Are you searching for the top business ideas in Odisha with just a little money? Well, you’re in luck! We’ve got the freshest scoop on small business ideas that are just perfect for Odisha.
Grocery & General Item Store Business, Bakery/Cakes/Pastries Shop, Cashew Nut Business, Pickle/Achar Production, Tourism/Sightseeing Business, Organic Food Business, Water Delivery Business, Bookstore Business, Handicrafts Business, Artificial Jewellery Business and many more are profitable businesses in Odisha. Investment to start a new business in Odisha budgets ranging from ₹50000, ₹1 lakh to 2 lakh, under 5 lakhs, to up to 10 lakhs approx.
Is Odisha a Good Place to Start a Business?
Yes, Odisha can be a good place to start a business for several reasons:
- Odisha, formerly known as Orissa, is a state in eastern India. It covers a large area and has a population of almost 42 million people. The most widely spoken language here is Odia (or Oriya), which is used alongside English for official purposes. Odisha has a beautiful coastline along the Bay of Bengal, and it’s also mentioned in India’s national anthem. The state is rich in culture, heritage, and natural beauty, making it a fascinating place to explore!
- Odisha state actively supports startups through initiatives like Startup Odisha. This program encourages innovation, entrepreneurship, and skill development. It aims to create a favourable ecosystem for over 1,000 startups by 2021. The state emphasises skill-based training to encourage youth to take up entrepreneurship. Whether it’s tech, agriculture, or tourism, Odisha nurtures talent.
- Odisha has a mix of urban and rural consumers. People here have different needs and preferences. Some Odisha residents have good purchasing capacity, while others may have limited resources. It depends on factors like income, education, and occupation. They spend based on their requirements—daily essentials, festivals, or special occasions. Some may shop frequently, while others budget carefully.
Best Small Scale Business Ideas in Odisha 2024
Start your business adventure in Odisha where even small ideas can become something great!
1. Grocery, Household, General Items Shop:
Starting a grocery store in Odisha is a great idea. Grocery stores provide all the necessary items needed for running a household, like dairy products, cereals, pulses, meat, and cleaning items. Your target market would be the entire neighbourhood within 1 or 2 kilometres of your shop.
| Investment | ₹50,000 to ₹2 Lakh |
| Resources | Licences, Grocery Supplies, Containers, Disposable Racks And Shelves, Packaging Material etc. |
| Market Demand | The market for grocery stores will have a CAGR of 10.98% from 2022 to 2030 and the market size will increase to USD 188 billion. |
| Profit Margin | ₹50,000 to ₹2.5 Lakh monthly |
2. Bakery/Cakes/Pastries Shop:
Starting a bakery business in Odisha can be exciting! You’ll need to decide whether you want a retail bakery where customers come directly to buy fresh goodies or a wholesale bakery that supplies baked goods to cafes, hotels, and supermarkets.
| Investment | ₹20,000 – ₹50,000 |
| Resources | A Workspace, Freezer, Grinders and Processors, Oven, Display Boxes, Packaging Supplies, Skilled Labour, Social Media Presence etc. |
| Market Demand | Indian bakery business will gain a CAGR of 7.28% between 2021 and 2027. |
| Profit Margin | ₹50,000 to ₹1.5 lakh |
3. Cashew Nut Business:
Starting a cashew business in Odisha can be a smart move. Odisha is known for growing high-quality cashew nuts in places like Khurda, Puri, Jajpur, Ganjam, and Koraput. The state has more than 1.8 lakh hectares of land dedicated to cashew cultivation. Since the demand and prices for cashew nuts are always rising, it’s a good business opportunity.
| Investment | ₹2 lakhs to ₹4 lakhs. |
| Resources | Licences and Permits, Cashews, Workspace, Packaging Materials, Labour, Social Media Presence marketing strategies and storing spaces and materials etc. |
| Market Demand | India’s cashew market will reach US$ 1136.31 million by 2027, growing at a considerable rate. |
| Profit Margin | ₹1 lakh to ₹2 lakhs monthly. |
4. Pickle/Achar Production Business:
Starting a pickle business in Odisha can be a tasty venture! Odisha is known for its diverse pickles, including mango, lime, onion, carrot, and even non-vegetarian varieties like mutton and shrimp pickles. The demand for these tangy delights remains strong, both locally and globally.
| Investment | ₹70,000 – ₹1,00,000 |
| Resources | FSSAI Licence, GST Registration, Weighing Scale Machine, Mixer, Grinder, Utensils, Pet Jars, Oil etc |
| Market Demand | The pickle industry market was valued at USD 7.9 billion in 2018 on a global scale. It will exhibit a CAGR of 3.5% from 2019 to 2025, indicating steady growth. |
| Profit Margin | ₹25,000 to ₹35,000 monthly |
5. Tourism/Sightseeing Business:
Odisha, known for its Jagannath Temple, historical caves, and Sun Temple, offers diverse landscapes—beaches, forests, and Chilika Lake. Starting a tourism business here can provide personalised experiences for visitors.
| Investment | ₹1 lakh to ₹3 lakhs |
Resources | You require a laptop/desktop, Wi-Fi, stationary, furniture, a website plan and a marketing strategy to promote. |
| Market Demand | India’s outbound tourism market is expanding rapidly over the past years and will grow at an 11.4% CAGR by 2032. |
| Profit Margin | ₹50,000 to ₹1.5 lakh monthly |
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6. Organic Food Business:
Today, lots of people prefer Organic food due to its nutritional benefits and health. There are lots of people who are concerned about their health and try to avoid harmful chemicals that are used in food products. So starting an organic food business is one of the best business ideas in Odisha
| Investment | ₹8 – ₹9 Lakhs |
Resources | Reliable sources, organic food products, storage space, office space, packaging materials etc |
| Market Demand | The additional health benefits offered by organic products are the driving force behind the popularity and market expansion of this sector. From 2023-2028 this sector will register a CAGR of 23.8%. |
| Profit Margin | Up to 50% |
7. Water Delivery Business:
Starting a purified water business in Odisha is a great initiative. Odisha’s coastal town, Puri, has already set an example by providing 24×7 safe drinking tap water to its residents and tourists. The demand for clean drinking water is high due to poor tap water quality and health awareness. To begin, select an appropriate location, assess the water quality, and set up a modest RO plant.
| Investment | ₹6 lakhs to ₹8 lakhs |
| Resources | Licence, Service Registration, Water-Purifying Machines, Good Quality Containers, Rent a location, Efficient Staff, Proper Marketing Strategy. |
| Market Demand | As per reports, the packaged drinking water business in India will project a market value worth ₹403.06 billion by the end of 2023. As per estimates, the market will expand at a CAGR of 5.8% from 2023-2027. With the tremendous rise in pollution and waterborne diseases, this sector will witness further growth in the coming years. |
| Profit Margin | 40% – 50% |
8. Bookstore Business:
Starting a bookstore business in Odisha can be an exciting adventure! First, research the market and decide what kind of books you want to sell—whether it’s academic textbooks, novels, or children’s books.
| Investment | Up to ₹1 crore |
Resources | Licence, books from reliable suppliers, office space/store, storage space, furniture, tables, chairs, racks, reliable staff, etc. |
| Market Demand | The bookstore business sector will project a CAGR of 4.41% from 2023-2027. |
| Profit Margin | 20% – 25% |
9. Handicrafts Business:
Starting a handicrafts business in Odisha is a great idea. Odisha is famous for its rich cultural heritage and skilled artisans. The state offers a wide variety of handicrafts, including Pattachitra paintings, stone carvings, silver filigree work, and terracotta crafts. These unique handcrafted items have both national and international appeal.
| Investment | ₹1.5 Lakh to ₹6 Lakh |
| Resources | Textiles or leather, wood, metal, clay, horn, glass, stone, paper or canvas, vibrant colours, etc. |
| Market Demand | The Indian handicraft market will grow at a CAGR of 7.7% from 2023 to 2028. |
| Profit Margin | ₹35,000 to ₹50,000 monthly |
10. Artificial Jewellery Business:
Starting an artificial jewellery business in Odisha can be a creative and profitable venture. Artificial jewellery, also known as imitation or fashion jewellery, is made from non-precious materials like beads, glass, and metals. Odisha has a rich tradition of craftsmanship, and you can draw inspiration from local designs. Begin by researching popular jewellery styles, understanding your target customers’ preferences, and sourcing quality materials.
| Investment | ₹8 Lakhs – ₹15 Lakhs |
| Resources | Licence, Raw Materials, Trained Staff, Workspace, Engaging Website, Active Social Media Handles, Packaging Materials etc. |
| Market Demand | The costume jewellery market in India will acquire a market value worth ₹17 thousand crores. Furthermore, this segment will witness a CAGR of 7% by 2027. |
| Profit Margin | 30% – 70% |
Conclusion:
Odisha, often referred to as the “Land of Lord Jagannath,” is a captivating state on India’s eastern coast. Its lively cultural heritage, majestic temples, and amazing natural beauty make it an ideal destination for tourists. The renowned Jagannath Temple in Puri, dedicated to Lord Jagannath, Lord Balabhadra, and Devi Subhadra, draws millions of worshippers.
Odisha offers exciting opportunities for small businesses. Whether it’s setting up a grocery shop, baking delicious treats in a bakery, venturing into the cashew business, or making flavorful pickles, there’s something for everyone. Many tourists flock to Odisha for its scenic beauty, so consider starting a tours/sightseeing/tourism venture. Additionally, you can start the world of organic food and provide purified water delivery services. Don’t forget the charm of running a cosy bookstore or showcasing unique handicrafts and artificial jewellery. Odisha’s entrepreneurial spirit awaits!
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FAQs – Top 10 Innovative and Unique Small Business Ideas in Odisha
1. What are the Top 10 Business Ideas in Odisha?
Grocery & General Item Store Business, Bakery/Cakes/Pastries Shop, Cashew Nut Business, Pickle/Achar Production, Tourism/Sightseeing Business, Organic Food Business, Water Delivery Business, Bookstore Business, Handicrafts Business, Artificial Jewellery Business and many more are profitable businesses in Odisha.
2. How can I find the best business idea in Odisha?
Finding the best business idea in Odisha is all about blending the state’s unique features with your interests. Start by researching Odisha’s popular sectors, like Tourism. Look around to see what the local community needs and how you can help. Keep up with the latest trends and think about how you can use Odisha’s resources, like Cashew or handicrafts. Most importantly, choose a business that helps Odisha grow while keeping its culture and nature in mind.
3. Can I start a small business in Odisha under 50,000?
Yes, there are lots of business ideas that you can start with under 50,000 such as Grocery Store Business, Bakery/Cakes and Pastries Business and others.
4. Starting a business in Odisha is a good idea?
Yes it is! Odisha’s startup-friendly policies, incubators, and skill-building efforts create a positive ecosystem for small businesses.
