Archive for March 2020

Small Business Ideas: Get started without worrying about finances!

Starting a company is not about ideas. It’s more working on them. But potential founders often struggle – with investment and ideas – before joining the fray. You may have a number of ideas in your head, but there are times when these ideas don’t go in the right direction and you decide to change your plan. This is the time when most potential founders find it difficult to find balance. Starting a business requires a lot of determination and confidence. However, you must be clear about your business idea before entering the world of entrepreneurship, and since you’re going to be doing each and everything it needs- there is a huge necessity that investment is as low as possible. The low investment business ideas are a good entry point for beginners, supervisors, or anyone with a busy schedule. So you can even begin the project as a side business, and see where it goes without having to do without anything else. Listed below are some of them.

Dropshipping

Dropshipping is an implementation model where third parties store inventory on your behalf and send it to customers. All you have to do is make a sale and order with your supplier. You don’t have to handle the product by yourself, which eliminates the cost of inventory.

You can curate products from one or more suppliers in your own online store, general products or something that focus on a particular niche, e.g. equipment for yoga enthusiasts, or something for dog owners- maybe a water bowl. When a customer purchases a product from you, an order is sent to your supplier, who will execute the product on your behalf. However, you remain responsible for your own marketing and customer service.

Handmade Chocolates

Whether you’re happy or low, a good chocolate makes it better and easier. Furthermore, there are occasions when people opt for handmade chocolates, be it valentines or personalized gifting. Owing to all this, India always ranks top in chocolate consumption. Whether sweet or bitter, chocolate is a known mood lifter and stress-buster. According to Mintel, sales of chocolate goods in the retail market in India increased 13 percent between 2015 and 2016. So, if you want to start a business and don’t know how to begin about it, chocolate production can be a profitable opportunity. If you know the art, great. If not, you may need to invest in a good artist. Apart from that, to get started you also need to develop a product line. Around Rs 40,000 is needed to buy raw materials and packaging.

Digital Product or Services

Digital products such as music, courses and unique templates are in this list of ideas. Unlike others, they are not real products. There are no recurring manufacturing or shipping costs to keep your margins high. The key here is to understand what makes a good digital product. What is useful enough that people are willing to pay to download it?

The answers range from original instrumental hits to stock photos that can be licensed to other developers, to information products and templates that people can use to improve their skills in a particular field. If you have a talent that can be turned into a digital product, you must package it into a new source of income.

Environment-friendly Products

Environmentally friendly paper bags and packaging have become popular when people realize how dangerous plastic bags that cannot be damaged to the environment. Paper bags can be used to package food ingredients, food ingredients, medical items, jewelry, and more. Paper envelopes can be started on a small scale with little effort. Automatic paper bag making machines start at around Rs 5 lakhs and have a large capacity – around several thousand units per hour. Semi-automatic machines are also offered under Rs 3 lakh, but they involve more manual labor and manpower. Employers must also invest in the extraction of raw materials such as paper sheets, inks, printing chemicals, labels and more. One thing that supports this is the wave of environment consciousness that is flowing- which is a mandate now. Businesses are trying to make their processes as eco-friendly as possible- if you can find a spot in between, nothing can go wrong!

These are just a few of the many ideas. Similarly, if you sit and think, you’ll realise that you’re surrounded by ideas from everywhere. Furthermore, if you begin with a right market expert, you can start moving in the right direction from the very first day. So, what are you waiting for!