You might be someone who would have done their 9-5 job or never done a job and are now relaxing at home. Do you think having a business of your own would keep you occupied and help you earn? With the extra income, you can contribute to the monthly household expenses.
Did you know the trend of starting a side-hustle has grown massively by 15% in recent times? Though starting a business has no age bar, it is evident that people from the age category of 18-40 indulge in starting their business and stick to it.
You would often fantasise about starting your hustle but might not be clear about what exactly you want to do. With minimal investment, you might want to start something profitable that attracts more customers. Having a business that grows well is something that anyone would manifest for!
Don’t worry, we got you covered. Read this article to know what are the different types of small businesses you can start with just by sitting in your living room.
Impact of COVID-19 on on Home Businesses
The year 2020 put everyone at a standstill, and the world still is taking time to get back on track. Amidst the chaos and lay-offs, several people started doing business right from the comfort of their homes. Interestingly enough, they flourished!
People became receptive at such vulnerable times. People had an ample amount of time to spend throughout the day. And it certainly worked wonders. When COVID-19 hit India, these small businesses played a crucial part in keeping the Indian economy on its feet. Where 82% of the business owners were in the negative phase, 18% of the population used this opportunity to commence their businesses.
Of course, businesses-from-home existed even long before the COVID-19 pandemic, but the lockdowns and introspection by people certainly accelerated the phenomenon.
Nevertheless, several others feel lost or find themselves short of ideas to start a business from their humble abode. Read below to know more about how you can commence a small business.
Here’s How You Can Initiate Your Small Business
It’s imperative to decode what you like and don’t, respectively. And from there, things begin to fall into place. You have to go ahead and focus on research like building contacts and have a plan to raise investment for your business.
The most effective way to a successful stint is to take down notes. Figure everything you require and proceed with finding them at the right place and time that initiates the first few steps of your business.
Steps to follow when you make your business plan:
- Put your options right
- Make a business plan
- Plan the workspace
Types Of Business To Look Out For
Choosing which business line to start with is crucial. You might have too many options out there, but it is necessary to explore all the fields of interest you have and conclude which one to settle on.
India is a country that has people from all backgrounds. It is an advantage as our country gives multiple options to choose from. As we all know, working from home has become a norm which is followed by big multinational companies and they are continuing to do so. So why not take this opportunity to start something that you love and follow it?
You can start different types of business just by sitting in your living room. You could be a reseller, manufacturer, baker, chef, tutor, and a lot more. There is no end to these options. The only things that matter are what your heart wants and what you are passionate about.
Online Business Ideas
Social Media Expert
More than 4.5 billion people worldwide are active on social media. That means that business owners can no longer avoid using it online. However, despite many businesses knowing the importance of social media to thrive in their business, they do not have the time, energy, or knowledge to make the most of social media.
Using social media for the day to day entertainment is one thing that every user does. But ever thought of putting that entertainment to use? Learn from what you see regularly and make notes for the same.
If you are a social media worm, then here is your chance to make something out of it. Learn about the algorithms of these platforms, and understand how everything works. Social media consists of both daily hygiene and performance marketing, which can be an interesting thing to learn. Once you start exploring this as an option, his business might fit in best for you.
To take inspiration from, Rebecca Digital, a small digital marketing agency in Mumbai with a team of 6 people. Rashmita Sahu, the owner of the company, started this company in 2022 and is working towards the growth of her clients.
Shops and stores outside your home do the job of reselling intensely. Why not implement the same concept in your daily lives and do the same from your home?
All you need is to find the niche of your target audience, and based on that find relevant products that you feel can sell the most. It can be as simple as stationary or as luxurious as dresses.
To draw a parallel, Nekhi India was founded by Ms Dolly Khicha in the year 2019 and is now a community of over 49,000 followers on Instagram. Get inspired by such women and start your journey as a small business owner today.
Maintaining good health is necessary. It’s hard to find time to go to the gym or yoga centre, especially if you are far from home. Yoga is that one activity everyone is talking about. People these days choose to do yoga to avoid the rigid workout routines at the gym. Starting online yoga classes is a solid idea if you are very keen on doing something in this field.
Rohini Iyer is one such instructor that started with taking classes at home and now has a studio of her own in Chennai, famously known as Chennai Yoga Studio. She has won the Fitness Superstar award in 2022 by Chennai Awards.
Food Sector Business Ideas
Whether it’s a wedding, event, or any formal event, catering services are in high demand these days. If you have good interpersonal skills and can work under pressure with limited helping hands, your catering business can make lots of money. To be a well-known catering company, you need to be versatile. In other words, you need to manage your people well and know all the fun of trendy cuisine that people love from different serving recipes, different dishes, and different gatherings.
Ms Aruna Vijay is a digital creator and a caterer who has won Masterchef Chennai 2022. She is a successful and renowned chef in Chennai who caters to all family gatherings and small events hosted in house.
If you have a knack for baking, you can start a bakery at home. You could bake bread, cakes, pastries, buns, and cupcakes. Try out different niches and get to know what you are best at. The bakery business is a growing trend. For such a kind of business, investment is a much-needed factor. Start with baking for your friends and family, and if you’re getting positive feedback and you’re sure others will like it, you can give it a try.
Mrs Monisha Prakash is a baker based in Bangalore who has achieved a milestone in baking floral cakes. She is the owner of Mo Made Patisserie and has won the title of LLB Best Dessert Bazaar 2019.
You might be amazing at cooking but lack the organisational skills to run a catering business so this is your chance to create a profitable business by making takeaways from your kitchen. Yes, you will most likely need a licence to sell home-cooked food, but you don’t necessarily need a huge commercial kitchen to start a thriving takeaway/food business.
Gurvinder Kochhar is the owner of Spice Box, which is based in Mumbai. She has 250+ recipes on her menu and takes orders both online and offline. She started her business in 2018 through Whatsapp and with the help of her son Gurmeet Kochhar, she was able to build her website and now delivers across Mumbai.
Dry Fruits & Namkeen Making
If you are an Indian, you would know the importance of Dry Fruits and Namkeen in your life. No morning goes without Dry Fruits for an Indian child, and no meal goes without having Namkeen as a sider.
These healthy snacks are consumed by people from all age groups, and are the most profound food item in the country.
If you are a master in cooking sweets and savouries, this is your niche. Turn this passion into a profitable business.
These are consumed most in festive seasons like Diwali. It accounts for 40% of annual consumption during this festive season.
Mr Janish Jain, who dropped off college to support is dad in Dry Fruit and Namkeen Business in 2008. Since then Asaldas & Sons has become a brand name and has reached all milestones in terms of business.
Mass Production Business Ideas
Home Made Chocolates
Almost everyone loves chocolate, and if you like to make chocolate, this is a good place to start your business. This business involves minimal investment which depends on how big or small you want to start with. Chocolate lovers love to try new flavours and variations. People these days prefer homemade to chemical products, and so is chocolate. Homemade chocolate is healthier and tastier. So there is a lot of demand in the market. Demand increases even more during the holiday season when people give each other chocolates.
Mrs Shreya Agarwal, start her bakery by making cakes and cupcakes. Today she is famously known for her chocolates which are the best-selling during Diwali. She is the owner of Cocao Crust and has been in the field for over 10 years now. Look for inspiration everywhere and start, it’s never too late.
With the high demand for flashy candles these days, it’s a great idea to get a smart start. People light candles not only for religious purposes but also for decoration. Making beautiful fragrant candles can not only be sold online but can also be relied on by the hotel and restaurant industry. They always buy scented candles to create a cozy atmosphere.
To take inspiration, checkout what others are doing. One such example would be The Candle Storie, who makes the quirkiest candles.
If you enjoy baking, making cookies can be a great business. Different people look for new flavours and prefer homemade cookies to other pre-packed cookies. This type of business requires investment at a very minimal percentage. It is also considered one of the most profitable SMEs due to its low space, raw materials, and staff. To be successful in a bakery business, you need to pay attention to marketing and know the flavours your customers are looking for.
Every third baker would be baking cookies, but ever heard of someone who made the best use of Oreo? Mr Vikas with his three other friends started Oreo Compulsive Disorder popularly known as OCD is based in Chennai. They make different types of cookies and desserts by using Oreo biscuits as their base ingredient. Look into what interests you and start today.
Imitation jewellery is a trending fashion because of the economically weak social class. Also, women like jewellery to look confident and beautiful. Therefore, they like to buy imitation jewellery for customization. If you want to enter this field, you need to track trends and use your expertise to make women look good. The jewellery-making business is becoming more and more popular due to the rising prices of gold, diamonds, and silver. You can design and make this jewellery and sell it online, open a small store or sell it to a third party. This business requires minimal investment, and you can start this job from home at first.
Ms Nicole Ressing is the founder of Plumeresin. She commenced the business during Lockdown taking inspiration from her Grandfather and Grandmother who were artists. She is successful today in her jewellery making and aspires to grow.
Successful Business Ideas To Take Inspiration From
The personification of courage and wisdom, Shradha Sharma reached the pinnacle of her career working with renowned news outlets such as The Times of India and CNBC (Mumbai). While working for this organisation, she learned that no one wanted to promote and broadcast the stories of successful and unsuccessful entrepreneurs. She realised that millions of stories were circulating, but she had no way to share them with the public. Shradha decided to create YourStory, an online portal where she hosts corporate stories and other content to share.
YourStory was released in 2008 and has brought over 70,000 stories to the fore. Shradha Sharma leads a team of over 100 people providing content in 11 Indian languages. YourStory’s goal is to give your voice to the emotional rollercoaster that entrepreneurs go through. Shraddha Sharma received the L`Oreal Paris Femina Award and is included in LinkedIn’s 500 Most Influential People in the World. She is one of the most popular female entrepreneurs in India.
Albinder Dhindsa wanted to provide grocery, bakery, and general store services through an integrated platform. His dream came true at Grofers, an online grocery store in India. Albinder Dhindsa and Saurabh Kumar founded Grofers. The duo worked hard to bring new ideas to India’s online delivery system. Today, Grofers is worth around $650 million. The company has moved from a B2B business model to a B2C business model. Grofers was ranked as one of the top 10 startups in Delhi and Gurgaon in 2014.
Lockdown has inspired numerous people to start something of their own. Mrs Prathibha is one of them who made some difficult decisions at the age of 67. Mrs Prathibha got inspired by her grandkids who missed restaurant food and hence began cooking delicious pizza for them. Mommy’s Kitchen gained recognition, and in 10 days, the founder got more than 100 Pizza orders.
Advantages of Starting a Home-Based Business
You Can Multitask – Feel Like Elon Musk!
Being at home makes your work a lot easier and simpler. Working from home allows you to go beyond your working schedule and lets you explore numerous options.
Take Advantage of Amazing Tax Benefits
Learn about taxation, and you can save a lot on this. Did you know you can deduct your home expenses against your income?
Here are a few tax benefits you should know about:
- 100% exemption from tax for the first three years of business.
- 20% exemption on capital gains
- Personal car usage can be written off as business expenses.
No Fixed Working Hours – Be Your Own Boss!
Usually, jobs are a 9-5 type. But having your business and working from home for the same allows you to be flexible in your timings. Since you are your boss, you can decide when to work and be productive in your comfortable manner.
Personal Time – You Get Your Space
With 9-5 jobs spreading out through the week having a fixed routine often doesn’t allow one to be with their family or themselves. Having your own business that runs from home allows you to spend time with family and focus on yourself.
Cost-Saving – Easy On Your Pockets
Such businesses often require low investment, which means the cost of rent, electricity, and the warehouse will be equivalent to nil as you are functioning from home. With a flexible working environment, you can continue your job that will help you in your monthly income.
Disadvantages of Home Businesses And How You Can Work Around Them!
Sometimes working alone can demotivate you in a lot of ways. Having people around changes the working atmosphere. Brainstorming sessions can help you achieve the best output, which cant be achieved while doing it alone.
To overcome this, try looking at your competitors and see what they are doing to get creative ideas. The best way to do this is to look through Pinterest.
Disturbances at Home
Having family members and kids around can be disturbing and distracting at times. Personal and professional is likely to get messed up at some given points.
If you are getting too disturbed, then take a break from work. Working in a space which is disturbing can affect your output. You can be productive when there is peace at home.
You are Answerable
To own a business, it’s an amazing feeling. But with this comes accountability and responsibility. You are solely responsible for all the good and bad things that happen.
Always have a checklist to be on a safer end. By knowing what is done and what is pending, you have an idea of what to commit to your clients so that you don’t mess up.
Working alone is not fun. There might be days when you need off, but you can’t take it because of the commitment of the work, and there is nobody to fill in for you. These breaks need to be planned prior, any unplanned breaks would bring in mishaps.
Planning is the key. Always plan your work in order to be on the right path. Being organised will help you work at full productivity and will also help you get breaks.
Expansion is Limited
If your business is running smoothly and is doing wonders, you might plan to expand it. Expanding means hiring employees that require bigger space. Bigger space means moving out of the house and finding a new space which will involve additional investments.
If you plan to expand your business, always look for partners who would be interested in handling your business. Having a helping hand always helps and this way you can be half burden-free.
Starting a new small business venture is very exciting and at the same time tense. Not only do you need to make sure you have all the necessary equipment and qualifications, but you also need to take care of providing high-quality service to attract customers and keep them looking for more.
But while exploring fantastic small business ideas, it’s important to remember that building a successful business is far more important than making as much money as possible. You have to be interested in what you do and have a passion for what you do. Otherwise, people will inevitably turn to their competitors.
But when you find the perfect idea, passion, and financially sound idea that fits your schedule, you’re ready to take the first step towards a successful small business empire you’ll be proud of.