Most successful small business ideas for budding entrepreneurs are the ones which do not require much capital or resources. This is because people who are just about to set foot into the business world may not get funds easily. They don’t have anything like credit history, or profits made in the previous years to showcase to the lender. However, there are several small business ideas that require low investment. If executed successfully, these can make huge profits.
Here are the top ten most successful small business ideas
1)Wedding/Event Planning
The Indian wedding market was estimated to be around $50 billion (around ₹33,000 crores) in the year 2017 and it is expanding at a rate of 20 percent per year. Indian weddings range from very grand to private gatherings. This opens up a lot of opportunities for wedding planners. A wedding planner usually helps with the designs, management, and planning for a client’s wedding. The planner takes care of every aspect of the program from food to entertainment and decorations. A wedding planner helps you and your family relax and enjoy the wedding without the need for you to get involved in planning the event.
2) Food Catering Business
Catering is a great way to explore your love for food and also your entrepreneurial spirit. Every occasion such as birthday parties, weddings, anniversaries, etc. needs delicious food to be served. Considering the large number of events, festivals, and rituals in India, caterers are always in demand. You can start your own food catering business. It is easy to start and requires low set-up costs. It can sustainably be managed by a few people. All you need to have is a kitchen, a few people to cook, clean, and do the food delivery. The return on investment from this business is also high. However, it is important to remember that the success of your catering business will depend on factors like the quality of your food, the kind of customer service you provide, and the overall reputation of your business. You can get a loan for the Capex investments and slowly build a great business.
3)Tuition or Coaching Classes
If you like to teach or coach students, you can just start tuition classes at your home or maybe a coaching centre if you want to do it on a larger scale. The resources that you need to get are limited. You need to rent out a room and buy markers, dusters, blackboards, and chairs. You can get a small business loan for this venture and there are lots of avenues to get a basic loan for this type of business. Tuition centres or classes are always in demand, come with low startup costs, and have high returns on investments. Apply for a small business loan on CreditMantri. You can compare between a pool of lenders and take a loan with the most competitive interest rates.
4) Cooking Classes
Taking Cooking classes is yet another great idea for a small business in India. All you need is a kitchen, cooking ingredients, and the required infrastructure like gas, microwave, utensils, etc. The initial investment cost is quite low and a small working capital investment would be sufficient to fund this.
5) Fitness Centres
A lot of people are becoming fitness conscious. Of course, while there are zero investment options like walking, running, outdoor group games, etc., the idea of working out at a fitness centre is highly motivating and enjoyable. These centres are open almost for 16 hours per day and you can walk in any time. Fitness centres offer customized packages including personal trainers, exercises and diets suitable to you. For this reason, several people come to fitness centres nowadays. So, it is a very good idea for a small business. It requires low investment but is a highly lucrative venture as subscribers generally opt for an annual subscription even if they cannot come to the fitness centre regularly. Anybody trained in the area of fitness can start a fitness centre. Even if they don’t have the funds necessary for it, they have many avenues to get a small business loan for the purpose.
6) Computer Training Centre
In most of the sectors, using computer products efficiently has become a necessity. However, as technology advances day by day, people may lack the skills to use the products in that field. In that case, ongoing and expert training is required for them. If you are an expert in that field, you can start a computer training centre equipped with a few computers, learning aids such as whiteboards and projectors, and an internet connection. The business is driven by knowledge hence the ensuing investment after the initial capex outgo is low. Multiple batches can be conducted for college students, working professionals, etc. and a huge profit can be made on a very small initial investment. What’s more, you can get a small business loan easily for such initiatives.
7) Boutiques, Spas, and Beauty Salons
The beauty and fashion industry has been growing rapidly in India. Due to increased urbanization, rising incomes, technological advancements, and the growing working population, there are huge prospects and opportunities in these industries. If you are ready to make the initial investment for the store and raw materials and are willing to focus on the marketing and branding partnerships, you can turn these business ventures into highly profitable ones. You can get a small business loan for the same.
8) Driving School or Cab Service
If you have a car, know driving, and are interested to make people drive, then you can impart driving lessons to students. You can teach easily to 10 to 20 customers using the same car. After that, depending on the profit, you can expand the business by buying more cars and hiring more instructors. Operating a driving school can be profitable because there are so many people who want to learn how to drive. Most houses have a vehicle now and most people want to drive a car. You can get a small business loan to start and expand this business.
If you have good driving skills, you can enrol in a ride-hailing service, such as an Ola or Uber. Once you do that, you can offer cab services through the ride-hailing app. Cab services are also profitable ventures. You can pay off your loans or save for business expansion using the profits.
9) Digital Marketing Agency
Many companies want to make a digital footprint and want to digitize all their operations. Therefore, they invest heavily in digital advertising, social media campaigns etc. Thus, if you have a deep knowledge about things like paid advertising, branding, social media, and other digital marketing strategies, you can start a digital marketing agency. All you need is an office, a few computers, and a few skilled professionals. If you need money to rent out office space, buy the equipment, and provide the necessary infrastructure, then you can get a small business loan.
10) Real Estate Agent or Broker
With an understanding of the prospects for both commercial and residential real estate in an area and the real estate market in an area, you can start a real estate venture. If you have good communication and people skills, then you are likely to get good deals. The investment needed to start this is very less. As you start building your own clientele network and getting more deals, the commission you earn will be a good sum. This will make your business profitable.
Conclusion
There are many small business ideas that can be quite lucrative. These top ten small business ideas are quite profitable. As you make more profits, you can expand them and make them highly successful.
FAQS of Top 10 most successful small business ideas
1:What are some other lucrative small business ideas?
Some of the other lucrative small business ideas are tea/coffee café, interior designing services, DJ services, chatbot services, dance or music classes, ice cream business, hair business, ethnic food services, etc.
2:What are some home based business ideas?
Some home based business ideas are, recruitment services, tiffin services, tailoring, yoga classes, marriage bureaus, insurance agent, etc.