Why invest in innovative business ideas in India?:- India has emerged as a powerful business hub in the world, next only to China. The massive population and developing economy also play a major role in the growth of business opportunities in our country. With the standard of living continuously improving, all of us require a constant source of income. But there are many people who do not have the huge capital required to start a business. There are numerous low-cost and innovative business opportunities; you will just have to decide which one is suitable for you on the basis of your knowledge and experience.
One of the most difficult challenges faced by our economy in present times is the elimination of unemployment. Aiding in entrepreneurship and offering support to an increasing number of young people is the best means of overcoming this critical dispute. A healthy rate of growth has been witnessed in almost all business sectors right from the healthcare to communication to transport, which has not just boosted our quality of life but also deemed India as the second most powerful economy after China.
So this growing development of Indian economy has offered multifarious opportunities for young entrepreneurs which can be started without a lump sum amount of capital and some of them are discussed below:
Art and craft business:
There is nothing to worry about if you do not have enough time and money; an art and craft business is an innovative form of business which can be started with a small sum of about 10,000 INR. Just go through all the available options and determine what you would be able to make. You can make homemade gift items, greetings card, embroidery works, artificial flowers, clay items, gel candles, cane baskets, ceramic cups, little dolls, showpieces from recycled materials or anything you are efficient in. Handicraft items are not only popular in our country but people all over the world favour them. So, you have a good market if you can be unique in your ideas and produce items that have a fresh concept and design.
Also Read:- Home Based Business Ideas For Women
You can use the internet to enrich your skills or even attend a nearby craft class in order to learn about new innovative techniques and methods of creating craftwork. Your break even period would be 3 to 4 months; it will be even more profitable once you accumulate a good revenue that can be invested to start your own shop. You may also look to sell your products in popular online retails as they have higher visibility and a group of loyal customers who are ready to buy anything that’s new in the store. Overall, it is a great business to start with if you have an unflinching creative spirit.
Buying and selling:
The basic formula of any business is purchasing and selling of products and therefore, you can make use of this concept in order to earn revenue for yourself. You can work on any of the important aspects of a business like purchase from manufacturers and sell it to wholesalers or purchase from the wholesalers to be sold to retailers or purchase from the retailers to be sold to the final consumers. The products you choose to work upon may range from anything livestock to fabric to electronic items.
It is advised to look for means of purchasing from the manufacturer and selling the products directly to the end users. This is because reducing the number of middlemen would aid you to offer a lower price than your contenders and also give youmaximum profit margin. This business plays a dual role in helping you keep a competitive pricing as well as attract new customers. Your investment would be based on the products you choose to sell and the return on investment would be obtained within 3 to 4 months.
Offering online services:
There is hardly any business tool which is as powerful as the internet. The advancement in technology and fast pace of life has led internet to be one of the basic elements of survival today. Internet is used in a wide range of services today right from education to banking to communication to business industries across the world. It is not possible to imagine a day without the aid of the internet and therefore it can act as an innovative way of earning revenue using any of the following online business ideas:
- You may upload content on YouTube
- Create customized webpages and blogs
- Create content and illustrations for various websites
- You can work for Fiverr, Freelancer or Search Engine Optimisation
- You may trade in online retails such as Ebay
- Take part in other freelancing jobs in the internet
The internet is considered as a hub of online jobs today and so, you will be directed to millions of prospective job opportunities in India through your device. You would be able to earn a good deal of income simply by sharing your unique ideas and skills with millions of internet users from the comfort of your home. Once you become successful in your online business, you would be able to create employment for the young job aspirants by utilizing your experience.
Sharing your skills and expertise
Are you an expert in drawing or embroidery or singing or some other specialized skills? Then you can support your family simply by sharing your knowledge and skills. If you have a vacant room in your house, then you can utilize it for training your students with a very little investment. But in case you don’t have enough space in your home, you would have to look out to rent or lease a room in a high traffic area in order to reach maximum number of people. Initially, you would need to promote and advertise for your business in order to spread the word. Your investments should also cater to the costs of interior décor, purchasing needful equipment and obtaining the license.
You may offer computer coaching to young kids in your locality or Tally, graphic designing or other software training, training for driving, singing or dancing, beautification training, tailoring or anything you are proficient in. The break even period of this type of business ranges for about 3 to 6 months and you would have to invest a little more than 10,000 INR.
Business of second hand products
Are you looking to buy the new Samsung smartphone? Are you intending to sell off your current phone? You could be in either of these cases and the demands for second hand products vary according to the earnings and standard of living of consumers. The pre-owned products can be sold off to the customers who are in need of different products that are available at a lowered price than their brand new counterparts.
The fundamental idea behind this enterprise is that you will have to buy second hand products and sell them off to prospective customers by keeping your profit margin. For this business, you would have to purchase or collect old products like electronic items, garments or any antic artistic items that people would keep as a piece of souvenir. Not only that, you can sell of your own used products which are in mint condition in order to get a good price for them. This business is quite in vogue these days and there are several online retails in India that offer similar services. You can set up a brick and mortar establishment and promote your business in order to reach out to all people in your locality.
This inovative business would be a perfect choice for you if you have a keen interest in farming or gardening. If you have an open land or farming area or a vacant space in your yard or terrace, then you can utilize it for growing different types of flowers and seasonal vegetable plants that are in great demand and have a viable market in urban as well as rural areas.
But the downside of this business is that it takes a lot of time and efforts since planting the vegetation and growth of flowers and fruits would take up a long period and sometimes, if the soil is not right or proper methods are not applied, you will not be able to see any fruits or flowers. Therefore, it is important to get trained and be educated on these matters in order to ensure sustainable growth of your business. The break even period for this business is a bit longer for 2 to 3 years when you have promoted the business in such a way so as to reach as many people as possible.
Have you ever thought what to do with the items you don’t need? What if you could earn some extra cash with the aid of the trash items in your home? Did you know that waste items can be reused for forming new products by recycled? This is also a means of protecting the environment and in a developing country including ours, recycling is one of the most innovative business opportunities.
Being a supporter of the green movement, you would definitely be interested in protecting your mother earth. There are multiple ways of participating in this move. You may collect the waste items yourself and supply them to the manufacturer who would make new products out of them. However, in order to generate more income, you should look to conduct the whole process yourself and sell the end product to the end consumers. No matter which route you choose, make sure you conduct extensive research to find out what are the available options, which one is most profitable and what would be ideal for you. Also, since you will be working with waste items, some of them can be hazardous for your health and also the environment. So, it is important to keep a provision of disposing them in the right manner and educate your employees in this matter.
Unemployment is one of the gravest issues across the world. Our country has this problem too; you can find young people here and there who have completed their higher studies yet can’t find a suitable job with a decent income. You can make use of this problem and transform it into a business opportunity in order to start your recruitment service. The basic idea is of collecting the CV of prospective candidates and other necessary details and send them to relevant areas where they can get recruited. You will have to be updated with the knowledge of different sectors in order to understand which one would be best suited for which candidate and these sectors may include banking, airlines, telecommunications, Multi-national companies, taxing, computer technology, trading companies or any other sectors. Once any of your recommended candidates get a suitable placement, you will receive a fee or commission from them.
It is a quick and simple method of earning sustainable income with no investment at all. All you need is an updated information about various sectors of employment, their vacancies, key skills required to get recruited and all other relevant information in order to get started.
Who doesn’t know that women are in love with fashion accessories? Plus, India is a place where multiple cultures and traditions meet which means that if you start your business of customizable business is bound to grow. If you are creatively inclined, you can make different types of jewellery pieces which women would love to wear contrasting their dresses. Different types of jewellery pieces which women would love to wear contrasting their dresses. You can make different types of jewellery like earrings, bangles, necklaces and wristlets that women wear on their daily basis. This business wouldn’t require much investment except the fact that you will have to be outright creative and offer customizable ornaments to your customers at an affordable price.
You can market and promote your business by gifting your creations to your friends and relatives or set a very low price so that more and more people buy them and spread the word of mouth. You can start the business in as low as 5,000 INR and your break even period would be around 6 months. Uniqueness in your creations and proper marketing strategy can help your business reach new heights.
Downsides of small scale businesses with low investment:
Though Indians are known to be productive species, it is important to know that they are susceptible to a few challenges and obstacles while running their businesses. In our country a shop would normally start after 10:30 in the morning and end at late in the evening and some people may find it difficult to cope up with this peculiar timing. Plus, the political bureaucrats exert much power on everything in our country with business being no exception. As a result, it is not always easy to obtain the license or set up the business the way you want it to.
If your business grows and you are unable to handle everything on your own, you would definitely look to hire employees. But the issue is that the general notion of Indians as not being punctual comes to play here. Some labours would be late while others may deny to turn up on a day when you would have to supply to one of your most important clients. Another crucial factor that you should always keep at the back of your mind is the fierce competition which has the power to dethrone you and usurp your position within a short span. So, you must prepare well, choose your industry diligently and sketch out a feasible business plan with attainable goals so that you don’t get perplexed at the middle of everything.
Each of these innovative businesses ideas is simple and small scale, but if they can be carried out in a systematic and organized manner, you would be able to have a good return on investment along with sustainable profit margin. It is important to understand that no business is easy and profits don’t keep coming if you are not devoted and committed to your new business, you can’t expect it to grow and prosper. It goes without saying that the rivalry is quite tough and you will have to invest your time and efforts in comprehending what’s best for your new business in order to get long term benefits from it. Success is surely difficult to achieve, but not impossible. Learn from your mistakes and incorporate your ideas in scheming your very new innovative business so that you can achieve your goals within the stipulated timeframe.