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12 Best Business Ideas in Indiana

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Published on September 16, 2022

Updated on September 16, 2022

12 Best Business Ideas in Indiana

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12 Best Business Ideas in Indiana

Indiana was quick to bounce back from the sharp downturn caused by the pandemic, as shown by an increase in economic output. The state, which is known for the annual Indy 500 race and a vibrant manufacturing sector, has emerged as one of the business-friendly states in the US because of its low tax burden and high startup survival rate. 

We’ve put together a list of business ideas in Indiana for you to consider. Among the possible businesses are transport, insurance, bartending, and web design. You could also open a boutique or sell diamond jewelry. Check out the list!

1. Stationery Shop

Stationery Business

Is there anything more satisfying than a handwritten letter? It’s no surprise that in this virtual age of e-invites and Facebook events, the use of physical paper is in decline. Yet somehow, stationery is holding strong, still a $6 billion US industry that offers real opportunity for the savvy entrepreneur.

If you have a strong creative streak, you could lay out some designs and start your own stationery business. You could even work from home on your own time, set up an easy-to-use website and start making sales in no time. Of course, you’ll need the right equipment, such as design software, an affordable manufacturer to partner with and some quality marketing to attract clients. But beyond that, getting into stationery is almost as easy as writing a letter to a friend.

2. Beverage Company

Drink Business

If you’re like most people, you probably enjoy a nice cold drink on a hot day. And what’s not to love about drinks? They can be refreshing, flavorful and satisfying. Plus, there are so many different kinds to choose from. If you’re interested in starting your own drink business, you’re in luck. The US beverage industry is valued at $146 billion and still growing. Globally, the industry is expected to post consistent growth of around 2% per year through 2026. 

There are many different ways to get started in the drink industry, so it’s important to do your research and figure out the niche market that’s the best fit for you. Will you be focusing on carbonated drinks, wine and spirits, coffee and tea, water, juice, beer, or energy drinks? Once you have that figured out, find reliable suppliers and work on your regulatory requirements to make sure your business is legally compliant. Having a website and social media accounts would promote your business and increase your chances of success.

3. Junk Removal

junk removal business

You’ve probably heard that real estate has been booming of late. But you may not realize that this also means the construction industry has been doing well, which consequently means that demand for junk removal services has been on the rise. The construction of new office buildings and residential properties creates massive amounts of waste and used materials. As a result, the US waste removal industry is now worth $60 billion and seeing steady growth, and if you don’t mind a bit of heavy lifting, now is an excellent time to start your own junk removal business. 

It’s probably easier than you think. You’ll need a truck, as well as the right tools and equipment — both of which you could find with a bit of online digging. Most likely, you’ll also need a commercial driver’s license, as some of the loads you haul are likely to exceed the weight limit allowed under a normal license. Finally, you’ll want to reach out to contractors, construction firms, developers and property managers to offer your services. 

A smart approach is to offer a discount to attract your initial clients. Then, once you’ve delivered fantastic service, the referrals, and the cash, should start rolling in.

4. Supplements Store

Supplements

If you’ve been thinking about starting a supplement business, now is the time to do it! Sales of multivitamins and supplements spiked more than 50% at the start of the pandemic. In 2022, vitamin and supplement manufacturers in the US were estimated to have earned at least $35 billion. The market is expected to grow marginally in the next five years, with e-commerce sales representing a big opportunity for the industry.

A supplement business can be a very lucrative endeavor. However, it’s not without its challenges. To get started, you need to comply with licensing requirements and other regulations relating to vitamins and supplements. You also need to choose your products well, find reliable suppliers, develop your brand, and get creative in promoting your products. Since the latest trend is selling directly to consumers via the internet, you have to develop your e-commerce website and boost your online presence. Expect to devote a lot of time and effort to your supplement business to ensure its success.

5. Tow Truck

Tow Truck

If you’re an entrepreneur looking for a new business opportunity, starting a tow truck business may be the perfect choice. For one thing, vehicles are constantly breaking down, which is why towing is a fast-growing $11 billion US industry. With just one truck you could start your tow truck business from home, help all kinds of people out of terrible jams and grab a share of that huge market. 

Of course, tow trucks don’t come cheap, and the down payment on even a used truck might cost $10,000 or more. But that’s nothing compared to the money you’ll make, as the average tow runs about $100. You’ll need to acquire a commercial driver’s license and make sure you have excellent insurance that protects both your business and your customers from potential damages. You may also need a state or local permit to offering towing services, so be sure to check with your local governments. 

Finally, you’ll need to hit on a marketing approach that helps your towing service stand out from the competition, whether that’s discounted prices, rapid service or something else. Once all that’s sorted, you’ll be driving your way to serious profits.

6. Airbnb Rental

Airbnb
sdx15 / Shutterstock.com

If you’ve stayed in an Airbnb, you probably know how easy it can be. It’s like having a home away from home! Which is why the homestay segment of the hotel and lodgings market has seen explosive growth in recent years, with Airbnb leading the way. Renting out your home as an Airbnb is an easy and flexible way to earn income, whether you’re looking for a little extra money or hoping to build a serious business. 

The crucial first step is to make sure your home or apartment can be rented out for short-term stays. In many areas today, there are laws either banning Airbnb rentals or limiting them to a certain share of local units. If your place clears that hurdle, and is in an area with some tourist appeal, you’re already halfway there. If your home or apartment fails to meet one of these requirements, you might want to look into purchasing a home or apartment in an appealing destination, which you could then develop into a popular Airbnb. 

Whichever approach you choose, the most important step is delivering fantastic service to your guests. If you can achieve Superhost status, you’ll be well on your way to Airbnb success.

7. Bartending Service

Bartending

Fictional spy James Bond wants his martini shaken, not stirred. If you’re aware that shaking a drink is different from stirring it, why not consider starting a bartending business? It’s an exciting way to be your own boss, meet new people, and make money. More than 100,000 job openings for bartenders are projected each year through 2030 in the US. The projected growth in employment of bartenders is faster than the average for all occupations. 

You don’t need to obtain a license to become a bartender. But some local laws require permits or certificates. Most states also require that those who serve alcohol in bars and restaurants be at least 18 years old. Local laws differ from state to state, so make sure you check with your local authorities. It is important that you master the basic bartending techniques and prepare some tricks of your own to differentiate your bar from the competition. Starting a bartending business is no easy task. If you are determined to make your mark, be ready to work hard and be nice to your customers.

8. Clothing Boutique

Boutique Business

Are you obsessed with fashion? Do you have an eye for trends? If so, starting your own boutique may be a great fit for you. Following years of steady growth, the US clothing boutique industry is worth more than $18 billion. More and more of today’s serious shoppers tend to walk right past the brand outlets and department stores and head straight for the exclusive boutiques offering new, unique and vintage clothing and accessories not found anywhere else. 

To draw them in, you will need to establish a strong based on your own sense of style. You might embrace a pre-WWII theme and embrace flapper dresses, hats and brooches. Or maybe you’re a disco lover and all about bell bottoms, short shorts, tube tops and more. Or you could go with a clean and simple, more futuristic look. The key is finding and highlighting your own sharp fashion sense. If it’s right, the shoppers will come.

9. Diamond Jewelry Store

Diamond Jewelry

Diamonds are shining brighter as jewelry sales quickly rebounded with double-digit growth from pandemic decline. The mining and cutting segments also posted higher earnings. If you’re thinking about starting a diamond business, you’re on the right track. Global demand for diamonds is expected to remain robust, with jewelry sales growing 3% per year through 2027 and top suppliers De Beers and Alrosa reporting financial gains. This strong demand is driving prices up in the US.

To get started, you will need to choose your niche. Are you going to focus on natural-mined or lab-grown diamonds? Which segment are you targeting – cutting and polishing, or retail? You also need to check out federal and state regulations concerning the diamond industry, especially on rough diamonds trade. Next, make sure you have the necessary resources in place, such as capital and space to operate your business. Finally, market your business and create a brand that customers will trust. With the right planning, you can be successful.

10. Web Design

Web Design

Do you know of any legit business that doesn’t have a website? That’s right — in today’s digital world, businesses need to have a decent website if they expect to be taken seriously. That’s why web design is a $40 billion industry that’s seeing steady growth as the number of new US businesses hits record highs. All those new companies will need websites, which means right now is a great time to start your own web design business and design a bright future. 

First, if you’re not already an established graphic designer, you will need a bit of training. But there are many helpful options out there, including online educational platforms that offer subscriptions that allow you to take as many classes as you want. Alternatively, many universities offer affordable website design certification courses. Once that’s sorted, the next crucial step will be building your own website, which has to be fantastic or nobody will trust your skills. 

With some quality social media marketing, you should be able to rope in a client or two. Impress them and you’ll be on the road to design success.

11. Transportation Service

Transport Business

Goods and people always need to be moved from one place to the next, which is why reliable transport is always in demand. Transportation and logistics are both fast-growing industries, and you could ride the wave by starting your own transport business and helping the world get moving.

The first step is to identify the kind of transport service you want to offer. You might offer rideshare and taxi services, group transportation and shuttle, logistics and courier services, or something else entirely. Once you have identified your niche market you should decide whether to open a hub and office space, or to be based out of your home. If you choose the latter, understand that your website will be absolutely crucial, and must be impeccably professional to attract clients.

But before you launch, be sure to research the necessary permits and licences required for the line of transport you choose. The last thing you want is to face massives fines just as business starts booming.

12. Insurance Agency

Insurance Business

Starting an insurance business can be a great way to make a profit while helping others plan for the future and hedge against financial losses. The global insurance industry has been growing, with revenues estimated to reach more than $6 trillion in 2025. Analysts believe the industry is poised for a more rapid growth as the world recovers from the pandemic. This could be the right time for you to start your own insurance business.

You can start small by setting up an office affiliated with a major industry player. Before you launch your business, you need to know your products well and focus on a niche market. Will you be offering property, health or life policies, among others? You’ll also need to consider the emerging technologies in coming up with business models. It would be helpful if you have actuary skills, some customer service experience and great networking skills.