Small business ideas are those which can be started with low investment and on a limited scale. These business ideas are good for those who lack some source of employment and have the ability to avail of personal loans.
One can make a good amount of money through business but not through employment or job. So those who are in employment and are not satisfied with their income can think of going into some business.
Small businesses are available at 3 levels, i.e., retail level, wholesale, and also at manufacturing levels. It is up to the person to decide on which type he fits and can do good business.
So those who are willing to earn more money or have some sort of income, a small business is the best option.
There are many best small business ideas, but all of them have heavy competition in the market, but, still one can succeed with hard work and smart tactics.
♦ Which requires low investment capital to start up.
♦ long term income source.
♦ the one which is dependent on physical products and not virtual things (online types)
♦ lasts long and is easier to make money.
♦ Products with demand in all seasons.
♦ Have chances of expansion.
♦ low maintenance less labor requirement especially non-technical.
♦ Sufficient demand in the market.
♦ Suitable to start in any region or market.
Small businesses can grow big if they can build a brand name and win the trust of customers. So let us see small business ideas
Small business ideas-3 Types
1. Direct sales/retail business
2. Middle man/ dealer business
3. Manufacture & production
4. Online sales
Direct sales/retail Small business ideas
Direct sales or retail shop is the best option for anyone to start some business. These businesses directly sell products or services to customers. These are comparatively low investment and less risky options. They are of many categories like
♠ General stores
♠ Medical stores
♠ Grocery store
♠ Jewelry store
♠ Ready-made garments
♠ Mobile & electronic gadgets
♠ Iron marts
♠ Furniture store
♠ Building material sales
♠ Seeds & Fertilizers
♠ Automobile showroom
♠ Hotel/fast food
♠ Books & store
♠ Beauty products etc.
One can open a shop with any of the above products for direct sale/service to customers at a suitable place.
This a business model wherein there is a well-established brand and you just market their products with the same brand name in your place by taking their license. Franchise business is one of the least risky options as you have nothing to worry about product quality, brand popularity, etc. You just need a suitable place, investment to put a shop and sell the products. So it can also be a side business idea that requires a small investment to run for a long time.
Wholesales/dealerships as Small business ideas:
These are intermediate between direct/retail sales and manufacturers. They are not directly involved with customers. They distribute a specific category of goods to retailers.
The margins are low compared to what a retailer gets in the sale of products. But since they dispense large quantities of products to retailers, their income is quite high.
They involve a lot of work in terms of maintenance of accounts & records, collection of money from retailers, and also revoking any unsold products from retailers to return back to the manufacturer. They also need to be alert to maintain stock by receiving it from manufacturers. Some examples include:
♠ Egg wholesale.
♠ Medicine wholesale
♠ Plastic bags.
Manufacture or production ideas
These are a bit higher level of small business ideas. They involve more investment, labor, and also risk compared to the above types of businesses.
But they have the advantage of easy expansion if one can build a brand name and trust among customers. This is not possible in the above two types. If one establishes a dairy business and earns a good name & fame for the quality of the product, then one produces more of the product to sell in other cities or even states or countries.
So expansion chances are more and a small business idea can turn out into a large scale business. Examples of small business ideas with production include
♠ Edible oil
♠ Brick manufacture Horticulture
♠ Fast food center.
♠ Cement Bricks.
Online sales: Online shopping has huge potential with minimal investment. You can opt to be a seller on Amazon and display a few products for sale. Since Amazon is a huge marketplace, you can easily get customers on a long-term basis. Just competitive pricing can help overcome your competitors on online sales.