Wednesday, September 11, 2019

20 profit-making small businesses you can start with as low as Rs 20,000 - YourStory

20 profit-making small businesses you can start with as low as Rs 20,000 - YourStory


20 profit-making small businesses you can start with as low as Rs 20,000 - YourStory

Posted: 10 Sep 2019 06:11 PM PDT

small business

Starting a business, they say, is not about ideas. It's about making ideas happen. But aspiring founders often find themselves struggling – with investments and ideas – before they join the hustle. 

You may have a bunch of ideas in your mind, but there are times when those ideas lack proper direction and you decide to switch plans. This is the period where most aspiring founders struggle to find a balance.  

Starting a business needs utmost determination and confidence, but you have to be very clear about your business idea before you step into the entrepreneurial arena.

To make the hustle easier, SMBStory has drawn up a list of 20 profitable manufacturing business ideas that you can start with low investment. 

Handmade candles

small business ideas

Candles are always in demand, which is what makes this an extremely popular business option. The traditional demand for candles comes from religious and decoration purposes. During festivals, the demand is extremely high. Otherwise too, these days the demand for scented and therapeutic candles is also on the rise with many restaurants, households, and hotels using them to create an ambience. 

The candle-making business can be initiated from home with low investment of approximately Rs 20,000-Rs 30,000.

The raw materials used to start the business include wax, wick, moulds, thread, aroma oils, and more. 

Apart from the major raw materials, you also need to have some candle-making equipment. This includes a melting pot, thermometer, pour pot, weighing scale, hammer, and an oven (to melt wax).

Pickles

small business ideas

Pickles are a traditional food item in India and are extremely popular. You will find at least one variant of pickle in every Indian household. Thus, if you want to start small, a pickle business is a safe and easy option.

Apart from the Indian market, Indian pickles are greatly in demand abroad. 

You can start this business at your home with a small capital of approximately Rs 20,000-Rs 25,000. 

Incense sticks (agarbatti)

small business ideas

India's agarbatti (incense sticks) market is growing due to large demand in the country and abroad. 

Agarbattis are used in most Indian households, and their popularity and demand picks up during the festive season. Their exports have also grown, on the back of the rising popularity of meditation in other countries and the associated use of agarbattis.

The first step of small-scale manufacturing of agarbattis involves buying bamboo sticks and essential oils with fragrances such as sandalwood, jasmine, rose, champa, etc. from the market. The sticks are coated with the oils, and dried.

Automatic and semi-automatic agarbatti-making machines, costing upwards of Rs 50,000, can be used for bulk production.

Once the sticks are packed and labelled, they are ready to be sold in local markets.

Buttons

small business ideas

Buttons are one of the most essential trimmings used in the garment industry and have huge market potential. 

From plastic to fabric and steel buttons, there are various categories in this niche that you can select depending upon your choice of business. 

You can either rent out a space or start at home with a basic investment of approximately Rs 30,000-Rs 40,000.

Designer lace 

small business ideas

Lace is commonly used in garments and for craft work. It is a traditional form of business and can easily be started at home. 

With emerging fashion trends, the demand for different kinds of laces has increased. Laces are also exported to various countries, which makes this a good option for those who want to start small. 

Laces can be designed manually, through bobby machines, or fully computerised machines – after you decide on the scale of operations.

You can start this business with a low investment of approximately Rs 25,000-Rs 50,000.



Shoe laces

small business ideas

India is the second-largest producer of footwear after China. The shoes the country manufactures can be segregated into categories like sports, formal, casual, and others.

The demand for shoelaces is high as well, and manufacturing shoelaces has become a lucrative small business idea. 

Shoelaces are manufactured by weaving a band and fastening the aglet (the hardened end of the lace). The simple, woven band is usually made from cotton, polyester, nylon, polypropylene, etc, and the aglet is made of plastic. 

Apart from the material for the lace and aglet, shoe lace braiding machines are also required. They can weave several metres of lace per minute, after which acetone can be used to fasten the aglet to the woven band. 

You can start this business with a small investment of approximately Rs 25,000 depending upon the kind of machinery you want to deploy.



Ice cream cones

Small business ideas

Everyone screams for ice cream, one of the most popular desserts today. The increasing consumption of ice cream has led to a rise in the demand for ice cream cones.

Therefore, if you want to start small, this idea could be a profitable business option.  You can start an ice cream cone manufacturing unit in a small space by investing approximately Rs 1 lakh to Rs 1.5 lakh.

However, if you want to operate on a larger scale with high capacity machinery, the investment cost goes a little higher. 

Handmade chocolates

small business ideas

When it comes to chocolate consumption, India is on top of the chart. Be it sweet or bitter, chocolate is a mood lifter and stress buster. According to Mintel, sales of chocolate confectionery in retail markets grew by 13 percent between 2015 and 2016 in India. Therefore, if you want to start your business and don't have an idea, manufacturing chocolate can be a lucrative opportunity. 

You need to develop a product line to start off. An approximate capital of Rs 40,000-Rs 50,000 will be required to purchase raw materials and packaging.

However, if you want to deploy a piece of machinery for a larger production scale, the cost may rise up to Rs 2 lakh-Rs 3 lakh. Your volume production will be easier with mixing, cooking, and cooling equipment. Select the type of equipment to fit the scale of your operation.



Cotton buds

small business ideas

The cotton buds market is being driven by growing per capita expenditure of consumers, increasing awareness of hygiene, rising population, etc. Small manufacturers of cotton buds are required to source the spindle/stick, the absorbent material (cotton), and the packaging for the product.

The raw material then goes into the automatic cotton bud-making machines, many of which package the products too. The machines are available as per the quality and output requirements of the entrepreneur.

The cotton buds manufacturing business can be started with an investment of Rs 20,000-Rs 40,000.

Papad 

small business ideas

The thin, crispy food – fried or roasted - is a common accompaniment to most meals across India. Papads are mandatory at several occasions, functions, celebrations, and parties, which means demand is always high.

The manufacturing process is relatively simple once basic ingredients such as wheat flour, spices, and oil are sourced. 

The large-scale papad manufacturing industry is highly competitive, but entrepreneurs can start with a small investment of approximately Rs 30,000-Rs 40,000 and sell to local department stores.

Entrepreneurs can also experiment with flours made from lentils, chickpeas, rice, tapioca, etc to differentiate their offerings from others.

Noodles

small business ideas

Noodles, especially the instant variety, are a popular snack in India across rural and urban markets. The noodle manufacturing process is simple and requires basic ingredients such as wheat flour, salt, sugar, starch, spices, vegetable oils, etc.

Both semi-automatic and fully automatic noodle-making machines are available in the market. The process of making noodles involves blending flour, starch, and sodium bicarbonate, mixing the dough, and passing it through the machine. The noodles are cut into the desired shape and size, dried, and packaged.

Low capacity noodle-making machines cost over Rs 40,000 while premium ones cost anywhere upwards of Rs 1.5 lakh.



Disposable plates and cups

small business ideas

Disposable food-grade plates and cups are used extensively in India during events, functions, picnics, etc. They are also used on a large scale by street vendors and hawkers. 

As they are widely used and have been inexpensive to make for a long time, the market has matured. They are usually made of paper, which has emerged as an alternative to plastic, steel, glass, etc.

To make paper plates and cups, paper can be acquired from local scrap shops at low rates. The major part of the investment goes into acquiring disposable plate-making machines. They cost over Rs 50,000, depending on their capacity.



Jute bags

small business ideas

The use of this biodegradable and reusable "golden fibre" is increasing by the day. With the world moving to ban plastic, a jute bag manufacturing business is a good choice. 

The jute bag making process is simple. Different types of bags are popular in the market and can be used for multiple purposes. 

Starting up this business demands a small capital investment of around Rs 50,000-Rs 1 lakh. You can begin in a small area of around 500 sq ft. 

Staple pins

small business ideas

Staplers are used extensively in schools, colleges, government institutions, offices, and wherever paperwork is involved. Staplers cannot work without stapler pins, and the pins are usually made from white galvanised iron wire. Using good quality iron will ensure the pins are sturdy and long lasting.

Automatic staple pin-making machines simplify the process of production. The machine flattens the round iron wire and produces the pins in predetermined lengths. 

Staple pin-making machines that can make 350 pins per minute cost upwards of Rs 3.5 lakh.

Paper making

small business ideas

Manufacturing paper is a low-cost business idea. Paper is used everywhere. From schools and colleges to offices and big corporates, the use of paper is certain. This translates into an unending demand for this product- despite the world going digital. 

From A2, A3, and A4 sheets to small copies, there is the vast scope of expansion too in the paper-making industry. However, you need to be wise in selecting the manufacturing location to avoid high transportation costs.

You need approximately Rs 2 lakh-Rs 2.5 lakh for setting up the machinery and getting the raw materials to start the business. 

Organic soap

small business ideas

Organic soaps are a really niche market to tap if you wish to start with a small business. It is a high demand product used by billions daily. 

To start a small herbal soap business you need raw materials like glycerine, herbs, essential oils, moulds, microwave, and more. An investment of about Rs 1.5 lakh to Rs 2 lakh is required for scaled production.

You can start the business at home or rent out a separate small space. Various government courses are available if you wish to learn the soap-making process. 



Coconut hair oil

small business ideas

People these days have become conscious about the use of natural products. Many do not hesitate to pay a premium on quality products when it comes to health and beauty. Therefore, starting a coconut hair oil unit can be a good small business idea. 

This low-cost business idea needs an approximate investment of Rs 1 lakh. You can start either by renting out a small farmland or can work with farmers in your area. 

Tempered glass for smartphones

small business ideas

India's smartphone market is growing despite the global market shrinking. The Indian market saw a shipment of 32 million units in Q1 2019, according to International Data Corporation (IDC).

Smartphone accessories such as tempered glass are also in big demand. These are made in high temperature machines where glass is heated and then rapidly cooled. The tempered glass also has to pass hardness tests, breaking tests, and dimension checks. The tempered glass also contains silicon, additional protection, and glue. The glue, which ensures the tempered glass sticks to the smartphone screen, is an essential component of manufacturing.

Low capacity tempered glass making machines cost around Rs 75,000 while high capacity ones cost over Rs 1.5 lakh.

Envelopes and files

small business ideas

Despite communication going digital, there is still a large demand for paper envelopes and files in schools, colleges, corporates, etc. Different kinds of paper, such as maplitho paper or scrap paper, can be used, based on buyers' requirements. Gum and glue also need to be purchased from the market.

Envelope-making machines cost anywhere between Rs 1.5 lakh and Rs 11 lakh.

When paper is fed into these machines, it is cut to specific sizes. After the gum is applied, the envelope is dried and sent for packaging. These products can be sold at departmental stores, supermarkets, or directly to schools, colleges, and corporate offices. 



Paper bags

small business ideas

Eco-friendly bags and packaging made from paper have become popular as people realise just how harmful non-biodegradable plastic bags are to the environment. Paper bags can be used to pack shopping items, food items, medical items, jewellery, and more.

Paper bag making can be started small scale with low investment. Automatic paper bag-making machines start at around Rs 5 lakh and have a great capacity – around a few thousand units per hour. Semi-automatic machines are also available under Rs 3 lakh, but they involve more manual work and labour.

Entrepreneurs also need to invest in sourcing raw materials such as paper sheets, ink, printing chemicals, tags, etc.

(Edited by Teja Lele)


6 Steps to Turn Your Side Hustle Into a Small Business - Entrepreneur

Posted: 06 Sep 2019 10:16 AM PDT

Starting a business can feel overwhelming, but these steps break it down into a manageable process that will transform your dream into a reality.

4 min read

Opinions expressed by Entrepreneur contributors are their own.

The dream of being your own boss is a driving factor for many when it comes to striking out on their own, but the idea of starting a business from scratch without a safety net (financial or skill-wise) can prove overwhelming. The gig economy, which encompasses more than one-third of U.S. workers according to a Gallup report, has, however, helped mainstream this concept of embracing the unknown and pursuing one's passion on the side while continuing to be gainfully employed full time.

At Hiscox, this information fueled us to uncover which elements people felt were necessary to transform their side hustle into a fully operational small business. The 2019 Hiscox Side Hustle to Small Business™ Study, which surveyed 400 small business owners whose companies started as side hustles, revealed that the majority of entrepreneurs (54%) were driven by a particular passion or the dream of owning their own business. Additionally, 30% of respondents noted they started their side hustle in a completely different industry from the one they worked in full time.

So, what do you need to do to turn your side hustle into your full-time business? Here are some tips.

1. Treat it like a business, even when it's still a side hustle

This means you don't work for free. For example, while a graphic designer might swap designing a logo or two at no cost in exchange for putting the samples on their website, if you're thinking about starting your own public relations firm, don't promote someone else's business launch for free.

2. Put weekend plans and vacations on the backburner 

On average, entrepreneurs reported working 20 hours per week on their side hustle while they were still employed at their full-time job, and 80% of respondents did not work on it during traditional work hours. You know what that means for your free time, right? You got it, 72% of respondents worked on their side hustle on the weekend.

Related: The Complete, 12-Step Guide to Starting a Business

3. Don't be in a rush to start your business

The entrepreneurs we surveyed worked their side hustle for an average of 19 months before quitting their full-time job, specifically to make their side hustle their primary source of income. They also reported it took roughly three years of running their own business full time before they earned the same annual income as their last full-time job.

4. Make a plan for financial stability

Starting a business at any level requires hard work, dedication and capital. Respondents reported they needed their side hustles to make at least $43,862 per year, on average, before they felt comfortable leaving their full-time position. This means managing your expenses, the planned and unexpected, so your fluctuation in income won't eat into the profits of your business when you take the leap.

5. You don't need to go it alone

Almost three-quarters (72%) of survey respondents set up their side hustle with someone else, often a family member or partner. You could also assemble an informal advisory board of friends who could offer ongoing suggestions, insights and support.

Related: 3 Unparalleled Benefits of Starting a Business With Friends and Family

6. Manage your risk

Every business faces risks, but you can protect yourself against many of them. Surprisingly, however, 31% of survey respondents did not have insurance for their side hustle. Small business insurance can protect you against the financial impact of a claim or a lawsuit, keeping you in business.

Related: 5 Ways to Start a Business with Cheap or Free Money

If you've always dreamed of being your own boss or have a hobby you're passionate about, starting a side hustle can be a good way to segue into entrepreneurship and test the waters. But advanced planning and hardcore dedication will help pave the way to success.

The contents of this article are provided for informational purposes only and do not constitute, and should not be relied upon as, legal, business or insurance advice.

Tips For Starting a Small Business With Staying Power - Prescott eNews

Posted: 24 Aug 2019 12:00 AM PDT

Great tips for starting a new business.

Many Americans dream of owning their own business or creating an additional stream of income. Whether they are attracted to the flexibility, the adventure or the earning potential there is something mesmerizing about being your own boss. The process, however, is not for the faint of heart and should be navigated carefully. Statistics from sba.gov indicate that if you can survive the first few rocky years, your business can grow and thrive. Here are some top tips for starting strong so your small business has staying power.

Step One: Identify a Need

No matter how great you think your idea is if it doesn't solve a problem or fulfill a genuine need, you could be in trouble. Slow down and research your idea. Ask yourself:

  1. What problem are you solving?
  2. How many people need your product/service?
  3. How much competition do you have?
  4. How big is your target market?
  5. Is your market saturated?

If you can answer these five questions and still feel like you have a viable idea you can move to step two. If you find yourself stuck on one of these questions, don't give up. Your idea may just need a little tweaking to pass the need analysis.

Step Two: Intention and Investment

Intention

Now that you know what you want to do, it is time to figure out a structured plan for your business idea. Don't get bogged down here. Oftentimes, creative minds don't want to sit down and create a long detailed business plan, but initially, you need at least an outline of what you plan to accomplish. Things to consider include:

  1. What is your primary goal?
  2. What values will this company have?
  3. How will your company be organized?
  4. How many employees will you need initially?
  5. How will you get financing? 

Investment

New ideas come with excitement and an eagerness to get started but as hard as it is to think about logistics, capital is an absolute must. Whether you need $5,000 to start or over $100 million in funding, you will need to research your possible funding solutions and find what resource will work best for you. 

It helps to choose to partner with a financial resource that has a history of working with small businesses. It is important that you have financial support from a company that can appreciate the challenges a new small business will face.

Step Three: Pick a Name

This may seem like an obvious step, but not just any name will do. Your company's name should be memorable and appealing to the masses. Once you establish your name and brand it is not always easy (or prudent) to change it. So pick wisely. Ask yourself the following:

  1. Does the name make sense? Does it communicate what the company is about?
  2. Is it easy to say and spell?
  3. Does someone already have this name?
  4. Is there a domain available? (Choose domains that can be remembered if someone is driving on the car and hears it on the radio. No dashes!)
  5. Is the name limiting in any way?

After you've selected your name, make sure you register is with your local and state offices.

Step Four: Gather a Team

You will need some help to build your business. From financial tasks to day to day tasks, you can't do everything by yourself. One sign of a true leader is their ability to surround themselves with a solid team. Here are some team members you should consider:

  1. Accountant or bookkeeper (If you're bootstrapping it, try online accounting services, such as FreshBooks or QuickBooks. These can easily be handed over to an accountant in the future.)
  2. Legal advisor
  3. Partner or investor
  4. Employees
  5. Mentor
  6. Social media and communications director

If you want to start your business strong you'll need to ensure you are meeting all the legal and financial requirements. Getting help from an accountant and a legal advisor right from the start can save you major headaches down the road. You might also want a working or silent partner. If so, select someone you trust who compliments your strengths and weaknesses. Employees are a vital force behind any company. Start small and add personnel only as needed. A business mentor is a valuable resource, especially for young startups. If you'd like a mentor to bounce ideas off of, there are multiple online sources.

Step Five: Set Up Shop  

Whether you have a brick and mortar storefront or a 100% online business there is some set up involved in starting a successful company. From a website to a physical storefront, you 'll want to get yourself organized before you officially open. Don't forget to set up social media accounts, too! Think through all the "what ifs" and do your best to anticipate potential issues so you are ready to handle whatever comes your way.

Being proactive and structured with your business set up may take time in the beginning, but you will find your initial investment will pay huge dividends down the road. 

Atlanta Small Business Profile - Rhonda & Frank Duffy, DUFFY Realty - Atlanta Small Business Network

Posted: 11 Sep 2019 02:59 AM PDT

On this week's episode of the Atlanta Small Business Profile, our host Ted Jenkin catches up with Rhonda and Frank Duffy, founders of DUFFY Realty.

DUFFY Realty has been for over 17 years, and their success and longevity stems from their ability to continually disrupt the real estate industry. Rhonda says that they approach the industry from a different angle, and look to the values of people that they serve. Frank too realized that there seemed to be a lot of waste and unnecessary costs associated with buying and selling property. According to Frank, the business didn't require a huge leap of faith, it was very calculated and he was confident they would succeed.

DUFFY Realty

DUFFY Realty

Rhonda and Frank decided to adopt a flat-fee pricing structure and a smaller commission when buyers close. This is significantly different than the traditional models that people are familiar with. However, neither Frank nor Rhonda were fearful that their business model wouldn't work. Frank simply says that if something in their model was working, they would adapt and fix it.

At every step, Rhonda and Frank have filled a growing need in the market and given the public a worthwhile alternative to traditional methods. This has been the motivation and driving force for DUFFY Realty from the start, and it continues to push them to improve every day.

To find out more about Frank, Rhonda, and DUFFY Realty, be sure to watch out our entire interview above.


The Atlanta Small Business Network, from start-up to success, we are your go-to resource for small business news, information, resources.

William & Reed Academy

William & Reed Academy

Follow us on Facebook here and stay up to date or catch-up on all our podcasts on demand.

While you're here, don't forget to subscribe to our email newsletter for all the latest business news know-how from Atlanta Small Business Network.

This has been a JBF Business Media production.

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.