This guide has everything you need to know about Business Ideas in India 2020
Do you Want to build something of your own or still want to continue to work for someone else and let him/her take away the benefit of your efforts?
We all have faced similar question at some point in our lives but how many of us took a step ahead and tried to create something of our own.
Most of us are bogged down by the fact that starting our own business will need a lot of investments and it becomes too big a risk for us to put all our savings into a new venture. Also, our expectations of getting high returns do not let us materialize our ideas into enterprises.
But I strongly feel that more than worrying about the investment what you need to worry about is having the willingness to create an enterprise and a talented and agile team to materialize the business idea to a successful firm. And if you possess both of these, then after enough head-scratching we have brought you following 15 business ideas in India that require very low investment.
Small & New business ideas in india
How about having your own farm at your house?
Sounds great right! Though Green revolution eliminated the food scarcity in the country, it let harmful pesticides and insecticides make their way to underground water reserves and through other ways have managed to enter our food chains. Contamination of soil and water is continuously making agricultural harvest harmful to food consumption. Also, increasing demand for food for the increasing population has led to deforestation and the affected environment in a very harmful manner.
To address this problem, innovation and technology have brought up this concept of hydroponics where you can grow fruits and vegetables indoors and with very less amount of water and most importantly without adding any harmful pesticides or insecticides. Currently, there are very few players in this industry and if you plan to get into this business, it will endow you with the first mover’s advantage enabling you to capture the growing markets quickly.
2. Become a financial consultant
“Can you help others making money?” “Yes, why not? But how is it going to help me?” I have asked the same question several times from my friends who have a good financial sense. And all of them answered in a similar manner. Let me tell you that financial consulting is a big business in itself. And it hardly requires any investment. You need to have a flare on how to save tax, where to invest, how much to invest, how are current market trends behaving.
Your customer segment will be that of millionaires who earn enough money but don’t know what to do with that excess amount of money. Capturing such customers and helping them to make money will fetch a lot of commission and your earnings will be proportional to the earnings of your customers. And this feature of business will keep you motivated to strive even harder.
3. Food Catering services
I am sure during your college days you would have wondered as how much money your food-mess owner makes. Or you would have ended up paying a hefty amount to the caterer in some family function. You very well know the profit numbers. So, if you know how big profit making this business is, then why to delay venturing into this business. And it does not pertain just to college food mess, you can serve canteens of big corporates, government offices, hospitals, guest-houses, etc.
Serving catering services in events is very profitable, the only thing you need to take care of is variety and taste of food that you make. I remember my grandfather introducing me to the food caterer in one of our family functions saying the same caterer only prepared for my father’s marriage. With this instance, I want to reinforce the already stated fact that how the taste and quality of food affect customer engagements over generations in this business.
4. Become a distributor for an FMCG company
Right from the time we wake up in the morning till the time we sleep, we use products that are categorized as FMCG products. Be it a toothbrush, bathing soap, flour, vegetable oil, and many other such items we use them in everyday life. Because of this, FMCG giants make billions of dollars every year. So, I am proposing an idea to get a share from the profits of FMCGs.
If you closely look at how these FMCG companies sell their products to customers, you will get to know that there are distributors involved which sell the products to retailers and end customers buy from these retailers. Distributors stock these products in their godowns and sell them to retailers as demand arises in the market with the help of salesman provided by the FMCG company itself. So basically, all you have to do is store the products and distribute it to retailers and get really good margins on every product.
Companies like ITC, Marico work on credit systems which means you will have to pay these companies after you have sold the products to the retailers. And you can further increase your earning by becoming a distributor for more than one company.
5. Third-party logistics
provider Everyone has got a very hectic schedule nowadays and want everything to be delivered on their doorstep. This is one of the main reasons why e-commerce companies are flourishing day and night. These e-commerce companies are constantly looking for third-party logistics provider who can serve as last mile delivery that will help to serve their customers better without any pain-staking. Third-party logistics service providers do not own any goods or products.
They just help these e-commerce giants to deliver the products to the end customer. All you need is a delivery fleet and sharp acumen to set up supply chain network. Just on-board few freelancers to get your job done and pay them on the basis of per delivery and you can earn really expensive contracts for big E-commerce giants.
6. Real Estate agent
Real estate is the industry which is among the wealthiest countries and you would have known this fact that money attracts money. It’s a booming industry where invested upon will give very high returns. Be it metropolitan cities or tier-1 and tier 2 cities in India, real estate has seen many changing their fortunes over a very short span of time. This business obliges you to abide by the laws of land and property, after a deep understanding of these laws you need to meet real estate licensing requirements and after receiving the license you may either chose to work with a partner or may open your own real estate consultation enterprise.
The more experience and networking you will gain over a period, better will be your prospects in this business. Many real estate agents take shortcuts to gain short-term benefits but have doomed their fortunes beca
7. Subscription Boxes
Have you ever wished what if someone could send you all the things that you would need for your travel holiday or things that you would need for your regular monthly periods, or anything and everything that you would need on your first date? Probably there are millions of customers that exist who feel the same way.
So, why don’t you think of addressing this gap and start up your venture to attract the customers? You just need to tie-up with your suppliers of different products in your vicinity and develop an online platform where customers can buy subscription boxes. All you need to do is pack all the products in a box, deliver to the customer and give them a delightful experience.
8. Event planning
Have you seen the famous Bollywood movie “Band Baja Barat”? Oh, you very smart! Yes, I am talking about becoming an event planner. And you never know while planning for an event you may find your life partner as it happened in the movie. Wink-Wink! Anyway, jokes apart. This is something big coming up nowadays. And it’s not just about planning weddings but there is a demand in the market for event planners even for planning birthday parties. Even corporate planners are also looking for talented event planners nowadays.
And this profession is fun too! You get to travel to new places, meet new people, pour out your heart to make their day a special one. Quite appealing, right? Your managerial skills along with your experience of handling your own personal events in the past combined with creativity in whatever you do will give your business a hit in event planning. Few catchy marketing strategies will attract customers in no time and you will get a chance to show your planning and multitasking skills.
9. Career guidance
Gone are the days when there were just two or three options used to be there to pursue the career. And we cannot blame that time also because there were not enough opportunities available and word ‘Globalization’ was very alien to most of the Indians. Thanks to the phase of liberalization that has opened gateways in every sphere. Now there are a plethora of options available to pursue your career from, so it is bound that one would need some expert guidance before taking any major decision in the field of career.
And to address such needs of Indian professionals and students, Career guidance is a promising career. Another fact that will prove this career to be boom soon is that India will soon top the list of youngest nations in the world by 2020 with an average of 29 years. And on the top of it, high levels of unawareness, parental pressure, and peer pressure even make the need for career counselors more and more significant. That simply means, there is enough demand in this business and very fewer career counselors present to cater to the growing demands and this justification should be enough to motivate you to invest in this business right away.
10. Fitness studio
Who doesn’t like to be fit? You, me and everyone. As soon as we pass out from our secondary school and step into colleges, going to gym and fitness centers become a style statement for everyone. And in a country like India where youth accounts for the maximum proportion, setting up fitness studios offers very high prospects and returns on investments. To ensure that footfall in your fitness studio is good enough, set it up in an area where working professionals reside.
And if you own a house in such area, then you may use a floor to set the gym over there that will save your rental fees as well. Sitting jobs in offices for long days make it imperative for them to work out, so targeting them as your customers become really easy. I agree that there is enough competition in this domain but if you could bring some unique element in your studio, then it ll clean sweep your competitors. Few unique ideas could be taking your customers for some fitness camps in a month around hills, engaging them on personal levels frequently.
11. Develop and rent your website
If you are good at developing websites, be glad to know that most of the job is done as it takes very fewer efforts to monetize from the website. Then there is not just one but a number of ways to earn money from it. You can do affiliate marketing of products which will help your customers to reach out their target groups.
You may rent out your entire website to small companies that do not have the site of their own and get paid. Giving out space to the sponsored advertisements in another way.
12. Start your travel agency
There is a significant increase in the tourism industry in the last few years. Indians have started traveling like never before. And not just domestically but overseas as well owing to the sudden increase in globalization. Did this information tickle your brain cells? Yes, you are thinking in the right direction. Open a travel agency and help out travel aspirants to reach the destinations of their dreams. There are the different type of traveling experience that people look for nowadays. Few just want to cross off touristy places from their bucket list, few want a trip to be as adventurous as possible.
Customization is the key to win customers’ heart. Companies working in the travel industry flourish on the basis of customer experience. A good traveling experience of customers can fetch you many more referrals and bad customer experience can topple you upside down.
13. Start your own fashion store
If you can pace up with this very fast-moving industry, it might turn to a star in no time. The only way to pace up with such fast-paced industry is to be a few steps ahead of it. And to be ahead of everyone you would need to invent the fashion and you will kill your competitors. So, what are you thinking, use your creativity and along with hire talented fashion designers to make a mark in this industry?
14. Set up your own artifact store
Though we are moving towards a modern society where industrialization has taken over all sorts of manufacturing but let me tell you handmade artifacts can never be replaced by any sort of automated manufacturing. In fact, as the industrialization is growing, love for handicrafts is growing at a faster pace. And India is known for handicrafts. You name any state and it will have some sort of unique handmade products to offer. You can capitalize on this unique competency that Indian handcraft makers have.
There are two ways of going about it. Either you stock up the inventory of a different variety of handicrafts in your own store but you have to be very wise while deciding the location of the store. Try setting up your store in some touristy place so that even foreigners can access your store because they are very fond hand-made products and to mark their journeys to India, they carry them in the form of souvenirs. An alternative way is to catalog the handicrafts on an online platform and deliver it to end-customers. Latter option will help you to internationalize your brand as well by gaining access to foreign markets.
15. Become an aggregator
Middlemen have always been on the advantageous side without investing much since the time when disposable income of Indians has increased post-economic reforms in the country. So, this business model when explained in simple language suggests that you make money by bringing sellers and customers together. I am sure these aggregators would have solved the challenges faced during the era of the Barter system. Just kidding. These aggregators make the suppliers their partners and sell the products under their own brand.
The kind of goods and services you want to sell will decide the margins and hence the profits for your firm. So scratch your brain a bit and come up with products and services that offer high margins and have got ample of suppliers to choose from. There is always the risk of the reliability of suppliers involved in this business. Ensure you take calculated risks and frame the contracts with your customers citing each and every detail to minimize the risks but lack of reliability on supplier side can lead to a customer loss and it can prove to be lethal to business especially in the growing phase.