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10 Most Profitable Small Business Ideas in India for 2021
10 Most Profitable Small Business Ideas in India for 2021
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- The first step to becoming a successful entrepreneur is finding a business idea that works for you. In this article you’ll walk away with dozens of small business ideas you can start from home and scale up as your clientele grows.
- Small businesses are privately owned corporations, partnerships, or sole proprietorships which have fewer employees and/or less annual revenue than a regular-sized business or corporation. Businesses are defined as "small" in terms of being able to apply for government support and qualify for preferential tax policy varies depending on the country and industry.
- 1.Online Reseller:
- An online reseller can be anyone – a student, a homemaker, a professional, or even a freelancer.Buying and selling items for profit is one of the oldest and most successful business models. Previous days, Sellers used to buy items in one country and sell them at a profit in places where they were scarce or unavailable.
- Today, becoming a reseller or online merchant is as easy as downloading a reseller app (Eg: Meesho, Myntra) that offers a free reseller program and creating a reseller account with them. For stay-at-home mom's wondering, "How to do online business", becoming a product reseller is one of the best online business ideas for women.
- 2.Stock Market Trading:
- Stock Market Trading is a place where shares of pubic listed companies are traded. A stock exchange facilitates stock brokers to trade company stocks and other securities. A stock may be bought or sold only if it is listed on an exchange. Thus, it is the meeting place of the stock buyers and sellers.
- Stock trading involves buying and selling stocks frequently in an attempt to time the market. The goal of stock traders is to capitalize on short-term market events to sell stocks for a profit, or buy stocks at a low. Some stock traders are day traders, which means they buy and sell several times throughout the day.
- 3.Affiliate Marketing:
- Affiliate marketing is the process of earning money (commissions) every time you promote a company’s products or services and drive a sale. You only get paid every time you drive a sale, just like a commission-only sales representative.
- Pro Tips to do affiliate marketing:-
- Decide on a platform
- Choose your niche
- Find affiliate programs to join
- Create great content
- Drive traffic to your affiliate site
- Get clicks on your affiliate links
- Convert clicks to sales
- For 99% of people, affiliate marketing is how they get started.The idea behind it is that you promote other people’s products, often through an affiliate network, earning a commission if people actually end up buying thanks to your marketing.
- 4.Sell a service:
- With services-based businesses, “time” is your inventory and your biggest investment. You’ve only got a limited supply of hours in your day. However, that makes it easier to get up and running if you’ve got skills that are in demand.
- Writers, designers, developers, photographers, house cleaners, fitness trainers, and more can build a business around their skills.They can also expand their business with any of the other ideas above to create additional revenue streams by “productizing” their services through physical or digital goods.
- A photographer, for example, can service a local event while selling prints online through their Instagram account. A copywriter can sell a copywriting swipe file of high-converting sales copy. Coupling your service-based business with physical products can give you another source of income that isn’t directly tied to your time.
- 5.Partner with a dropshipper:
- Buy stock, store it, pick it, pack it, ship it. Managing inventory can be a big commitment when you’re running a business.
- Dropshipping is a fulfillment model where a third party supplier stores and ships inventory to customers on your behalf. You just need to make the sales and pass orders on to your supplier; you don’t need to handle the products yourself.
- You can curate products from one or more suppliers into your own online store under a theme that focuses on a specific niche, like gear for yoga enthusiasts or water bowls for dog owners. When a customer buys a product from you, the order is sent to your supplier who fulfills it on your behalf. However, you are still responsible for your own marketing and customer service.There are both local and overseas suppliers you can work with, as long as you can establish a relationship with them built on trust—an unreliable supplier will reflect poorly on your brand.
- Dropshipping is a low-investment way to test product-market fit and launch a business before you invest in your own original products. Just be sure to always order a sample for yourself to make sure that your supplier is reliable and that the quality of the products is fit for selling to your customers.
- 6.Recruitment Services:
- A recruiter does more than find people for jobs. They also help people prepare for interviews, assist with resumes, cover letters, manage salary negotiation, advise clients on employment issues, stay up to date with labour laws, as well as share market and industry knowledge.
- Recruitment service is one of the most lucrative businesses in today’s time. All you got to do is shortlisting, selecting and appointing suitable candidates for jobs at the comfort of your house and earn great commission out of it from the company.
- 7.Youtube Channel:
- Anyone can start a YouTube channel, the channels that provide useful and insightful content amass plenty of viewers. Such successful channels are legitimate businesses. Learn how to start your own Youtube Business and whether it is the right fit for you.
- First, YouTube channels can be monetized even if they don't have millions of subscribers. Your earning potential isn't determined solely by the number of subscribers and views you have, but also by the level of engagement you generate, the niche you cater to, and the revenue channels you explore.
- 8.Online Teaching:
- Online teaching is the process of educating others on virtual platforms. This type of teaching involves live classes, video conferencing, webinars, and other online tools. It provides a lot of freedom to individuals to learn, teach, and develop skills at their own pace.
- Strategies for effective online teaching:-
- Know the technology
- Expect the unexpected and remain flexible
- Create and maintain a strong presence
- Set clear expectations for the course
- Establish a sense of comfort and develop a community of learners
- Promote reflection and communication through quality asynchronous discussion
- Have a good balance of active leader and active observer
- Request regular feedback and be mindful of misinterpretation
- Regularly check content resources and applications
- 9.Event/ Wedding Planner:
- Event planners come in a wide range of types, from wedding planners to corporate event planners. While wedding planners do fall under the category of event planners, they are different from the rest in that they typically only coordinate weddings. Other event planners might oversee a variety of other events.
- Duties of wedding planner:-
- Design the wedding image courtesy
- Manage wedding finances image courtesy
- Vendor scouting & referrals
- Schedule vendor meetings
- Create a website
- Guest lists
- Guest co-ordination
- Manage the event flow
- 10.Network Marketing:
- Network marketing is a business model that depends on person-to-person sales by independent representatives, often working from home. A network marketing business may require you to build a network of business partners or salespeople to assist with lead generation and closing sales.
- There are many well-known companies whose business model is based on network marketing. A few examples are Avon, Amway, Herbalife, Vestige and 4Life.A single tier network is a company that recruits individuals that become direct affiliates and benefit from discounts and sales commissions.