In India, small and micro businesses are coming up and growing at a rapid pace. As of March 2022, there where 75.41 lakh micro businesses and 3.50 lakh small business registered on the government’s Udyam portal. The environment is perfect if you are keen to launch your own business. However, even before you start looking for loans for small business to kick start your business, you must factor in several things to determine which field you want to enter into. This article will give you a glimpse at some of the business ideas that work very well to set up a small business.
Online training/ teaching:
One of the fastest growing and also most lucrative lines is training and teaching. Many new brands are already making a mark for themselves in this growing niche. If you have a skill that can help people in their career or personal life or even at school, teaching could be the new business you set up. This is also one of the least expensive businesses for you to start anew because you can do it online with no need for commercial space or equipment.
Gym:
Everyone is into fitness these days and if you have an interest in this field, you can set up your own gym to cater to your neighbourhood fitness enthusiasts. However, this is a business idea that requires quite some investment. Before finalizing your loan for your new gym, make sure you compare the business loan interest rate in India across lenders and find the least expensive one. Apart from the commercial space, a gym also needs plenty of interior work plus equipment.
Graphic design:
While this is not essentially a business idea and you can find a job in a bigger company as graphics designer too, if you have the right skills, you can make this your very own business. Understand the market, learn what skills are in demand and upgrade your skills if needed before you start looking for loans for small business to fund your own graphic design start up. While the investment in equipment may not be too high and you can make do with your laptop, investing in the right software can be somewhat pricey. However, since you do not need a separate office space, a fairly small loan should be adequate to fund this business.
Fashion design:
The demand for beautiful and fashionable clothes never dies out and this makes this field a great one to get into. If you have a flair for creative ideas and you love dressing people up, this could be your dream job. As a fashion designer you can work independently for other brands too as well as take on clients of your own. This is another job that requires a bit of investment so again, when you look for loans, find the one with the lowest business loan interest rate in India. This ensures that you keep your loan costs down to the minimum.
Food delivery:
One of the most popular niches these days and also one of the most lucrative, food delivery is a labour-intensive field to get into. Think about this well before you start out here. This is also a field where you should be wary about the short shelf life of the product. After all, you cannot store away food indefinitely on your shelves. Despite these challenges, food delivery can be a great business to begin. You can cook your own special delicacies and deliver or simply partner with a known brand for delivery services alone. With the need for vehicles, cold storage, safe carriage and more, this is a high-cost business that requires a larger business loan. Again, finding a business loan interest rate in India that is affordable makes it easier on your pockets to set up and run this business.
Social media marketing:
Every business needs to have a virtual presence now and also a strong social media presence. This opens up a great market for those skilled in social media management and marketing. This is a business that you can easily carry out right from the comfort of your home with nothing more than your laptop and your creative mind as the capital investment.
These are just a few of the ideas you can use if you wish to start your own small business asap. With loans for small business becoming so popular these days, there are many lenders in the marketplace. This makes it easier for you to find a loan that is affordable, that matches your requirements fully and comes with attractive terms and conditions. Make sure to plan ahead and understand exactly how much outgo you can handle per month before you sign up for any loan so that you can avoid late payment penalties or other problems in event you cannot fulfil repayment conditions.