Start These Low-Investment SME Business Opportunities Now
The stage of ideation is often considered easier than execution. For the first-time entrepreneurs, establishing a business seems like selling products or services and earning revenue only. In fact, running a business is much more than that. It takes immense toil to manage daily operations and compete with other companies in the industry. To sustain in the business, an individual needs a foolproof plan along with blue print and mentorship. Financial support is another thing that is a prerequisite for establishing a business.
As per the Ministry of MSME's annual report FY 2019, micro enterprises have dominated the MSME segment. India has 6.30 crore micro enterprises in total out of 6.33 crore MSMEs.
There is a lot of hustle while garnering sources to initiate an enterprise. Altering plan after plan, identifying a suitable industry, and finding an office space or shop are some important steps taken while establishing the business. To make the entrepreneurial journey less daunting, here are some of small and medium-sized business opportunities. These business ideas are lucrative and require less investment.
1. Pickle-making Business
Pickle is one of the Indian food items that enhance the taste of the overall meal. It comes in wide varieties and different tastes. It varies from sweet to bitter to spicy flavour. As edible oil is added into pickles, shelf life of pickles increases substantially. Since pickle is a crucial part of food, individuals having good culinary skills can initiate pickle-making business.
The business can be started with an investment of roughly INR 24,000. The entrepreneur can enhance this business by supplying pickles in different markets. He can further sell pickles online, thereby, giving recognition to the brand. As the business scales, he can practice his hand over other things as well like offering tiffin services, catering services and so on.
2. Tiffin Services
While pickle-making is like an art wherein the maker needs to add the right proportion of ingredients in the concoction, on the flip side, preparing cooked food in bulk requires efficiency. If an individual likes preparing food and seeks to make it a passion, then starting a tiffin service is not a bad idea. Unlike a restaurant, one does not require a lot of funds for establishing tiffin services business. Furthermore, one does not need an office space to carry out tiffin services. A kitchenette or small room can be an ideal place to prepare food.
After finalising a place, one has to contact nearby offices and tenants that require tiffin services. To start this business, one has to infuse money about. INR 35,000.
3. Agarbatti-making Business
Agarbattis resonate with spirituality and calmness. They play a crucial role in pujas and temples. They can be found in every Indian home as they are a prerequisite while performing aartis. Owing to its increase demand, agarbatti-making can be a good business idea. Besides India, agarbattis have a huge demand in the foreign countries as well. People residing outside India, who have inclination toward meditation, require incense sticks to add fragrance in their ambience.
Thus, the export of incense sticks is rising in the country. Machinery is also used in preparing incense sticks. It makes tasks easier and swifter. One needs to garner roughly INR 50,000 to start this business. Once agarbattis are prepared, they can be sold in the nearby markets.
Chocolate has become a growing obsession for kids, teens and adults. People splurge on buying different types of chocolate. If an individual knows how to prepare chocolate and specializes in different forms of chocolate, then one can easily start this business. Besides office, one can operate this business from home also by contacting with shopkeepers and individual customers.
To start this business, one needs connect with wholesalers that can supply raw materials and packaging products at reasonable rates. One has to invest roughly INR 40,000 to initiate the business.
5. Cake Business
Nowadays, people prefer freshly baked cakes and related items. Observing customers’ changing behavior, an aspiring entrepreneur possessing expertise in baking can start cake-baking business. One needs to have a hand over different types of cakes like chocolate cake, eggless cake, and truffle cake etc. Besides cakes, one can also prepare cupcake, waffles, and breads.
To start this business, one has to garner raw materials and tools for baking. On the other hand, one can create one’s one products so as to give a personalized touch to the entire baking process. One has to infuse money about INR 30,000 to establish this business.
As disposable income is rising, people are spending increasing on wearables. One such wearable is shoes; a variety of shoes are produced today contingent on customers’ demands. As a shoelace coincides with shoes, thereby, the demand for shoelaces rises alongside shoes.
An individual possessing knowledge about footwear industry can start shoelace business. This business requires machinery along with expertise. The initial investment required for establishing shoelace business is INR 45,000.
The above-cited SME business opportunities are helpful. Aspiring entrepreneurs can begin these businesses and become a part of the country’s SME sector.
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