26+ Best Business Ideas in Goa Working in 2023 With Low Investment
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Looking to start a new business in Goa? Look no further. Here I have listed 26+ Amazing Business Ideas in Goa for the entrepreneur in you! Many educational institutions have started in Goa, like BITS (Pilani) and NIT (Ponda), and Goa has always been synonymous with beaches, tourism, parties, and festivals. Still, many start-ups are finding Goa to be the best place to grow their business.
It is one of the coastal states located in western India. Whether it is summer or winter, Goa always remains in the limelight due to its Indian and foreign tourists.
According to the reports published by IBEF, the GSDP in the year 2020-21 was Rs 815.02 billion increasing at the CAGR of 8.16% between 2015-16 and 2020-21.
The following reasons have helped Goa become the preferred base for a start-up in India.
- Goa has a high standard of living: Goa has always been the choice of NRIs to live with their family after retiring.
It is one of India’s wealthiest states, with the highest GDP per capita. Nightlife is every day in Goa and can be an ideal place to start a restaurant or a bar.
- Goa has excellent connectivity to the rest of the country: Earlier, it took hours to reach Goa from metros, but now it takes only 11 hours to reach Goa from Mumbai by bus, even the flights are inexpensive, and railways take much less time than the bus.
It is well connected to all the major cities of India by train or flights and even to the rest of the world due to the availability of the port.
Goa has an excellent infrastructure: Compared with all other cities in India, Goa has great electricity, sewage, and transportation system. It has decent roads and affordable public transportation. The excellent infrastructure has helped Goa become an ideal location for the startup.
Goa is developing its technical talent: We cannot compare Goa with the metros in terms of technical talent but the Population of IT engineers is becoming denser day by day.
PCCE Verna) which produces high-quality engineers who power promising startups. Goa has affordable real estate: It is much easier in Goa to rent a beautiful house in Goa garden and a pool than to rent in any other metro city.
Renting commercial space is also affordable as the landlords are always ready to negotiate. Several coworking spaces are also beginning to pop up in Goa, one of them is a newly started Design Valley. The following table represents how tourism is the highest contributor to Goa’s GSDP under the service sector.
Here are some of the best business ideas in Goa to pursue:
Here are some of the best business ideas in Goa It is one of the coastal states located in western India.
1. Fish Farming
Goa has a wide coastline of 104 km and inland waterways of about 250 km, it is situated on the coastline of the Arabian sea which provides for fish farming opportunities.
This is one of the best small-scale business opportunities which requires less funding. Recently, the government of Goa has been encouraging and promoting fish farming in Goa.
This business opportunity also requires a deep knowledge of breeding, hatching, and storing, along with patience and active monitoring. As Goa attracts foreigners on a large scale, we know that seafood is very much in demand in foreign.
Hence, fish farming has become one of the best God gifted business ideas in the state.
According to the reports published by Government of Goa, in the year 2020-2021 the total number of marine fish and fishery products exported was 16549 M.tones.
2. Start A Travel Agency
Goa is one of the most important tourist places in the country because of its pristine beaches, beauty, and culture. Millions of tourists visit Goa every year, you can become a travel agent.
Being a travel agent, one should need excellent communication skills, a good network of hotels, restaurants, and taxi drivers, and excellent knowledge about Goa's places. You can also tie-up with some popular travel agents to work on a commission basis.
3. Become A Swimming Instructor
A lot of tourists or local people who stay in Goa love swimming. You can become a swimming instructor or open a swimming academy to teach them. It will be the best option for people who love swimming and want to earn money from it.
It will give you the satisfaction of building young swimmers’ confidence in the water. Being a swimming instructor, you will be able to follow your passion and earn..
4. Start A Hotel Or A Resort
Goa has been a tourist-driven state, opening a hotel or a resort business can be a profitable business. As Goa has a lot of tourist spots, building a hotel or a resort keeping in mind the needs of the tourist can benefit you.
The best way to reach your customer is to take your business online. However, you will have to keep in mind the location, and the price of your hotel as these are the primary factors and will influence your success.
5. Start A Photography Studio
If you are interested in photography, you can get a lot of opportunities in Goa to become a professional photographer. This opportunity does not require a considerable investment, and you can start a small studio with limited photography equipment.
You can also sell or license your photos on stock photography sites. It is an artistic pursuit, and the attraction of this profession lies in the person’s desire to do something fun and creative.
There are a lot of industries like food, travel, business, tourism, and nature from which you can choose your area of interest. The photography industry is expected to grow by 17% from 2020 to 2030 which is much faster than the average of all occupations.
6. Handyman Business
It is a business that provides services for a small job that can help the people who lack the skill to complete their work. The work of maintenance, repairing, Plumber, remodeling, and electrician come under the Handyman business. You can hire people under yourself to form a serviceman company or work alone according to your skill. You can use the FYND platform to promote your business too.
7. Start A Transport Business In Goa
Starting a transport business in Goa is one of the best business opportunities. You can also plan to add a bike rental business like this the best way with little investment to make money. Transportation is the world’s largest industry and is emerging globally.
You can also add luxury cars, taxis, and deluxe buses if you want to start a business on a large scale. You should also have a practical plan, technical skills, and a basic knowledge of finance to start a transportation business.
8. Start An Online Business
Online business is a way of connecting business and consumers. If you have the right and creative idea, you can easily leap into entrepreneurship. You can choose the industries where an online business works well.
You can teach an online store, publish your book, open a clothing store or set up a dropshipping store.
Following are the benefits of opening an online business:
- You can have direct and personalized communication with your customers
- You can have full access to your customer’s information
- Customers will become loyal
- Optimized business decisions and services
9. Start A Beauty And Spa Center
Spa center and beauty salon in Goa is one of the most widely grown businesses in Goa because a lot of tourists visit Goa and they are mostly found to be health and beauty conscious.
You can also include a bridal package in the salon because a lot of destination weddings happen in Goa. Starting a beauty salon and spa center requires professional training and you will have to hire people who are trained in facial scrubbing, facial cleansing, toning, manicure, pedicure, and much more.
10. Start An Event Management Company
Most of the destination weddings in India happen in Goa. It is also well known for its corporate events. Event management agency plans the special days, be it a wedding, birthday, or parties, and earns every heap of appreciation, name, and fame.
The main aim of this business is to reduce the stress and every type of dilemma of the people. You can work as a freelancer or start an agency with the help of some trained event managers.
What are the steps to be taken to start an event management company?
- Train yourself and gain experience
- Determine your event planning market
- Prepare a business plan
- Obtain business insurance for your event management company
- Make a list of all your suppliers and staffing resources
- Create a fee structure plan
- Focus on the business promotion technique of your business
11. Start A Brewery
According to the Indian beer Market outlook 2023, the Indian beer market is expected to grow at a CAGR of 6% from 2023-to 2024. The consumer will shift from local brands to premium brands in this period.
It is a good idea to open a brewery as many tourists love to visit the brewery and spend a cozy time with their friends. Based on the culture of Goa, opening a brewpub can be the most profitable business.
12. Start Feni Export Business
Feni is an alcoholic beverage indigenous to the state of Goa. Although many varieties of feni are sold in Goa, Cashew and coconut feni are the two most popular feni. Goa is well known for liquor, and the export business of feni can be the most profitable. The government of Goa is supporting the export business of feni so, with the help of government policy, you can easily establish your export business.
13. Open A Bakery
Bakery business in Goa is a good opportunity due to the people’s love for bread and other bakery products. People of Goa buy bread and bakery products daily and this business is becoming prominent day by day. It is not necessary to start an offline bakery, you can open an online store, make the products at home, and ship it out to the customers.
You can come with your special products and use your creativity to make your store unique.
14. Gaming Zone
Games have always been in demand. Nothing much beats an evening, where you sit with your friends in a gaming zone to achieve that oh so glorious victory!This business is growing and gaining popularity. There is a lot of potential in the gaming business.
Millions of tourists visit Goa and they are always excited to explore new games. You can plan the setup of your gaming zone inside a mall or near the beaches to attract more customers.
15. Start A Fast-Food Restaurant
Opening a fast-food restaurant is one of the best business opportunities. People of all age groups in Goa prefer fast food. With the ease of customization, fast food is designed to choose the customer preferences and quick delivery.
To outstand the fast-food market, you can keep a diverse menu with affordable prices. You can also include the special food which will reflect the Goans’ culture. You should make sure that the food is served within minutes of ordering. You should also choose the location of the restaurant wisely to attract customers.
How to start your fast-food restaurant:
- Choose the location for your fast-food restaurant
- Get the license for your restaurant
- Hire the required number of staff
- Train the staff to learn the restaurant ethics
- Arrange for the best kitchen equipment and the raw materials
- Install a billing software to run your operations smoothly
- Decide the uniform of the staff
- Complete all the other miscellaneous work
16. Opening A Service Apartment
Hotels in Goa are not affordable so, the students or the people who come to live for a longer duration often prefer service apartments. This is one of the perfect business ideas in Goa. You can choose a location near the beaches, airports, railway stations, or market area to make the customers aware of your service apartments.
17. Yoga And Fitness Trainers
Nowadays, people are becoming health conscious and fitness freaks, ending up appointing yoga and fitness trainers to reduce their daily stress. The tourists also find the yoga sessions interesting and these trainers are making huge profits.
The best part of this business is it does not require any capital or investment unless you want to start your gym or fitness center.
According to BusinessWire COVID has brought the importance of physical and mental health, and licensed therapists have been asked to increase their sessions by 53%.
Nowadays, a good Search Engine is vital for the success of small business owners. If you are good at writing, creative thinking, or tech-savvy then without giving a second thought, go for blogging.
With minimal effort and expense, you can increase website traffic and foster relationships with potential and current customers. You can create a post that helps the visitors to solve their common problems or include tips to make something in their life much easier and more interesting. To hold a top ranking, you should do proper research.
19. Start A Nightclub
Goa is very famous for nightclubs. The nightlife of Goa undoubtedly beats that of the other states of the country. Goa is a perfect infusion of varieties and has something for everyone to do at night be it playing your luck at casinos, having a beachside barbeque night, or crazily partying with people from other countries.
So, opening a nightclub is one of the best business opportunities which has the potential to become popular in no time in such a vibrant environment of the state. You can use Fynd to promote your nightclub to attract tourists.
20. Start A Kid’s Playroom
It is a unique plan to start a kid’s playroom. Almost all businessmen surround tourists as a target audience in Goa but it seems that children are also a part of the target audience.
You can paint the room with bright colors, create a chalkboard wall, add toy cubbies and build up a decorative shelf. This can be proven as one of the best business ideas and can be started on a small scale with little investment.
How to design a kid’s playroom
- Pint the room with bright colors
- Decorate your wall with decals
- Install a chalkboard
- Add toys cubbies to your room
- Design decorative shelves
- Place tables for crafts
21. Sell Your Painting And Art
This can be considered a good business idea in Goa. The mantra to succeed in this business is to believe in your work and skills. Try to keep a high-quality work, the higher the quality, the more likely you are to succeed especially if you are a beginner.
You can also run the art business in partnership, such as partnering with an art exhibition to sell your artwork or painting. You can check the upcoming growth of the painting and art business here https://www.statista.com/topics/1119/art-market/
Here are a few tips for a successful business:
- Set up your mission and define your art piece.
- Identify the target customers
- You may also work with different art galleries
- Price your artwork for profit
- Create a website to promote your paintings and artwork
22. Open A Goan Traditional Jewellery Store
Goa is a state of craftsmanship with the oldest crafts history in the country. Shopping for Goan gold jewellery is always included in the checklist of many foreigners. The pieces of jewellery made from coral beads or pearls are also very famous in Goa. You can open a jewellery store by opening up a stall or taking your business online.
Here are a few tips for a successful business idea:
- The golden rule to maintaining success is to have quality products
- Have a definite model in your mind
- Understand your market and identify target audiences
- Set up your website
- Consistently optimize your website
- Have a good social media presence
23. Put Up A Tattoo Parlor
Tattoos are now considered art. It is of no surprise to us that Goa does not shy away when it comes to producing a lot of these said artists time and time again. Tattoo parlors have become more of a tourist attraction than even the actual tourist spots. Therefore, putting up a tattoo parlor can be considered one of the best business ideas in Goa.
You can start a tattoo parlour by following the mentioned steps:
- Plan a location of your tattoo parlor
- Set up the accounts for your tattoo parlor
- Define the brand of your tattoo parlor
- Build a new website for your tattoo parlor
- Set up your business phone system
24. Becoming A Mobile Food Vendor
Becoming a mobile food vendor in Goa can give you huge profits because Goa has a crowd of youngsters and conscious consumers. The food truck vendor industry has grown at a rate of 3.7% in the five years and is expected to climb to revenue of $1.7 billion. With low risk and minimal investment involved, mobile food vendors are now becoming a popular choice for opening a restaurant business.
Here are the few benefits of becoming a mobile food vendor:
- Mobile food trucks require a low initial investment
- Involves low operational cost
- You can experiment with different locations
- It attracts more customers
- You can build a brand before expanding into something more significant
25. Install A Vending Machine
The vending machine industry Is an amazing option for news entrepreneurs because it is profitable and can generate passive income With the rise in digital payment in India. A vending machine has become an integral part of unmanned retail and will continue to boom in India.
Location is the main factor in setting up a vending machine business. You can set up your vending machine at a tourist spot, railway station, or airport to attract a crowd. With the right location and the right kind of product, you will be easily able to earn between 30k to 60k in monthly sales.
How to start a vending machine business in Goa?
- Identify your target audiences
- Select the right products
- Choose the best location
- Payment method to be used in the vending machine
- Try to reduce the operational cost
- Remotely control your business
26. Landscape Business
The landscaping business does not require a lot of money or resources. If you are committed to providing quality to your customers, you can start a landscaping business that’s both successful and profitable. It can be considered one of the best business ideas in Goa.
You will be required to design, build and maintain outdoor spaces for homes or corporations. Following are the things you can do as a landscaping business are:
- Maintenance of gardens and lawns
- Maintenance of trees and hedges
- Building customer walkways
- Company landscaping
27. Recycling And Waste Management
In Goa, a lot of waste is generated every day. The disposed waste is in the form of organic and non-organic waste. In this business, you will have to find out whether the products and derivatives through which you can develop a financial structure or not. You can consider it one of the good business ideas in Goa.
28. Catering Business
The catering business is popularly known for providing the preparation, presentation, and delivery of food for any event or party. You can provide several personalized menus to choose from, food preparation, setting up the dining, and event clean-up service.
How to start a catering business?
- Make a proper plan to start your business
- Get your location finalized
- Get your rent finalized
- Find out the sources for your capital
- Find out the vendor for your catering business
- Get your license from the Government
- Decide the price of the food and menu engineering
- Hire and train proper staff
- Manage and get orders
There are ample business opportunities available in Goa. You can choose the idea according to your investment plan as well as your interests. As Goa gets revenue from industries including manufacturing industries, tourism, fisheries, and export of iron, you have ample opportunities to grab.
You can kickstart your business with the help of Fynd platform. You can simplify your hustles and accelerate your growth with the help of Fynd platform. You can also start a business that helps in beautification, hotels, growth of resorts, and businesses related to tourism because Goa is highly dependent on foreign exchange.
Learn from the masters and cracks the code to festive season sales success with Fynd Platform's Festive Readiness Guide
Which business is best in Goa?
The most profitable and popular business is related to Tourism. Goa is the biggest attraction for foreigners as well as Indians.
In 2020, Over 3 million Indian tourists visited Goa while over 300 thousand foreign tourists visited the State.
So, this is the reason tourism is the best and the most profitable business in Goa.
What are the top and most profitable businesses in Goa?
Farming, Agriculture, Fisheries, and tourism are the best and most profitable businesses in Goa. It gets revenue from other sources like manufacturing industries, exports of iron, fisheries, and tourism of course.
What is the best side business in Goa?
Photography, starting a guest house, bike rental, spa business, and tourist guide are the best side businesses in Goa. You can start these side businesses with little funds and resources.
Is a physical store necessary to start a business?
With the advancement of the internet, it is not necessary to start an offline store. Most customers prefer to shop online to save their time and shop in the comfort of their homes.
The website also provides sales and discounts than in the physical store.
Nowadays, most people prefer to use online shopping sites but at the physical store, customers can touch, feel and see the products they want to buy therefore, both have their merits and demerits.
What is the state of Goa’s economy?
Goa has shown strong economic growth in sectors like agriculture, fishing, tourism, and pharmaceutical. The Gross state domestic product of Goa is around 815.02 billion (US$ 11.14 billion) in 2020-2021.
Why is Goa so rich?
The land around the coast is rich in minerals and ores, and mining forms the second largest industry in Goa. Bauxite, manganese, limestone, and silica are mined at the coast of Goa. The Net State Domestic Product (NSDP) of Goa was around US$7.4 Billion in 2017-18.