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22 Best Business Ideas In Goa For 2023 • EarnKaro Blog

by PoonitRathore
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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.

Key Insights of Goa

Map of Goa
Map of Goa
Capital Panaji
State Rank 28th in India
Official Languages Konkan, Marathi
Total Population 1,458,545
Goa GDP US$11 billion
Official Website https://www.goa.gov.in/
Source

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 the 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 labour, 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 centres 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 centre 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 22 Best Business Ideas in Goa for 2022

1. Affiliate Marketing

Two individuals discussing about there marketing campaign
Two individuals discussing their 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 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 labour, 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 worry we have listed down some of the most successful business ideas for the village that you can start with minimal investments.

5. Tourism Industry

Tourist taking picture alongside a deck
Tourists taking pictures alongside a Deck

With more than 1.5 crore travellers 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 100 km, 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:

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 the beach

People with access to sea-facing luxury beach houses can rent them out to locals or travellers. Beach Houses attract a lot of interest from high-paying clients and are one of the favourite 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, labour 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.

11. Beauty & Spa Center

Spa Center
Spa Center

Many visitors come to Goa to relax and let off steam from their daily lives. Opening a Beauty & Spa Center in Goa can be incredibly profitable. Business owners can provide different kinds of therapy, massages, sauna, yoga, facials, and much more to the customers to make a good income from their venture.

12. Feni Export

Feni
Feni

Goa is home to the alcoholic beverage – Feni. The two most popular Fenis in Goa are Cashew Feni and Coconut Feni, while there are other varieties also available in the state. The export of Feni has the potential to become a lucrative business. Feni’s export company is supported by the Goa government, so you can easily start your own export business with the aid of government policy.

13. Sell or Export Seafood

Goa has 35 beaches, so you need not worry about running out of fish in the state. Entrepreneurs can launch their seafood business with minimal investment and start serving dishes to the locals as well as travellers. Business owners can also export seashells, pearls, etc. to other states to create a side income from their business.

14. Photographer

Professional Camera
Professional Camera

Goa is heaven for photographers.  The state offers opportunities in different ways to photographers which includes event photography, landscape photography, and travel photography. People who visit Goa wish to take back lifetime memories for which they pay good money to photographers. Photographers can also set up professional studios to offer corporate shoots, pre-wedding shoots, and much more to the public.

15. Start a Nightclub

Nightclub
Nightclub

Goa is well known for its nightlife. The state offers something for everyone to do at night, whether it is trying your luck at the casinos, enjoying a seaside BBQ night, or wild partying with foreigners. As a result, starting a nightclub is one of the best businesses and has the ability to become well-known quickly in the state’s dynamic atmosphere.

Breakfast
Breakfast

Just like hotels and resorts, bed and breakfasts also serve as tourist accommodations. The main difference between the two is the vibe and comfort that B&B offers. Entrepreneurs can start in this industry by simply renting out a spare room in their own apartment or by listing an entire building as a B&B.

17. Green Tourism

Eco-friendly tourism is an emerging industry in India and Goa is no different. These days, travellers are highly aware of local traditions and the environmental sensitivity of different regions which is why they prefer eco-tourism. Green Tourism focuses on environmental conservation while keeping profits and the customer experience in mind.

18. Landscaping

The landscaping and lawn care business is a highly in-demand and profitable venture in Goa. It includes garden planning, management, and landscape construction while balancing customer enjoyment with environmental sustainability. Starting a small, home-based green business does not require a significant financial commitment.

19. Vending Machines

Vending Machine
Vending Machine

Installing a vending machine is one of the best business ideas in Goa. Vending machines are basic devices that streamline the retail process by distributing goods including food, beverages, cigarettes, and other consumables to the public in return for monetary deposits. Business owners must consider the location and the potential product demand before installing vending machines.

20. Tattoo Shop

Artist making a tattoo
Artist making a tattoo

Visitors come to Goa with the expectation to do crazy things and let out their wild side. Tattoo Shops offer visitors a great chance to do something adventurous. Tattoo Parlors can be a great way to earn money with minimum investment in Goa. Make sure to hire learned tattoo artists and have proper licenses to carry out a smooth profitable business.

21. Swimming Instructor

Many visitors and locals who live in Goa enjoy swimming. Swimming instruction can provide good money to individuals due to the water sports culture in Goa. Instructors must have the proper qualification and licenses to carry out their business.

22. Casino

Roulette wheel at a casino
Roulette wheel at a casino

Goa is one of the few places in the world where Casinos are legal. The state received more than USD 45 million from the casino industry in the pre-pandemic years. Operating a casino business in Goa can be highly profitable since every visitor coming to Goa tries their hand at gambling at least once. However, entrepreneurs might need to put in some time and investment before they see any returns.

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 an excellent place for residents and travellers 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 company might suit you the best. Research more about your selected field and start working towards your dream business today.

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