Many graduates and MBA degree holders believe in starting their own business after taking a few years of experience. But the main concern for them is how to choose a profitable business? This is not easy as ABC. Every new business requires some planning, purpose, and objective.
If the purpose or objective of a business is cleared then it would take lesser time to start a business. A new and profitable business needs a proper understanding of some aspects. These aspects include Marketing, finance, operations, and human resources. If these aspects work together then a startup can generate profits in a few days.
Working on the major aspects of a new business
Initially, the business starts with the acquisition of labor. Every business needs skilled, semi-skilled and unskilled laborers for their work. Another is production. If the product is good then it becomes easy to sell. Marketing depends upon how to present the products in front of the customer.
Finance is moreover the most important thing for any business. Finance includes the funds raised for the new business, the amount spends on other aspects and funds need for working capital. Once you have some basic knowledge required to start any business, you can pick a profitable business idea according to your skills.
Some new business ideas include:
1. Online shopping business
These are the most emerging business in the current time which can be started with lesser investment. Online shopping requires a small space if someone is selling a single category of products. But at the same time, some online business invests huge who wants to deal with huge product assortments.
This business has a high chance of profit because they do not manufacture the product, they just offer service to the end consumers. This business is also a customer-centric. So to capture the market you should think like a customer. If the customer is satisfied they will buy things again and again.
2. Bus service providers
Due to the good road construction and other highway projects, people are now preferred to travel by bus. The time and distance a train takes to reach the destination are always lesser than the bus then also many people prefer bus over train.
This business is also a very profitable making business in India. Many buses operate have tied up with make my trip and other booking portals which is beneficial for bus services. These sites are helping the bus operators to earn huge profits. This bus service business also needs less investment as well.
3. Housekeeping services for multiple purposes
This is also one of the cheapest business ideas in India. Here people who start the business take the number of people who can work as a maid, Nanny, caretaker, housekeeping staff for hotel, etc. This business is really a successful business as it needs no space to start the business. This business needs contact with people who can work for different people and in different areas.
4. Car service and washing company
There are many local service centers available in India that offer good services for the car. But everyone has their own ways and technology with which they work. This business is now growing because of the increase in the sales of cars.
Apart from services, washing is another part of this business. Washing requires no investment at all. It can be started with a thousand rupees as well. But one should have proper labor who can wash the car in y way. Cleaning is a major part of a car if the car is not clean one would not like to sit and users are ready to pay a good amount for cleaning and servicing.
5. Solar Power business
This is another good example of starting a new business to earn well. In states and city where people face with electricity issue, can use solar power to run their factories and house. This business set up needs investment but it’s profitable too. This business can help the owner to become rich in a short span of time if the project is well designed and presented well.
6. Event management business
Event management and event planning is also a short investment and a huge profit earning business. Earlier people prefer to go to the guesthouses and resorts to book the parties. But from the change in trend, this business has also made a turn. People are opting good even planners who can organize a good party according to the taste of the customer.
This business may help you to earn crores if the designs and plans are touched by the host. Many rich people in India hire even planning companies for their marriage, birthday parties and for other big parties. This business if planned properly with decorators, caterers, etc can earn huge.
7. Online customized gifts and accessories
This is a business that can be started with 50000 rupees only. People who start this business can connect with the photographer and gift shops who prepare the gifts for the users. People who order gifts online can be delivered to them as soon as possible. This business has seen growth in the coming years and has many more opportunities.
8. Scrap collection
This is a business that can make you rich in a month. One can hire a man to collect scrap in a form of iron, plastic, aluminum and that can be sold at a higher amount in the scrap market. This business needs an investment lesser than lac and can generate a good amount of business. Scarap business but needs knowledge of dealers who deal in these type of scraps.
Every business has its own benefit. Every business has its own objectives which may help people to earn a good living. People need proper planning and an organize way to start a business. One has to see where to invest and in which sector to earn profits in the future. Every business requires capital and labor and if these two things are invested properly then one can soon touch the sky.