Odisha is the tenth-largest Indian state located in the country’s peninsular region. The state has Madhya Pradesh on the western frontier and Andhra Pradesh in the south, with a 450 km coastline connecting it to the Bay of Bengal. Odisha is known for its rich history of bravery, courage, and lavish lifestyles and is known today for some of India’s most intricate pieces of architecture. Tourist spots like Konark Temple, Shri Jagannath Temple, and Lingaraj Temple are the main attractions in the state. The state, also called the Land of God, is home to culturally and economically important cities like Bhubaneshwar, Cuttack, Rourkela, Puri, and much more. Apart from tourism, Odisha has a booming business side too. The state offers many choices for entrepreneurs to settle their businesses. Let us talk about what Odisha has to offer to businesspersons and what are the best businesses for new entrepreneurs in the state.
Why Choose Odisha to Start a Business?
On this page:
- Why Choose Odisha to Start a Business?
- List of 13 Best Business Ideas In Odisha
- Investor Friendly: Odisha has always been a top investment contender for Indian and foreign investors. The state ranks high in indices like Ease of Doing Business, Ease of Import-Export, and Ease of Closing Business.
- Industrial Hub: Odisha has earned its name as an industrial and outsourcing hub providing different facilities to people around the country. The major industrial setup in the state is related to Food Processing, Textiles, Chemicals, Petrochemicals, and Information & Technology.
- Connectivity: Odisha is well connected to the rest of India and the world through air, land, and water transport. The state has direct flights to major cities like Delhi, Mumbai, Vishakhapatnam, Kolkata, Chennai, etc. The state also has a repository of major ports – Paradeep, Dhamra, and Gopalpur- to facilitate trade and connectivity.
- Workforce: Odisha is known for outsourcing facilities to major IT firms. The state has earned its name by providing services to giants like Infosys, TCS, Wipro, Tech-Mahindra, Mindtree, etc. Odisha produces more than 1.2 lakh skilled workers yearly from more than 700 training institutions. The state also has the biggest educational names like IIT, AIIMS, & IIM situated inside its borderlines.
- Future Ready: Odisha has seen immense growth in the past few years due to intervention by both the state and central governments. The state’s two cities – Bhubaneshwar and Rourkela, have been selected for the Smart Cities program. They are poised to gather higher investments and more returns for the former Kalinga region.
List of 13 Best Business Ideas In Odisha
1. Tourism Industry
Right off the bat, tourism is one of the biggest contributors to Odisha’s economy. The state saw a footfall of both Indian and foreign nationals who visited Odisha for its incredible collection of national parks, wildlife sanctuaries, biosphere reserves, temples, and beaches. The state government has brought several initiatives to upscale the tourism industry in Odisha. You can enter this industry through any channel – restaurants, hotels, tour agencies, local transportation, etc. and create a successful business.
2. Affiliate Marketing
Affiliate marketing as a business may be successful anywhere in the country, but it requires a special mention here due to its increasing popularity and growing industry size. The already $12 billion industry involves marketers promoting online retailers’ products in return for a commission. This marketing technique has gained ground due to its flexibility, good earning potential, and relatively low competition.
3. Jute Industry
Jute, also called golden fiber, is produced in large quantities in Odisha. The jute cultivation area accounted for more than 4,800 hectares in 2020. Due to the increased push for more eco-friendly practices, jute products have seen an uptick in demand, but supply remains the same. You can enter this industry to become a jute farmer with the help of skilled labor or start a manufacturing plant to process raw jute and create different products like bags, mats, purses, and much more. Jute trading is also a profitable business in which you can act as the intermediary between retailers and manufacturers.
Moreover, if you are looking to start a business in Goa, then do check our list of best online businesses in goa. Do have a look.
4. Educational Institutions
Odisha’s government has been pursuing the target of equal education for all. You can venture into the educational industry by building schools, colleges, or training institutions in some of the lesser developed parts of the state and use the changed citizen perception towards education to your advantage.
5. Solar Power
Odisha is situated in the Deccan region of India. This region is historically known to receive abundant sunlight throughout the year. This geographical advantage gives you the edge in creating a solar power business in Odisha. You can venture through any channel – manufacturing solar panels, batteries, and other elements, promoting solar power usage throughout the state, setting up international franchisees, and government partnerships to facilitate building solar parks.
Business Ideas for Other States:
Odisha is a state with a rich history and heritage. The state deals in traditional jewelry, artistic items, and clothing. These products include Terracota Pottery, Silver Figurines, Horn works, Tribal Jewellery, Brass and bell metal products, Stone and Wood Carving, Jhotia, Chita, Muruja, Grass/Cane work, Aplique art, and paintings. From a business point of view, you can enter the handicrafts industry either by setting up a wide network of artisans to start a manufacturing plant, or you can even become a trader who deals in these finished artworks and provides them throughout the country.
7. Cashew Nuts
Cashew is one of the major crops grown in different parts of Odisha. Places like Khurda, Puri, Jajpur, Ganjam, and Koraput are famous for producing high-grade cashew nuts. The total area under cashew cultivation amounts to more than 1.8 lakh hectares. Since the demand and price for cashew nuts are always rising, it is a good business to be in. An entrepreneur can start a cashew farm or become a trader to earn profits through commission and margins.
8. Waste Management
Since Odisha has ecological importance due to its wide coastline, state and central government are accumulating waste around the beaches and inside the developing cities. Waste management plants are becoming an increasingly profitable business venture in which you can recycle biodegradable and non-biodegradable materials to produce newer products. Odisha produces more than 1,900 tonnes of waste daily, 52% organic: and the rest amounts to inorganic waste.
Due to the lower risk involved compared to launching a brand-new company from scratch, investing in a franchise in Odisha might be a great option to become a business owner. When you buy a franchise, you gain access to a well-known brand name, which can be helpful for marketing and attracting customers.
To launch your business, you’ll need to use enough funding and choose suitable places. You can invest in various types of franchises like apparel-based, food-based, electronics items, etc.
10. Food Delivery Service
Odisha’s food delivery business is expanding quickly as a result of an increase in convenience demand, particularly among young professionals and students.
Hence, launching a food delivery service is an excellent business idea because Odisha offers a sizable prospective consumer base. This is a low-cost business venture which you can start by either developing your own application or collaborating with other well-known players in the market.
11. Hotels and Restaurants
As eco-tourism, adventure tourism, and beach tourism become more and more popular in the state, there is an increasing need for hotels and restaurants that can meet tourist demands.
The state of Odisha is renowned for its rich culinary tradition, therefore opening restaurants there may be a chance to promote regional food to the world.
Therefore, opening a hotel or a restaurant is a lucrative business opportunity.
12. Candle Making
Starting a candle-making business in Odisha can be a lucrative venture because personalized items like scented candles, designer candles, and decorative candles are already in great demand among consumers.
Also, since candle-making can be done from home, it is flexible and convenient for business owners and requires little upfront cost.
13. Creating a Blog
For people who are passionate about writing, photography, or creating video content, blogging can be a rewarding business option. Several businesses are looking for great bloggers to create interesting and educational content as the demand for online content rises.
Also, anyone who is interested in learning more about the history, culture, and language of Odisha might use your site as a resource for education. On these subjects, you can write fascinating and educational content that will help readers in learning and explore the state.
In addition to this, we would also recommend you check our latest blog featuring new business ideas in Village that are profitable yet easy to start. Do check it out.
Odisha is ready for the next generation of businesses and entrepreneurs. The state has developed its name and economy through several private and public ventures, and now, you have the chance to create something big. Please research the best business in Odisha for you, and let’s get to work.
There are several businesses that you can start in Odisha like affiliate marketing, travel and tourism, jute business, educational institutions, solar power, handicrafts, waste management, food delivery, owning a franchise, etc.
Jute bag making is one of the top business ideas in Odisha if you want to start a small business.
Pottery, terracotta, horn-work, and textile-based handicrafts are some of the best-selling products in Odisha.