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Small Business Ideas

Small Business Ideas in 2021

Last Updated 18th Oct 2021

  • To start a small business in India you do not require a huge investment.
  • A person who has zeal and passion can adapt to a small business idea.
  • A number of steps like market research, building a prototype etc are required once a small business idea is decided
  • If a person decides to go with small profitable business ideas then you can enjoy many benefits like flexibility, being their own boss and more
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Top 10 Small Business Ideas

Here are some of the small business ideas which require a small investment and it helps a person pick up a side business without having to drop anything else.

  • Digital marketing
  • Life/ Career Coach
  • Print-on-demand online business
  • Food truck business
  • Home Bakery
  • Product/business reviewer
  • Home food delivery
  • Bookkeeping service
  • Event Planning
  • Content Creation Agency

Small Profitable Business Ideas List for Women

We as a society are progressing and more women are becoming career-oriented and competent. Here are few new business ideas for women, which will require small investment:-

  • Fashion designing
  • Daycare service
  • Bakery business
  • Selling products on E-commerce
  • Cooking business

List of New Business Ideas in Partnership

Following are the best business ideas which an individual can start in partnership:-

  • Cafe or Coffee Shop
  • Chatbot services
  • Mobile garage service
  • Recruitment Services
  • Real estate agent

Who can adopt these Low-Cost Business Ideas with High Profit?

One question which arises in one’s mind before starting a business is whether the business will be profitable or not. However, a business will be profitable only following terms:

  • One should adopt a low-cost business idea if they do not want to invest a huge sum of money at the beginning.
  • A person looking to start a part-time business can start a low-cost business idea.
  • A person who wants to test the business idea for few days can adopt such a business idea.

Risk & Benefits Involved in Small Profitable Business Ideas

Small businesses are unique in their own way but it comes with its own risks. Following are the risks when a person starts a small business:-

  • Financial risk is the biggest risk which one faces.
  • Knowing which steps to take in starting and growing the business is another risk.
  • If a founder is unable to continue due to illness then it can have a devastating impact on the business.
  • Competition in the marketplace can impact your turnover and margins.

Benefits of starting a small business are:-

  • An individual is their own boss. There is complete independence.
  • An individual can make more money.
  • An individual is more flexible and can make changes easily.
  • An individual is focused on a particular skill set that helps in growing business.

Steps to take after choosing a Best Small Business Idea

Once you have decided on the small business idea following are the steps which you need to take:-

  • Market Research -Market research is an important step that helps in determining the market condition, what competitors are offering and much more.
  • Draft a business plan - Before launching a business you should have a formal or informal business plan which should have all the details about the core business.
  • Build a prototype - Test out whether your idea is feasible or not by building a prototype.
  • Arrange funds - Last, but the most important one is deciding how much money you want to start a business. Whether you will use savings or will take a business loan.

Why a Small Business Loan is Best for you?

There are many good reasons why taking a small business loan is best for you and some of them are:-

  • Starting a business
  • Advertising and promotion
  • Purchase machinery or equipment
  • To increase working capital
  • Training and development

List of Bank that Provides Low Investment (small) Business Loan

These are the financial institutions that provide loans for small business ideas at a competitive interest rate:-

FAQs

How can I start a Low Investment Business with High Profit?

To start a low investment business with high profit an individual should target the right set of clients, business strategy should be correct and most importantly should have proper funding.

How do I choose a small scale business idea?

To choose a small scale business idea one should focus on their idea, passion and experience. Secondly, one should conduct in-depth market research and the demographics of their market. Before jumping right into the market do a test and complete due diligence.

Who can avail of a small (new) business loan?

An individual who is in an age bracket of 18 years to 65 years can earn a minimum of ₹ 1.50 Lakh annually can avail of a small business loan. Also, a person should have a minimum credit score of 650 to approve this loan.

What is the lowest interest rate on a small business loan?

Currently, the lowest interest rate on a small business loan is 14.00% which is charged by Corporation Bank.

What is the tenure for a small business loan?

A borrower can apply for a small business loan for minimum 1 year and maximum 84 months.A borrower can apply for a small business loan by visiting MyLoanCare.

What are the factors that affect a small business loan?

All lending institutions have different eligibility criteria for approval of the loan but the general criteria which are followed by every bank are age limit, credit score, the income of the borrower, income, age of the business and much more.


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