It cannot be emphasized enough that every country, every region, every state, and every city has its unique pride, in the form of festivals and cultural diversities, arts and crafts, delicious food, customs, and economic activities. Odisha has more to offer than just ethnocentric market for goods manufactured and sold by individuals. Thanks to the improving economy and the increase in modern industries in Odisha, there are also distribution possibilities in the traditional aspects of business and even within the new markets that are opening. So regardless whether you are a Skimma resident or an outside investor willing to penetrate this belt, there are enough income generating activities to be pursued in the year 2020.
With the objective of finding various additional sources of income within the state, some of the best ways in which one can make money in odisha will be discussed in this article based on traditional industries, modern businesses and the adoption of technology. Let us start.
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Traditional Industries
Handicrafts: A Cultural Goldmine
When we talk about the handicrafts business in Odisha, there is no denying the fact that it stands out among the rest due to the intricate work on handicrafts that is done successfully, thanks to the terracotta work, silver work and tribal jewelry to name a few. If you consider yourself an admirer of beautiful things, then this could turn into an interesting and worthwhile business to take on. There is a handicraft economy worth tapping into because its supply meets an external market that does not even contain the state of Odisha.
Key Opportunities:
- Collaboration with a local workforce to create a manufacturing plant focused on creating such products.
- Develop an e-commerce platform that promotes Odisha handicrafts to every corner of India and the Globe.
- Holding events and festivals to promote the traditional art and culture of the state of Odisha.
Cashew Nut Business: A Nutty Venture
In the state of Odisha, especially in the coastal areas, cashew cultivation is a crucial economic activity. Starting a cashew nut processing business or becoming a wholesaler in this sector is quite enticing. The need for cashew nuts is unbroken in both their local and global markets making it a good investment opportunity.
Related Article:Startup Business Ideas in Odisha (Orissa).
Business Opportunities:
- Processing and Packaging of cashew nuts for inland and overseas consumption.
- Incorporating distribution systems and selling to retailing outlets or by means of an e-commerce site.
Modern Business Ideas
Tourism Industry: Tapping into Odisha’s Natural Beauty
The tourism market in and around the state of Odisha is doing great because of its diverse culture, beautiful landscape and holy places. They also manage to attract and serve thousands of tourists every year, thus opening this country to many great opportunities. Be it the promotion of natural resources, risk undertakings or pilgrimages, the tourism potential of the state of Odisha is beyond provision.
Potential Ventures:
- Constructing environmentally appealing lodges in areas such as Chilika Lake, nepanagar dollars or other regions occupied by tribes in Odisha.
- Involving in adventurous tourism with special emphasis on treks, western beaches and forests of Odisha, the places which are not very famous.
- Conducting ethnic tourism in the geographical area that explores the rich culture and history of Odisha.
Solar Power: Harnessing the Sun
Available solar energy in Odisha is abundant, and hence this is one sector that has great potential. Hurdles such as lack of support will not be a problem to entrepreneurs as there is always a progressive state in the green energy market. It is a known fact that solar energy does not only care for cities but also for the many rural areas that may find sources of electricity quite difficult to access.
Project report: Start Business Ideas in Odisha
Business Opportunities:
- Making and distributing solar panels and solar batteries.
- Developing solar parks as per government schemes.
- Providing solar power solutions to rural houses and commercial establishments.
Educational Institutions: Investing in Knowledge
As the Odisha government places significant emphasis on the education sector, there is social and financial justification in the development of private educational institutions in the regions that are disadvantaged. The rural and semi urban regions where there are latitudes in the provision of quality education, the construction of either schools or vocational training facilities would turn into a viable venture.
Options to Consider:
- Establishment of private schools or colleges which offer a modern approach to the education system with emphasis on skill development.
- E-learning sites which help in learning almost every topic from academics to any vocational skill respectively according to the region’s need.
Related Database on: Odisha (Orissa, India) – Business, Industrial Directory, Database, List of Companies, Small & Medium Enterprises (SME) & Industries [.xlsx, excel format] 4th edition
Digital Economy
Affiliate Marketing: Earning from Home
With the advent of technology, affiliate marketing has become one of the easiest means of making money over the internet. Affiliate marketers are paid a percentage of the sale made or the membership obtained by promoting other people’s businesses via the marketers’ blogs, websites or social networks. This is because owing to its ever increasing number of Internet users, affiliate marketing can be a good secondary activity or even primary job for most of the people in the state of Odisha provided they possess good digital marketing skills.
Food Delivery Service: Catering to Convenience
Online food delivery model opens up many opportunities for entrepreneurs in Odisha. The increasing need or requirement especially in the cities of Bhubaneswar and Cuttack has led to the coming in of food delivery services. Most of the time, it requires relatively low investments especially for their own food delivery system or even joining other investors and restaurants or even with the help of cloud kitchens.
Strategies for Success:
- Creating an easy to use application for customers to place orders and receive their deliveries.
- Working closely with some of the well known restaurants in the area to keep customers happy and orders flowing.
- Providing quality and quick services to remain relevant in the market.
Blogging: Sharing Odisha with the World
If you have a keen interest in content creation and writing, then blogging could be a perfect and money-making profession for you. Ads, affiliate marketing, and sponsored posts are some of the ways you can monetize your blog, but most especially, if you have a niche on the hot topics about Odisha such as Odishan food, travel information, and cultural aspects, etc.
Related Article: Best Profitable Manufacturing & Processing Business Ideas .
Blogging Niches to Explore:
- Writing about Odishan cuisine and recipes will also create a market for food lovers.
- Writing travel guides about places such as temples and beaches of Odisha that are not popular.
- Publishing informational write-ups about the culture and history of Odisha will appeal to cultural and historical enthusiasts.
Small-Scale Ventures
Candle Making: Illuminating Profits
In Odissa, there is a growing demand for decorative candles and bespoke candles which makes candle-making a viable small-scale business option. The tides of starting a candle-making venture can be quite manageable and operate from within one’s premise. One’s intense ingenuity and ability to sell may however change the narrative of the business.
Jute Industry: Weaving Success
Odisha’s jute industry is very jute bags orientated and hence rank among the most sustainable and green business ventures. There is an increasing global concern for the use of green products which doesn’t encourage the use of plastics hence jute bags making is now trending. It’s a very interesting business in that it is less capital intensive and has a ready market, especially among green people.
Online Opportunities
Freelancing: Diverse Income Streams
There are innumerable chances available in the online earning market for talented individuals thanks to the gig economy. You can provide your services to the entire world through various websites, such as Upwork and Fiverr. This will work well in favor of the freelancers from Odisha who wish to take on projects related to content writing, graphic designing, web designing, and such other services associated with the internet, residing in their native land.
In-Demand Skills:
- Content creation: There is hardly any business which does not require effective content.
- Design: Companies across various sectors require visual design aid.
- Development: Works with clients for design and development of websites on a global scale.
Online Tutoring: Sharing Knowledge Globally
As a result of the rise in e-learning, the demand for online tutors is continuously rising. Online tutoring provides opportunities for individuals in Odisha to teach not only school or college subjects but also foreign languages or even unique skills all around the world. This is an adaptable and lucrative business that is home-based.
Youtube Video: Investment Opportunities in Odisha (Orissa).
Government Initiatives Supporting Entrepreneurship
The state of Odisha has implemented numerous strategies with the aim of enhancing the levels of entrepreneurship and self-employment among its citizens. Startup Odisha, Mission Shakti and the Odisha Youth Innovation Fund are examples of programs which provide monetary resources, training and supportive measures to those wishing to establish enterprises. This has been done to assist the local entrepreneurs and promote creativity at all levels and in all fields.
Conclusion
Earning in Odisha in the year 2024 is full of possibilities. Whether enduring fields such as clothing manufacture, cashew nuts processing, upcoming fields such as solar energy, tourism or even the virtual globe through blogging and freelance opportunities, the trick is in the right audience, and of course working hard. One can start and run profitable enterprises by harnessing the natural resources, cultural heritage and the digital economy of the state of Odisha.
Taking into account the financial aid available for start-ups and enterprises in this state together with its extensive market potential for growth, this is the time to begin looking at these resources and possibilities. Watch market dynamics act on the available resources of the organization, and step into the new season with fresh and exciting prospects of doing business in Odisha.