According to a NASSCOM report, India has over 4,750 technology start-ups which make it the 3rd largest start-up hub in the world. Around 1400 new start-ups were established in India in 2016 alone.
Recent developments in the business sector subsequently show a YoY increase of 4.32% in exports from India, reaching a figure of $92.3 billion by May 2020. These developments in the export of Indian goods from overseas shows the growth in business ventures in India.
Such growth is observed because of the rising business and innovation ideas in addition to the facilitation provided to entrepreneurs for establishing or expanding their business ventures.
The Indian government has introduced individuals with several initiatives that help them nurture their business pursuits with ease. One such initiative was taken under Micro, Small and Medium Industry Act 2006 in the form of the Udyog Aadhaar.
This makes the registration procedure easier for micro, small, and medium industries courtesy a secure and convenient approach. Once the enterprise is assigned an Aadhaar number, they can further avail the benefits and tax relaxation as specified in the Act.
Udyog Aadhaar providing financial solutions for businesses
Proprietors of MSME must register their business first to avail the benefits of the Udyog Aadhaar such as –
- Exemptions under direct tax laws.
- Discounted fee for patents and registration.
- Concession in utility bills.
- Low-interest rate loans.
Businesses registering for Udyog Aadhaar will acquire a registration certificate from the Government of India and a 12-digit unique Aadhaar Identification number for their business.
However, these procedures are an after-step because individuals must have a feasible and actionable business idea in the first place which they wish to work upon.
Automobile repairs, electronic repairs, renting a home or office furniture, tutoring, B2B services, etc. are a few best business ideas in India that entrepreneurs can choose to start with. Further, look into some of the business ideas that can be profitable and are easy to invest.
Top 6 Business Ideas for entrepreneurs
1. Warehouse/inventory management for e-Commerce
This is one of the profitable and on-demand business opportunities for entrepreneurs in tune with rising e-commerce businesses. Individuals can set up their distribution channel and store products in the warehouse to be shipped and delivered to its destined location.
Some of the key aspects which entrepreneurs aiming for this business sphere must consider is to learn inventory management techniques to save money to manage slow-moving stock and inventory control method.
2. Automobile repair
With the number of vehicles, first or second-hand, on the rise, there are lots of opportunities for individuals with the right skills to provide automobile repair services.
Beyond the basic garage setup, the concept is to offer a holistic set of services for new-age drivers including mobile app services and subscription packages for roadside assistance services.
3. Small machinery and auto parts
Manufacturing industries need small machine parts and auto parts for construction of their product, and hence it is an idea that never goes out of business. Individuals can consider some of these best business ideas or may refer to other innovative ideas also.
4. Security agency
There is a growing demand for registered security business in urban areas. One can endeavour into this business to offer assistance of well-trained professional security guards.
5. Tours and travel agency
The increase in the purchasing power of people and their enhanced interest in travelling the world makes it a good time to start a tour and travel business in modern world
6. Food joint
It is one most profitable business ideas to venture in because the food industry is rapidly changing with an evolving culture. Consequently, individuals can open a breakfast joint or a fast food centre in the heart of the country with limited investment.
Top Investment options for entrepreneurs
1. Utilising savings
Entrepreneurs are planning to register their small and medium enterprise under Udyog Aadhaar may invest their savings to establish the basic structural setup. However, it isn’t a preferred method as the savings are limited and on stake, if the business doesn’t perform well. Therefore, individuals prefer to look for other investment options to ensure their business never runs out of working capital.
2. Looking for investor
Individuals can seek investors who are willing to invest in their business. However, in this case, the profit will be shared with the investor or they may ask for some other term of the agreement.
3. Availing loan
Entrepreneurs can avail a business loan from a reputed financial company and invest this amount in meeting various operations of their business. They can avail up to Rs.30 Lakh and utilise it wisely for the growth of a business.
Utilising such offers, individuals can acquire much-needed funds to establish and operate their businesses successfully. Entrepreneurs should do comprehensive market research before implementing the best business ideas to successfully avail external financing, government-funded or private.