Let’s be honest, many tourists see Goa as a village meant for the retired. Not a place to start a business right? Well that is not true, there are many successful firms running in the state. I have come across four industries that flourish in Goa, indicated below.
Goa is known as a party and wedding destination and numerous events are held in this tiny state. Hence there is a demand for caterers to cater to all the events, weddings and birthdays of individuals. Caterers are known to serve the needs of not only those in close vicinity but also to those in far flung areas. If you are considering opening a similar business, you need to take into account availability of cooks and waiters, storing place for utensils, transport needs and late night duty.
The fishing industry provides employment for about forty thousand people in Goa. If you have a natural flair for fishing, go fish! However I will not deny the fact that our marine resources are depleting at a rapid rate. So you may not catch fish every time you cast your nets. Opening a tin fish industry or frozen food for export has substantial scope in the state.
Holiday destination first thought…Goa! Last year the state witnessed 5 million tourists. A hotel or motel for guests could range from 12 – 20 rooms. There are many points that need to be looked into including whether you are looking at a beach hotel, or a city hotel, seasonal tourists or tourists all year round and many other factors. An easy way to achieve this is to buy an existing running hotel which is up for sale. Also you need to provide foreign tourists with in-house money exchange facility and WI FI for all guests as an incentive.
Buying residential plots and selling flats or apartments is a good business in Goa. But note that the real estate industry has its ups and downs, it requires more capital than other businesses. Real estate can be bought by Indians and NRIs (Non Resident Indians) from across the world, however NRIs cannot buy agricultural properties or plantations in India.. Foreigners need to check the FEMA (Foreign Exchange Management Act) rules before buying any properties in India.
To conclude Goa is a good place to start up. However you need to analyse the market and function likewise in order to meet the demands of potential customers. If you still need more choice a few other businesses that come to mind include Restaurants, Wedding Planning and Photography all of which are popular businesses in the state but there is stiff competition. Do your research and you can climb the success ladder in beautiful Goa.