An entrepreneurship wave is spreading across the country. There are multiple problems that people are trying to solve through innovative solutions. The right business ideas are essential in shaping up the growth of the startup ecosystem and hence it is important for us to identify the areas where substantial growth can be conceived.
Business Ideas for Men
For individuals who are starting afresh, here are some ideas that have shown visible signs of traction and are sprouting well in the market –
- Blogging: This is the age of internet access and social media, and with such access comes the inner desire to spread your feelings and ideas around. This has given rise to perhaps the most overlooked form of business: Blogging. With digital marketing emerging as a rising industry, a blog has come out as a primary product of the market, and one which is being explored thoroughly.
- Freelancing: Freelancing has emerged as the most desired path to self-employment for several youths in India. This is a small business idea whose potential is almost universal. To start freelancing, you need to discern, what you are truly good at. Once you know your talent, you need to market it then proceed to customer acquisition, then work completion and then to the payment. These four steps carry on and can turn a small business into large conglomerates.
- Content Delivery Services: A proper paid delivery content service is something that you can be a proud of. There are many individuals online who are looking for certain niche contents. If you have the inclination for it, you can move forward with it and create a whole business around content marketing. This form of small business also entails a fair understanding of digital marketing. However, once it starts, it can morph into a good career foundation.
- Business Consultant: If you believe that you are truly good at something and can provide ideas to others that are out of the box, then being a business consultant might suit you. This seemingly small business can earn you about INR 56000 on a daily basis. However, it should be kept in mind that one needs to be the absolute expert to pull in this kind of money.
- Web Development: For every startup, having a website is pretty much a necessity. Now, this necessity has transcended into mandatory as Startup Registration requires one to have a website. Therefore, Website Design and Development is an area that an expert might get a proper advantage from.
Small Business: Benefits
- Their growth potential is limitless: Small businesses where the youth are actively engaged have an unending well of potential.
- The timings can be flexible: In most small businesses, you can adjust time as per your convenience.
- No unnecessary middleman: Small ventures tend to be a hands-on task. As a result, there is no need to involve a middleman, and no profits are needed to be shared.
- The government is promoting them: If one is looking for the business idea to have a rock-solid foundation, then the government is here to provide aid through several financial schemes.
- Be your own boss: These small business ventures sometimes involve only a single individual. The small scale of this venture allows the owner to be their own boss.
- Business incorporation facilities: If an enterprising individual seeks to put the venture onto a legal pedestal, they can do so using incorporation of their startups into business entities like the following:
- Private Limited Companies
- Sole Proprietorship
- One Person Company
- Limited Liability Partnership
- Producer Company
- Partnership Firm
- Full control over the business: Businesses that are self-initiated and are compact tend to be managed quite easily in a monopolized fashion.
- With incorporation, the businesses have a definite chance to grow: Through business incorporation or registration, small scale ventures can evolve into large conglomerates with time.
Documents Required to Register the Small Business as A Startup
If you have a small business in mind or you are already running it, then it is better to register them as a startup for legal and financial assistance. The documents required for the same are as follows:
- PAN card details of the proposed directors of the company
- Copy of ID Proof of the proposed directors of the company
- Copy of Residential proofs of the proposed directors of the company
- Passport sized photographs of the proposed directors of the company
- Copy of Address proof of the registered office space
- Copy of Bank statements
- A note explaining the business model
- Filled application form for startup registration
The Process of Startup Registration
The process of startup registration can be construed in the following points.
- Incorporate your business with the MCA
- Register with Startup India
- Upload all the documents required for startup registration in PDF only
- Choose if you want to avail tax benefits
- Self-certify that you fulfill the mentioned conditions
- On successful submission of application and verification, you will get recognition number
Things to Keep in Mind While Starting A Small Business
- Choose a business model that is the most profitable for you
- You can ask for government assistance through business incorporation
- Startup registration is the best choice for small businesses to flourish.
- Always lay a foundation of your business before you start with it.
Must Read: Mudra Loan
Frequently Asked Questions (FAQs)
Q1. Can small businesses be profitable?
Yes, small businesses have an untapped potential to be profitable.
Q2. Is startup registration necessary?
No, startup registration isn’t necessary. However, if you seek access to many government schemes that are aiding small businesses, then you need to obtain a startup registration.
Q3. I am running a website alone. Which type of business entity I should choose?
Well, if you are someone who is singlehandedly running a website, then you have two options for business entities: The Sole Proprietorship or One-Person Company
Q4. Are all home businesses, home-based?
No, not all of them are home-based. However, a vast percentage of businesses are home-based.
Q5. Do I need anyone’s help for startup registration?
While the process itself is easy, it is always a good idea to let this matter be handled by experts. Fortunately, there are many business ventures in India that aid in company registration services.
Small Business Funding Options to Raise Capital
Types of Loans to Start Business with Small Capital
Check Business Loan Interest Rates of Top Banks
Business Ideas You Can Start Online
How Can Working Capital Loans Help a Business Maintain Cash Flow?
Business Loan Options for Women