Everyone thinks of trying their hands on doing their own business at least once during their lifetime. Those who do not have millions to being their business prefer taking a smaller route through micro, small and medium scale enterprises. However, the first thing they struggle with is the business idea and the scope of profitability. Below we have discussed a list of most bankable small and medium scale businesses that one can consider to pursue their dream of becoming an entrepreneur.
Babysitting – The significant rise in the number of working couples especially in metro and Tier-I cities has given babysitting business a lot of scope in terms of growth. Being an ideal small business idea for women, babysitting requires minimal investment and can be started from a single room with basic necessities for children like toys, mattresses, disposable diapers, antiseptic lotions, etc.
Bakery Shop – Opening a bakery shop is another upcoming business option which requires small investment. High quality products with good location are all required to make it a success. As the goods are perishable, therefore business owners shall start with lesser products depending on the customers and sale.
Blogger/Freelancer – Blogging or freelancing goes best with people who love writing. Blogger or freelancer just needs a laptop and internet connection to make money from lakhs of projects running online. Blogging can be done on any topic and especially on trending subjects, same as freelancing.
Boutique Store – One of the traditional small scale businesses of the nation. Women who like stitching clothes and are updated with the latest fashion trends can run a boutique store anywhere. Boutique store can be managed from home itself and the only investment required is the sewing machine with apparel to sell.
Catering – Catering business requires investment in just hiring labour, buying raw material, and owning tents, tables, chairs and utensils. The rest depends on your contacts, marketing techniques and quality of the food being prepared and served.
Consultancy – Almost every sector requires consultants to assist in its development and growth. People with decent knowledge of IT, finance, marketing, HR, accounts, law, healthcare, social media, etc. can open their own consultancy company and tie-up with big corporates to make good money.
Dance Centre – If you are a good dancer or choreographer, you can easily start a dance centre by taking space on rent. Marketing of your dance academy is the only investment required. If you do not dance well, still you can run a dance centre by hiring dance teachers.
Handicrafts Seller – Government of India has started promoting the sale of handicraft products in numerous states. Steps are been taken to make handicraft products reach every home in India. Some of these products include metal ware, paintings, shawls, carpets, wood ware, earthenware, embroidered goods, and bronze and marble sculptures, etc.
Ice cream Parlour – Despite being a seasonal business, still ice cream parlour is a big hit in terms of small businesses. Investment required in doing this business is buying the franchise of any specific ice cream brand and secondly having a shop to place the counter in desired location.
Photography – Sometimes your hobby can make you earn money, you just need to spend some extra time on your hobby to make it a profession and further into a business. Photography is one of those hobbies turned profession. Better the camera will be, enriched the pictures it will capture. Rest all is your precision and skill of taking pictures that will make you a good photographer.
Real Estate Agent – If you are a good seller with strong convincing power, then this business can turn your financial condition for good. Office space is the only investment required with good knowledge of types of properties and documentation processes. Honest public relations and impressive communication will help you become a successful real estate agent.
Salon – Opening a salon is the most trending business option in metro cities. Youth of young India is more cautious of looking presentable and groomed. Therefore, almost every salon has decent customers irrespective of location. Salon owners make huge profits during festive or marriage seasons, especially in metro cities.
Travel Agency – Couple of certifications and attractive office at prime location can help you start and run a travel agency. Successful travel agent is one who can make others travel at ease and convenience. Good knowledge of worldwide itineraries, flight fares and hotel rates can be helpful in initial stages.
Wedding Bureau – Weddings are made in heaven but arranged down here. Besides marriage online portals, wedding bureaus are more prevalent in small cities and towns. Families consider meeting other families in person before coming up to any decision. Therefore, with small office space, 1-2 staff members, registration certificate and contacts can make you a successful businessman.
Yoga instructor – Knowledge of Yoga and habit of self-practicing all the ‘Yoga Asanas’ makes a good yoga instructor. Yoga is considered to be above all stress buster practices and have proven results worldwide. Yoga instructors are in high demand in India, as well as abroad. Zero investment is required in doing this business.
To start with any of these businesses, entrepreneur needs to have a self-written business plan that should contain all business related details. Firstly, it will give you fare insight of all the measures to be taken before starting a business. Secondly, it will make you decide whether you require any business loan in future or not detailed business plan is the first thing that your potential lender will ask for before sanctioning your business loan application.
Best of luck for your future endeavours!!