10 Most Profitable Small Business In India
Everyone's Dreams Starting Your Own Business. Whatever, most budding entrepreneurs see their dreams nipped in the bud due to a paucity of funds for investment or profitable business ideas.
Starting a business requires funding in the form of start-up capital and initial operating costs. Although personal savings and loans may be adequate to start a small business along with a great idea, some businesses require a lot more capital that can be borne by savings alone.
Of course, with greater capital required comes a higher risk level as more sales and revenue would need to be generated by the business in order to support the repayment amount as well as to produce a healthy return on investment percentage.
The second option to obtaining capital would be from people that you know, such as friends, family and relatives. Equity financing could be obtained from their sources, or just as a low-cost loan payable over a certain period of time.
This will be a great benefit to you as you won’t have to adhere to conditions and the higher interest rates imposed by financing intuitions or other stakeholders.
The most common source of financing would be from lenders such as banks and credit unions. These organizations are in the business of providing financing and will impose a particular interest rate on your loan.
Apart from that, they may impose restrictions on conditions on repayments and even on limitations on the usage of funds provided to you. This type of loan is normally known as debt financing, as obtaining capital from these sources increases the debt of your company.
Equity financing can be obtained by other shareholders or venture capitalists.
Capital obtained from venture capitalists is regarded as an investment into the company and not as a loan. As venture capitalists are very selective in the projects that they fund, as they want to ensure that their investments pay off multiple-fold. Therefore, venture capitalist-funded projects are subjected to scrutiny from venture capitalists in terms of management, decision making and accounting procedures.
The U.S. government has realized the importance of funding to fuel the growth of small businesses and thus has launched the Small Business Administration organization for this purpose. There are various loans offered based on the nature of the business, the amount of financing required as well as the repayment period. Apart from that, certain types of loans are funded by lending partners of the SBA, with the SBA acting as a guarantor for the loan. This way, a longer loan repayment period can be obtained, with a lower risk to the lender.
Funding small business: Generally, small businesses begin with whatever little capital you may have. Loans on very soft terms are also offered by community organizations and cooperative credit societies. You may consider procuring a loan to fund your small business idea.
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10 New & Best Small business ideas for 2020
1. Network marketing :
Network marketing, also known as Multi-Level Marketing (MLM), is a business model where independent contractors buy into a company and earn a commission on the products they sell. The profession appeals to many people because they can be their own boss, set their own hours, and work towards their own success. It is a big commitment, but network marketing can be a very lucrative career.
2. Blogging :
A blog (shortening of “weblog”) is an online journal or informational website displaying information in reverse chronological order, with the latest posts appearing first. It is a platform where a writer or even a group of writers share their views on an individual subject.
3. Mobile phone repair/ accessories/ recharge :
So you want to start a cell phone repair business? Well, I don't blame you. This is a multi-billion dollar industry that requires minimum investment to start and little to no experience. Considering that this is a rather new industry that people are interested in, there aren't many good resources out there to help get you started. This article is the beginning of 30 to come that will take you step by step through starting your cell phone repair business. Stay tuned for more publications to help you along your journey.
There are a few ways that you can start your cell phone repair business. The two main models that are popular are a storefront and a mobile repair business. Let's cover both of them in a bit of detail.
Storefront
The storefront is the best way to start branding your product. It shows legitimacy and puts trust in the minds of your customers. However, the start-up costs of starting your own store a lot larger than that of a mobile repair business. Having a storefront allows you to keep all of your inventory in one place as well as allowing you to work on multiple devices at the same time. This may be ideal for the business owner who has a lot of start-up capital and is able to take a risk.
Mobile Business
The mobile repair business is great for low-capital business owners and offers your customer convenience. It is also good for developing relationships with your customers and is great for referrals. The downside of the mobile repair business is that you can only work on one device at a time. This will generate lower profit margins but allow you to have better control over your schedule.
Which one is right for you? It depends on your situation. For those who have never run a business before and only have a little bit of money to work with, the mobile repair business is probably the way to go.
4. Babysitting/ Childcare :
If you want to start making a little extra money on the side and enjoy looking after children, babysitting is a good option. Unlike for opening a professional childcare business, there are no strict rules about starting an informal babysitting business. If you don’t have experience looking after kids, but want to start a babysitting company, you can take a course and volunteer to look after the children you know first to get some experience. After that, you can start advertising your babysitting services and taking on jobs to build up your business and make money.
5. Aquariums & fish :
An aquarium business provides two services to private aquarium owners. Aquarium retail stores stock many varieties of home aquariums and supplies, along with a varied stock of freshwater and saltwater fish. Aquarium staff provides system startup and maintenance advice. Aquarium stores also service a non-hobbyist aquarium market. These customers include homeowners with no time or desire to maintain an aquarium, as well as professional offices with decorative aquariums. Aquarium store staff regularly stock, clean and maintain aquariums for these customers.
6. Nursery & garden requirements :
The world today has a great sense of fashion in everyday work. To make it clear, people love to live a life in beautiful surrounding and one of the best ways to make better surroundings is with the help of flowers and plants. Gardeners are now showing more interest in finding new varieties of plants. Unique plants are grown even for social status. The desire for decorations at home in office has created a state of necessity to include ornamental plant selling in the business world. Of these, the most wanted or the top rated is the Woody plant variety and some others. If you want to start your own nursery then read this article till the very end. Nursery business is very profitable and demanding, you can easily run your own plant nursery business in no time by following a profitable business plan.
7. Jams, pickles :
A jam business makes different flavours of jams and jellies, which are packaged into jars for distribution. Businesses may sell their jams to customers directly, or they might sell to retailers. These spreads are put on toast, used in cookies and cakes, and incorporated into many other foods. Jam businesses make different flavours of jams and jellies, which are sold to customers either directly or through retailers.
8. Pet care :
A business plan is a roadmap leading from where you are now to where you want to be with your business. It is essential to have a business plan if you will need to borrow money from a lender for your dog walking or pet sitting business; however, even if you do not, a business plan is a good idea. It will keep you focused, motivated, and on track. It also gives you the opportunity to clarify what you need, how you plan to set up your business, and your marketing strategy. As your business grows, you can change your business plan to accommodate your growth.
If you do need to take out a loan, a bank or credit union will require a written business plan that clearly outlines your plan for the business and demonstrates your understanding of what is needed in terms of time, money, and commitment. The more detailed, realistic, and well-thought-out your business plan is, the more likely it is that a lending institution will consider you a good risk for a loan.
9. Cakes & bakes :
Birthdays, anniversaries and celebrations often feature cake as the main dessert. Basic sheet cakes, tiered cakes and miniature versions can steal the show with elaborate decorations and yummy goodness. Those individuals with a knack for baking delectable and beautiful cakes may find opening their own cake business a rewarding experience. Though certainly not a piece of cake, opening your own cake business can help you explore your passion while cooking up profits.
10.CCTV & surveillance :
Do you want to start a CCTV camera installation company with small investment? Here in this article, we intend to provide a comprehensive CCTV camera business plan checklist. Also, this post includes CCTV business franchise opportunities available right now and a marketing plan.
CCTV stands for closed circuit television. Also, it is popular as a video surveillance camera. Nowadays, CCTV camera is an essential item in domestic, commercial and industrial places. Also, a wide range of different types of cameras are available these days for different purposes.
Before investing
Remember, having ample capital to invest in a small business of your choice is not enough. You also require the necessary skills to ensure its proper functioning. Before entering into any venture, it is advisable to know licensing procedures and other legalities concerned. It is better to legitimize your business since it can help you get loans and subsidies in future. It will also protect you against any lawsuits.
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