Want to start something of your own but got a low investment? No worries. Here are some small business ideas that are lucrative. So, check them out and put your skills into use and mint some money.
Small businesses are a great way to start your own thing and be your boss. Not every successful business needs huge capital investment. You can get your business startup and work with your entrepreneurial skills, and with some hard work, you can take it to unimaginable heights.
Profitable Business Ideas:
Furniture Store: Everyone's into interior designing right now, no one wants an old boring look for their house anymore, and furniture plays a huge role in this. You can set up a furniture store where you can either source the items from local vendors or hire your artisans. Delivering a unique style can be your selling point. According to Statista - Revenue from the global furniture industry stood at 1.3 trillion U.S. dollars in 2020. The Statista Consumer Market Outlook estimates that by 2025, revenue in this industry will reach 1.6 trillion dollars.
Bakery: Bakery can be a wonderful small business idea. It requires basic baking knowledge and basic materials. The bakery’s requirements are low. You'll need baking ingredients, pieces of equipment, and the license required by your state (if any).
Bakery is all about a loyal customer base. Your focus should be on gaining customers’ attention. Something 'out of the ordinary' sells. Create a niche and target those around you. You can start promoting locally. Bread and cakes never go out of business and, once you have the right customer base, your business is bound to boom. The Indian bakery market stood at a value of nearly USD 7.60 billion in 2020. The market is further estimated to grow at a CAGR of 8.5% between 2021 and 2026 to reach a value of USD 12.39 billion by 2026.
Paintings & Art Selling Business: Paintings & Art business is quite scalable and can be a profitable business. You should know your target market, and people nowadays love commissioning new art pieces in their houses, which is a trend now. You can use either commission art pieces from local artisans, or if you're interested in making your pieces, then you can even bring out your creativity. India’s art market was valued at around Rs 200 crore in 2000 and has grown to around Rs 1,700 crore in 2020, and if it follows that trajectory by 2040 will reach about Rs 16,000 crore a year.
Dry Clean and Laundry Business: This is another lucrative small business idea; you have to target the right audience. Dry cleaning and laundry are some things everyone requires in their day-to-day lives. People want convenience, especially working class and students who neither have much experience in the area nor time to do their own dry cleaning and laundry. Thus, setting up a business near an academic institute or residential area can be good for your business.
There is a massive increase in the global laundry businesses, and it's on-demand. The global dry-cleaning and laundry services market is expected to grow at a compound annual growth rate of 3.4% from 2020 to 2027 to reach USD 79.9 billion by 2027.
Grocery Store: Grocery store is another good small business idea. This is a very lucrative venture, and you can earn quite a good amount of money. Location is an essential part of this business. You have to set up in a place where you can get a walk-in crowd. If you can get a loyal customer base, your business is bound to do great. As per research by Data Forrester – “The Indian grocery retail accounted for $608 billion in 2021. By 2024, the market is expected to grow to $1.3 trillion. And the bulk of India's grocery retail happens at kiranas - small- and mid-sized, mom-and-pop outlets which account for 75-78% of the consumer goods market.”
Fashion Boutique: The fashion business never goes out of business, one always needs new clothes, and people will always keep buying clothes. The Indian apparel market is expected to reach US$ 85 billion by 2021. You need a group of talented tailors, a good designer for your boutique, and just your own sense of style to start your fashion boutique. You can either make your own clothes and sell or you can outsource that and get clothes from local designers and vendors and sell them. Fashion boutiques are low investment, and you be creative with them. You can sell all types of clothing from dresses, shoes, accessories to everything. And remember, with diverse cultural and religious beliefs, India comes together almost every month to celebrate various festivals, thus, giving further impetus to businesses like Apparel & Fashion boutiques.
Ultimately, there will always be many different small business ideas to choose from, depending on various skills and preferences. These were some ideas for easy-to-start small businesses that require minimal investment and can provide great returns, choose what suits you the best.
So, do not overthink and get started with your small business idea now!
For more such information, keep reading our informative blogs, and you can also visit our website www.simplifiedmarketplace.com.