Small businesses are a type of business that produces goods and services on a small scale. Small businesses play an important role in the economic development of a country. The owner invests once or leases or hires out machinery, plant and plant. Small scale enterprises do not invest more than one core. Paper, toothpicks, pens, bakery, candles, local chocolate etc. are examples of small scale industries and small scale industries are mostly settled in urban area as a separate unit.
Grocery stores, medical stores, traders, bakeries and small manufacturing units. Small businesses are independently owned entities. Small businesses require less capital and fewer employees and little or no machinery.
Small businesses create meaningful jobs with greater job satisfaction and small businesses provide opportunities for entrepreneurs. They boost local economies; small businesses keep money close to home and support neighborhoods and communities.
Top 7 Most Successful Small Business Ideas:
1. Food Catering Business
Everyone enjoys a good meal. All events like birthday parties, weddings, or anniversaries have food on offer and caterers want to ensure that the food served is delicious for a food business service, all you need a kitchen and staff to manage the cooking, service, logistics and delivery. You can start a food catering business Food catering business is a small business with comparatively low investment and high returns. You can get loans for capex investments and gradually build a great business. Considering our country and the celebrations, rituals and events that take place throughout the year, catering services will always be in demand.
2. Event/ Wedding Planner
Weddings never go out of fashion. Whether the economy is going through a recession or booming, there is always a market for marriages. To add to that, weddings range from “big fat Indian weddings” to very private gatherings To put things into perspective, the Indian wedding market was estimated to be around $45 billion in 2017 and growing at 20 percent per year. This presents a huge opportunity for wedding planners who can ensure that the wedding theme, planners, decorators and caterers are in place and plan and organize the perfect wedding ceremony. It requires initial capital investment for logistics staff, and management for which there are plenty of small business loan options available. While the initial investment is low, returns can be reaped once the business scales significantly.
3. Driving School/ Cab Service
If one has good driving skills and can afford a vehicle like a car, driving lessons can be given to people with a single vehicle, one can teach 15-20 clients in a month and earn with minimum investment. Getting a loan and buying a car may not be too difficult for a small business. A portion of the earnings from the driving school can be used in repayments to service the loan. The car fleet can be expanded, and the business can grow based on the savings. More driving instructors may be appointed. A person may not be able to get a small business loan. If a person has the requisite driving skills, he can register with a ride-hailing service like Ola or Uber. Once he does that, he can offer rides through a ride-hailing app and earn money to pay off his loans and save for further business expansion.
4. Computer Training Center
Computer literacy and proficiency are in high demand in today’s era. If one has an understanding of how to operate a computer and how to work with simple tools like Word, Excel and PowerPoint or simple tools like Word, Excel and PowerPoint then one’s employment prospects are brighter. Hence, computers, programming and artificial intelligence, block chain, data analytics, there is a high demand to learn developing areas of technology like Iota, etc. You can start a training center equipped with internet connection, few computers and learning equipment like whiteboard, projector etc. The business is knowledge driven and hence the investment after the initial investment is low. Multiple batches can be run for working professionals, students etc. and handsome profits can be made on very small initial investment. What’s more, small business loans are easily available for such initiatives.
5. Cooking Classes
Cooking classes in Canada can be a great business if the popularity of shows like Master Chef is any indication. It requires less investment and can earn good profit. All you need is a kitchen and equipment, associated infrastructure, raw materials and cooking ingredients. Anyone who does this business believes in potential he has to make very little initial investment. Small businesses can get loans from a wide range of financial services companies. Once a cooking class is set up, the owner can run multiple batches at the same facility. Thus capex investment is limited, and small business working capital investments are sufficient to run the enterprise smoothly.
6. Social Media agency:
Most companies want to spend their marketing budget on advertising through digital channels and paid social media campaigns. If you have good knowledge of branding, web presence management, marketing, communications, and social media, you can start your own venture to help companies establish a strong digital footprint. All you need is an office and a few computers, and some skilled professionals and you’re good to go. Are there any problems starting the fund? You don’t need to worry as there are many options to get small business loan to start a web/social media agency.
7. Boutique, Salon, Spa, etc
Fashion and fitness-related personal hygiene, services are always in demand. Once you make the initial investment in the store and raw materials, if you can focus on sales and brand partnerships, you can turn it into a profitable business idea. Small business loans can be easily obtained for that. If you are interested in being your own boss with any such venture,
Varsha