The unemployment rate can be an issue for any country, no matter whether it is developing or developed. Thankfully, the Indian government has rapidly worked in the department and given the slogan of Atmanirbhar Bharat, which means self-reliant India. The government has launched many schemes promoting small to high-level businesses to increase employment and entrepreneurship. Most importantly, the youth of India has responded very positively.
We’ve got a huge population and demand for new business ideas in India, but the infrastructure is still imperfect. The average monthly income is low in India, so an entrepreneur has to begin on a small scale because resources aren’t that accessible. MSMEs don’t need to worry as they used to a few years back, all because of many tremendous plans and schemes launched by the Indian government to provide financial support.
Today, let’s understand what small yet best business ideas that demand low capital.
Did you know?
The Indian government has announced ₹3 lakh crores worth of loan schemes that are entirely collateral-free, which is in effect from May 23, 2020.
Low Investment and High-Profit Small Business Ideas
Fruit and Vegetable Shop
Selling seasonal fruits and vegetables is very profitable. If you’re determined and disciplined enough while implementing the idea of establishing a fruit and vegetable shop, you can get your business on the ground in no time. With the right knowledge, you can well-dominate the competition. Besides selling the common fruits and vegetables, you can look for what’s absent (or in scarcity) in your market. Let’s say nobody is selling dragon fruit in your area. You can be the first one. Just find the right supplier! Most importantly, what you’ll be selling is a never-ending demand. Therefore, it holds the first position in small business ideas that you can start right away.Do you have a shortage of cash for a shop? Just read about types of loans and grab one for yourself.
Kirana Store
Since childhood, we have been visiting Kirana stores (small grocery shops) to buy regular household supplies. You may have seen some Kirana stores expanding at a tremendous speed, and a few, which used to be just small ones, have now turned out to be huge stores and even small supermarkets. What can be a better roadmap for you if you plan to set up one Kirana shop? The owners of Kirana shops near you have seen you growing up, and if you ask them for the business tips and their experience, they won’t hesitate to share with you.You can understand the intricacies of developing and scaling a Kirana store, think about what better you can do, and finally develop this business with a little investment.
Handcraft Business
In our startup ideas list, the handcraft business is skill-based work. In this business, you generally sell decorative handmade products, and if you’re selling something unique, you can earn a lot. There’s no deficiency of craftsmen and artisans. You can develop some nose ideas out of thousands available. Further, you can hire the right craftsmen and start generating profit.
Automobile Accessory Business
To make cars and various automobiles perform high, you always need accessories. Right accessories can increase any vehicle’s life, and buying these accessories is necessary. Most importantly, many people don’t hesitate to spend when it comes to their vehicle-related maintenance. Selling basic and luxury automobile accessories can be a fabulous business idea.
Atta Chakki Business
Atta is again a never-ending demand. Today, a vast percentage of Indians believe in getting their chosen wheat variety grounded at an atta-chakki shop rather than buying packed atta. If you start this business and develop even a small customer base, your chakki will keep on running, and this will keep your pockets filling on consistently.
Motorcycle Parts Business
Compared to the bikes we had two decades back, today’s bikes have evolved a lot. Style has touched new heights, and bikes are a continuously scaling interest. However, low maintenance can kill the performance of even the highly expensive bikes. Right motorcycle parts can increase a bike’s life and performance, which is why we never hesitate to spend on accessories for the same. So, it can be a great business venture to get started.
Fancy Store Business
All of us want to look good, and many of us even copy the style of our loved celebrities. A good fancy shop has everything a person needs, which is why customers of all ages and all classes love to visit fancy shops. If you’ve got a nice collection of truly fancy stuff, you can attract a large number of customers. Most importantly, you can keep a 50-70% profit margin, and still, it won’t hurt the buyers! Establishing a fancy store can be a tremendous small business idea.
Gift Shop Business
Gifts always prove to be a great source of joy, enriching many occasions like birthdays, anniversaries, etc. You need and receive gifts for many occasions, and the demand won’t end. Also, you can get a supplier who supplies interesting and unique gifts, or even import if possible. You can reap a huge profit margin by selling gifts, and who knows, your gift shop may become the hot spot of your area.
Bangle Business
Many Indian women wear bangles, as they’re a symbol of our society. Demand and craze, both will never end. The cost of production of most of the bangle types is much lower than one estimates, while the selling price in most retail shops is high. If you establish a bangle shop and display a large variety of bangles on your counter, you can convert most of those walking into your shop.
Tailoring/Embroidery
When it comes to profitable business concepts, this one is based on a higher requirement of our life’s clothing. Also, the size of this market is huge. It is a new business idea, but sewing and tailoring have been in operation for a long time and are home based businesses. You can take orders and then complete them on behalf of boutiques with small sizes.
However, being an established, tried, and true idea, it has a better chance of becoming a profitable future venture, particularly in bigger towns where tailoring services are highly in demand. Naturally, one must undergo the necessary training and will have the necessary knowledge to increase the chances of success in this small-scale business.
Saree Retail Shop
Rating sarees even while sitting at home can be a great business, and this can highly support you not just in meeting your day-to-day expenses but also in saving. You can even open a small shop, work as a reseller of some reputed wholesaler, and easily earn a 20-30% profit margin. Like in the case of various other ladies-related boutiques, in the saree business, having more varieties means more customers and more sales.
Blogging
If one must pick one idea to make money from a list of online-based small-scale enterprises that you can run comfortably at your home, blogging, and vlogging (video blogging) are all likely to generate income. So as long as they are relevant, it doesn’t matter what one writes about or creates a video.
Some of the most highly-rated performers, including stand-up comedians, have thought of this as a possibility to increase their audience. The aim is to increase readers or views of the blog or vlog by creating interesting content. In the case of some vlog platforms, users are paid as per the number of views. With most blogs, advertising revenues are generated by Google Adsense, which helps the business generate revenue.
Conclusion
These were among the best and new business ideas. However, keep in mind that having the money to put into a small-scale business of your choice isn’t enough. It is also necessary to have the expertise to ensure its proper operation.
Before launching any business, it’s recommended to be aware of licensing requirements and other legalities involved. It is preferential to legitimate your business as it will aid you in obtaining loans and other subsidies in the future. Additionally, it protects your business from any legal action.
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