are multiple business opportunities available in Goa that can be taken up as detailed above. There is an element of risk in each one of these or in any business for that matter.
These have the potential to take off quickly if executed Properly. Create a list of interests and experiences you have and take a deep look at the several ideas listed below. The area which you feel has a lot of parallels is what we call a good starting point towards a business idea.
There is a popular Chinese proverb which goes something like this:
‘The best time to plant a tree was 10 years ago.’ But do you know the second-best time to plant a tree? Today!
It is similar for business. You get the idea! So begin your entrepreneurial journey today and make it big!
To get you started, launch your online store with Dukaan today!