Are you thinking of starting your own business? But, do you feel overwhelmed and without any direction where to start?
Deciding to start your own company can seem very daunting if you’ve never done it before. But, if you have a business idea that you are eager to start your new journey with, then you are on the right track for your entrepreneurial journey.
Forbes India Advisor researched more than 150 ideas and selected the 25 most successful small business ideas that can help you find success.
- 1 25 Most Successful Small Business Ideas
- 1.1 1. SEO Consultant
- 1.2 2. Cryptocurrency Consultant
- 1.3 3. Venture Capitalist (VC)
- 1.4 4. Small Wealth and Asset Management Company
- 1.5 5. Personal Finance Youtuber
- 1.6 6. Online Teaching Classes
- 1.7 7. Preschool and Daycare Owner
- 1.8 8. App Developer
- 1.9 9. Crowdfunding
- 1.10 10. Digital Marketing Manager
- 1.11 11. Cloud Mining
- 1.12 12. Car-detailing Specialist
- 1.13 13. Home Bakery Business
- 1.14 14. Freelance Coder
- 1.15 15. Podcaster
- 1.16 16. Toy Library Owner
- 1.17 17. Telehealth and Virtual Medical Services
- 1.18 18. Pet Grooming Business
- 1.19 19. Influencer Marketer
- 1.20 20. Drop Shipping Business
- 1.21 21. 3D Printing Designer
- 1.22 22. Food Truck
- 1.23 23. Car Share/Pool Services
- 1.24 24. Domain Name Specialist
- 1.25 25. Fitness Consultant
- 2 Tips For Starting A Small-Scale Business
- 3 Bottom Line
- 4 What can I start with 10k?
- 5 What business can I start with 5 lakhs?
- 6 Which is the No 1 business in India?
- 7 What business makes the most millionaires?
- 8 Is 10k enough to start a business?
- 9 What is the most demanding business?
25 Most Successful Small Business Ideas
1. SEO Consultant
An SEO consultant offers search engine optimization services. This is one of the most booming businesses that can definitely be started on a small scale. In today’s world, there is a rat race among all the big companies and people, who want to be seen online more often than others. Here, SEO experts come into the picture who know best how to bring more organic traffic to your website with the latest tools and strategies.
SEO businesses are generally quite profitable because the search engines are constantly evolving, and therefore there is a lot of demand for SEO consultants. So, if you are an SEO expert, you can easily set up your own business, instead of working for a company or agency. You just need to invest in marketing, education and business organization to make a profit from the business.
2. Cryptocurrency Consultant
A Cryptocurrency consultant is a professional who advises their clients on successful and compliant cryptocurrency transactions and practices across accounting and tax functions. As a crypto expert, they protect their clients from any illegal and unethical encryption practices.
Crypto consulting business is getting huge demand all over the world because few people are aware of this new market that has emerged as well and on the demand side, there are huge corporates, HNIs, celebrities who just want invest in digital currency and make healthy profits. but also wants to create their own blockchains and non-mungible tokens. That’s why crypto advisors who are fully equipped with great knowledge of Bitcoin, blockchain, crypto market practices, etc. are in high demand.
To become a self-employed cryptocurrency consultant, one must have a financial or technological background, practical experience working under experts, and a good 8-10 years experience in crypto consulting business as well as cryptocurrency certification.
3. Venture Capitalist (VC)
A person can really start very small and build their own venture capital firm. You can start as an angel investor or you can partner with someone who is starting a venture capital firm. A venture capitalist, commonly known as a VC, is an investor who helps and advises a new company in the expansion process or provides the capital needed for a startup venture. There are many ways you can become an independent venture capitalist. You have good investment banking experience or have been a highly trained financial advisor or equity research analyst.
As a self-employed venture capitalist, you can invest a large portion of your funds in your new business or you can partner with someone who has similar expertise. Initially, new venture capitalists should stick to investing in companies that operate in industries they know. Also, make your decisions based on deep-dive research. And gradually if you succeed and build a reputation, leading to lucrative and high-profile deals.
4. Small Wealth and Asset Management Company
Independent wealth boutique and asset management firms are outpacing the big ones because of their flexibility and agility. You can definitely start a smaller business if you have a great financial background with some strong network. Since it’s a small business, you can focus the other administrative tasks like IT, human resources, legal/compliance, accounting and more time on your clients and building relationships.
Wealth and asset management is an investment advisory service that includes other financial services to meet the needs of high net worth and affluent clients. An independent and self-employed wealth management consultant is a professional with the financial expertise to manage the wealth of wealthy clients holistically, for a single set fee.
5. Personal Finance Youtuber
Everyone earns money but some do not know how to manage their own money. If you have expertise in personal finance including investing, insurance, retirement, you can definitely start your own YouTube channel and make videos aimed at investors or beginners who want to learn the basics of investing as well as skills personal finance and so on. it helps build wealth. You need to follow these steps when launching your own channel, for example:
6. Online Teaching Classes
Online teaching business and EdTech industry is booming especially after the situation of the Covid-19 pandemic. So, if you are at all planning to start your online tutoring academy, don’t hesitate. Now is definitely the right time to start, as the online learner base is growing exponentially. Here are some tips that will definitely help you launch your own online academy:
7. Preschool and Daycare Owner
With a growing working population, preschools and daycare facilities have become a mushroom business in India. Preschools have a record of getting high yield income and therefore, it is considered as one of the profitable businesses to invest in. All you need is a proper and strong business plan and registration and licenses in place.
If you are a woman and you want to invest in a preschool, you have several banks and institutions that provide loans at discounted rates and also with flexible loan repayment schemes. Apart from loan requirements, proper location and infrastructure are very important to run a business for a longer period.
Do not forget to enter into a long-term lease agreement so that the investment in terms of infrastructure and business development is not mixed up.
8. App Developer
Well! we all know that this is indeed a mobile age, where everything happens through smartphone applications. Whether you want to order food, book theater tickets or hotel reservations, buy groceries, clothes, or you name it you can have it all through the app. In general, there are basically two types of mobile applications: utility apps and gaming apps.
With this growing demand, there is also a huge scope for app developers, who have expertise in designing, building and managing mobile applications. App development can be a good business idea, as it has strong earning potential, a strong career outlook and numerous opportunities to work with cutting-edge technology. One can easily start their own app development business in designing mobile applications by pursuing related certifications and diversifying their coding skills as well.
Crowdfunding has been seen as one of the most viable investment options for start-ups and emerging business ventures. In simple terms, Crowdfunding occurs when a ‘crowd’ funds a project or business, rather than just one or two large investors. Crowdfunding can involve various items such as donation, equity, real estate or reward-based.
However, to run a successful crowdfunding business, one must have good sales and marketing skills to capture the large number of investment supporters and convince them to invest in your project. The main advantage of a crowdfunding business is that it has minimal financial risk and can be started with a very small budget.
10. Digital Marketing Manager
Digital marketing services are in high demand and play an important role in branding and advertising the company’s image. If you have experience in SEO, content marketing, blog advertising, pay per click ads, social media management, you can easily start your small scale business from office or even work from home. Many companies prefer to outsource these services rather than establishing an in-house team.
So, if you like to carefully manage and implement the marketing plans, then digital marketing is the right business for you.
11. Cloud Mining
Cloud mining is a computerized remote mining process that validates coin transactions made on the blockchain. It is initiated by the cryptocurrency mining hosts who participate in the process to earn or receive some returns from the mining process. It is perfect as a small business idea, because it is a very accessible shared power processing system that makes it easy for miners to mine crypto coins without any costs for setting up and maintaining the hardware.
The main advantage of cloud mining is that it can be installed anywhere around the globe, where the miner can easily access online with a regular internet connection. Therefore, if you are planning to mine cryptocurrency on your own, you need to focus on equipment and electricity costs before investing in the cloud mining process.
Cloud mining revenue is impressive and its rate is gradually increasing. At the same time, there are certain projects that facilitate the mining of crypto coins with little or no investment.
12. Car-detailing Specialist
If you are a car enthusiast or want to start your own business in the car sector, car detailing is for you. Car detailing isn’t about when your car goes through a car wash, it’s more about keeping your car in excellent condition while you’re detailing it. Detailing not only keeps your car clean, but also protects the car’s exterior and interior, helping to extend the life of a vehicle and maintaining its maximum resale value.
Well, starting a car detailing business in India is not that easy because this type of service is still new and complex, but you can follow the following steps to make your business brighter:
And, always remember that acquiring new customers can cost you more than keeping existing customers. Most auto detailing sales come from existing customers who keep coming back to you. So, focus on providing good service to the customer.
13. Home Bakery Business
If you love to bake delicious cake, cookies and more and may not have the resources or time to start your own retail bakery, then a home based baking business is for you. With a home-based setup you can easily be your own boss, and work from home, rather than renting an expensive shop and hiring a team of employees.
All you have to do is plan an attractive menu, invest in baking equipment, buy supplies like flour, sugar, butter, eggs and also promote your venture on social media platforms. A visually appealing social media platform like Instagram is a great place to share images of your beautiful cookies and cakes. The home baking business can be started with little investment and can be expanded according to the growing needs of the business.
14. Freelance Coder
Coding is not only a valuable career choice but also contributes to the growth of organizations around the world. A freelance coder is an individual who fulfills the design and development needs of clients on a contract basis, through their coding skills. A freelance coder is self-employed and therefore has complete independence in choosing the companies, the work domain, the type of project, based on their own preferences. It is to be noted that there are many mushrooming coding companies in India, but to set your business apart, you must have competencies and skills such as the ability to negotiate, a solid network, the ability to meet deadlines and quality services be offered in a timely manner.
If one is planning to start their coding business, they will need at least two employees who have administrative skills as well as coding tasks. Always hire staff who understand the coding business well.
Starting your own podcast can be so much fun, engaging and profitable too. Depending on your likes, choice and goals, you can start a podcast and earn money. Focus on building the image of your podcast by naming it strongly, designing your cover art and also choose catchy audio sounds or background music that add vibe to your podcast and help you get more subscribers. Also create a proper website or RSS feed to host your podcast online. Choose your format and also the style of hosting. The format can be educational, narrative and conversational. You can host your own podcast or you can have multiple hosts that add variety. Here are the various equipment needed to start your own podcast:
16. Toy Library Owner
Toy libraries can be small, casual or even event specific. The toy library is a fun business that can be easily started from your home or a small rented space. These libraries can have open or closed collections. In an open collection, all the toys are displayed and the children feel, touch them and then they can choose what they want from the shelf. However, in a closed collection, children or parents can look at images of toys through social media pages or websites and then decide what they want to borrow.
Besides the space, you’ll also need a low-tech inventory system to track what’s being borrowed and who’s borrowing. If your toy library is small and informal, you can easily manage or be able to run it yourself. But if you have a big setup, more manpower is required to handle things perfectly.
To be successful in this business, promote your library through various social media platforms, WhatsApp groups and through leaflets and posters that can be distributed to nearby places, preschools and day care facilities.
17. Telehealth and Virtual Medical Services
Just like fintech, one more segment that is also growing rapidly is healthtech. Telehealth and virtual medical services which are an integral part of health technology have seen a huge rise especially after the Covid-19 pandemic. These services are now not limited to video calls or video meetings of physicians and patients but also offering remote care services from appointment to prescription to medication and also the follow-up, from one platform.
Certainly, this could be one of the best and most profitable business opportunities for small scale entrepreneurs and startups. However, whatever telehealth services you wish to launch, be very careful and mindful of regulations and compliance. Do more research on telemedicine laws and then create a realistic business plan by taking all costs into account. Also, when launching a telehealth company, you need someone who can partner as a technology solutions provider. There is also a huge range of criteria that should be taken into account when choosing telehealth software that provides data security, technical support and easy documentation.
So, before you invest in a telehealth business, choose the right platform, carefully consider the pricing strategy, and build your business model in advance.
18. Pet Grooming Business
The pet business in India is still at a higher stage compared to the western countries, but growing fast and only getting bigger and better. If you love pets and have a strong attraction to animals, you can definitely start a pet grooming business. To start this business, you must first invest in rent, related products and equipment, electricity and water, and groomer salaries. The services that can be offered to pets such as dogs and cats such as spa, haircuts and other grooming items according to their breeds and types.
19. Influencer Marketer
If you have already worked in this stream of influencer marketing and have collected a lot of contacts, you can definitely start your own agency on a small scale. Today, the influencer marketer focuses solely on marketing with social media stars who have huge followings on various social media accounts. This can be done through specially designed tools and platforms that help find celebrities on social media and track their collaborations.
Start with fewer clients at first and then you can expand your client base over the years. Focus on competitive pricing, unique offers and work on niche sectors, where you already have the expertise because your practical experience will always win over theory.
20. Drop Shipping Business
Are you excited to start an online business, but not sure how to get started at the same time? Then, you can definitely think about drop shipping, because you don’t need to engage in manufacturing or production materials here. Dropshipping is a type of online retail business where there is no physical store that stocks the products, so you as an online seller (you will act as a middleman) do not need to stock the product directly or store it in warehouses.
Five main steps of the drop shipping process:
1. The customer places an order with a drop shipping retailer.
2. The retailer processes the order and forwards it to the wholesaler.
3. The wholesaler receives the order from the retailer.
4. The wholesaler ships the order.
5. The customer receives the order.
Dropshipping is a low-risk business model that requires less initial capital investment and less overhead compared to other online methods in India. It is also considered one of the most valuable business models because you are not liable for the manufacturing or shipping costs of the product and therefore can start making money from every sale they make.
21. 3D Printing Designer
The 3D printing business is ideal for those tech enthusiasts who have a vision of designing real life objects in 3D versions. You can have more success if you are an engineer and are adept at re-tooling, refining and suggesting ways to improve a design. The 3D printing business can be started for various industries such as glasses, toys, jewelry, home décor, spare parts, smartphone cases and also for forensic evidence.
To start or make your 3D printing business in India spend more money, you need to understand not only the requirements of setting up this business, but also the capital intensive machinery and printer cost 3D together with its rules and regulations.
To boost such industries, the Union Government of India has created various schemes where entrepreneurs or business owners can get loans at a low rate of interest.
22. Food Truck
Food trucks are one of the most viable options for potential entrepreneurs who love cooking but have limited resources to own their own restaurant or cafe. Food truck overhead and maintenance costs are relatively low and this business can be started with less initial investment.
However, permits and area rules play a very important role in setting up a food truck in a certain area.
The car share market has become very popular in recent years especially in the metro and tier 1 cities of India. They basically connect riders who are ready to share their car to pool with people who need a drop to a certain location.
There are definitely some big names dominating this market, but there is still room for more, if someone comes up with a good business idea. Apart from choosing a strange and catchy name, the look and feel of the app should be very unique and user-friendly for customers. First, choose the closest niche and location and provide additional innovative features that encourage riders. Have the easiest registration and registration feature with easy payment options.
To achieve rider satisfaction, offer 2012 round-the-clock phone, email or chat support to deal with any type of customer service complaints.
24. Domain Name Specialist
There is always a huge demand and scope for domain name specialists. For most businesses, a strong domain name is always needed to add a sense of professionalism and expertise to their official website.
You can easily start as a domain name specialist or consultant for many businesses and companies, if you have a deep understanding of domain name types and their marketplaces, domain name registration process, costing and SEO to secure site traffic. So, you can help these businesses with your expertise and help them have a unique online address that helps them make their brand more visible and thus attract more customers.
25. Fitness Consultant
A personal fitness training business is a low cost and highly profitable business idea if you are a fitness enthusiast. Today, many people, regardless of their age, want to have a healthy regime under the service of a coach or proper guidance. Be it pilates, yoga, hot yoga, zumba, aerobics or personal nutrition tips, all these services are readily available, if one hires a fitness consultant for themselves.
Don’t forget to fill your Instagram feed with motivational fitness quotes, exercise videos, and healthy snack ideas, because besides personal training services, it’s also a popular way for fitness experts to build their brands in our digital world and earn money.
Tips For Starting A Small-Scale Business
Starting something on your own can be scary as well. It requires not only hard work, but also the right strategy, right management tools and guidelines that must be implemented in a timely manner. Although every business idea requires a different approach but, Forbes Advisor India has identified some basic steps or guidelines that an entrepreneur can follow while starting their own venture:
Business ideas are the main driving force in setting up a business. It is the main reason behind the successful operations of every enterprise. The idea does not always have to be rare, different or unique, but it must have the ability to capture a huge part of its target market.
So don’t hesitate to share your business ideas with your friends, family and relatives, until you identify your perfect idea that not only fulfills your passion but also makes financial sense.
What is a business idea? Broken down, the reason for setting up a business is a business idea. It drives everything about the company, from the products and services offered to how those products are marketed. This idea does not have to be unique, but it must have the potential to capture some of its target market.
What can I start with 10k?
The Best Businesses To Start With 10k
- Small Nest Eggs Can Create Big Opportunities. Maybe you’ve been working faithfully at your 9 to 5 job, and have some money in the bank. …
- Import / Export Business. …
- Online Shop. …
- Inventing a business. …
- Senior Care Business. …
- Delivery Service. …
- Home Staging Business. …
- Window Treatment Business.
What business can I start with 5 lakhs?
|business||Skills required||How much you need to start (Rs)|
|Food delivery||Marketing and sales||15,000|
|Make uniform||Man management||20,000|
|Property management||Marketing and sales||50,000|
|Telecom Business Consultant||Networking||50,000|
Which business is best under 5lakh? Pest Control Business As a result, individuals search for pest control services, and this business may be the best option under €5 lakhs for those looking for a low risk investment. To make a significant profit from your business, you must first invest in resources and chemical sprays to eliminate pests.
Which is the No 1 business in India?
Reliance Industries This Mumbai-based multinational company has a market cap worth INR 1,795,732.38 crore. And so, Reliance Industries is the largest company in India. Over the years, it has ventured into various sectors such as telecommunications, petrochemicals, retail, natural resources, and textiles.
Which business is most popular in India? Ans- There are many businesses that are booming in India in 2022. However, online businesses like cloud kitchen, digital marketing services, freelance writing services are some of the best considered businesses today there.
What business makes the most millionaires?
The answer may surprise you: it’s finance. In fact, according to Forbes magazine, finance is responsible for creating more millionaires than any other industry in the United States.
What business creates most billionaires? In 2021, the industry where the highest share of the world’s billionaires spent most of their time was banking and finance. More than 20 percent of billionaires spent most of their time on this industry. Industrial conglomerates followed in second place at 9.4 percent, with real estate activities in third place.
What business do most millionaires have?
Financial Services The financial services industry has created the most millionaires of today, according to the Wealth Report. In the money business, people make a lot of money.
What do most millionaires own?
Real Estate Millionaires The vast majority of millionaires own real estate, making it the most popular alternative asset class.
What business is most likely to make you a millionaire?
Which industry is most likely to make you a millionaire? The answer may surprise you: it’s finance. In fact, according to Forbes magazine, finance is responsible for creating more millionaires than any other industry in the United States.
Is 10k enough to start a business?
You can find ideas for startups under 10K. It’s so easy today. Gone are the days of heavy investments with large capital. With just 10k or less you can start your own business of your choice.
How much should I save to start a small business? According to the SBA or Small Business Administration, most micro businesses (with one to three employees) cost about $3,000 to start. Additionally, they estimate that home businesses will cost between $2,000 and $5,000 to start.
How much do you really need to start a business?
So what does it really cost to start a business? It can cost as little as a few hundred dollars if you are already technologically prepared to run a service business, or $1 million, or more if your goal is to buy an established franchise. But the median amount is less than $15,000.
Is 10000 enough to start a business?
An Intuit survey found that 64% of small businesses start with $10,000 or less and 75 percent of business owners rely on their personal savings to launch. In some cases, you could start a business for as little as $100, plus your time, energy and tireless dedication.
Is 20000 enough to start a business?
$20,000 is more than enough money to start and build a legitimate business. Your highest cost will be marketing, but you’ll probably want to invest in some form of credentials to prove you’re offering a legitimate service.
What is the most demanding business?
Labor Contractor: The business with evergreen demand. With a developing economy and a population as large as India, recruitment is definitely one of the most happening sectors. Contract workers constitute 34% of India’s vast labor force.