19 Best Small Business Ideas in Goa

For national as well as international visitors, Goa is a prominent tourist spot. Its alluring beaches, majestic carnivals and adventure water sports attract people from different parts. Not to mention, the foods available at beach shacks, cheap liquor, wildlife sanctuaries, casinos, and world-heritage-listed architecture are also liked by people from different backgrounds.

So, starting a small business in Goa can be a very lucrative idea if you are looking for great footfall. This article presents the 19 most profitable small business ideas in Goa to help you as an enthusiastic entrepreneur start your venture.

The following list of ideas on small-scale business in Goa can provide an entrepreneur with a fresh dive into the pool of possibilities and spark an inspiration to take the first step.

1. Online Store

It is an easy guess that owning an online store is one of the most lucrative small business ideas in Goa. There is a notion that it is going to be expensive to start this business; however, it is not the case. There are multiple platforms that will help you start this venture with very little investment. Moreover, it can be any store of your liking whether food, cloth, education, cosmetics, grocery, medicine, etc.

• Investment - ₹30000 to ₹35000
• Resources – Enhanced shopping cart, mobile-friendly website, content management system, highly customisable themes, social media integration, email marketing tools, user-generated reviews and product comparison, etc.
• Market Demand - In 2022, the global e-commerce market size has reached ₹130798400 crore (approx.). Experts estimate it to grow with an astounding 27.38% CAGR and reach ₹572243000 crore (approx.) by 2028.
• Profit Margin – With a 41.54% average gross profit margin and 10% average net profit margin on total revenue.

2. Two-Wheeler Rental

Giving two-wheelers for rent is easily one of the best small-scale business ideas in Goa. Using a two-wheeler and riding through the streets of Goa is an excellent way to explore Goa. Tourists are always on the lookout for two-wheeler rental shops. So, you can attract customers by creating a solid online presence through your website or Google My Business.

• Investment - ₹98184 to ₹ 3099014
• Resources – An operation station, a fleet of bikes, employees, mechanics, etc.
• Market Demand - In 2021, the global market value of the bike rental business was $2.1 billion. It is expected to reach $11.3 billion by 2031 with a massive CAGR of 18.5%.
• Profit Margin - ₹3 lakh to ₹5 lakh per year

3. Guest House Rental

It is not very hard to imagine that if done correctly a guest house business is going to be one of the most relevant and successful small business ideas in Goa. If you are looking into the small accommodation industry you probably know that there is a big learning curve involved in it.

• Investment - ₹50000 to ₹20 lakh
• Resources – Basic furniture, amenities, electricity, grocery and other utilities, staff for managing the guest house, etc.
• Market Demand - In 2021, the global small accommodation market size was ₹1038212 crore (approx.). Researchers expect it to grow at a spectacular CAGR of 16.5% within 2030.
• Profit Margin - ₹18000 to ₹20000 per month

4. Hotel/Resort

Opening a hotel or a resort in Goa is a lucrative option and perhaps it is the simplest recommendation in this list as there is no training required. If done right, this business can give you extraordinary satisfaction with positive feedback from your guests. It is truly rewarding to see guests enjoy their stay in an environment that carries a lot of your hard work.

• Investment - ₹50 lakh to ₹1 crore
• Resources – Investment, business plan, hotel building, trained staff, hotel licences and permits, etc.
• Market Demand - In 2022, the State of the Hospitality market size was valued at ₹33574314 crore (approx.). It is expected to grow with a CAGR of 16.13% and reach ₹81340255 crore (approx.) 
• Profit Margin – Around 18% to 25% on total revenue.

5. Spa and Wellness Centre

No matter the month, every time is a fantastic time to start a spa business in Goa. The high number of tourists who are inclined to such services makes it one of the most profitable small business ideas in Goa. Even if you cannot capture the high footfall by opening your spa shop near hotels and resorts you can drive customers with a good online presence.

• Investment - ₹15 lakh to ₹2 crore
• Resources – Spa space, spa supplies, spa equipment, appropriate decoration, talented employees, etc.
• Market Demand – Experts estimate that the global spa market size will reach ₹956463 crore (approx.) with a CAGR of 12.1% by 2028.
• Profit Margin – 35% to 45% on total revenue.

6. Event Management Agency

The event management industry is growing at a very fast pace compared to others. Thus, starting your own event planning business may be a good idea, especially when the location is happening and crowded with people. Another plus point of starting in this industry is that it does not require any specialised training, you learn as you grow.

• Investment - ₹1 lakh to ₹3 lakh per month
• Resources - Business plan, marketing plan, PR plan, pitches for prospective clients, a team of managers, office equipment, etc.
• Market Demand - It is estimated that the market size of the global event management industry will reach a total of ₹12686824 crore (approx.) with a CAGR of 11.2%.
• Profit Margin – 10% to 30% of the total event budget.

7. Green Tourism

People are getting more and more conscious about individual carbon footprints with growing awareness about climate change. People are not shying away from recognising that travel contributes to climate change. Luckily, there is a way tourism can make positive changes in nature. Through green tourism, or, ecotourism you can contribute to that and grow your business too.

• Investment - ₹5069 to ₹15.7 lakh
• Resources – Access to location, accommodations, connections with competitors for collaborations, licences and permits, etc.
• Market Demand - The green tourism market is estimated to increase by ₹2741958 crore (approx.) by 2027. Researchers expect it to grow at a CAGR of 9.54%.
• Profit Margin – It is 7% higher than conventional tourism on total revenue.

8. Tattoo Parlour

Throughout the years tattooing has become one of the mainstream mediums of expressing one’s ideas. Tattoo artists help their clients to realise their visions and make art by inserting pigment into the skin’s dermis. As Goa is filled with people with ambition and creativity, owning a tattoo parlour can be a great small business idea in Goa.

• Investment - ₹25 lakh to ₹80 lakh
• Resources – Needle supplies, ink supplies, sterilisation equipment, guiding supplies, machine and tools
• Market Demand – With a CAGR of 9.43%, the market size of the tattoo industry is estimated to grow from ₹15461 crore (approx.) in 2022 to ₹29041 crore (approx.).
• Profit Margin - ₹50000 to ₹80000 monthly

9. Brewpub

In recent years craft beer has gained a lot of popularity. Among the urban millennial generation, the consumption of beer has grown considerably with their higher living standards and disposable income. So, opening a brew pub in Goa is a very profitable small business idea.

• Investment - ₹1 crore to ₹2 crore
• Resources – Funds, proper location, equipment, raw material, licences and permits, employees, etc.
• Market Demand - With a CAGR of 8%, experts estimate that the market size of craft beer will reach ₹1521 crore (approx.) by 2025.
• Profit Margin - Around 30% on total revenue.

10. Mobile Food Truck

In the evolving restaurant space food trucks have become quite a sensation nowadays. Starting a food truck business takes a lot less initial investment compared to any other format of a restaurant. Furthermore, the mobility aspect of this business which brings in profit from multiple areas with high footfall is unparalleled.

• Investment - ₹8 lakh to ₹20 lakh
• Resources – Capital funds, food trucks (can be new or old), cooking equipment, connections with vendors, employees, billing software, POS software, online presence, etc.
• Market Demand - In 2021, the global food trucks market size was ₹32698 crore (approx.). With a CAGR of 6.8%, it is estimated to reach ₹49047 crore (approx.) by 2028.
• Profit Margin - ₹2 lakh to ₹3 lakh per month.

11. Drive-Thru Eatery

More customers are moving towards the unmatched convenience that drive-thru restaurants provide. It allows customers to order and purchase food without leaving their vehicles. In Goa, the food business is highly lucrative but comes with a lot of competition. So, a drive-thru eatery can make you stand out and earn a lot of profit.

• Investment – Around ₹5 lakh
• Resources – Funds, licences, permits, appropriate locations, equipment, raw material, employees, online presence, etc.
• Market Demand – Researchers estimate that with a CAGR of 5.62%, the drive-thru food market will reach ₹9162888 crore (approx.) by 2030.
• Profit Margin – ₹50000 to ₹2 laksh per month

12. Bakery

The demand for baked items has been constantly rising in a recent couple of years, thus it makes one of the best small business ideas in Goa. There are various types of bakery services to choose from such as food truck bakeries, bakery cafes, home bakeries, specialty bakeries, counter-service bakeries, etc.

• Investment - ₹80000 to ₹15 lakh
• Resources – Funds, business plan, proper location, permits, licences, employees, equipment, POS software, billing software, partnership with online food aggregators, etc.
• Market Demand - With a CAGR of 5.12%, the bakery market is estimated to grow from ₹3402880 to ₹4826200 crore (approx.) from 2021 to 2028.
• Profit Margin - 20% to 40% on total revenue.

13. Nightclub

The alluring nightlife of Goa attracts a lot of tourists to this place, thus making nightclubs one of the best small business ideas in Goa. It is going to be instantly rewarding financially and emotionally only if you consider owning a nightclub a passion project. Otherwise, it can be a lot to handle.

• Investment - ₹50 lakh to ₹70 lakh
• Resources – Funds, appropriate location, a business plan, a website of the nightclub, equipment, supplies, etc.
• Market Demand - Between 2022 and 2027, the nightclub market is expected to grow at a CAGR of 5.09%. Experts estimate it to increase by ₹253409 crore (approx.).
• Profit Margin - ₹50 lakh to ₹60 lakh per month

14. Fish Supply

There is high demand in the domestic and international markets for fish due to its high nutritional value. In Goa, the wide coastline and island waterway provide good opportunities for fish farming. Furthermore, the state government of Goa has been promoting this sector as one of the key sectors which makes fish supply one of the best small business ideas in Goa.

• Investment – Can start from ₹25000
• Resources – Land for ponds, equipment for excavating ponds, boats, motor, fish food, reclamation devices, aerators, equipment for cleaning the pond, commercial-sized pumps, fish processing equipment etc.
• Market Demand - In 2021, the value of the global fish market size was ₹2190873 crore (approx.). It is expected to reach ₹3343534 crore (approx.) by 2030 with a CAGR of 5.4%.
• Profit Margin - ₹175000 to ₹2 lakh per year

15. Candy Business

Starting a candy business can be one of the top low-investment small business ideas in Goa to start. A candy business offers multiple choices to customers for various occasions and different moods. Additionally, you should not forget about a large section of tourists that are children. They obviously take a great liking to colourful candies that offer a range of tastes.

• Investment – ₹3 lakh to ₹5 lakh
• Resources – Proper training in candy-making, funds, appropriate space for candy production, the proper location for establishing a shop, registration, permits, licences, employees, etc.
• Market Demand - In 2021, the market size of the candy industry was ₹525444 crore (approx.). Within 2027, researchers estimate it to reach ₹665387 crore (approx.) with a CAGR of 3.82%.
• Profit Margin – Around 40% on total revenue.

16. Restaurant or Beach Shack

In recent years, restaurant owners have faced unforeseen challenges and hardships due to the pandemic situation. However, the Indian restaurant market is one of the fastest growing in the world. Especially, if you are opening a restaurant on the beach or beach shack it is undoubtedly one of the best small business ideas in Goa.

• Investment - ₹15 lakh to ₹1.6 crore
• Resources – A building to rent or buy, a menu, connections with local vendors and food distributors, kitchen and dining room equipment, office equipment, safety equipment, business licences and permits, etc.
• Market Demand - In 2022, the global market size of the restaurant industry was ₹8174900 crore (approx.). It is expected to grow ₹16349800 crore (approx.) by 2030 with a CAGR of 2.7%.
• Profit Margin - Around 35% to 50% on total revenue.

17. Photography

There is a substantial demand for photographers in Goa. So, if you have an interest and expertise in that field, you can explore the scope and become successful in the photography business. Furthermore, as setting up a studio with professional equipment takes comparatively little investment it is the most profitable low-investment business in Goa.

• Investment - ₹1 lakh to ₹10 lakh
• Resources – Cameras, lenses, tripods, light boxes, backdrops, reflectors, laptops, etc.
• Market Demand - In 2022, the market size of the photography industry was ₹40872 crore (approx.). Till 2032, experts estimate it to grow at a CAGR of 2.2%.
• Profit Margin - Around 50% on total revenue.

18. Travel Agency

There is a strong demand for travel agents especially among people who make booking at the last minute and those who travel regularly and look for benefits. It is also required for trips that need thoughtful planning and expertise. So, starting a travel agency can be one of the most profitable small business ideas to start in Goa.

• Investment – Minimum ₹3 lakh
• Resources – A neat and clean office of a minimum of 100 ft2, a certificate from a Chartered Accountant regarding the agency’s capital investment, audited balance sheets, International Air Transport Association’s approval etc.
• Market Demand - According to research, in 2022, the global market size of travel agencies was ₹3842203 crore (approx.). It is expected to grow further in the upcoming years.
• Profit Margin - 10% to 15% on total revenue.

19. Commercial Transport

Goa, being a commercially developing state, holds considerable possibilities for growth in the transportation business. The transport business includes transportation vehicles for passengers or goods. The consumers include global trade partners, companies, and individual passengers who can avail its services.

• Investment – Minimum ₹20 lakh
• Resources – A business plan, investors, vehicles, equipment, a logo that conveys the brand message, an online profile, an attractive brochure, licence and permits, employees, etc.
• Market Demand - According to research, the global market size of the transport industry in 2022 was ₹57221 crore (approx.). By 2032, it is expected to reach ₹130792 crore (approx.).
• Profit Margin – Around 5% to 15% on total revenue.