7 SMALL BUSINESS IDEAS IN INDIA FOR 2020

The last decade was all about start-ups. Many small businesses were set up which later grew into big companies. Of course, there were many failures as well, in fact, the number of start-ups failing was far more than the successful ones. However, the trend of setting up a small business rather than looking for a stable job is going to continue for a while. There are many potential entrepreneurs who are looking for ideas for setting up a business in India. 

There has been a significant change in the shopping habits of Indian consumers in the last decade. The infiltration of the internet and the burgeoning online marketplace has brought about a marked change in the lifestyle of the Indians. Easy and fast availability of data has given a significant push to small scale online business.  There is a lot of scope in both, offline and online business. We will discuss some of the best business ideas in India for the year 2020.

Affiliate Marketing

It is a marketing procedure where you earn a commission by promoting other people’s products. If you like a product, you promote it among other people. If your promotion effort results in a sale, then you earn a commission on it. It’s a completely online business that is based on a revenue-sharing model. If someone has a product which they want to sell to more people, they offer financial incentives to other people who have online presence and followers to promote their product. Affiliate marketers do not have to make any additional investment. You simply have to create awareness about the product among other people. These people can be the final consumer or can further promote it among other people. Everybody involved in it earns a commission based on their contribution in the final sale of the product. Affiliate marketing has great potential to earn passive income.

Content Marketing

This is another lucrative online business idea with good earning potential. Content marketing involves creating and sharing relevant and valuable online content. It is a strategic marketing approach aimed at attracting and retaining a particular audience through consistent distribution of relevant content. It does not necessarily promote a brand but tries to create interest in its products/ services that ultimately results in a sale. 

Content is an integral part of the online promotion of businesses. Every company, big or small needs content to promote their business online, and if you have the flair to create content both, audio and video, then content marketing is just the right thing for you. It requires minimal investment with high earning potential.

Blogging

It’s another good way to earn money online. If you have a certain skill set, expertise, and experience, which you would want to share with others than blogging could be a good option. There are various platforms where you can share your knowledge and experience. YouTube, Facebook, LinkedIn, for instance, are good platforms. The choice of platform would depend on how you want to express yourself. You can publish your articles on various other forums as well. Once you build up a sizeable follower or visitors, you can monetize your blogging. There would be many advertisers who would pay you to advertise their product or services on your blog.

Coaching and Tuition Classes

Education is one of the most profitable small business ideas these days. Besides private universities and institutions, there is enormous opportunity in coaching classes. Almost every institute for higher education requires students to go through entrance exams to seek admission. These students need guidance and coaching to clear the entrance exams. If you are good at academics, then you can go for online tuition and coaching. There are many companies that offer you the platform to start your business. It’s a high paying business that requires minimal investment.

Manpower Consultancy

This is another good business opportunity in India. Companies have been hiring in large numbers over the last few years, and the numbers are set to grow even more in the coming years. Companies hire through recruitment agencies and pay commission for every recruitment. All you need to do is create a database of resumes, which you can easily do by subscribing to different platforms, such as Naukri.com, Indeed, etc. You will have to shortlist the candidates as per the requirements and fix an interview. You can ear big with very little investment.

Franchisee Business

This is a very attractive opportunity for setting up a business in India. Many big companies with reputed brands, who want to expand their business to different parts of the country, but do not want to make a huge investment, offer franchise to local partners. The franchisees have to make the entire investment. In return, they get an established name and all the marketing and operational support from the parent company. Investment is high but the earning potential is also very good.

Event Management

The earning capabilities of Indians have significantly increased over the last two decades or so, and people have a lot more disposable incomes in their hands. A lot more big parties and events are being organized in India to celebrate each and every occasion. This has created many opportunities for professional event managers. Opportunities are immense and earnings are very good. All you need to have is good organizational and management skills.