Opening a small business could be just the thing you’re looking for to start the new year off right!
Is financial freedom, entrepreneurship or a shot at your own business empire in your new year resolution? If not, you should definitely add it. By leveraging technological advancements, knowledge, and your time, you can succeed in the constantly changing business world. Investing in a small business might just be what you need to make 2023 count. If you are planning to start a business, read ahead and get ready to kick start your new year with your own small business with our detailed guide.
- Food truck
In India, the notion of a food truck company, or a restaurant on wheels, is gaining traction among entrepreneurs and consumers alike.
As the cost of living rises in major cities across the country, it’s becoming more difficult for up-and-coming specialty food artisans to afford a brick-and-mortar location in the heart of town, where their customers are most likely to be. Food trucks are an excellent answer. You may start a food truck by hitting the road and setting up shop at local festivals, farmers markets, and town squares—anywhere you can draw a crowd.
In India, a typical food truck may cost between INR 8-10 lakhs. A fully outfitted food truck might cost up to 20 lakhs on the high end of the range.
FSSAI License, NOC from the Chief Fire Officer, a Permission letter from the local municipal body, Vehicle licenses are mandatory licenses you need to get for your food truck business.
To establish a successful food truck business, you must first purchase a secondhand vehicle, register it, and get government documentation and food safety certificates. The next step is to purchase electrical gadgets and convert your vehicle into a mobile kitchen. With all of these fees in mind, an initial investment of around 8-10 lakhs is reasonable. But don’t be alarmed by the figure. Food trucks are well-known for the large sums of money they can generate for their owners. A food truck may make anything from 7,000 to 10,000 INR on a typical day. Food trucks are also a common sight at sporting events and college festivals. A food truck may easily earn INR 35,000-40,000 per day.
- Blogging
You may be acquainted with the phrase “blogging.” But what does blogging’s future hold in India? Writing on a certain issue with the aim of publishing on one’s website to teach others is referred to as “blogging.”
According to a poll, India has 10,000 bloggers in 2020, with 5000 of them actively and frequently posting material on their blogs. As you are all aware, all major industries and businesses were placed under lockdown last year. As a result, the vast majority of people were at home. If everyone stayed at home and did nothing, more than half of India’s population would have been impoverished by the conclusion of the epidemic.
However, many teenagers and adults had turned to the internet. And now you can too. You may start blogging in your areas of interest and experience and earn money through affiliate marketing, sponsored blogging, and other methods. With a modest investment, you may start your own blogging business. Over time, the company concept has tremendous profit potential.
Of course, the aim is to increase the number of views or readers of the vlog or blog by creating engaging material. Certain Vlog platforms pay based on the number of views, however, most blogs rely on advertising income produced by Google Adsense to make money.
- Private tutoring
The online tutoring industry in India is rapidly expanding. The rise of platforms such as Unacademy, Time’s online offerings, Career Launcher, and others demonstrates how lucrative and profitable the online education market is. Private tutors who have built a solid reputation and business can easily charge anywhere between Rs 1,000 and Rs 5,000 per hour, with some charging even more. Then there are full-fledged courses ranging in price from Rs 5,000 to over a lakh rupees!
To begin a tutoring company, you must first select a subject in which you are well-versed. A subject in which you don’t rely on rote learning and instead know the concepts from top to bottom.
A degree from a prestigious institution enhances your reputation as a tutor. Attracting students becomes much easier as a result. To find marketing tactics, you must examine both online and offline platforms. You can then come up with unique ways to market your company. The most difficult aspect of tutoring is promotion. There’s no way to build a successful tutoring career unless people are unaware that you exist.
For your business, create an online tutoring website. A website is an excellent method for students to find you online and for your tutoring business to grow. As part of a campaign, you may also include your website on flyers. These days, having a digital footprint is a must. There may be a few instructors who have been instructing for a long time. They have such a solid reputation that all they need to find pupils is word of mouth advertisement. Over the years, they’ve developed a reputation. However, you will now require a website to promote your tutoring services. WordPress can be used to create a sample website or hire a web designer.
- Digital marketing agency
On behalf of a brand, social media consultancy is the practice of reaching out to and interacting with customers through social media platforms.
The rates and packages for social media marketing for enterprise organisations can range from Rs. 35000 to Rs. 50000 per month, depending on the client’s needs and services.
The digital marketing industry is both rapidly growing and fiercely competitive. This business is booming as a result of the widespread use of social media platforms. In India, this is the best moment to launch a digital marketing agency.
Simply expressed, it means using the internet to effectively sell items and services both organically and inorganically (i.e. through ads). Organic web promotion and adverts, social media channels and applications, content marketing and remarketing, influencer marketing, online reputation management, emails, landing pages, voice searches, and more are all part of it.
Starting a digital marketing business might cost anything between one and twenty thousand dollars. The amount of money needed to establish a digital marketing business is determined by the scope of work, office rent, furnishings, marketing costs, laptop costs, and other factors. The cost of starting a digital marketing business in India is separated into two categories: fixed costs and ongoing costs. The costs of running a digital marketing campaign may vary from city to city.
Decide whether you want to focus on one area of digital marketing or look at 4-5, whether you want to focus on one industry or target 2-3, whether you want to focus on your own neighborhood or go nationwide. Each decision will have consequences. Begin by registering a domain name. It’s best if you choose a domain name that exactly fits your brand name.
Select a few social media networks where you may connect with potential consumers in the future. Sharing useful material and establishing a social media relationship with your followers will help you establish a strong online presence. It also encourages potential customers to believe in your brand. Building a brand to differentiate yourself from the competition is one of the most crucial things to do these days. Get a logo, a few business cards to send around, solid content for your website, a presentation or two to email, and so forth.
You can register your business as a proprietorship, a one-person company, a private limited company, a limited liability company (LLC), or a limited liability partnership, depending on how you wish to proceed (LLP).You may employ a search engine optimization specialist, a Google Ads expert, a Facebook expert, and a social media expert.
- Cake shop
Baked goods provide convenience and affordability to customers, and the increased demand has prompted many home bakers and chefs to enter the bakery sector. According to research, the Indian bakery industry is expected to increase at an annual rate of 8.5 percent from 2021 to 2026, reaching a value of USD 12.39 billion in 2026, making bakeries a very profitable restaurant type.
The typical monthly earnings from a small-scale baking business might be between 60,000 and 1.2 lakhs. The profit earned is determined by the amount of bakery items you sell; if you sell a variety of products, you may make more than 2 lakhs every month.
Apply to the health department for any in-state needed licenses and a food Choose a corporation, a limited liability company, a partnership, or a sole proprietorship as your small business’s operational structure.
FSSAI license, GST registration, Local Municipal Corporation Health License, Police Eating House License, and Fire License are all required for your bakery business.
In India, the total investment required to establish a bakery business is around Rs 15 lakhs. Bakery establishments require skilled personnel since baked items must have both a nice flavour and a decent presentation. At the display and service area, you’ll need a Head Chef, Chef De Parties, Commi level Chef, and Helpers, as well as Service Boys and a Cashier. In the bakery, a total of 15 people are estimated to be needed. The POS software is no longer merely for billing. The POS software is currently the only option for inventory management, thanks to its robust connections. Working from 9 a.m. to 5 p.m. isn’t for everyone. If you’re thinking of quitting your job and becoming your own boss, we hope this guide has been helpful. Let us know which of the above business ideas you’ll pursue in the comments section below!
