The scope for small businesses and start-ups has been exceptionally increasing globally over the last few decades. In a developing country like India, the idea of small business growth is often ignored due to the massive population. But, is it possible for any business, large or small, to sustain without an ideal customer base that appreciates the goods and services provided? However, with the emergence of “Make in India,” the country is eventually aiming to march towards creating a self-reliant economy. Thus, young and innovative minds can now hustle towards revolutionizing the business environment in the country. The government is striving to uplift small businesses by providing profitable financial schemes and support. This article will walk you through profitable ideas for small businesses, their challenges, incites, and business solution.
Exciting Ideas For A Small Business To Set Up In India – Challenges
Starting a venture of your own is like bringing your ideas to life. Often, people confuse themselves with a cluster of ideas and improper investment plans. Many struggling founders quit before joining the hustle due to a lack of direction. Besides having a precise idea, you need to be determined and confident to start a small business. Here, we have coupled small profitable business ideas that you can kick start with a low investment cost.
Culinary & Cuisine
India is widely popular for its zesty seasonings, authentic desi cuisines, and aromatic spices. The flavor of each cuisine is vibrant and varies with locality due to diversified geology, soil type, and agricultural practices. Trying new cuisines and appetizing recipes can never go out of trend. Thus, culinary innovations have no limits. If you are a person who is passionate about innovating recipes, you can kick-start your dreams with a culinary blog. You can earn good money with a minimum investment. Are you an exceptional cook? If yes, you can invest in a small catering business. All it requires is a little space. Better yet, start delivering from the confines of your home. You can always tie up with a delivery service provider or be your superfast delivery agent. Besides, all you need to work on is your cooking skills, managing skills, and acquiring adequate resources.
Challenges Faced by Small Culinary & Cuisine Business Owners
Cleanliness is a prominent factor to consider while setting up a small hotel or food service business. Maintaining hygiene plays a significant role in retaining customers. Neglecting or failing to maintain cleanliness can put your business at the stake or worse, your business could get banned by the health and food safety department. In case you have decided to establish your culinary place, make sure you make acceptable use of food resources. Do not waste what is left over. Instead, serve it to people in need; you can be a small contributor to a country fighting against poverty and hunger.
Candle & Incense Sticks Manufacturing
Manufacturing products like candles and incense sticks require fewer raw materials than other small business ideas in India. Better yet, these products can be manufactured in the comfort of your home. All it requires is wax, colors, perfumed oils (if needed), thread, and molds when it comes to manufacturing candles. Candles are grouped among products that are fast-moving in the market. Be it for lighting or merely showcasing, candles get sold like hotcakes. On the other hand, manufacturing incense sticks requires local bamboo sticks, perfumes (rose, jasmine, lavender, or any preferable scent), and paste either made of charcoal or sawdust package labels. Candles and incense sticks are products that are frequently used, not just in India but also worldwide. It can open doors for small businesses to feed large industries involved in international exports. Besides, in a secular country like India, these products are essential for religious offerings. Thus, it can be considered one of India’s most profitable and fast-running small businesses. If you have investment capital anywhere around RS. 20,000 to RS. 30,000, you can safely invest in manufacturing either one or both products.
Challenges Faced by Small Manufacturers of Candles & Incense Sticks
The amount of risk associated with manufacturing incense sticks and candles is minimal. All you need to ensure is quality manufacturing and target sales.
Marketing Business
A marketing agency is a third-party business where you need not worry about raw materials, manufacturing, or machinery investments. You are only selling your time and skills. Your service is centered on your ability to market your client’s products or services. You are your investment; there is no capital requirement to start as a freelance marketing agent. Once you acquire a firm client base through word of mouth, you can widen your horizons by building an application or website to sell your services. You can grow and create ample opportunities for several other businesses. Are you not sure if you are a great marketer? Look within, and find out what are your best skill sets. There is an excellent scope for freelance agents. You can be an accountant, graphic designer, software developer, or website manager/developer. Keep exploring until you find what best suits your lifestyle and skill set. In a technologically driven world, several youngsters are inspired to work, and they start with either smartphones or laptops. Many young influencers use their social media platforms to market products and services effectively. Quality content on social media works like magic.
Challenges Faced by Marketing Agents
Marketing may not be everybody’s cup of tea. At times, creating traffic can be tricky. Marketers hustle days and nights to create demand before targeting sales. Because generating leads is crucial to develop efficient sales. As a marketer or any freelance agent, you require key skill sets to take your client’s business to the next level.
Fashion Designing & Tailoring
Are you a creative person? Do you love designing fashion accessories? Better yet, do you have a degree in fashion design? India is an ideal place to kick-start your dream of being a great designer. It is a perfect place to find inexpensive yet alluring raw materials for clothing and other fashion accessories. Be it cotton, jute, silk, or otherwise, India is one of these raw materials largest exporters. The massive availability of raw materials makes it cheaper when compared to the rates in other countries. The demand for embroidery, lacing, hand-stitched, and other crafting work on apparel is higher in India and outside. As an Indian, you can travel to ethnical cities, and explore folklore designs and prints, to create apparel inspired by the same. You can easily start with an investment capital around RS. 50000 to RS. 1,00,000. You can always boost your sales through social media marketing and online selling/e-commerce platforms. If you want to start with a low budget, you can get yourself a sewing machine and start creating wonderful outfits from your home. Alongside planning to start as a fashion designer or a tailor, you will also have to educate yourself about the various clothing materials trending in the market. Your creativity plays a vital role in creating eye-catching dress pieces. When you start doing slightly better with your orders, you can focus on branding your small business.
Challenges Faced by Fashion Designers & Tailors
Businesses that are involved in designing or stitching apparel and fashion accessories are usually in demand. In a fast-paced world where people blindly consume frozen food over what is fresh and healthy just to save themselves some time, the slower you operate, you will lose your customers.
Artificial Intelligence
Artificial intelligence has been revolutionizing the day to day operations in ways humans never imagined before. The gaining popularity and demand for AI advancements make it one of India’s best ideas and start-ups. All you need to excel in this field is quality of service and providing accurate solutions to counter the toughest of problems. Machine learning is the central backbone of AI businesses. However, it is not an “all set to start instantly” sort of business plan. It requires persistence, determination, patience, and passion to create an advanced AI product or service. You will have to be an expert in computer technology and programming. A great entrepreneur is one that can innovate under AI to create something that counters people’s problems. Several such entrepreneurs are encouraged by the government, where they can claim up to 50% of the investment that goes into creating an AI product.
Challenges Faced by Small Businesses Driven by AI
There are several loopholes that you might have to deal with while coming up with an AI product. Minute loopholes can lead to significant security problems. Be it smartphones or auto train engines; you cannot afford to operate with drawbacks. Thus, accuracy is the key to successfully launching an AI innovation. Prioritize accuracy in productivity over spending hours only to achieve a primary outcome.
Manufacturing Jute Bags
As you all may have seen, people are consciously adopting an eco-friendly lifestyle. Plastics have been banned in several countries to support the green world. Thus, creating an excellent opportunity for jute bags in manufacturing industries. If you are a budding entrepreneur who wants to create a better world to live in, you can start with small-scale manufacturing of jute bags and other jute products. The investment required to start this business might cost anywhere around RS. 50,000 to RS. 1,00,000. India is one of the largest manufacturers of jute across the globe. If you have ever been to cities like Chennai, Mumbai, Bangalore, and the hilly regions of the Western Ghats or Himalayas, you will often find old-fashioned jute bag weavers. While the world is rapidly shifting towards eco-friendly products, jute bag manufacturing can be an excellent idea for India’s small businesses. Rural labor availability and skills make it cheaper to manufacture this product. The manufacturing of the same can bring you a fortune while you also work for a social cause. By starting this business, you can empower rural laborers as well.
Challenges Faced by Jute Bag Manufacturers
Manufacturing of jute bags can only be done manually. It may cost you a lot of time and manual effort. You can adapt weaving machinery to eliminate this issue as employing many laborers can be a demanding job for you.
Government Schemes that Support the Ideas for Small Business in India – Incites
The government of India has notified various schemes aiming to empower new and young entrepreneurs in the country. Have you been second-guessing your idea for small businesses due to a lack of investment? We have coupled a shortlist of government schemes that might be significant financial support for you and your new business.
M-SIPS: Modified Special Incentive Package Scheme
Under this scheme, manufacturers and designers of electronics are supported by electronics and information technology. In case small business owners plan to set up their venture under this scheme, they can leverage subsidies up to 25%. The scheme applies to all businesses that primarily deal with electronics.
The Venture Capital Assistance Scheme
With the breakdown of COVID-19, several urban employees have shifted to working on their village-side farmlands. The dramatic shift has been creating awareness about the agricultural business. Several employees often quit their nine-to-five jobs and return to their old town farms to work in fields. Under this scheme, the government offers various benefits for farmers in India. Almost 40 banks provide loans for agriculturists, agriculture graduates, agriculture-based entrepreneurs, and self-help groups with zero interest rates.
The assistance of Raw Material
Under this scheme, technical manufacturing businesses are given loans at lesser interest rates. The National Small Industries Corporation (NSIC) notified this scheme for entrepreneurs and small-scale manufacturers to assist them with technical and financial support and the supply of raw and indigenous materials.
Infrastructure Development Scheme
The scheme applies to businesses that are not registered under the software technology parks of the Indian scheme. Under this scheme, businesses are provided with approximately 467 sq. ft to 8657 sq. ft of space to help build their initial business setup. Businesses of all sizes can claim the infrastructure development scheme.
Atal Incubation Centres (AIC)
Atal Innovation Mission powers the AIC scheme. The scheme aims to encourage innovations by funding start-ups with up to 10 crores of Indian rupees. The scheme covers all the managerial and operational incidentals for nearly five years or less. Any business start-up concerning AI, automobiles, food, Nano-tech, and other relevant industries can leverage this scheme. In summary, the government has implemented several schemes to fuel small businesses’ ideas that can skyrocket the Indian economy. Special provisions are provided for businesses that operate with agendas to improve rural areas in India. Since its inception, the schemes have been successfully supporting businesses to employ hundreds of people in special economic zones. Media plays a vital role in a business’s growth. Making fair use of media to upscale business growth comes with its pros and cons. Whether a boon or a curse, it is up to business owners to make total sense of it. In a digitalized world where all eyes are on smartphones, it is up to businesses to make the best out of it.
Ideas For Small Business in India – Checklist
Almost every individual dream of living life king-size, owning one’s venture. Yet, only 4% of the crowd emerge as successful entrepreneurs or business owners. Several start-ups come up each year, and nearly 50% fail to sustain in the market for more than five years. While starting a business on your own, you need to consider various aspects of business requirements. Just the desire to top the A-listers in the market isn’t getting you anywhere. Dedication, hard work, persistence, and smart business practices are vital qualities of a business owner. Here, we have listed some of the key considerations that you must have on your small business checklist.
Ideas for Innovation
Innovations help businesses drive the world with an advanced force. One way to feed your innovative thoughts is to look for what is missing. Observe your surroundings to understand the situations and sufferings of people better. Your solutions seed your innovative ideas for small businesses. Focus on the day-to-day lifestyle of people around you. It can help you create a business idea that can grow in no time.
Planning
Innovation is the key to any start-up. However, it is only an idea without a precise business plan. Draw a detailed plan and sequence your execution. Planning is one of the primary considerations that you must have on your business checklist. It will drive your business with a vision that can leave a legacy.
Vibrant Work Ethics
Draw out the strategies, outlines, and boundaries to upscale your business every day. Make sure you focus on the responsibilities you share with your co-partners or employees who consistently work to make your dream a reality. Business is not all about making money; without a proper system in place, you might as well shut down in loss.
Investment Capital & Finance
No business can succeed without a healthy cash flow. However, to start a business, you need to invest in it initially. You will know your capital amount requirement once you’ve learned your business type and size. Make sure you have the required funds to start your business. Once you’ve started a business, you will require financial support to help the business grow initially. You will have to invest in various business aspects. Thus, having a clear financing pattern is crucial in developing a business in the long run.
Location
Location is one of the prominent factors that any business start-up must consider. Location plays a vital role in the success of a business. For instance, a manufacturing unit is ideally set in a space where the business can save taxes, water, and electricity bills, and quickly access raw materials and labor. Wherein businesses that sell niche products need a location that sells them. If you are an IT company, it is ideal that you start amid a software hub. In case you are a business that requires an office setup, you will have to consider setting up in a place with good transportation facilities, parking space, refreshment areas, etc. Regardless of your business type, choose a location that fits your budget, and complements your business growth.
Technology
In today’s fast-paced world, technology has revolutionized the way businesses operate. India is the third-largest user of the internet, primarily due to its population of 132 crores. You have a vast arena to build traffic and influence your target customers. Thus, technology is a crucial business component that you cannot ignore while starting your small business. Be it equipment, business tools, machinery, plant, or GST software installation, you need them to efficiently monitor your business operations. You need to consider various factors before implementing the right systems in place. Assess your business requirement to select what best suits your business goals. Make sure that you are well-trained before implementing anything. Educate yourself enough to be able to manage installation, upgrading, and other vital technical activities. In the end, make sure you make the best use of it.
Engaging With a Social Cause
Engage your business with social causes for societal well-being. Share responsibilities before focusing on building traffic and tax reduction. Provide value to customers before you ask them to value your business. It can play a vital role in gaining your customer’s trust. Once you accomplish that, nothing can stop your business growth.
Ensure the Needs of Your Employees
Your employees are the ones that can either make or break your business. You need to have an effective staff recruitment strategy. Tie up with a recruitment agency to hire ideal candidates that define your business goals. You can also hire through various recruitment portals online. Make sure you hire the right candidates. Provide necessary tools and crafts that your employee requires to get the job done for you. A delay in providing adequate support to your employee can hurt your overall business functions. You can also enable work from home in case of emergencies or on worker’s problems. Keep a constant check to make sure that your employees’ needs are met each time.
Product or Service Demand in the Market
Once you’ve finalized your business roll-outs, your last step is to explore the markets. Know what market promotes your product or service. If there isn’t any, you must create demand for your business in the market. It ultimately depends on your ability to convince your customers. Tell them how you can make their lives better compared to your competitors. Luckily, social media has made it a lot easier for businesses. Start working on it right away!
Solutions for Small Business & Start-up in India
Enterprise Resource Planning (ERP) is the best software for small, medium, or even large-scale businesses. It helps increase productivity and saves time by enabling businesses to scale account management. ERP solutions for small businesses in India can also help downsize labor costs and manual processes.
- ERP software helps a business generate invoices, bills, and quotations with multiple numbers, in just a few clicks.
- It helps increase productivity.
- The software provides cloud storage facilities as per the package you choose.
- Some of India’s leading ERP solutions, such as GrofleX online accounting software, come with a user-friendly interface. It only requires basic technical knowledge to use this sort of software solution.
- It helps maintain a cutting edge over your competitors.
- The ideal software solutions help your business stay GST compliant. They automate GST returns filing and other tax procedures.
- You can automate payment reminders and get paid with zero hassles.
- Your accounting software can be your new marketing strategy.
- ERP solutions help manage all your business resources effectively.
Are you eagerly looking for business-related solutions? Do you think you require ideal software to manage your business data? Check out GrofleX GST billing software for easy returns filing, GST invoicing, impressive quotation creation, etc. GrofleX is one of the pioneers of the best accounting software in India, helping small businesses, start-ups, entrepreneurs, freelancers, and solopreneurs to build on their dreams.
Conclusion
Businesses in particular (small, medium, or large enterprises) to have a successful path need to work with an open mind. Individuals capable of handling both ups and down in a progressive way can sustain themselves in the long run. Choosing to opt for an ERP solution can rid you of the risks of fraudulent activities and business operations’ mishandling. Therefore, with the right software in hand, your business stays protected and technically advanced. As mentioned earlier, it is a great time to kick-start your start-up in India. With the ongoing economic crisis, a developing country like India has several unique business opportunities to offer young and innovative minds. “Aathma Nirbhar Bharath” is entirely dedicated to helping small businesses in India to grow efficiently. If you want to take your business to new heights from inception, subscribe to GrofleX.in. Keep track of each transaction effortlessly. Poach new clients, create GST invoices, and manage your finances effectively. GrofleX is an invoice generator software that comes with tally integration and purchase order management features. It is a one-stop solution for all your business accounting needs.
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