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Do you know? The government of India will spend ₹12.2 trillion on infrastructure in the new fiscal year. The main aim is to increase manufacturing in different sectors like textiles, semiconductors, sports goods and many more.
For the economic and technological growth in the society, industrial business plays a key role. Today, there is a high demand for manufactured goods which makes industrial business an ideal sector for investors. In the industrial business there is production, processing and manufacturing of goods done with the help of machinery and raw materials.
The main advantage of starting an industrial business is creating long term stability with high growth. You can manufacture goods that have a constant demand in the market. There are various government initiatives and policies that support the build and growth of small and large industrial businesses. If you combine your innovation, planning and good management, there are high chances that you create a successful business that will create jobs and industrial development.
Starting an industrial business is highly profitable. Below are some reasons to start an industrial business:
These are some of the key reasons to start an industrial business in India.
For instance, Soon after BISLERI introduced its packaged drinking water in India, the bottled water industry in the country increased so much. From its current value of ₹160 billion, the market is projected to hit ₹403.06 billion, growing at a CAGR of 20.75 percent from 2018.
There are many industrial business ideas with medium investment and some of them are as follows:
Stainless steel utensils have a high demand in households as well as industries which makes the manufacturing of such utensils profitable. Also, there is a high demand from the international market because of the cheap raw material available in India. This means that there is high competition in this sector for the startups.
There is a high demand for personalised home decor and this is a unique business idea. Therefore manufacturing customised furniture is highly profitable. To this business, you require expertise in this area involving woodworking, metalwork etc. you can make investment according to your budget.
For example, if you make an investment of ₹50,00,000 or above, you can manufacture furniture for big clients like hotels, resorts.
If you want to make a small investment of up to ₹10,00,000, you can manufacture furniture for home based customers who require personalised home decor.
With the growing fashion and home fabric sector, there is a high demand for textile manufacturing businesses. To grow in this business, you can offer customisation options like digital printing. You need to make sure that you maintain high quality in the textile manufacturing business as this will create a long term customer base.
People today are more aware about renewable energy and the need for sustainable power sources. There is a high demand for solar panels in homes, industries, and universities. To make your unique solar panel manufacturing business more profitable, you can source high quality materials like silicon wafers and encapsulation materials which are important for solar panels to work properly. You need to stay updated with the latest technology in solar advancements and improve working of the panels. This is a new business idea with medium investment required.
These are some of the best industrial business ideas to start. There are many more like ayurvedic manufacturing, metal casting, leather manufacturing, paper product manufacturing etc.
There are some B2B manufacturing business ideas like:
These are some b2b manufacturing business ideas.
Refer the below key factors to consider before starting an industrial business:
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You have to keep yourself updated with the above factors before starting an industrial business.
Overall, starting an industrial business is highly profitable and ideal as there is a high demand for manufactured goods. People are more into customised home decor, you can start manufacturing personalised furniture. If you want to start your industrial business, it is important that you consider some key factors like exploring different funding options, correct workforce required, expertise and interest level.
What is the main factor to consider before starting an industrial business?
Do a complete research on your target audience whether it is domestic or export market.
What are some manufacturing business ideas?
You can start manufacturing stainless steel utensils, customise furniture for home decor, car accessories, processed food etc.
What kind of business can one do in the field of industrial automation?
You can do robotics integration,training institutes for automation, selling automation spare parts and distribution.
Which low cost small industry businesses are profitable?
Making candles, homemade snacks, soaps, and selling garments are some low cost small industry business ideas which are profitable.
What is the main problem in the textile industrial business?
There is a high competition in the textile industrial business which makes it harder for small businesses or startups to retain and grow.
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