Business Ideas For Entrepreneurs
This brief article has top five business ideas for entrepreneurs in which you do not need a specific education. If you have entrepreneurial abilities, management skills and the zest of going into the market which is full of competition and struggle then it’s possible for you to achieve your goals and dreams.
Top Five Business Ideas
Consultancy is the service or a professional practice that gives expert advice about any particular field to the person or an organization who demands it. The consultant gets paid for giving these expert pieces of advice.
Consultancies are of various types. It includes financial consultancy, legal consultancy, HR consultancy, business consultancy, education consultancy, career consultancy, media consultancy, matrimony, real estate consultancy, etc. According to your preferences, liking and considering your education you can select which consultancy you would like to start.
(In coming posts of “Trends Top Five” I will discuss specifically top five consultancy businesses. Keep reading our posts)
You need to register your firm. If you’re going to start it alone then you have to go for a sole proprietorship, if you want to open it with your partner then you need to register a partnership firm. You can also register your company as a private limited company and for that, you need two people on the board of directors and one auditor. Initially, I would suggest going for a proprietorship or a partnership firm would be a good option.
If you don’t have office space, then rent an office space. The office should be reachable; it should be near the main road. The tools that required starting any business includes rubber stamp, letterhead, visiting cards, stationery and basic furniture. Internet connection, mobiles with a good unlimited calling plan are also required.
Having a current bank account is not necessary if you want you can do business by your name as well but if you want a separate account then you can create a current account by the name of the bank for which you need letterhead, ID proof, and shop act license.
Go to market:
Start with the name of the company, logo and its trademark. To start any consultancy you need a good website with domain name & web hosting. Cost depends on how much you want to make it interactive with your clients. Its cost increases with the level of interactivity of the website.
To launch your business in the market you need basic marketing collateral i.e flyers, brochures having information about your business. Presence on social media, especially Facebook and LinkedIn is important. Other social networks such as Twitter, Instagram, YouTube can be used as per the nature of your business. Email marketing and SMS marketing are reliable options to generate leads.
Collect data of targeted audience so that you can start calling them, reaching them and tell them about your services that you’re offering and if they are interested you can always convert those leads and get your clients.
Initially, you can handle on your own with one or two tele-callers. If you are not from marketing background then you will need a marketing person in near future as well. For legal and financial consultancy you should have qualified staff.
Investment: 3 to 5 lac
2. Event Planning
Starting an event company is not very easy task because of its complexity. It involves various aspects such as event planning, budgeting, site selection, coordinating with vendors, execution of planning, transportation, etc.
Event management can be classified into two types one is corporate events and other is non-corporate events such as a wedding, birthday parties etc. Before starting event planning business you should analyze if you are having required skills which includes creativity, team management, time management, communication, multitasking, budgeting, execution, networking, etc.
If you are good with above-mentioned skills then you are ready to step in the market.
Office space is not required at your initial level. You can manage your work in your home as well but that does not mean your living room or bedroom should be your workplace. You need to have a separate room. Basic furniture like chairs, table and stationery material should be there. For meetings, you can choose coffee shops, malls or client’s place.
Go to market:
Get name and logo of the event company. You need a basic website. The website should be very creative as this business is very creative. Business cards are a must. Start making contacts, let people know that you have started this kind of service. Facebook is an effective method to reach more and more targeted audience. Initially, you can opt for paid advertising on Facebook to get visible. For corporate events, you can get data of HR, contact them through email and let them know about your service. LinkedIn can be used to generate leads for corporate events. Do tie up with portals like just dial, urban clap through which you can generate leads as well. Simultaneously start hiring skilled employees.
Go for birthdays or small parties and weddings which has a lower budget on initial level and then you can expand your business which will require an office space, more staff, strong marketing, and operations team. Same goes for the corporate events.
When the business is expanding, form a registered sole proprietorship or partnership firm or a private ltd company and do it all professional way. You can read business registration process in Consultancy set up a paragraph.
Investment: 50,000 to 2 Lacs
3. Hobby Classes
Are you good at dancing? Do you like singing? Are you a Master Chef? Do you like doing yoga? Are you an artist? Yeah, you can start a business with the passion you have. Converting your hobby into a moneymaking business is the best option because you don’t need to learn other expertise to start this business. Ceramic art, paintings, crafting, drawing and lots of other hobby classes options available. Start your hobby classes join hands with people having other skills or hire them and expand your business
This business you can start at your home. You just need to get a spacious room in your home; if you don’t have it then you can get a place for rent. Furniture and equipment are required according to that particular hobby class. Select the locality & target audience and according to that, you can find a good place. It’s obvious that you would not take classes for the whole day so you can tie up with someone who has other expertise for example if you are good with yoga, a tie-up with someone who is good in Zumba, combine classes and share rent. For singing, dancing and sports join hands with schools and colleges and use their space to start your classes.
Go to market:
Get signboard of the name of the class, some flyers for marketing, Advertise on just dial, quicker or OLX for free. The newspaper is also a very effective option but you have to research well before giving an advertisement in a newspaper because you will spend a good amount on this advertisement and may not get a result. So first do research about which newspaper works best for your area, get rates of different newspapers and then decide. Word of mouth is important for this business, it helps to gain trust from the market.
Investment: 25k to 2 lacs
4. Online projects
The Internet has infinite options through which one can earn. Blogging, affiliate marketing, e-commerce, content writing, freelancing – IT projects, website designing projects, digital marketing projects, etc.
(In coming posts of “Trends Top Five” I will discuss specifically top five online money-making options. Keep reading our posts)
No physical set up is required to work as a freelancer. To start any project on the Internet you need a laptop or computer, a phone and internet connection with good speed. You also need to have a social media presence to showcase your skills through which you can get a response.
Go to market:
There are many blogging sites such as WordPress, Blogger, Wix, etc. Generate traffic to your blog and earn through it. If you are good at writing select the niche topic and start a blog. To get more details please visit Online Business Ideas.
It is another good option if you have your blog, Facebook page or website. You can affiliate with companies like Amazon, Flipkart, Snapdeal, etc and showcase their products on your page or the website and whenever someone clicks on that link you will get some amount of money from that particular affiliate partner. To get more details please visit Online Business Ideas.
There are many e-commerce websites like eBay who invite you to sell your products on their website. If you have any manufacturing plant then it’s well and good and if you don’t then also you need not worry because you can buy things from a local vendor and put it on that e-commerce website and whenever your product gets sold you can get your margin. You can start with the wholesale market where you can get products at very low prices and then you can sell it online having good margins. To get more details please visit e-commerce business
Websites like www.freelancer.com; www.freelancer.in gives you many opportunities in IT projects, website designing, marketing collateral designing, logo designing, content writing etc. Take projects as it comes, bid for them, get orders and deliver the orders within time. A good photographer has the option to sell photos taken by him/her to websites like flicker and start earning.
Investment: 0 to 20k
A franchise is a person or company that is granted a license to do business under the franchisor’s trademark, name, and business model, by the franchisor. Franchisor is the owner who starts that particular business. Education, Food, and beverage, Beauty, and Health, Hotel, travel tourism and many more sectors are there in a franchise business.
There are many options available in the market which has investment options around 5 to 10 lack. If you have your space then it is a great advantage. In this business, you will need staff. Training is provided by the franchisor, you just have to follow their standard operating procedure. Franchisors provide their marketing support, training for the operations; some of the franchisors also provide their own staff so here you don’t need any previous experience to start a business because there is someone who has experience of handling it all.
Investment: 2 lack and above
***If you are confused about your skills and interests and would like to know your expertise then let me know, I have some scientific methods to find out your suitable career. Write me below and I will get back to you.