They claim it’s not about ideas when it comes to starting a business. It’s all about putting ideas into action. However, before joining the hustle, ambitious startups frequently struggle with investments and ideas. You may have a lot of ideas in your head, but there are times when they aren’t well-directed and you need to change your plans. Most ambitious entrepreneurs struggle to strike a balance at this time. Starting a business requires a lot of dedication and self-assurance, but you must be extremely clear about your business concept before diving into the world of entrepreneurship.
Owning a business provides you with the independence and flexibility to build an empire from the ground up. The startup tsunami that began in India in 2014 is now ebbing its way back into the ecosystem. Through its enticing Startup India Scheme and Stand Up India Scheme, the government has been stressing the potential of the business and encouraging citizens to establish their own businesses. Here are some of the greatest business ideas in India that may be applied to help people start their own businesses.
Event/ Wedding Planner:
Weddings are always in style. There is always a market for weddings, whether the economy is flourishing or in a downturn. To make matters worse, weddings range from “huge giant Indian weddings” to intimate gatherings. To put things in context, the Indian wedding industry was valued at approximately 33,000 crores in 2017 and is expected to expand at a rate of 20% each year. This provides a big opportunity for wedding planners who can guarantee that wedding themes, planners, decorators, and caterers are in place and that the whole wedding ceremony is meticulously planned and organised. While the initial investment is little, the profits that may be gained as the firm grows are substantial.
Candles are always in demand, which makes this a very lucrative business opportunity. Candles are traditionally used for religious and decorative purposes. During festivals, there is a lot of demand. Aside from that, scented and therapeutic candles are in high demand these days, with many restaurants, homes, and hotels utilising them to create ambience. With a minimal investment of Rs 20,000-Rs 30,000, a candle-making company may be started from home. Wax, wick, moulds, thread, fragrance oils, and other basic materials were utilised to establish the firm. You’ll also need some candle-making equipment in addition to the basic raw components.
Due to high demand both domestically and internationally, India’s agarbatti (incense sticks) industry is expanding. Most Indian families use agarbattis and their popularity and demand skyrocket during the holiday season. Their exports have also increased, thanks to the growing popularity of meditation in other countries and the usage of agarbattis that goes along with it. For bulk manufacturing, automated and semi-automatic agarbatti-making equipment costing upwards of Rs 50,000 can be employed. The sticks are ready to sell at local marketplaces once they have been packaged and labelled.
Cooking courses may be a lucrative industry in India, based on the popularity of shows like MasterChef. It needs very little money to get started, but it may pay off handsomely. All you need are a kitchen and its equipment, as well as the necessary infrastructure, raw materials, and culinary ingredients. Anyone who believes in the business’s potential must make a very small first investment. Small company loans are available from a variety of financial service providers. The entrepreneur can run many batches at the same facility after the culinary class is set up. As a result, the Capex expenditure is modest, and minor working capital investment would be sufficient to keep the business running well.
In terms of chocolate consumption, India stands at the top of the list. Chocolate, whether sweet or bitter, is a mood booster and stress reliever. According to Mintel, chocolate candy sales in retail marketplaces in India increased by 13% between 2015 and 2016. As a result, if you want to establish a business but don’t know what to do, chocolate production might be a lucrative option. To begin, you must create a product line. To acquire raw ingredients and packaging, an estimated capital of Rs 40,000-Rs 50,000 would be required. However, if you want to use a piece of gear on a bigger scale, the cost might be in the range of Rs 2 lakh to Rs 3 lakh.
The thin, crispy dish is a popular addition to most Indian meals, whether fried or roasted. Papads are required at a variety of gatherings, celebrations, and parties, therefore the demand is constantly strong. Once basic components like wheat flour, spices, and oil are acquired, the production procedure is very straightforward. The large-scale papad production market is fiercely competitive, but entrepreneurs may get started selling to local department shops for as little as Rs 30,000-Rs 40,000. To set themselves apart from the competition, entrepreneurs might experiment with flours manufactured from lentils, chickpeas, rice, tapioca, and other ingredients.
Web/ Social Media agency:
In the digital era, most businesses choose to spend their marketing resources on digital advertising and sponsored social media initiatives. If you have a great understanding of marketing, communications, branding, online presence management, and social media, you might start your own business to assist businesses in establishing a strong digital presence. You only need an office, a few computers, and a few competent people to get started. Is a lack of finances a hindrance to starting a business? You don’t have to be concerned because there are several possibilities for obtaining a small business loan to establish a web/social media firm.
Tuition/ Coaching Classes:
In school, what was your favourite subject? Did you have particular chemistry with Chemistry or did you fly through Mathematics like a wizard? If so, all you’ll need to begin teaching a topic is a room, some seats, a board, a marker, and a duster. If you know a foreign language such as French, Spanish, or German, you might simply teach it and establish a small company without spending a lot of money. As a business, you don’t have to worry about the pipeline drying up because there is always a need for foreign language lessons from students and professionals. It’s not only about minimal investment and big returns; it’s also about cash inflow and demand predictability.