Jharkhand, a state in eastern India, is a nature marvel replete with a rich forest cover, remarkable biodiversity, and scenic rivers. The state is also home to many tribes, giving it a unique and remarkable culture.
Not only is Jharkhand a vibrant tourist destination, but it is also an industrial powerhouse. The state is home to some of the largest steel and cement industries in the country.
If you are an aspiring entrepreneur, Jharkhand's economic, environmental and cultural blend is just the cocktail for realizing your dreams. The state is brimming with untapped potential.
Read on to discover which of these exciting business opportunities suits you the best.
1. Tool Provider for the Steel Industry
Jharkhand is home to many steel factories. These factories run round-the-clock, and machines, parts and tools break down or wear out. There is a constant demand for these auxiliary parts and machinery for the steel plant.
You can set up a plant to make these spare parts, tools, and machinery and supply them to steel plants. The initial investment required might be high, but the constant demand ensures good profits.
2. Jute Products Making
Jharkhand's environment is favourable for jute production. The local craftsmen make beautiful jute bags and baskets, making a jute products business one of the best low-investment business ideas in Jharkhand.
With a small investment in jute, tools required for making the jute products, craftsmen and office space, you can get the business running. Don’t forget to expand your market by also opening an online store for jute products.
3. Handicrafts and Tribal Art
Jharkhand is home to several indigenous tribal communities known for their traditional crafts such as bamboo and cane work, tribal paintings, terracotta pottery, and metal craft. Starting a business that promotes and sells tribal handicrafts and art, either through retail outlets, online platforms, or export channels, can support local artisans and preserve indigenous culture.
4. Online Saree Business
Jharkhand is the top Tussar silk producer and the only Indian state that exports Tussar silk sarees. A new business idea in Jharkhand can be opening an online store that sells Tussar silk sarees.
With just a laptop, packaging materials and a good silk saree supplier, you can create a profitable business with a global reach.
5. Candle Making
Candlemaking is another small business idea in Jharkhand. Candles are in demand throughout the year for festivals, weddings, birthdays, decorations, gift-giving, etc. The business can be set up with a low investment from the comfort of your home. Simply procure the raw materials like wax, perfume, boiler, wick, gift materials, etc. and get started.
You can sell the candles directly to customers and merchants through an online store.
7. Flower Stores
You can leverage the abundance of different kinds of flowers in Jharkhand to open a flower store. Flowers, garlands and bouquets are in steady demand during various seasons.
Additionally, you can scale the business by offering flower delivery and customized flower arrangements for weddings, festivities, birthdays, and other special occasions.
8. Vehicle Repair Services
The industries in Jharkhand rely heavily on transport, mainly trucks. You can set up a truck repair and maintenance shop. The shop can also cater to tourist vehicles. All you need is space near the busy transport routes and a suitably trained workforce.
The steady demand and reliability of this business puts this on the list of best business ideas in Jharkhand.
9. Tour and Travel Company
If you have the itch to travel and explore, a tour and travel business is the best way to ensure that you won’t work a day. Through tour and travel business you can do a lot of things: take care of travel bookings, arrange transport within the state, arrange guided sightseeing for tourists, obtain hotels and homestays for your customers etc.
With a high number of tourists every year, this is one of the best business ideas in Jharkhand. In this business, you can start small and go big.
10. Organic Farming
People are becoming increasingly interested in organic food, given its health benefits due to its lack of chemical use. The natural environment of Jharkhand is perfect for organic farming. What’s more, the demand for organic foods is not limited to the local market. Organic produce is in demand globally.
It may take some time initially to get the farm running, but it can help you earn significant profits in the long run.
11. Matchstick Manufacturing
Next on the list is another small business idea in Jharkhand: matchstick manufacturing. The demand for matchsticks is consistent in both households and commercial spaces.
A good thing is you don’t require a high initial investment for this venture. You need to simply procure suitable wood, gunpowder and preferably a team of experienced matchstick makers.
12. Industrial Skilling Centre
Jharkhand's various steel and cement industries require a skilled workforce for running the factories. These companies often prefer hiring locally due to the advantages of time and money. And so a lucrative new business idea in Jharkhand is opening an industrial skilling centre to provide these industries with a skilled workforce.
Depending on the industry requirements, training courses can be set up. The industry professionals can themselves be hired for training at the beginning. The initial investment in this business would be high.
However, the long-term profit potential is excellent. The institute can further cater to industries on a national level after establishing a strong reputation.
Final Words
Jharkhand, in addition to being a tourist hotspot, also holds great business potential. A testament to this fact is the sheer number and profit potential of business ideas in Jharkhand.
After you decide on a business, you need to tackle the practical requirement of funding. Instead of self-funding (why break a savings nest egg?), consider business loans.
With competitive interest rates, flexible repayment plans, and fast application approval, Tata Capital’s business loans are ideal for getting businesses running in no time.
Tata Capital believes in full transparency and practices a no-hidden-charges policy. Not only that, but you can also use Tata Capital’s online Business loan EMI calculator to customize and plan your repayment schedule.
Visit the Tata Capital website or download the Tata Capital App now!
23 April 2024
6 mins read
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