Setting out to establish your own small business has never been easier. The allure of being able to do whatever you wish, in the field of your choice, is driving millions of entrepreneurs to set up a business of their own. In light of this, it is important to identify the best areas for small businesses to thrive and grow.
Here are 2017’s best segments for starting a small business:
Car and bike users are forced to visit expensive service centres and wait for days to get their vehicle fixed. However, this practice is soon changing with doorstep repair services. If you are a skilled mechanic, you can start a mobile auto repair business with a few simple tools at first, and then investing in specialised equipment. Advertise online and use a smartphone app to approach customers within a specific radius.
Most of us use multiple electronic devices at home and work. Even a slight issue in the functioning of an everyday gadget, such as a cell phone, causes a major inconvenience. Instead of having to visit
an electronics shop, it would be much more convenient to receive help right at the doorstep. If you have a degree in electronics and technology, you can provide door-to-door electronics repair services.
A growing number of parents in India are realising the importance of all-round development for their children that schools alone are unable to provide. There is also a growing need for specialised coaching to help children excel in academics. If you are an expert on any subject or skill, leverage your knowledge to set up a successful business holding private classes in subjects such as self-learning, drama and speech or even water colour painting.
If you’re interested in creating teaching aids, mobile apps are a good avenue for you. You must have expertise in the subject matter and can either outsource the technical development or do it yourself.
Apps related to general knowledge, mathematics and overall development are highly sought after, and can help you create a substantial business.
Also Read : How To Find Your Business Niche
Renting Lifestyle Goods
Clothes and Accessories
There is a growing business trend to rent clothing and accessories at much lower rates as compared to their original prices. If you are excited by fashion, you can establish a renting service and turn it into a lucrative business. Use social media to advertise your offerings and set competitive prices to attract millennials.
Home and Office Furniture
As people move all across the country for short-term projects and jobs, they require furniture at home and at the workplace to feel more comfortable. However, they don’t want the hassle and expense of buying new furniture. You can tap into this mind set by providing tables, chairs, PCs, printers, couches, TVs, ACs, etc., on rent. You can tie up with tempo services and seasonal labour to shift furniture when required and gain on using the same inventory over and over.
If you are well versed in a particular industry or subject, you can become an independent consultant and create quite a customer base. You can speak at events and conferences, provide strategic solutions on a contractual basis or serve as an advisor. This may be in fields as diverse as education overseas, expat coaching or investment.
Efficient money management is a vital part of all businesses. However, most people need help with keeping their finances in order. If you have a background in finance, accounting, or bookkeeping, you can run a very successful business that offers financial solutions to SMEs and single-person businesses.
When creating your business plan, make sure to account for the right source of external finance.
You can easily avail the funding that you need by applying for a Business Loan from Bajaj Finserv. It offers you finance up to Rs.30 lakh available on flexible tenors and via a quick online application.