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Small business ideas in India
Small business ideas in India
India is a land of opportunities for those who are able to identify solutions for the growing problems in the nation. A major challenge encountered in starting up a business is procuring substantial capitals or investment to start up a business idea. However, there are still quite a few numbers of small business ideas that do not require much investment but guarantees a high profit rate if done effectively. One of the major secret of starting up a small business idea in India is providing services that bring convenience to the people of India. Armed with this secret and the market potential in India, these are a few small business ideas in India which will be in demand since it saves cost and time;
- Temporary employment agencies
Known also as temp agencies, it provides manpower for a variety of businesses via short-term contracts or temporary basis. It basically functions like a company’s human resources department. Much better actually since a temp agency runs more efficiently in recruiting manpower for short term because they are able to access a wider applicant pool. In India, temp agency was more popularly known to find a low-wage job which requires not much work skills. However, the market has changed now requiring these agencies in providing highly skilled contract workers. Many young professionals in India prefer to work in contract basis than permanent position since it allows them to seek maximum experience in shorter period of time. Multinational companies prefer to hire independent consultants for a short duration since it allows them to get the best talent to work with. Bringing these supplies of young professionals to meet the demand of multinational companies together is the objective of a temporary employment agency. Networking ability is vital to run a temporary employment agency because it acts as a middle man connecting the supply and demand in any industry.
- Tutoring service
In a highly competitive school environment to score and build a strong career, the need for private tutorial as escalated in India. This has created an opportunity for those having adequate knowledge on certain subjects or field to be qualified to start tutoring business. Enthusiasm, positive and patience are crucial attributes to have for this business. Secondly, organizational skills like systematic planning and advance preparation plays a pivotal role in the success of a tutoring business. Besides having a tutoring business in a traditional classroom, entrepreneurs can venture into online tutoring providing more space for growth of the business. Online tutoring on courses like education, fashion, music or web designing can be an unending scope of growth in this business. Not only the market for online tutoring business is huge in India, it has the potential to reach a global market too. Depending on the creativity of the entrepreneurs, this tutoring business has a variety of opportunity waiting to be explored. Not only does this tutoring service brings down the employment rate in India but also creates and builds an educated future generation for the nation.
- Translation services
Digital age has enabled businesses to go global by connecting people and creating a global community. However, language still remains as a barrier for businesses to interact effectively with clients. In a country like India where regions, dialects, states and cultures are rich in number, accurate language translation and deliverance is crucial to win customer loyalty. This niche in India’s market creates opportunity for entrepreneurs to start translation services. For example, technical translations like legal document translation or website translation need to be done professionally ensuring users from diverse locations to understand the technical jargon better. In industries like finance and banking, or travel and tourism, translation service plays a vital role in global trading environment. Ability to translate an indigenous language without missing out unique cultural and linguistic traits of the region allows businesses to bride diverse linguistically different people together.
4. Freelance business
Freelancing is an ideal choice for young entrepreneurs who seek flexibility and freedom in career. Geared with the right set of training and most importantly motivation, a freelancer has a huge range of exciting opportunity to explore. With rising internet penetration, well established companies and organization usually outsource their workload like logo designing, web developing or website content writing by hiring freelances to reduce business expenses. Outsourcing enables companies to avoid additional cost of training and providing infrastructure on top of high wage inflation. Freelancers are no longer perceived as ad hoc workers but professionals to play pivotal role in a business’s growth. Freelancing business involves entrepreneurs who are capable to micro manage their time in completing a task while building a network to grow their influences in a certain industry. India is still lacking and is not a mature market for freelancers and is constantly evolving, tapping into this business guarantees a good profit gain.