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Top Best MSME Business Ideas In India

Back in the day, it was difficult to start a business. The risks associated with starting a business were plenty and there weren’t too many resources available too. One had to be a risk-taker to start their own business. Not only that, the support from family and government weren’t also up to the mark. The capital required either had to come from savings or from loans at very high-interest rates. In short, starting a small business too required heavy savings and risk capacity.

The scenario is completely different today. Right from the capital required to the resources available for budding entrepreneurs, it is easy to start your own business. Whether you’re tired from the 9-5 corporate job or just think it’s time you become your own boss, starting a business is achievable.

The support that comes from family is also changing. Since they are recognizing success in businesses, it’s not more taboo. Capital is available from either friends and family to crowdfunding sources and even loans. Not only that, but the government has introduced various schemes under different names to boost the establishment of businesses. Loans are available by the government at low to very low-interest rates with minimal paperwork. You can literally apply for a loan under 59 minutes, under the MUDRA loan scheme.

Along with capital requirements, the Goods and Service Tax on micro, small and medium enterprises is also considered below, there are multiple benefits one can avail of and even seek deduction under various routes and formats.

Top 5 Business Mantras Every Business Owner Should Know

Top 5 Business Mantras Every Business Owner Should Know

10 Micro, Small and Medium Business Ideas in India

The first step to becoming a successful entrepreneur is finding a business idea that works for you and for society. What skillset you possess and what solutions do the people around you need.  In this article we take you through ten small business ideas you can start from home, small rented space and scale up as your clientele and revenue grows.

These low-investment business ideas make a great entry point for beginners, professionals, or anyone with experience in their field. Of course, these are just ideas mentioned and one needs to do thorough research before they get into anything specific.

  1. Freelance Developer

The coding and development industry has increased by no bounds. All businesses now want and need a developer to build a platform, website, or e-commerce portal. You can easily be a freelance developer and garner plenty of clients to build your own business.

The government is also encouraging businesses in the technology and coding field. While you can be a freelance developer through skill and creativity, no formal education is required, but you need to have the necessary skills to do this job. Since this job requires only you and your laptop, it is work from home friendly.

Education Required: No
Investment Need: Low
Raw Materials: Laptop/Desktop

  1. Personal Trainer 

With the trajectory of how everyone is becoming more aware and conscious about their bodies, the fitness industry is booming in our country. But there is some hesitation from people who have never been to the gym or who prefer to workout from their homes themselves. That is when they opt to have a personal trainer.

You need some certification and prior knowledge to become a personal trainer as it involves dealing with other people’s health and body, but the knowledge is easy to grasp. Since lockdown, many personal trainers have also shifted their classes over to zoom, so it is both works from home friendly and physically you can do it too.

Education Required: Yes, basic fitness certification
Investment Need: Low
Raw Materials: Laptop, Basic Weights, Resistance Bands

  1. E-commerce Store Owner 

With the advent of the internet, technology and digital products being on the rise you can easily start an e-commerce store and be an owner. The business can range from accessories to mobile phone products or even food products. You can set up your store on Instagram, a website or via Amazon, Flipkart.

You do require a small investment for the raw materials of the products you’re buying, a small maintenance charge for website charges and in case you have any other interns or employees. Having an e-commerce store is highly profitable if you’re in the right industry.

Education Required: No
Investment Need: Medium to High
Raw Materials: Basic goods of the products you’re selling, laptop

  1. Home Chef and Delivery 

You can now capitalize on the idea of being an entrepreneur and a cook by starting your own food business from the ease of your kitchen. Home kitchen and goods are a great business idea with minimum requirements and capital.

You can either specialise in a certain cuisine, homemade pickles, desserts or even healthy options since everyone prefers healthy food. One can also start a tiffin service and cater to the working people who do not have time to cook. This is a consistent business and can do very well.

Education Required: No
Investment Need: Low to Medium
Raw Materials: Packaging goods, basic food products for the food, delivery service

  1. Crafter 

You could either be a handicraft maker or a re-seller of goods and vintage products. On the other hand, if you’re a painter, artist or anyone in the creative field, this is for you. Right from selling your products online on e-commerce websites you can also start a collaboration with other brands and do a special limited line of vintage products.

If you’re an artist or a mural wall painter, you can get in touch with cafes, restaurants, and buildings and ask them if you could paint a wall of their choice. This industry is really budding and people want to see beautiful art everywhere. You need to have a creative mind and a good set of your painter’s requirement.

Education Required: No
Investment Need: Low to Medium
Raw Materials: Paints and brushes in case of painters, or vintage goods and products in case of a craft seller

  1. Online Tutor 

Zoom, Google Meet and all other platforms have now made it possible to be a student anywhere. Thus you can also be a tutor sitting from the comfort of your home. Online tuitions are a great space to be in right now if you have great knowledge of your teaching subject.

This could range from academic subjects such as Maths and Chemistry to being a Yoga teacher, Drawing teacher, coder, or whatever you specialise in. As your student base grows you can hire more interns and teachers below you.

Education Required: Yes, in the field you specialise in
Investment Need: Medium
Raw Materials: Laptop/Desktop, Books or notes

  1. Event Planner

Event planning is great for a small business idea if you wish to be your own boss. You need to be good at communications, have a good set of networking contacts and you’re good to go. Your event planning business can range from baby showers to weddings and even proposals. With the rise of social media and putting our lives online, everyone wants great events and pictures to put up. This could be your chance.

While you do not need any educational requirement or work experience, event planning involves a lot of coordination and ensuring your clients are happy. Most often than not, it’s not a one-man show and may require a minimum of two people. This could be a great idea for someone looking to get into a partnership business. One could handle the back end of the business such as accounting and admin, getting on more clients, while the other could be in touch with various vendors, venue managers, etc.

Education Required: No
Investment Need: Medium
Raw Materials: Laptop

Also Check:

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  1. Social Media Manager 

Developing strategies on what to post online, how to post, what kind of advertisements to have and the demographics are too much for a business. That is why they hire social media managers. Being a social media manager can help you get various clients on board, grow your business and be a boss for yourself.

This job does require a lot of coordination, ensuring your clients are happy and talking with various other people. Being a social media manager can be an easy job if you know how to connect with the right people. As your small business of being a social media manager grows you can hire more employees and become an agency with different skills such as web developer, copywriters etc.

Education Required: No
Investment Need: Low to None
Raw Materials: Laptop, Networking for potential clients

  1. Food Joint Kiosk or Franchisee 

A great business idea is to become a food franchisee or open up a kiosk in a semi-crowded place. Becoming a franchisee is a good idea because you get the brand value and name attached to your business and you do not have to spend lots on marketing either since people already know about the company and the brand name.

However, opening up a food franchisee requires good capital to start with and you need to figure out at least 6 months of expenses to ensure you can sustain yourself in the business. Most likely you will also have to hire other employees and pay rent. While this does seem like a heavy investment category to be in, the returns and success of this business might exceed your expectations if done correctly.

Education Required: No
Investment Need: High
Raw Materials: Space for rent, basic products for the food joint, chairs tables

  1. Garment Designer and Tailor 

If you have a creative eye and a background in designing clothes and stitching, this is the business meant for you. You can start this business anywhere from cities to tier 1 and tier 2 cities too since everyone does need clothes.

Being a designer can help you grow your business from everyday outfits to party wear and even weddings and bridal clothes. You need to find the niche you want to work in. If you have good tailoring skills in a particular style it’s always advisable to stick to that. Apart from having a good stitching machine and a few raw materials, this business can kick off without major investments.

Education Required: Sometimes Yes, in the designing field or prior knowledge of stitching
Investment Need: Low to Medium
Raw Materials: Stitching Machine, a small space to work

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How to start an MSME Business in India?

The informal route!

  1. Idea: A famous entrepreneur once said, “If we tried to think of a good idea, we wouldn’t have been able to think of a good idea. You just have to find the solution for a problem in your own life.”

That is exactly what you need to do. Look around your settings and environments and see the problems people are facing every day. Recognize these problems and try to find a solution for them. The solution to any one of these problems is your business idea.

  1. Find a tangible solution: Once you have identified the problem, try looking at different solution ideas that are required to solve this problem. There isn’t a single answer but multiple answers and try looking out for the route that fits your qualities and skills.
  2. Capital: Once you have identified the solution route, forecast the capital required for this business idea. This should include everything from the cost attached to setting up the business, documentation, rent, raw materials, the salary of employees, etc.

After you have your costs drawn out, understand how can you get a hold of this capital. Either through your savings account, raise money, take a loan etc.

  1. Legal process and documentation: Follow all the routes required for registering the business right from getting your business PAN Card, GST Registration, Books of Accounts etc. This can seem like a long, lengthy and boring process, but it is mandatory.
  2. You’re good to go! You can now start working on your business idea

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