Goa is the smallest state by area in India, situated in the western part of the Indian peninsular region alongside the coast of the Arabian Sea. The former Portuguese colony became a part of India in 1961 and has been famous for its exotic locations, pleasant weather, and peaceful environment by tourists and residents alike. Goa is the richest Indian state with the highest per capita GDP, almost three times the national level. The $11 Billion dollar state economy is formed by different sectors, in which foreign tourism holds the largest share (12%). Due to its unique demographic and social conditions, Goa is a great place in 2022 for anyone to start a business. Let us look at why we can make such a statement with conviction and which businesses might be the best option for you to start your successful entrepreneurial journey.

Why is Goa a Great Place to Start a Business?

1. Good Infrastructure: Being a small state with a population of approximately 18.2 lakh people, Goa is not too overcrowded and provides good infrastructure in the form of decent roads, affordable transportation, housing, and low cost of business. The state has a fairly well-developed education system and banking industry. In terms of per capita deposits, Goa is ranked number three. The per capita deposit in Goa is $2,482 against the all-India figure of $420. The state also ranks well on social indicators like literacy and health.

2. Investor Friendly: Goa is a top choice for both native and foreign investors due to different factors, including easy availability of land and labor, adequate physical and social infrastructure, such as power, telecom, urban infrastructure, water supply, hospitals, and educational institutions, rules and regulations governing entry, operation, and exit of firms, stability in regulation, the integrity of public services, law and order and investment facilitation, and provision of incentives and access to credit.

3. Industrial Performance: The main industrial centers in Goa are Verna, Ponda, Vasco, Mormugao, Bicholim, and Kundaim. Goa has only two districts: North Goa and South Goa. Verna is located in the North Goa district and is home to several pharmaceutical companies, which include Cipla, Blue Cross Laboratories, and Glenmark Pharmaceutical Ltd. Margao, located in South Goa, is an industrial and commercial center and the district headquarters. It is home to Aventis and other pharmaceutical companies. Ponda, located in North Goa, is home to some big corporate names, including Nestle, MRF, and Marico.

4. Government Policy: The Indian Government has tried to spur economic growth in Goa by implementing many schemes over several years. These schemes include Goa Tourism Policy 2020, IT Policy 2018, Goa Start-Up Policy 2017, Goa Investment Policy 2015, and much more.

5. Connectivity: Goa is extensively connected to the nation as well as foreign countries through different modes of transportation. Marmugao Port, one of the oldest in the country, provides sea connectivity and is a huge contributor to foreign trade. The state also has 5 national highways running through the major cities along with Dabolim Airport, which provides air connectivity to the state.

The Goa economy provides many opportunities for passionate entrepreneurs to set up and develop their businesses. Let us check out the best business ideas you can begin in Goa.

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List of 10 Best Business Ideas in Goa for 2022

1. Affiliate Marketing

Two individuals discussing about there marketing campaign
Two individuals discussing about there marketing campaign

Goa’s population has an overall literacy rate above 85%. Educated people make good affiliate marketers and good customers as well. What is affiliate marketing, you ask? Affiliate marketing is an understanding in which a marketer is paid to promote someone else’s products online. The marketer earns a commission on every sale they bring on the retailer’s website. That’s the gist of this business. This technique can be carried out on any platform, like search engines, social media, forums, streaming platforms, and much more. It would help if you had a smartphone/laptop and a strong internet connection, and you could start your affiliate marketing journey today.

2. Vehicle Rentals

lamborghini Car
lamborghini Car

Tourists and residents in Goa prefer to travel across the state on rented vehicles. You can easily create a vehicle rental agency to provide customers with the transport of all sizes and price tags. Cars, bikes, scooters, and bicycles are your best bet to start a successful rental business.

3. Water Sports Organizer

People in a water park
People in a water park

Goa has more than 35 beaches extending over its 103km coastline. With many tourists visiting Goa yearly, beach sports have become a huge business prospect. You can start a water sports agency with some minor investment and start dealing in activities like Kite Surfing, Scuba Diving, Windsurfing, Skiing, Rafting, etc.

4. Food Truck

Food Truck
Food Truck

Goa is probably the best place in India to set up a food truck business. People visit Goa to gain newer experiences and eating from a well-managed, hygienic, and uniquely designed food truck can be one of them. If you have a palette for street foods and know how to create a couple of finger-licking dishes, you can easily start a food truck business with minimum labor, equipment, and other infrastructure investment.

Moreover, if you are looking to start a business in your village, but don’t have enough funds? Don’t you worry we have listed down some of the most successfull business ideas for village that you can start with minimal investments.

5. Tourism Industry

Tourist taking picture alongside a deck
Tourist taking picture alongside a Deck

With more than 1.5 crore travelers visiting Goa every year, the state is a ripe location for any business in the tourism industry. These businesses can include hotels, café, restaurants, guesthouses, B&Bs, transport, travel guides, etc. Any person with good networking ability and decent investment capability can create a good name in any of the businesses mentioned above.

6. Fish Farming

Fish farming
Fish farming

With a coastline extending over 100kms, Goa has a huge fish production and consumption. The fisheries business accounts for 17% of the state’s GDP and 2.5% of the national GDP (3rd after West Bengal and Andhra Pradesh). People with some knowledge and experience in this field can start a profitable business in no time due to the huge availability of fish species like Red Snapper, Grouper, Cobia, GTs, Barramundi, Threadfin Salmon, Barracuda, Sail Fish, King Mackerel, Wahoo, Dorado(dolphin fish), Yellow Fin Tuna, Bonito, Perch, Reef Cod, Croaker, Trevally. You can sell the produce in the state or export it according to your business choices.

Business Ideas for Other States:

HyderabadMaharashtra
KolkataAssam
KeralaBihar
PuneOdisha
Delhi

7. Brewery

Person buying beer
Person buying beer

Goa has a name for providing good times. Due to large production as well as consumption, the state has a very low excise duty on liquor, making it a suitable place to start a brewery. Professional brewers can start their brands or produce liquor products for big brands. As of 2021, Goa was home to 92 registered gin and whiskey distilleries, wineries, beer breweries, and micro-breweries.

8. Beach House Rentals

Beautiful house alongside beach
Beautiful house alongside beach

People with access to sea-facing luxury beach houses can rent them out to locals or travelers. Beach Houses attract a lot of interest from high-paying clients and are one of the favorite attractions for any visitor in Goa. You can also look to open beach shacks, restaurants, clubs, pubs, and more.

9. Franchise

Starbucks coffee container
Starbucks coffee container

Goa is home to many international and national brands. Locals and visitors like to experience world-class amenities while living in Goa. You can approach large brands to open a franchise for them anywhere in the state and charge commissions for your services, including infrastructure development, day-to-day handling, labor management, customer acquisition, etc.

10. Event Management

View from a  wedding venue
View from a wedding venue

Goa attracts a lot of interest from people across the country to organize their special moments in exotic locations across the state. Event Management business can be a profitable venture in Goa due to relatively low investment and high return on investment. Event Managers organize programs like weddings, birthday parties, anniversary celebrations, etc., and handle everything related to the occasions, like location, catering, accommodation, and guests, among many other things.

Furthermore, if you are looking to start a business in Gujarat, especially in villages, then don’t forget to check our latest blog, where we have listed some of the top small village business ideas in Gujarat that are easy to start.

Conclusion

Goa is a great place for residents and travelers alike. Not just that, Goa is one of the best places for businesses. Now that you have come this far, we hope you have gained insight into which business might suit you the best. Research more about your selected field and start working towards your dream business today.

Mansi Rana is an experienced content writer with 2 years of experience in creative storytelling. A Journalism and Mass Communication graduate from Amity University, Mansi is passionate about helping creating micro-influencers through the power of affiliate marketing. When not writing for the Internet, she is a voracious researcher of all things beauty and fashion.

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