Ideas

Entrepreneurial aspirations among youngsters are on the rise amongst the middle class in India. Technology has opened up opportunities for businesses and made managing business easier. The government of India has also come up with various schemes to encourage business owners. Hence, it is a highly rewarding time to start a business in India.

The first step in starting a new business is the ideation stage. At this stage, the entrepreneur would look for ideas to start a new business and firm up his plans. Thereafter, the related market, details of the product/ service offered, existing competition, manpower availability, funds, infrastructure etc. must be thoroughly researched on. The business idea would be built on the research undertaken and eventually the plan of action drawn out.

To ensure that the new business is given the best start, it is imperative to consult an advisor with specialised experience in dealing with startups. They can understand your business plan and advice you on the choice of a legal entity, licenses, funding, taxation and compliance.

IndiaFilings specialises in providing startup advisory support. We have helped start over 50,000 businesses across India in every industry possible. Our advisors are available 24/7, 365 days and can help answer various questions you may have concerning the legal formalities, business licenses, funding, income tax, GST and labour law compliance.

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Inventive business ideas

Technology has made starting and operating a business easy and cost-effective. The advancement in technology combined with the entrepreneurial spirit of the middle-class has made many home-based business models a success in India. Working from home can be very rewarding both in terms of money and work-life balance. Home-based businesses are rapidly gaining popularity in India. Some of the more popular businesses are outlined below.
Medical transcription

Medical transcription

Medical transcription is a healthcare industry business that involves the conversion of voice format dictation of doctors and other health professionals into text format. Doctors and healthcare professionals countries such as US, UK, Canada, etc., are required to maintain detailed patient information and record all their interactions with patients.

To make these interactions more efficient, they tend to record their conversations rather than record and store it as text. This recorded information is later converted into a text format by a medical transcriptionist – based out of India or other countries with a low labour cost. It is important for an entrepreneur to possess good language skills- listening, interpreting and typing, to succeed in this business. Experience in the healthcare industry or knowledge of the same would be an added bonus.

Digital marketing

Digital marketing

Digital marketing has evolved to be one of the most affordable and effective forms of advertising in India over the last couple of years. It has become a must for most businesses – small, medium or large to maintain an online presence. Maintaining an effective online presence could involve the creation or maintenance or business website, maintenance of social media pages, search engine optimization, search engine advertising, blog writing, content marketing, video shooting and more.

To succeed in this business, it is important for the entrepreneur to be tech-savvy and have prior experience related to digital marketing. However, one can easily acquire these skills by investing time and effort on them. This business is set to witness exponential growth rates in the near future due to the increased online presence of businesses. However, it is recommended that they register as an LLP or a private limited company to display professionalism and acquire more customers.

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Share trading

Share trading

Share trading is a very popular form of business in India. All that is required to start a share trading business is a computer and some capital. However, success of this business is determined solely by the entrepreneur’s experience and expertise. Related activities such as providing stock market insights, share brokerage, mutual funds sales etc. can also be established alongside the share trading business.

Acute financial knowledge and share trading acumen are imperative for success in this business. This only comes with experience so people who have been in this sector for a couple of years are prime candidates for this business. Stock trading is a high risk-high reward business and is often equated to gambling. Hence, to succeed in this business for the long term, it is important for the entrepreneur to stick to proven stock trading strategies and avoid fear or greed. It is recommended that they register an LLP or a private limited company to enjoy limited liability protection.

Tutoring

Tutoring

Tutoring is one of the most preferred home-based businesses for women in India. To start a tutoring business aimed at school children, only a study room and a love for teaching are required. However to succeed in the same, a practical knowledge of the school curriculum, prior teaching experience and the ability to easily converse are required, among other skills. A tutoring business does not have to be restricted to a particular school/ college curriculum and could include music tutoring, language tutoring or even computer skills tutoring.

Tutoring could be a very rewarding and low-stress home-based business. Further, the internet has made tutoring a global business which doesn’t have to be restricted to a geographic area. Tutors from India are now coaching students across the world in a variety of skills using technology such as Skype, Teamviewer, etc., Tutoring is an evergreen business with plenty of students searching for the internet for a range of subjects and skills to learn.

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Apparel/ jewelry designing

Apparel/ jewelry designing

Apparel and jewellery designing is an excellent home-based business for women. A home-based apparel or jewellery business involves the designing or creation and sales of apparel or jewellery from home. Entrepreneurs who can design, manufacture and sell apparel or jewellery from their homes are highly successful – as the investment and operating cost is significantly lower when compared to traditional retailers. To establish a successful apparel or jewellery home-based business, good design skills and a passion for fashion are the only requirements.

Additionally, good marketing skills, both online and offline help as more and more apparel and jewellery are being sold online through social media and other online marketplaces. The advent of websites like Flipkart and Snapdeal have now made the selling of apparel and jewellery online a breeze for entrepreneurs.

Catering

Catering

The perennial need for good food has inspired many to turn to catering as a source of income. This can be a great business opportunity with different options for specialisation such as wedding catering, small parties, corporate events etc. It helps to have a wide range of menu along with a few specialty dishes that the business is known for. Entrepreneurs who can be creative with food along with market savvy techniques like putting up a website, tying up with food delivery aggregators like Zomato and Uber eats is key to functioning efficiently.

It is important to set up a good website and choose a catchy brand name that describes your food. The unique brand name should be registered as a trademark so that others don’t attempt to use it to further their agenda. It also important to register the business legally.

9 articles on starting a business

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