Small business, is the driving force of the local economy in India and many other countries across the globe. Among other things, established companies jobs to a sizeable working population. ‘For business owners, though, the journey from setting up business in India to consolidating it necessitates out-of-the-box approaches.
Companies that represent small business in India also follow the universal principle for business operation. In today’s competitive business world, only those companies that adapt to the changing business dynamics survive for a long time. To do it effectively, a company not only needs a stable economic base but also the ultimate success mantra to bring in new customers.
Do you dream of setting up a small business in India? If yes, then you are not alone. There are several other individuals who want to do the same.
This post will highlight some small business ideas that will help you make the most of your dream.
Some lucrative small business ideas
Who doesn’t want to be one’s own boss? In fact, this is a dream-come-true feat for almost all individuals. However, you are likely to come across two primary challenges while trying to translate it into reality: budget and profit margin.
Every business needs some sort of investment. So, you need to have some funds or capital upfront. After investing to set up a business, the next thing you need to think about is running it in a way that you get good returns on investment. Here is a list of some business ideas that will help you do it.
Even as the market is replete with books and other resources to be the best cook, there are foodies who want to have their favorite cuisines without doing the hard work involved in cooking.
Also, food is the aspect that makes or breaks the deal of most occasions in India. In such situations generally look for a reliable catering service. High demand for food and low investment makes the catering business one of the most profitable small business ideas in India. On average, the profit margin for this business is in the range of 30%.
If you wish to make money by serving delicious and healthy food, then the restaurant business is the perfect idea for you to step into the world of small business. The demand for food hardly goes down. Plus, the restaurant business yields a profit margin of 25%.
Due to these reasons, the restaurant business is considered one of the most profitable business ideas in India.
Home is one of the basic amenities of individuals. Everyone looks for a shelter. As such, the demand for a home never falls. However, there can be a turbulent phase in this sector from time to time due to the growth or decline of other sectors and the income level of people.
If you are successful in selling a home, you can expect to get a commission of 1%. Given the high prices of homes, this margin can culminate in a sizeable profit. This makes real estate business a lucrative business idea in India.
Cybercafe and gaming parlor
The internet revolution has changed the lives of average Indians in many ways. Gone are the days when the use of the internet in India was confined to business purposes. In the last few decades, there has been a surge in the personal use of the internet. Not everyone in India has a computer or a laptop. And not everyone in India wants to access the internet on a smartphone. Such users generally look for a cybercafe or an internet cafe to fulfill their browsing needs.
Likewise, in today’s stressful life, everyone looks for entertainment. Nothing entertains people as much as games. So, they look for game parlors for entertainment.
With a profit margin of 20%-25% compared to the initial investment, these constitute successful small business ideas in India.
Are you a specialist in beauty services? Or, do you have a team of hairstylists who are well versed in the tricks of the trade? If yes, then the salon business is for you. Everyone wants to look good. As such, the demand for salon services virtually never comes down. All you need is skills if you are going to do it yourself. Or, you need a skillful workforce to run your business with a team of hairstylists.
The profit margin for this form of business lies between 20%-30%, depending on the nature and quality of service.
Mobile repair and sale
Given the ever-increasing demand for cellular phones and their repairs, it makes perfect sense to invest money in setting up your own shop. From this business, you can earn a profit ranging between 5% and 10%. This makes it a lucrative small business option.
While job hunters look for their dream job, companies look for efficient human resources. This combination makes it a lucrative small business idea for individuals to set up recruitment firms.
With this low-investment small business idea, you can expect to earn a profit in the vicinity of 30-40%.
Health is wealthy, and this innovative idea makes it an inventive business option to set up a health club. On average, you can look forward to earning a profit margin of 20%-30%. However, a lot depends on the locality in which you set it up.
You can rest assured about getting an influx of clients from time to time as there’s no dearth of individuals who are willing to spend a hefty amount of money on their health.
Website development firm
Almost nine out of ten business owners think of a business website. In this age of internet and information technology, no one wants to take a backseat in making the most of the online presence of their business.
You can think about earning a profit margin of 30%-40% if things work out according to your plan. However, your success in achieving this targeted revenue outcome will depend a lot on the skillsets of your workforce.
Investing in advertisements and commercials is a tried and tested business idea for many companies, especially the ones that deal with products. Thus, you can expect huge demand for advertisement services if you are able to run it in the right way.
The best part about it is that you can choose to either do it online or offline. No matter whichever option you choose, the fact remains that you need to work hard to establish your advertising company. But once you are able to do it, your business and its outcomes will grow exponentially.
Get started with your preferred business idea
From the long list of profitable small business ideas as listed above, it stands out that there is no dearth of choices to shine in the competitive business ideas at present. Unfortunately, though, the majority of potential entrepreneurs spend a long time in deliberation. As a result, they end up procrastinating. If you have already chosen your suitable option from the above list, start formulating plans to get started. In case you need help or assistance, do not hesitate to get in touch with a qualified consultant.
This article is written by Ahlawat & Associates – Top corporate lawyers in India.