India today is home to some of the most innovative small businesses in the world.
If you’re thinking of starting a business of your own but have no small business ideas or where to begin, this blog is for you!
What are Small Businesses
Start-ups or small businesses are businesses in the initial stages of their operations, according to a special article by Niti Aayog.
Self-employment is slowly becoming the dream of millions of educated, intelligent Indians who want to make a name and fortune for themselves.
Wealth and fame are no longer reserved for the wealthy and famous. Innovation and transformation are not only for the powerful – anybody can start their own business and disrupt the world!
10 Small Business Ideas
There are several obstacles that a founder may face in their journey to becoming an entrepreneur. The first one – settling on one of the many small business ideas available.
Fear not! We have some ideas for you – realistic ideas that check all of the boxes that make up good small business ideas.
- IT Services
With every passing day, the world is becoming more and more dependent on technology. Hardly anything gets done without the help of software these days – and so the demand for full stack solutions is rising very fast.
Even if you don’t have expertise in software services, there are many, many resources available for you to learn, right from beginner-level courses to the most advanced.
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An e-commerce business is one that buys and sells goods over the internet. Think Amazon, Flipkart, and Myntra – these companies don’t own any of the goods they sell; they only provide a platform for buyers to meet sellers.
The reason e-commerce is one of the best small business ideas is that there is rising support for these kinds of businesses, especially on social media platforms like Instagram and Twitter.
Small e-commerce businesses are, most of the time, more sustainable and ethical than big corporations, and consumers are very quickly becoming aware of this. A good example of a successful e-commerce platform developed in India recently is Meesho.
By this, we mean apps like Uber, Ola, or Dunzo. They provide a platform where people can hire drivers or grocery delivery services.
Aggregator apps also have very minimal infrastructure requirements and great potential for growth, since the demand for autos and taxis – even motorbikes, in the case of trending app Rapido, is growing fast.
Many big companies today choose to outsource a lot of their non-primary functions. These may include graphic design, content writing, cafeteria services, and more.
A good small business idea would be to provide these services to big businesses. You could take your pick of what service most interests you and with the help of a few more people, start your very own small business.
It’s all in the name. Your small business, should you choose to accept it, would help companies, individuals, or groups with planning an event. You could choose what kind of event you want to organize: weddings, business retreats, alumni meets… take your pick! You could even choose to organize virtual events.
The internet has forever changed how accessible information is to people. This has allowed for the rise of ed-tech; technology companies solely focused on providing education to people.
Indian start-ups are primed for success in this industry – upskilling is the need of the hour in practically every job, and people are eager for quality education.
Food & Drink
There will never be a shortage of demand for good food and drink in this country. The value that we give to a good meal with good company is immense, and so is the potential for growth for businesses in the industry.
We all know the success that fitness businesses like Cult Fit and Peloton have achieved. With people becoming more health-conscious by the day, these businesses will enjoy sustained demand that is expected to increase significantly in the coming years.
If exercise isn’t your forte, consider nutrition and diet consultancy! You will need to educate yourself in nutrition, but trust us- it’s worth it.
Logistics and Transport
If you’re a decent driver, consider starting a logistics and transport business. All you will need is a vehicle or two – which, if you plan it right, you might not even need to buy!
Most, if not all industries depend on drivers to carry around their products or machinery. Even IT companies need to source their computers and desks from somewhere!
The Government of India is very supportive of small business ideas and start-ups, and for good reason. Small businesses increase employment rates in the country and drive innovation. To support the growth of small businesses, the government has a very helpful portal.
This portal gives you all the issues that the various sections of the public face, and what you could do to help.
If you enjoy being around children and have a knack for teaching, a daycare center is a good option. You will need to invest some money in resources like mats and toys, but with the number of parents who are working full-time jobs, it is quite a lucrative option!
For people who don’t have time to cook their own food on a daily basis, a tiffin service is an ideal option – they get home-cooked food delivered to their doorstep every day, sparing them the struggles of having to decide what to cook.
Getting a quality resume made is not as easy as it seems – especially with the high level of competition in the job market these days. A good resume could be your make or break – and a good resume building business is, by extension, a high-demand business.
Buying second-hand clothes, books or handicrafts, improving them and reselling them is a good small business idea for many reasons: it is not capital intensive, and does not require complex skills to pull off!
Bed & Breakfast
If you have an extra room or two in your home, consider renting them out as B&Bs to tourists or guests. You will need to provide them with basic essentials like soaps, shampoos and towels – but the return will be great, considering most tourists today prefer B&Bs to hotels.
If you have a few decades of experience under your belt or are well-versed in the way the corporate world functions, consider opening a career counseling business. You could help fresh college graduates with their careers, or help people switch careers.
It is impossible to find a business or company without a website these days. Everybody could do with a website, even individuals! With a small business offering website development services, you could leverage this demand and make good money and a good name for yourself!
Content & Copywriting
We all know the phrase “content is king”. Good quality content could make or break a business’s marketing strategy, and most businesses are aware of the importance. If you have good language skills, consider starting a content agency to provide businesses and individuals with good-quality content.
Podcasts are all the rage today, with people listening to all kinds of podcasts as they go about their day. Online platforms like Spotify and Apple Podcasts allow budding podcasters to share their thoughts and ideas and make good money from it.
There is no denying the importance of marketing for the success of a business. Digital marketing is when a business advertises its services online, through social media or blogs. Start your own digital marketing firm and offer your creativity to other businesses!
Understanding Good Small Business Ideas
What makes good small business ideas? Let’s dissect:
A good business plans for growth. Your small business idea should not only be feasible at the initial stages but also capable of growing multifold.
Typically, founders choose to start businesses in their fields of expertise. The founders of most software companies are software engineers or developers.
This does not mean that only engineers can start software companies!
Rather, the more important factor is your willingness to learn. It doesn’t matter if you already have the personal expertise or not – what is important is whether you are ready to invest significant time and energy in learning about the industry you choose.
One of the most important studies that big businesses do before investing in any project is a feasibility study.
Before McDonald’s opened its first restaurant in India, the company conducted extensive research into the economy, culture, and mindset of the Indian people.
The result? McDonald’s realized it had to introduce its first-ever vegetarian menu if it wanted to survive in India!
There are different feasibility factors that will influence your business:
- Legal feasibility
- Financial feasibility
- Technical feasibility
- Market feasibility
There are multiple dimensions to sustainability.
Sustaining demand means that your business stays in business for a long time.
It is also important to ensure that even if your business doesn’t actively contribute to conserving the environment, it does not cause destruction.
Social sustainability means ensuring that whichever of the small business ideas you choose positively impacts the society that it is part of.
Whichever one of these small business ideas you choose, remember that you are not alone.
There is a world of support for everything you need! At RazorpayX, we pride ourselves on providing the best banking services for all businesses.
RazorpayX is as reliable as traditional banks and as flexible as modern technology companies.
We have everything you need to manage your small business’s finances, and more. If you are a small business owner or plan on starting one… you know how to reach us!
1. What is a small business?
Start ups are businesses in the initial stages of their operations, according to a special article by Niti Aayog.
2. What is a good small business idea?
A good small business idea should be scalable, feasible, sustainable and is of a personal interest to its founder.
3. What are some good small business ideas?
Some good small business ideas include IT consulting, e-commerce shops, aggregator services, outsourced services like writing or photography and event planning businesses.
4. How can I get support for my small businesses?
A small business may have specific needs such as tax & vendor payments, credit restraints etc. The good news is, that you don't have to worry about all this & can focus only growing your small business. RazorpayX is built to simplify a founder's life by providing them with the best banking support.