What Is The Best Start Up Idea For Goa?
Top 5 Most Profitable Business Ideas & Opportunities in Goa
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Goa is the state synonymous with tourist paradise lying on the southwestern coast of India. It is bordered by7 rivers and bestowed with scenic locations. As the state is situated on the seashore, it has a tropical monsoon climate. The soil of goa is alluvial and loamy. Due to the favorable coastline, the state not only contributes to agriculture but also the fisheries segment. The significant crops cultivated in Goa are cashew, areca nut, rice, coconut, etc. The state is also rich in various mineral reserves such as limestone, iron, clay, bauxite, etc. Thus, mining is the second-largest industry after tourism. The other prominent sectors contributing to the Goan economy are the fertilizers, pesticides, tubes, tires, chemicals, footwear, and pharmaceutical industries. As illustrated below, the local and international tourists arriving to Goa amounted to 6,89,5234 and 8, 51, 048 respectively.
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Being one of the popular destinations amongst the domestic and international tourists, following business ideas can be executed in Goa:
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- Fish farming: Fish farming on a small-scale is accelerating in Goa. The Goan government has been launching many schemes to opt for fish farming. Considering the under-consumed impoundments and freshwater ponds, the growth potential is immense. Goa is naturally bestowed with several business opportunities to commercialize into, as it stretches along the huge Arabian Sea coastline. Due to substantial demand for sea-food internationally as well, fish farming would be a profitable idea to start up with.
- Areca-nut based bio-degradable dishware: Areca-nut is one of the most crucial crops of Goa and is commonly termed as the chewing nut (Supari or betel nut). The production of areca-nut has been increasing in the state over the span of years. The annual growth in Areca-nut production in Goa is highlighted as below:
| Year | Production (units) |
| 2014-15 | 2,895 tons |
| 2015-16 | 2,960 tons |
| 2016-17 | 3,102 tons |
| 2017-18 | 3,200 tons |
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The land of goa is favorable for the cultivation of Areca nuts and is ploughed couple of times offering fine soil making it weed-free from previous crops, facilitating maximum yield. Thus, bringing out the best of Areca-nut farming.
Goa has been severely affected due to the amount of single-use plastic, which are thoughtlessly thrown by the enormous amount of tourists flooding the state. These plastics tend to litter on the shores and chock the sea endangering the marine species. Considering the hazards of plastic waste, the state has executed several policies and schemes to curb plastic usage. Areca leaf are an appropriate alternative to plastic and polymer-based products. This renewable and organic dishware is a convincing replacement to conventional plastic-based dishware.
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As Areca-nut plantations are extensive in the state, there is abundance of raw material availability for manufacturing of the degradable areca dishware. A manufacturing unit can be set up for commercialization and can prove to be beneficial. The areca-based dishware will not be a great plastic substitute, but will also a boon for the state catering to huge amount of tourists every year.
- Eco-Tourism/Green Tourism: Also, termed as ‘Sustainable Tourism’, the core principle remains to focus on the form of travel that promotes and executes eco-friendly practices without causing harm to the natural heritage and the residents. It is one of the effective businesses to start in Goa considering the revenue generated from the wild-life, safari camps, and other ecotourism activities. Also, the travelers tend to develop deep connections with wildlife, nature, and understand the importance of a pristine environment. Eco-tourism has contributed substantially to the economy of Goa and can be taken up as a small-scale venture in the state.
- Coconut-based products: Goa is also one of the states in India with large number of coconut trees. Coconut is one of the significant crops in the State and is cultivated in an area of 25, 730 hectares and output/yield per hectare is 5014 kilograms. Coconut is of high commercial value and is often referred to as ‘tree of abundance’. Coconut has considerable applications in the medical, culinary, and cosmetic It is also high on nutritional content and can be used in manufacturing of value-added edible products.
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The efforts should be put in to produce various coconut-based products on a local and international level. Various handicraft products can also be manufactured from the shell, leaves, and husk of the coconut on a smaller-scale. It also enables in waste-reduction. Considering the wide-spread availability of coconut in the state, commercial manufacturing of coconut-based products would be a profitable business idea to start with.
- Heliconia flower trade: Heliconia, scientifically nomenclated as ‘Heliconia spp.’, was introduced and commercialized in the cut flower trade owing to its variedness and availability. Heliconia has 45 different varieties and 10 related species. Cut flower market has huge potential in fostering economic growth and providing employment. Heliconia has been to known to increase profitability in the cut flower trade across the globe due to its lasting perishability and vibrant colours.
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As interspace in coconut plantations either tends be uncultivated or under-utilized, thus offering space for Heliconia cultivation. Heliconia can be cultivated as inter-crop between the coconut plantations. Considering the same, as a part of technological demonstration, Heliconia were grown in (Bicholim taluka of the state) between the coconut plantations and the crop performed well. These flowers have high floral appeal and can be used in the bouquets in the flower business.
NPCS is one of the reputed brands in the industrial world offering consolidated technical consulting. Having evaluated the market for, ‘Business Opportunities in Goa’, executing the same would offer good returns.
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