Business Ideas

Product/Service description

The business aims at establishing a money exchange counter in the commercial area of the city and help people in exchanging their currency at a reasonable rate.

 

Market Scope/Potential

These days, money exchange counters can do a fairly good business because the number of people needing foreign...

Product/Service description

The business aims at establishing a money exchange counter in the commercial area of the city and help people in exchanging their currency at a reasonable rate.

 

Market Scope/Potential

These days, money exchange counters can do a fairly good business because the number of people needing foreign currencies has increased significantly. The reason behind the increased demand is that people have started being involved in foreign trade more than before. The number of international holidays has also increased. A rise in the demand surely means a good scope of business.

 Opportunities

Lately, the demand of foreign...

Product/Service description

The business aims at establishing a money exchange counter in the commercial area of the city and help people in exchanging their currency at a reasonable rate.

Market Scope/Potential

These days, money exchange counters can do a fairly good business because the number of people needing foreign currencies has increased significantly. The reason behind the increased demand is that people have started being involved in foreign trade more than before. The number of international holidays has also increased. A rise in the demand surely means a good scope of business.

 Opportunities

Lately, the demand of foreign currency has increased.

The business does not require a great investment.

Good profit can be earned if a strong marketing plan is made and executed.

The business requires very little space.

 Risks

It is mandatory to acquire a license before starting the business.

 Government taxes need to be paid on time.

 A detailed study of the market is required to develop marketing strategies which can yield profit.

 Location of the money exchange counter matters a lot.

 There is a lot of competition in the market.

 The business might not do well on all the days. There can be a few slow business days too, depending on the demand.

 The business might require the business person to open a merchant bank account if the transactions are more.

 Entrepreneurial qualities

Any person who wants to enter into this business must understand the financial market closely. Smart marketing strategies can be incorporated to enhance the profit while also giving a good rate to the customers.  Keeping an eye on the currency fluctuation can help in maximizing the profit of the business and keep alluring the customers continuously.

 Conclusion

Money exchange business is a good opportunity for people who understand the finance market properly. This business can mainly flourish in places where people are greatly involved in foreign trade and tourism.

Product/service description

To establish a small factory for making authentic chocolates and supplying them to whole sellers, retailers, party organisers and for other occasions.

Market Scope/Potential

There's no dessert more popular and convenient than chocolates. On top of that, if the chocolates are authentic homemade recipes of different flavours, their...

Product/service description

To establish a small factory for making authentic chocolates and supplying them to whole sellers, retailers, party organisers and for other occasions.

Market Scope/Potential

There's no dessert more popular and convenient than chocolates. On top of that, if the chocolates are authentic homemade recipes of different flavours, their demand will always be exceeding the expectations. Therefore, a chocolate making industry is a good business opportunity.

Opportunities

Homemade chocolates are in high demand.

Their recipes can be customised and many new flavours, shapes and sizes can be created.

Their demand increases during festivals.

Less investment is required to start...

Product/service description

To establish a small factory for making authentic chocolates and supplying them to whole sellers, retailers, party organisers and for other occasions.

Market Scope/Potential

There's no dessert more popular and convenient than chocolates. On top of that, if the chocolates are authentic homemade recipes of different flavours, their demand will always be exceeding the expectations. Therefore, a chocolate making industry is a good business opportunity.

Opportunities

Homemade chocolates are in high demand.

Their recipes can be customised and many new flavours, shapes and sizes can be created.

Their demand increases during festivals.

Less investment is required to start the business.

Risks

Proper registration and license should be required to start the business.

The manufacturing unit needs to have adequate space and the hygiene levels should be maintained.

Special attention should be given to the packaging.

Competition is more, so effective market strategies are required to do a profitable business.

Special training is required to learn the correct chocolate making process. However, presently good training institutions are scarce in India.

Entrepreneurial qualities

Any person entering into this business must learn the correct procedure of making chocolates on a large scale. He/she should also be aware of the competitors and make effective marketing strategies to gain profit.

Conclusion

Chocolate making will do a profitable business if the chocolates have distinct taste and packaging. Good business plan is very necessary to succeed in this field.

Product service description

The business focuses on making beads and stones jewellery and selling them at jewellery shop, craft exhibitions, flea markets, to general customers, friends and family, and also online.

Market Scope/Potential

These days, women love to match their jewellery with their dresses. There are different kinds of beads...

Product service description

The business focuses on making beads and stones jewellery and selling them at jewellery shop, craft exhibitions, flea markets, to general customers, friends and family, and also online.

Market Scope/Potential

These days, women love to match their jewellery with their dresses. There are different kinds of beads and stone jewellery being made for different occasions. The jewellery available at high-end fashion stores are very expensive. A person who is skilled at making customised jewellery can easily start a profitable business with little investment.

Opportunities

There is a huge demand for beads and stone jewellery.

Little investment is...

Product service description

The business focuses on making beads and stones jewellery and selling them at jewellery shop, craft exhibitions, flea markets, to general customers, friends and family, and also online.

Market Scope/Potential

These days, women love to match their jewellery with their dresses. There are different kinds of beads and stone jewellery being made for different occasions. The jewellery available at high-end fashion stores are very expensive. A person who is skilled at making customised jewellery can easily start a profitable business with little investment.

Opportunities

There is a huge demand for beads and stone jewellery.

Little investment is required.

There is a lot scope to add creativity and make various kinds of jewellery.

You also have the option of customising the jewellery as per demand.

There is a scope of growth if the demand increases.

Risks

Competition is more so a lot of advertisement is required to promote the business.

Long hours of dedicated work is required to make the jewellery.

The jewellery should be of a high quality and with a professional finish.

Profit margin is not very huge unless and until one gets a bulk order of jewellery.

Entrepreneurial qualities

Any person who wants to get into the jewellery making business should be skilled in the art of making jewellery. He/she should also be able to put in long hours of dedicated hard work in creating professional looking jewellery.

Conclusion

Jewellery making is a profitable business if a person is skilled in the craft. Setting good prices for the jewellery and effective marketing can help the business to grow.

Product/service description

A retail shop that sells fashion jewellery, sterling silver jewellery, handbags and fashion watches.

Market Scope/ Potential

There is no end to the fashion accessories that women use today. Since wearing real gold jewellery for all the occasions is not a practical idea, women have started opting for...

Product/service description

A retail shop that sells fashion jewellery, sterling silver jewellery, handbags and fashion watches.

Market Scope/ Potential

There is no end to the fashion accessories that women use today. Since wearing real gold jewellery for all the occasions is not a practical idea, women have started opting for fashion jewellery which looks stylish and is reasonably priced. A business that deals in fashion jewellery and accessories can make a good profit if it offers a good variety of products.

Opportunities

Fashion jewellery and accessories are in huge demand.

Not much space is required to open the shop.

The...

Product/service description

A retail shop that sells fashion jewellery, sterling silver jewellery, handbags and fashion watches.

Market Scope/ Potential

There is no end to the fashion accessories that women use today. Since wearing real gold jewellery for all the occasions is not a practical idea, women have started opting for fashion jewellery which looks stylish and is reasonably priced. A business that deals in fashion jewellery and accessories can make a good profit if it offers a good variety of products.

Opportunities

Fashion jewellery and accessories are in huge demand.

Not much space is required to open the shop.

The fashion keeps changing so there is a lot of scope to keep adding variety to the stock.

Fashion jewellery comes in all price ranges so there is something for everyone to buy.

Not much investment is required.

Risks

Advertisement has to be done through many channels like using websites, social networking sites, flyers or word of mouth.

Competition is more so it is a smarter idea to keep an eye on what the competitors are selling.

In order to stand out and make good sales, it is important to keep good quality of products.

Entrepreneurial qualities

No specific skills are required to start the business, but any person planning to start this business must know about the latest fashion trends and try to stock the shop only with quality stuff. He/she should also be aware of the market competition and plan the market strategies accordingly.

Conclusion

Fashion jewellery business has a good scope in the market if the stock in the shop is of high quality and the designs are according to the latest trends. Good market research is definitely going to help the business to grow.

Product/service description

The souvenir shop will be in the heart of the tourist location. It will sell different gift items and mementoes that are unique to the place. It will also sell special handicraft items that will be made by the local artisans. The shop will be rustically decorated and...

Product/service description

The souvenir shop will be in the heart of the tourist location. It will sell different gift items and mementoes that are unique to the place. It will also sell special handicraft items that will be made by the local artisans. The shop will be rustically decorated and will reflect the lifestyle and culture of that place.

Market Scope/Potential

Every tourist travel for fun, experience and memories. What better way to preserve memories than collecting unique items from that place? People love buying local items from a tourist spot. A tastefully decorated souvenir shop with an elegant display...

Product/service description

The souvenir shop will be in the heart of the tourist location. It will sell different gift items and mementoes that are unique to the place. It will also sell special handicraft items that will be made by the local artisans. The shop will be rustically decorated and will reflect the lifestyle and culture of that place.

Market Scope/Potential

Every tourist travel for fun, experience and memories. What better way to preserve memories than collecting unique items from that place? People love buying local items from a tourist spot. A tastefully decorated souvenir shop with an elegant display of unique items will help to attract the customers. Smart marketing and mindful pricing can help in growing the business.

Opportunities

Initially, the business can be started small. The size of the shop does not matter much.

What matters more is the quality of the products and the look of the shop.

The shop will represent the cultural heritage of the tourist place.

Smart marketing and a keen eye on competitors can help in doing a profitable business.

The shop gives an unending scope of playing with creativity.

Risks

There’s a lot of competition in this field.

The shop, no matter how small, must be registered.

The person should have a creative taste.

Good networking is required to attract more customers.

Knowing more than one language can help in building a good relationship with the tourists.

Entrepreneurial qualities

Any person wanting to start a souvenir shop must have the initial capital to give the place a creative look. The person should have a fine artistic taste to understand the needs of the tourists and stock exclusive items accordingly. He/she must also have the ability to attract the customers and present them with items that are memorable.

How does the business work?

Identify a place in a busy area of the tourist location.

Set up a beautifully decorated shop that reflects the culture of the place.

Stock the shop with local gift items and set the price at a minimum profit margin of 50%.

Attract travelers by offering them unique items and mementoes.

Try to keep increasing the sale gradually to break even within 1.5 – 2 years.

Conclusion

A souvenir shop in a tourist location is a profitable business if the marketing is done properly. The shop will not only make money but also help to preserve the culture of the place. 

Product/service description

The business focuses on starting a security agency that will provide security guards to offices, private organizations, shopping complexes, housing areas and individuals.

Market Scope/Potential

Since the crime in our country is rising at an alarming rate, the need of security has increased drastically. Security guards are the...

Product/service description

The business focuses on starting a security agency that will provide security guards to offices, private organizations, shopping complexes, housing areas and individuals.

Market Scope/Potential

Since the crime in our country is rising at an alarming rate, the need of security has increased drastically. Security guards are the people who are trained to provide safety and deal with dangerous situations. These days, security guards are a common sight everywhere. They effectively fill up gaps that are created when public security or the police are unable to address a situation on time. Starting a security agency is a good...

Product/service description

The business focuses on starting a security agency that will provide security guards to offices, private organizations, shopping complexes, housing areas and individuals.

Market Scope/Potential

Since the crime in our country is rising at an alarming rate, the need of security has increased drastically. Security guards are the people who are trained to provide safety and deal with dangerous situations. These days, security guards are a common sight everywhere. They effectively fill up gaps that are created when public security or the police are unable to address a situation on time. Starting a security agency is a good way to serve the people and make some profit.

Opportunities

The business is easy to start just with a few people.

Less investment is required.

The business creates employment for people who are interested in maintaining law and order.

Once the business starts performing well, there is a scope of expanding it easily.

Risks

The business should be registered, and a private security agency license must be obtained.

The security guards must be trained regularly.

Initially the profit margin is less.

Before appointing the security guards, a complete background check must be done to ensure that the person is genuine.

Entrepreneurial qualities

This business is suitable for people who are interested in maintaining law and order. Any person who has a previous experience in the field of law enforcement can establish this business successfully. Retired personnel of army, police or air force can also start this business. Training the security guards is the main challenging task that one must take care of.

Conclusion

Establishing a private security agency is a good business opportunity that can be started either full-time or a part-time with less investment. Smart networking with different kinds of organizations can help in securing good deals.

Product/Service description

This business aims at setting up a microbrewery that prepares fresh beer in different flavors. The freshly brewed beer is free from preservatives, as it is not bottled or stored and can be had right from the barrel.

Market Scope/Potential

The concept of microbrewery is new in India....

Product/Service description

This business aims at setting up a microbrewery that prepares fresh beer in different flavors. The freshly brewed beer is free from preservatives, as it is not bottled or stored and can be had right from the barrel.

Market Scope/Potential

The concept of microbrewery is new in India. At present, only a few states have introduced microbreweries, however the trend is catching up soon and people are liking the taste of the authentic freshly brewed beer over the bottled variety that is mass-produced in the big breweries. Thus, setting up a microbrewery business has great prospects in the...

Product/Service description

This business aims at setting up a microbrewery that prepares fresh beer in different flavors. The freshly brewed beer is free from preservatives, as it is not bottled or stored and can be had right from the barrel.

Market Scope/Potential

The concept of microbrewery is new in India. At present, only a few states have introduced microbreweries, however the trend is catching up soon and people are liking the taste of the authentic freshly brewed beer over the bottled variety that is mass-produced in the big breweries. Thus, setting up a microbrewery business has great prospects in the present scenario.

Opportunities

The beer produced is of a far better quality than the bottled ones. They do not have any preservatives and are available in several unique flavors.

It gives a great opportunity to passionate people to craft their own beer by experimenting with different flavors.

Competition is less, as this concept is still in its infancy.

The demand of beer is increasing rapidly, as the Indian population has started appreciating it for its unique flavor.

Risks

Huge capital is required to start the business.

Special training is required to learn the basics of brewing.

Waste management should be planned effectively.

Proper market research needs to be done before entering into the venture.

The license and the registration might take a lot of time.

Indian government has some stringent rules to abide by when it comes to breweries and distilleries.

People still appreciate spirit more than beer. However, the trend is changing fast.

The production of beer takes seven hours.

Entrepreneurial qualities

Anybody with an aim to start a microbrewery must be ready to invest a huge amount of capital. He/she must have the passion to create beer in unique flavors. A basic training in the field of brewing is also essential. Marketing strategies need to be perfect so as gain as much profit as possible. A visit to the already existing breweries outside India can give an idea of how a real microbrewery function.

Conclusion

A microbrewery has a huge business potential in the next five years but it needs a lot of capital and proper market research.

Product/service description

The business deals with providing pest control services to restaurants, factories, hospitals, offices and houses. It helps in controlling different kinds of pests and rodents like cockroaches, ants, mosquitoes, rats, lizards, etc.

Market Scope/Potential

Pest control business has become very popular lately. Since the services provided are very...

Product/service description

The business deals with providing pest control services to restaurants, factories, hospitals, offices and houses. It helps in controlling different kinds of pests and rodents like cockroaches, ants, mosquitoes, rats, lizards, etc.

Market Scope/Potential

Pest control business has become very popular lately. Since the services provided are very useful, there is an overwhelming demand for this business in cities as well as villages. Pests and rodents are notorious little creatures that can cause serious problems. Regular pest control services help them to stay under control and not cause a havoc.

Opportunities

Less investment is required to start the...

Product/service description

The business deals with providing pest control services to restaurants, factories, hospitals, offices and houses. It helps in controlling different kinds of pests and rodents like cockroaches, ants, mosquitoes, rats, lizards, etc.

Market Scope/Potential

Pest control business has become very popular lately. Since the services provided are very useful, there is an overwhelming demand for this business in cities as well as villages. Pests and rodents are notorious little creatures that can cause serious problems. Regular pest control services help them to stay under control and not cause a havoc.

Opportunities

Less investment is required to start the business.

It can also be started as a part-time business.

Pest control services have a great demand.

Risks

Special training is required to learn the techniques of pest control.

As the business deals with dangerous chemicals, special license is required to start the business.

The pest control technicians can face health hazards if they are not careful while handling the chemicals.

Entrepreneurial qualities

It’s beneficial if the person starting the business has a previous experience in the field of pest control. A training in this field is also mandatory. However, if the person wishes to start the business without prior knowledge in the field, he/she must hire competent staffs who are well- trained to do the job. Effective marketing skills will also contribute towards the growth of the business.

Conclusion

Pest control business is rapidly becoming popular all over the country. Since it is also a profitable field that requires less investment, venturing into this business is a good idea.

Product/Service Description

This business deals with the transportation of perishable items like milk, fruits, vegetables, meat and flowers from one place to another within and outside the state.

Market Scope/Potential

With the growth of online food delivery apps, there is a growing need for instant delivery of perishable items like...

Product/Service Description

This business deals with the transportation of perishable items like milk, fruits, vegetables, meat and flowers from one place to another within and outside the state.

Market Scope/Potential

With the growth of online food delivery apps, there is a growing need for instant delivery of perishable items like food, milk, milk products and flowers. Some of the food items need to be sourced from a distant location because they are unavailable at the required location. In such cases, there is a demand for transportation of these perishable items from one location to another in a short span of...

Product/Service Description

This business deals with the transportation of perishable items like milk, fruits, vegetables, meat and flowers from one place to another within and outside the state.

Market Scope/Potential

With the growth of online food delivery apps, there is a growing need for instant delivery of perishable items like food, milk, milk products and flowers. Some of the food items need to be sourced from a distant location because they are unavailable at the required location. In such cases, there is a demand for transportation of these perishable items from one location to another in a short span of time, without compromising on the quality of the food items.

Opportunities

Since this is an upcoming business, there are no big players in the market.

Tie-up with online and retail food chains can ensure constant business cashflow.

The business ensures a good profit.

Risks

It is understood that there will be a certain degree of wastage because of the nature of perishable items

Significant capital investment is required.

Maintenance of the equipment and vehicles used for transportation is costly.

Most of the perishable goods need to be carried under a temperature-controlled environment, so the transportation vehicles must have the required facilities.

Entrepreneurial qualities

A person involved in the transportation business must understand that this job requires a great deal of responsibility and hard work. He/she should also have the required capital to invest. Being in a good relationship with the retailers, wholesalers and other customers is indispensable to ensure a continuous flow of business opportunities.

Conclusion

Venturing into the transportation business is a good idea if a person has the required capital, passion to put in a lot of hard work and ability to develop a good interpersonal relationship with other businesses.

Product/service description

 A retail shop that supplies and sells different kinds of surgical instruments to the local medical practitioners, dentists and veterinarians within the city. The business also deals with free delivery of the instruments to the hospital and clinics. Special discounts would also be given for regular customers...

Product/service description

 A retail shop that supplies and sells different kinds of surgical instruments to the local medical practitioners, dentists and veterinarians within the city. The business also deals with free delivery of the instruments to the hospital and clinics. Special discounts would also be given for regular customers and for those who order in bulk.

Market Scope/ Potential

With the rise in the healthcare facilities, there is a huge demand of surgical instruments in the market. Though there are many other retailers in the business that involves the supply of medical devices, there is still a scope for...

Product/service description

 A retail shop that supplies and sells different kinds of surgical instruments to the local medical practitioners, dentists and veterinarians within the city. The business also deals with free delivery of the instruments to the hospital and clinics. Special discounts would also be given for regular customers and for those who order in bulk.

Market Scope/ Potential

With the rise in the healthcare facilities, there is a huge demand of surgical instruments in the market. Though there are many other retailers in the business that involves the supply of medical devices, there is still a scope for people who have good marketing skills, excellent contacts with medical practitioners and have good knowledge about their niche market.

Opportunities

Demand is more and the business is highly profitable.

It is an evergreen market where there is always a need for more surgical instruments.

With the advent of technology, many modern surgical devices are being introduced in the market regularly and these too have a great potential to yield profit.

Risks

Space for retail shop is needed.

Investment is huge as surgical instruments are costly.

Competition is more so smart market strategies are required to succeed in the business.

The instruments sold should be of high quality, as it directly affects the health of the people.

License is required to start the business.

Entrepreneurial qualities

A person who wants to venture into the business of supplying surgical instruments must have a degree in pharmacy and should be well-acquainted with medical devices. He/she should also be a person who has good relations with healthcare providers and veterinarians around the city. Free delivery scheme is being provided so transport facility should also be available. The person should know good marketing strategies, as it is a highly competitive field.

Do's

The business should be registered.

There should be a proper warehouse to store the instruments.

The instruments should in no way be infected or contaminated.

All the instruments should be properly labelled so as to keep them sorted.

A website can be maintained to advertise about the business effectively.

A good market research is required.

Don'ts

Don't sell low quality products, as it can affect the health of people.

The healthcare market is huge. Don't venture into everything at one time. Focus on your niche market, analyse the demands of the customers, gain their trust and then move forward one step at a time.

Conclusion

Though the supply business of surgical instruments has great prospects, it needs a person who is hardworking and dedicated. The person should also be able to maintain good interpersonal relationships with medical practitioners, dentists and veterinarians. A knowledge of marketing is very crucial for the growth of the business.