Are you an aspirant planning to start a business of your own? Starting small is the key to significant expansion. However, it can be slightly hard to map out comprehensive strategies for a start-up. No worries! We are here to help you out. In this article, we will walk you through the essential “ready to go” knowledge of the modern business world – small business ideas, types, legalities and registration, problems, solutions, and more. There are various significant fields that you must be cautious about before you plan to start your own business. Like they always say, “prevention is better than cure”. Be it knowing how to avail the government schemes like “Aathma Nirbhar Bharath”, “National Small Industries Corporation Subsidy” or the primary business crisis that you might walk yourself into; you need to understand the know-how of everything.
Best Small Business Ideas for 2020
Working nine to five may not be a dream job for everyone. If you are planning to quit that job of yours and join the club of being your own boss, you are in the right place. Thinking of a small business idea can be cloggy at times. When you are incredibly passionate, it can be challenging to find an ideal direction. To help you, we have compiled small business ideas for anyone who wants to run their own business. Use them as a starting point to come up with your unique ideas. Sometimes, finding solutions to the problems in life can be the most outstanding business idea you’ll ever come across. Are you ready to take it to the next level? Here’s a comprehensive list of small business ideas for Indian aspirants.
1. Selling Crafts Online
Do you love creating crafts? Crafts are never out of the market. If you know what art people love buying, you are almost there. Create high-quality crafts and sell them online. Several online platforms help people sell their crafts easily.
- Launch your digital store.
- Create unique crafts.
- Use your creativity to make them sound alluring online.
- Sell them for great reviews at the best price.
Although crafting is a bit time consuming, it is worth the time. Improvise and repeat the process until you find your fit in the market. You can be your boss from the confines of your home with these home-based business ideas.
2. Blogging
There might be several websites that host various bloggers online. However, not many blogs are known to provide value to their readers. It can be an excellent opportunity for you to throw your writing skills out there.
- Start your blogging website.
- Create high-quality content.
- Use relevant keywords to get more traffic to your website.
There is no limit to how much you can earn on the internet today. If you stick to your unique niche, you can make money easily through ads, promotions, and collaborations.
3. Affiliate Marketing
Affiliate marketing is more like being a digital salesman. Your job is to redirect people towards a specific platform or website to pool more traffic for your clients. If you have what it takes to harness significant traffic, you can open an affiliate marketing firm of your own.
- Promote products or services online.
- Use your blog, website, or YouTube channel for its advantage.
- Get paid from your clients and affiliate programs on a commission basis.
Affiliate marketers usually charge anywhere from 10% to 60% commission on each product or service sold. It is one of the fastest-growing fields on the internet. There is a lot of money that you can earn in this field. What are you waiting for? Get started with your website or blog so you can make some passive money shortly.
4. Courier Service
You can launch an application that provides various courier services. Build an online platform where you pick up and drop parcels. You can choose to deliver food, laundry, and other essential needs that are in high demand due to the ongoing pandemic where it has become hard to travel anywhere.
- Pick up parcels.
- Drop off the parcel at the location.
- Get paid accordingly for the distance and service.
Starting a small business in this field has an excellent scope for expansion. You can start small and expand to hire more people who can do the job for you.
5. Social Media Manager
The internet has become an important market place in today’s modern world. Several businesses now prioritize social media to promote and sell their products and services. Companies are in a constant hunt for a great social media manager.
- Create engaging social media content for your clients.
- Be updated concerning the latest trends on social media.
- Use relevant SEO and hashtags.
- Create a great fan base by increasing the followers on the social media handles.
- Respond to quarries and DM’s of the potential customers.
You can initially start it off as a side hustle and launch a firm of your own shortly. Do a little research before you get started. There are various essentials that you need to understand as a social media manager. Prep yourself up so you don’t end up walking yourself into disasters.
6. Online Tutor
Several educational institutions are offering online classes due to COVID-19. It has been challenging for parents to find the right tutor as its impossible for teachers to pay one to one attention in online classes. If you have excellent teaching skills, you can either start online tutoring or build a team of three to four teachers to start a small tutoring academy.
- Conduct hourly classes for each student at a time.
- Take classes on Skype or Facetime for quality tutoring online.
- Get paid on an hourly basis.
Bringing value to a child’s life is the most meaningful professions of all. Suppose you are an inexperienced tutor, you can check out various companies that offer similar tutoring courses on the desired niche. Likewise, you can also create online courses of your own.
7. Event Planner
Have you ever volunteered for an event? If yes, you can kick start a wedding planning business of your own. All you need are the primary communication and organization skills.
- Search for events and gigs, if possible sign up to online platforms that will help fetch clients for you.
- Plan and organize unique events.
- Coordinate with vendors, caterers, and other organizers.
- Manage budget.
- Build your team or hire volunteers.
With the emergence of digital events, this business idea has an enormous scope. If you try squeezing the budget, event management can fetch you the right amount of profits.
8. Make-up Artist
Make-up is mostly a pass time passion for most people. But not many realize that they can make it a full-time profession. Working on your skills and building your client base can land you on big projects. Many theatre organizations are continually looking for make-up artists. Although this can incur slightly higher investments, the return on investment is boundless.
- Get ahead of networking with clients.
- Propose theatre organizations and other make-up schemes.
- Step into bridal make-up and other occasional client’s requirements.
Suppose you want to stay home and make money out of your make-up skills. Open a YouTube page or start blogging on various social media platforms. Create make-up tutorials and direct them to your target audience. you can gradually earn through ads and promotions with an excellent fan base and viewers.
9. YouTuber
You can start your own YouTube channel anytime! Whether you want to create content on tech, travel, food, mems, or fashion, all you need to do is provide catchy and quality video content. Once you achieve 4000 watch hours in the given time frame of a year, you will gradually start earning more.
- Stick to your niche and provide quality content.
- Promote your videos on social media platforms.
- Work on promotional, collaborations, and sponsored content.
- Focus on pooling more comments and subscribers.
You can start with your necessary skills and improvise later. For YouTubers, it may take anywhere from six months to a year to grow popular.
10. Photography
Photography is one such passion that every youngster in India wants to pursue as a full-time profession. There are varied fields in photography from modeling shoots, wedding photography to wildlife shoots. Do you have a DSLR and adequate knowledge about photoshop and other editing software? You are all set to kick start your photography studio.
- Join a networking club to build the client base.
- Work on getting clients based on word of mouth in the initial stages.
- Work on the photography niche that interests you the most.
- Create a portfolio of your best works.
Being a photographer is not an easy job. But if you are one, you must utilize all your skill sets to the fullest. Expand your horizons on social media platforms, work hard until you get where you desired to be.
11. Travel Agency
The travel industry is most likely to experience a significant boom post-pandemic. Thus, it’s a great time to involve yourself in the travel business. You can start building on it now, so you are all set to launch successfully once all the travel restrictions are lifted.
- Create unique and tailored travel packages for your customers.
- Try to provide the best services as per your customer’s budget.
- Talk to hotels and transportation service provides to get the best B2B prices for you.
You can quickly grow in the field of travel and tourism. Make sure that you prioritize customer satisfaction as it is a crucial factor to succeed in this area of business. It is one of the best small business ideas if you love hosting people and giving them the best travel experience.
12. Online Bakery
Do you love experimenting in the kitchen? Are you a foodie that often bakes yummy bakery items? The online bakery is a great small business idea for you. You can innovate while you bake and price accordingly on customization and specifications.
- Bake delicious delicacies in your kitchen.
- Create an online menu where people can place orders.
- Deliver the orders with excellent presentation.
You can also make some baking tutorial videos to promote your products alongside and grow your online presence on social media platforms or your website. Once you earn enough profits, you can also start a small café.
13. Freelance Writer
Having exceptional writing skills is a great boon. Several online platforms allow you to bid for freelance writing work. The scope for freelance writers has immensely increased in the past decade. There is a wide range of content niche that you can choose to work on.
- Schedule an ideal work hour.
- Select a niche that interests you the most.
- Build global clients.
- Get paid per hour or word as per the client’s pay plan.
Freelance writing might not be as easy as it is to write essays. There are various factors like plagiarism, grammar, SEO, and a lot more that you must be well aware of to start. Once you do well and gain enough clients, you may also expand and hire other writers to work for you.
14. Website Developer
The demand for website developers has continuously been in streak since the inception of the internet. If designing is your best asset, you can step into this small business where you can create wonder through your exceptional creativity.
- Create layouts for your client’s website.
- Be technologically advanced while building the functionalities of the website.
- Focus on the navigation elements, ensure its user-friendly.
- Be specific in terms of choosing, themes, colors, graphics, font, schemes, and other aspects of core designing. Make sure you create what well defines your client’s business.
- Install easy updates as per your clients’ requirements.
Website designing is one of the coolest small business ideas to start with minimum investment. You can opt to take some graphics and designing courses to produce exceptionally brilliant work.
15. Graphic Designer
If you are mostly into graphics, you have ample opportunities to shine in this field of business. Most graphic designers work solo. As a graphic designer, you will have all the freedom to work independently on products that attract you the most.
- Plan the product layout as per your client’s requirements.
- Be precise in choosing the color schemes.
- Workout on various sketches to provide ample options for your clients.
- You can design logos, brochures, campaign ads, magazine content, video creatives, and more.
Although the profession pays you less initially, you can upscale your pricing once you build a great portfolio in this profession. Several large companies pay exceptionally well for graphic designers.
16. Consultancy Services
If you are well experienced with the organization and business development ideas, you can start a consultancy firm. With most large organizations outsourcing major client management tasks, you have a great scope to gain popularity in this field.
- Advice companies that help them upscale their niche of expertise.
- Fill organization management loopholes in your client’s company.
- Get paid on a commission basis on the results obtained.
Consultancy service providers are one of the fastest-growing small businesses in India. If you want to run this business all by yourself, you can start as a home-based consultancy service provider.
17. Custom T-Shirt Designing
Custom t-shit designing has now become a trend. People love getting their desired prints on plain t-shirts. You just need a t-shirt printing machine to be able to customize designs. The growing scope for this business has also made the necessary machinery costs slightly inexpensive.
- Get an automated machine that can save you a lot of money, effort, and time.
- Design or print designs as per your client’s choice.
- Provide courier services to build clients across state borders.
Designing t-shirts need minimal skills, but growing the business might require a little effort from your end. Go viral with your designs on the internet. You can also print unique designs on inexpensive yet quality t-shirts to earn more profits. Sell them on online platforms that will help you increase sales.
18. Second Hand Goods Seller
Do you have a pile of unnecessary junk occupying all the free space at home? Start selling them online. If you may know, that’s how garage sales in foreign countries work. The difference is, they sell it offline. Instead, this way, you will have a wide range of customers available online.
- Sell your used products online.
- Sell other’s used products online.
Ones you have coupled enough money, use that as an investment to buy used products out there and flip the prices online. You can earn some easy money by doing this. It is one of the coolest small business ideas out there.
19. Tiffin Services
The food business is exceptionally profitable. You can just make use of your own kitchen space to make a lot of money. Target customers who are likely to be college-going students, people at a job that find it hard to cook for themselves. Having food outside every day can be unhealthy and expensive. Your home-cooked tiffin boxes must solve both problems.
- Always keep hunting for customers.
- Cook food from the confines of your kitchen.
- Pack lunch boxes and get them delivered to desired locations on time.
Once you start receiving orders in bulk, you can team up with some housewives who might be interested in joining your successful business. Earn some extra errands over your free time at home.
20. Yoga or Dancer Instructor
If you are an expert in either yoga or dance, you can start an institution by building small batches. If you do not have a place of your own, you can begin teaching your clients in public places like parks or gardens.
- Conduct dance and yoga sessions batch-wise.
- Tie up with an organization where you can teach the pool of people at once.
If both aren’t your preference, you can make tutorial videos and outshine your talent on the online platforms. With most people consciously adopting a healthy lifestyle, this can be an evergreen business idea for you.
Unique Small Business Ideas
Are you willing to invest a little bit of money into starting your own business? Here are some of the unique small business ideas that might be an ideal choice for you. Choose the niche that you would love working on and go for it.
- Health-Care Services
- Small Scale Manufacturer (Incense Sticks, Notebooks, Invitation Cards, etc.)
- Food Product Manufacturing
- Hand Made Fashion Accessories
- Taxi Service Provider
- Information Technology
- Food Truck
- Repair and Service Centre (Cars, Mobile Phones, etc.)
- Children Oriented Business (Gaming & Tech)
- Restaurants and Cafes
- Customized Gifting Services
- Mobile Phone Accessories Store
You will have to work on various business skills to be able to carry out these small business ideas. Do not shy away, but work on improving your skill sets. Emphasize on learning a little bit of everything. Be it operations management, finance, marketing, or human resource management; you got to know it all to be able to handle your small business initially. Once you grow large, you can always hire people to do the job for you. Modern business owners often choose to automate business operations to rid themselves of the risk of manual errors and excessive time consumption. Outsource some of your business functions to be able to better focus on your crucial business activities. There are various online business tools, such as accounting software and business intelligence software that offer cost-effective business solutions. If you want to know how small business integrated software can solve all your business problems, check out groflex.in. Reach out to our customer support team for better guidance and understanding.
Small Business Ideas – Types of Business Ownership
Now that you have known a wide range of small business ideas that can be a massive success in the Indian markets, it’s time to think of how to start your business. You can choose to start solo or opt for different types of ownership sectors at your convenience. Here, we have listed various sectors of business ownership that are a feasible option for Indian small business owners.
Sole Proprietorship
Most business owners prefer operating solo, and that makes sole proprietorship one of the most common types of business practiced in India. As the name indicates, it is a self or individually owned business. The entire responsibility of the company is bestowed on the business owner alone. You will require INR 500 to register yourself as a sole proprietor. The legal procedures are much easier and help get your business on track in no time. The major drawback of choosing this kind of ownership is finding investors. So, make sure you brilliantly pull off the financial baggage on your shoulders.
Limited Liability Partnership
If you are planning to start your business with multiple partners, you can register your small business under the Limited Liability Partnership. The registration may include a few procedures. You can register as per your respective state government policies. However, few states do not support this type of business ownership. Businesses that fall under this category involve shared responsibilities that streamline the business workflow. It is comparatively easier to poach investors under this type of business ownership. The limitation of this ownership can be tax compliances as it incurs more tax. However, businesses can claim ITC under various government start-up schemes.
One Person Organization
The One Person Organization (OPO) is usually misunderstood with the Sole Proprietorship organization as both share the synonymic word “one” and “sole”. But the difference is, the one person organizations share the ownership between the owner and a “second director” or “second shareholder”. Both share their responsibilities equally or partially. The number of directors or shareholders in this kind of business is limited to 15 members. It primarily ensures the safety of the owner under unfavorable circumstances. People involved in this type of ownership are bound to a contract for at least two years from the date of registration. Only Indian citizens can register as a one-person organization.
Other Types of Small Business Ownership
Apart from the ownership types mentioned above, a small business can opt for other options. Usually, they choose the following type of ownership when small businesses plan to expand in various markets. It gives the freedom of having a certain number of shareholders which limits their liabilities.
Private Limited Organization (PVT Ltd)
These are private businesses where shareholders are most likely to be family members. Their shares are not open to the public. They can choose to involve 2 to 50 shareholders in this type of business ownership. These organizations are commonly profit-oriented, where their legal information is entirely private.
Public Limited Organization (PLC Ltd)
These are public businesses where the shares are held open to the public in the stock market to raise the capital. The shares are transferable, and organizations have no limit concerning the number of shareholders. The responsibilities remain limited, but fraudulent risks are higher.
Joint Hindu Family Business
These are business that operates jointly, sharing ownership among family member. Most traditional businesses in India follow this type of business ownership. Legally these businesses are ancestral properties that are mutually owned by the member in a joint family. These businesses can enjoy various tax benefits, unlike any other ownership.
Co-Operative Organization
A set or a group of people who stand together to work towards a common goal usually forms this kind of co-operative organization. These businesses are created with unified objectives and co-operation of members from society. These organizations are often prone to corruption and lack of interest due to minimal liabilities.
Non-Banking Financial Organization
These businesses are financially driven, involving financial services. They operate under the wings of RBI (Reserve Bank of India). Most small banks use under this type of ownership where they provide loans and credits to those in need. A banking license is mandatory to start this sort of business.
Small Business Ideas – Legal Procedures of Registration
1. Incorporation
Firstly, businesses have to first incorporate or register themselves under the law. As per the various ownership types explained above, you can choose what option best suits your business goals
2. Documentation
Secondly, business owners will have to sign all the necessary documentation. It includes signing the documents where all the roles and responsibilities of the owner/director are well drafted.
3. Registration & Licensing
Thirdly, the business has to obtain licenses and registration certificates from the concerned government authorities. Some of the essentials licenses or registration certificates include the following –
- PAN (Permanent Account Number)
- TAN (Taxation Account Number)
- Tax Registration Certificate
- ESIC (Employees’ Insurance)
- VAT (Value Added Tax)
- EPFO (Employees’ Provident Fund Organization)
4. Trade Marking
Fourthly, businesses are required to have their unique trademark. One has to come up with logos to avoid duplication.
5. Building Accounting & Taxation System
Lastly, businesses must focus on building their taxation system. One has to either co-operate with CA’s or hire accounting software to streamline and track each transaction. Consult Groflex.in to rid from the hassles of building and maintaining an ideal accounting and taxation system.
Small Business Ideas – Challenges
Owners most commonly come across various hurdles during the entire life cycle of their business. Depending on the type of business, owners must prepare themselves well in advance to stand against any unfavorable circumstances. Some of the typical business problems are listed below.
- Registration of the Company
- Lack of Finance
- Infrastructure/Business Structure
- Filing GST
- Online GST procedure
- Availability & Utilization of Raw Materials
- Lack of Planning
- Lack of Expertise
- Lack of Marketing
- Lack of Technology
Businesses must follow unified procedures in each of their operations to overcome the expected hurdles. Owners must focus on employing minimum staff and use advanced technology instead of profitable functionalities. It is vital to keep track of expenses to stay ahead of competitors.
5 Way Right Business Software can Skyrocket Your Small Business Ideas Growth
Businesses are primarily focused on running profitably. They emphasize on increasing the efficiency of the business to yield higher outcome. But how do you do that? Modern businesses adopt business intelligence software tools that automate manual operations to increase the efficiency and productivity of the overall industry. Integrated accounting tools have been helping business owners take their firms to the next level. Here, we have listed five key advantages of hiring business tools.
- Ideal Customer Relationship Management
- Customization of Quotes & Invoices
- Frequent Follow-Up of Sales Leads
- Project Planning & Tracking
- Simplified Workflow
Implementing integrated software is a comprehensive business solution. It makes it a lot easier to handle business operations with a single solution that offers to invoice, quotations, purchase order management, tally, GST accounting, returns filing, digital marketing, etc. Never heard of a software that does it all? You must log in to Groflex.in, pioneer of accounting software in India.
Conclusion
Starting a small can be an ideal choice considering the scope and size of the market. If you feel stuck at home, do not worry. The above-mentioned ideas for small businesses to set up in India works under all circumstances. They are drafted concerning the ongoing economic crisis and can be launched from the confines of your home. Today you want to start a business; you want to give your best shot at it. What are you waiting for? Step right in! Launch your small business idea today. Grow your business effectively with Groflex cloud-based accounting software, one of the best small business solutions for Indian owners. The company has been helping several businesses in India to experience significant growth. It organizes an efficient workflow and streamlines workhours by limiting the time consumption. Our accounting software might be the best fit for your organizational goals. In case you need assistance regarding starting your business accounting, you can always get in touch with our support team.
