Have you been wanting to start a business but didn’t know what to take a dig at? Don’t have enough capital to start something?
Worry not, we have you covered.
We have put together a list of unique and cost-effective small business ideas that will get your inner entrepreneur all excited! What’s more? We also have a checklist on how to get started.
Ready? Let’s explore:
If you are of the creative kinds, you can start by indulging in your passion. You can sell your arts and crafts at an exhibition or on the web. You can do up people’s homes or just plan a friend’s wedding!
Start with selling to a small group of people and spread the word. Put your merch/services online. Here’s how you can get a free online store.
- Sell Arts, Crafts, Jewelry, Food
- Interior Designing
- Wedding Planning
- Freelance Blogging
- Resume Writing
- SEO Consulting
If you want to do something more technical – a business to business solutions – you will need some technical skills. If that’s something you’ve checked off your list, here are a few interesting ideas:
- Bookkeeping / Accounts Consultant
- Virtual assistant
- Security specialist
- Web hosting/designing
- Financial advising
- Marketing consultant
Personal Care Ideas
- Tuition classes
- Pet-care, Dog Walking services
- Laundry service
How To Get Started
As the saying goes, no two businesses are similar. Every business has a different need. However, we will try to give you a general overview of how to get started with a small business.
You will need:
Chalk out a business plan. The plan should include what your business will be about, who it will cater to and how your service will cater to a customer. Before jumping into the idea, find out if you are meeting/filling a void in the market and craft your service around the need. Get some research done and when you have a solid business plan, proceed.
The amount of capital needed for a business depends on your plan. If you are starting a creative business that does not involve physical goods, starting costs won’t be big. Online businesses are easy to start. You can also use your client’s money to kick off a consulting gig and charge a commission (that’ll be your income).
For a more physical or specialized service, you could approach a bank for a personal loan or business loans.
You could also consider investor funding or crowdfunding your business. Don’t forget to figure out how your business will generate revenue.
Business Name and Logo
Christen your business. Get a relevant name and design a logo to create brand awareness among your customers.
Pro-tip: two-syllable business names are easier to remember and are apparently more catchy. Example: Insta-mojo; Google; Coca-Cola etc.
Registration & Documents
Once your idea, structure and finances are sorted, you need to take care of the legal part of your business. Get your business name and logo registered with the local municipality. This will ensure your business assets and intellectual property is legally protected.
You will also need to get a PAN card, a TAN for paying taxes and licensing documents, etc. Set up a current account or savings account to keep track of your transactions and a steady flow of money coming in.
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