Entrepreneurs Should Kick-start These 4 Small Business Opportunities in Hyderabad
- BY Jaspreet Kaur
Feature Writer, BusinessEx
- Sep 16,2020
- 16 Mins Read
Hyderabad is famously known for its contribution in the technology industry. The city is home to various entrepreneurs working in diverse fields. Having a high count of business enterprises, the city has an immensely competitive business environment. To start a business in Hyderabad, one needs to have a unique business model, concept and quick execution. After the pandemic, several business models fall apart, thus, wiping out enterprises.
As fewer businesses have failed, there are some new business opportunities that aspiring entrepreneurs can ahold. The newly emerged small business opportunities in Hyderabad are somewhat an outcome of the economic downturn, which are as follows:
Digital Advertising Firm
If an individual has knowledge of digital marketing and earned professional experience in the same space, he can employ it in a better way by establishing a digital advertising agency. One needs to infuse between INR 1 lakh to INR 3 lakh for starting this business.
Besides this, one has to manage the cost of rented space, business equipment such as laptop, WiFi connection, telephones, and computers. Depending on the employees' size, the entrepreneur will have to disburse remuneration and spend money on offering other facilities. Through digital advertising services, the company will help other organisations build their online presence. It can also facilitate in enhancing the online reputation of organisations in the Internet realm.
Errand Services Business
In a city's hustle-bustle, people sometimes often do not find time to carry out minuscule errands. They wish someone else can do their errands and thus, they can focus on other important things. With an idea to serve the general masses, an individual can start an errand services business.
It is one of the small business opportunities in Hyderabad that will require a small amount of investment. To start this business, an entrepreneur will require networking, two-wheeler vehicles, and a bunch of helpers. The entrepreneur will also have to train helpers as to how they have to deal with customers. He has to focus on enhancing customers' experience so that satisfied customers will later do word-of-mouth marketing for the business.
IT Services Business
At the present time, technology is employing an important role in upgrading products and services. It has become crucial for organisations to amalgamate technology into their products, in order to stay relevant with the present time.
Considering this, an individual having a knack in tech can initiate IT services business. There are a vast amount of IT services such as network design and installation, tech support, admin management, and hosted services etc are catered to the customers. Out of which, an entrepreneur has to choose some services wherein he holds experience.
The investment required to start this business is between INR 2-3 lakh. For setting up this business, an entrepreneur needs to have a rental space, computer, software licenses, and hosted websites. Upgrading skills and imbibing more knowledge are crucial as new technology comes every now and then, thus, new improved IT services should be offered to the clients.
Home Furnishing Company
It was reported that during the lockdown, people had got time off from their jobs and began focusing on furnishing their homes. It states that home furnishing can be one of the best small business opportunities in Hyderabad. To establish this business, one needs to have experience in the interior designing industry. One can create products for selling and also, offer consultancy services to the customers. Following the consultancy, the entrepreneur can create customised products for clients. In this way, the clientele would not go anywhere and stick to the firm.
To start this business, an entrepreneur needs to have a rental space, some home decor items to showcase, and a workforce to create end-products as per the demands. An initial investment of INR 1-2 lakh is required to kick start this business. Decorating a home is something that every individual likes; it has somewhat become prerequisite in upper middle class families. Thus, it is less likely that this business will go out of the business in near future.
An entrepreneur can effortlessly establish these small business opportunities in Hyderabad. They are profitable and sustainable business models that would not require a lot of investment. As times goes by, more capital can be invested into these businesses to expand them. Revamping the business is also crucial in order to keep up with market standards.
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